Acorah Software Products - Accounts Production 15.0.600 false true 31 December 2022 1 January 2022 false 1 January 2023 31 December 2023 31 December 2023 05319147 Mr J Barnham Mr J Seccombe Mr D Stacey iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 05319147 2022-12-31 05319147 2023-12-31 05319147 2023-01-01 2023-12-31 05319147 frs-core:ComputerEquipment 2023-01-01 2023-12-31 05319147 frs-core:CopyrightsPatentsTrademarksServiceOperatingRights 2023-01-01 2023-12-31 05319147 frs-core:PlantMachinery 2023-01-01 2023-12-31 05319147 frs-core:RevaluationReserve 2022-12-31 05319147 frs-core:RevaluationReserve 2023-12-31 05319147 frs-core:SharePremium 2023-12-31 05319147 frs-core:ShareCapital 2023-12-31 05319147 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 05319147 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 05319147 frs-bus:AbridgedAccounts 2023-01-01 2023-12-31 05319147 frs-bus:SmallEntities 2023-01-01 2023-12-31 05319147 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 05319147 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 05319147 frs-bus:OrdinaryShareClass1 2023-01-01 2023-12-31 05319147 frs-bus:OrdinaryShareClass1 2023-12-31 05319147 frs-bus:OrdinaryShareClass2 2023-01-01 2023-12-31 05319147 frs-bus:OrdinaryShareClass2 2023-12-31 05319147 frs-core:CostValuation 2022-12-31 05319147 frs-core:CostValuation 2023-12-31 05319147 frs-bus:Director1 2023-01-01 2023-12-31 05319147 frs-bus:Director2 2023-01-01 2023-12-31 05319147 frs-bus:Director3 2023-01-01 2023-12-31 05319147 frs-countries:EnglandWales 2023-01-01 2023-12-31 05319147 2021-12-31 05319147 2022-12-31 05319147 2022-01-01 2022-12-31 05319147 frs-core:RevaluationReserve 2022-12-31 05319147 frs-core:SharePremium 2022-12-31 05319147 frs-core:ShareCapital 2022-12-31 05319147 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31 05319147 frs-bus:OrdinaryShareClass1 2022-01-01 2022-12-31 05319147 frs-bus:OrdinaryShareClass2 2022-01-01 2022-12-31
Registered number: 05319147
About Time Design Ltd.
Unaudited ABRIDGED Financial Statements
For The Year Ended 31 December 2023
Morris Wheeler & Co Limited
1 Pond Lane
Bentfield Road
Stansted
Essex
CM24 8JG
Contents
Page
Abridged Balance Sheet 1—2
Notes to the Abridged Financial Statements 3—5
Page 1
Abridged Balance Sheet
Registered number: 05319147
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 53,808 59,158
Tangible Assets 5 11,232 11,033
Investments 6 24,000 24,000
89,040 94,191
CURRENT ASSETS
Stocks 29,765 37,118
Debtors 13,541 433
Cash at bank and in hand 42,894 40,014
86,200 77,565
Creditors: Amounts Falling Due Within One Year (10,094 ) (1,213 )
NET CURRENT ASSETS (LIABILITIES) 76,106 76,352
TOTAL ASSETS LESS CURRENT LIABILITIES 165,146 170,543
NET ASSETS 165,146 170,543
CAPITAL AND RESERVES
Called up share capital 7 2,758 2,758
Share premium account 104,231 766,936
Revaluation reserve 9 51,250 51,250
Profit and Loss Account 6,907 (650,401 )
SHAREHOLDERS' FUNDS 165,146 170,543
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Page 2
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
All of the company's members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet for the year end 31 December 2023 in accordance with section 444(2A) of the Companies Act 2006.
On behalf of the board
Mr J Seccombe
Director
29/08/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Abridged Financial Statements
1. General Information
About Time Design Ltd. is a private company, limited by shares, incorporated in England & Wales, registered number 05319147 . The registered office is 19 Enterprise Way, Cheltenham Trade Park, Cheltenham, GL51 8LZ.
The presentation currency of the financial statements is in Pound Sterlings (£).
At the balance sheet date the company has remaining trading losses of £527,967.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
The financial statements contain information about About Time Design Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes.
2.3. Intangible Fixed Assets and Amortisation - Intellectual Property
Intellectual property assets are measured at cost It is amortised to the profit and loss account over its estimated economic life for patents and licences of 20 years and for trademarks of 10 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% costs
Computer Equipment 33% costs
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
At the balance sheet date the company has remaining trading losses of £527,967.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2022: 5)
3 5
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4. Intangible Assets
Total
£
Cost
As at 1 January 2023 170,501
Disposals -
As at 31 December 2023 170,501
Amortisation
As at 1 January 2023 111,343
Provided during the period 5,350
Disposals -
As at 31 December 2023 116,693
Net Book Value
As at 31 December 2023 53,808
As at 1 January 2023 59,158
If patents and licenses had not been revalued, they would have been stated at historical cost of £119,251 and aggregate amortisation of £70,348.
Patents and licences were valued on an open market basis on 31 December 2010 by the directors to £100,000. There have been additions of £70,501 since this date.
Patents and licences have been revalued in the accounts without recognising tax on the revaluation gain. If the patents and licenses were sold at the values shown, the estimated tax payable for the year would be £9,291.
5. Tangible Assets
Total
£
Cost
As at 1 January 2023 174,047
Additions 7,144
As at 31 December 2023 181,191
Depreciation
As at 1 January 2023 163,014
Provided during the period 6,945
As at 31 December 2023 169,959
Net Book Value
As at 31 December 2023 11,232
As at 1 January 2023 11,033
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Page 5
6. Investments
Total
£
Cost
As at 1 January 2023 24,000
As at 31 December 2023 24,000
Provision
As at 1 January 2023 -
As at 31 December 2023 -
Net Book Value
As at 31 December 2023 24,000
As at 1 January 2023 24,000
7. Share Capital
2023 2022
Allotted, called up but not fully paid £ £
50,000 Ordinary Shares of £ 0.01 each 500 500
225,838 Ordinary A shares of £ 0.01 each 2,258 2,258
2,758 2,758
8. Dividends
2023 2022
£ £
On equity shares:
Interim dividend paid 11,034 -
9. Reserves
Revaluation Reserve
£
As at 1 January 2023 51,250
Deficit on revaluation -
As at 31 December 2023 51,250
10. Related Party Transactions
About Time Design Limited owns 60% of Flowban Limited. During the year it made sales of £38,415.84 to Flowban Limited and purchases from Flowban Limited of £4,470.35. The remaining 40% of Flowban Limited is owned by Lifescience Products Limited,which is 100% owned by J L Seccombe, a director of About Time Design Limited. At the balance sheet date there is a balance of £7,683.16 due from Flowban Limited at the year end.
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