Company registration number 05033530 (England and Wales)
Timeout Childrens Homes Limited
FINANCIAL STATEMENTS
for the year ended 31 March 2024
PAGES FOR FILING WITH REGISTRAR
Timeout Childrens Homes Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
Timeout Childrens Homes Limited
Statement Of Financial Position
as at 31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
408,999
323,742
Current assets
Debtors
4
2,164,012
815,368
Cash at bank and in hand
1,265,762
479,585
3,429,774
1,294,953
Creditors: amounts falling due within one year
5
(2,210,046)
(728,039)
Net current assets
1,219,728
566,914
Total assets less current liabilities
1,628,727
890,656
Provisions for liabilities
6
(60,731)
(56,311)
Net assets
1,567,996
834,345
Capital and reserves
Called up share capital
110
110
Profit and loss reserves
1,567,886
834,235
Total equity
1,567,996
834,345

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 8 July 2024 and are signed on its behalf by:
J C Lumb
Director
Company registration number 05033530 (England and Wales)
Timeout Childrens Homes Limited
Notes to the financial statements
for the year ended 31 March 2024
- 2 -
1
Accounting policies
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions available to it.

 

The financial statements of the company are consolidated in the financial statements of Timeout Property Limited. These consolidated financial statements are available from its registered office, Unit 2 Ripponden Mill, Mill Fold, Ripponden, Sowerby Bridge, West Yorkshire, HX6 4DH.

Turnover

Turnover represents the fair value of the consideration receivable for services provided in the normal course of business. Turnover is recognised on the provision of care services to local authorities.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost less depreciation.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Improvements to properties
Straight line over 25 years
Plant and machinery
20% straight line
Fixtures, fittings & equipment
20% straight line
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Timeout Childrens Homes Limited
Notes to the financial statements (continued)
for the year ended 31 March 2024
1
Accounting policies
(continued)
- 3 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
166
149
3
Tangible fixed assets
Improvements to properties
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023
9,000
79,275
375,083
160,740
624,098
Additions
-
0
-
0
-
0
162,650
162,650
Disposals
-
0
-
0
-
0
(7,648)
(7,648)
At 31 March 2024
9,000
79,275
375,083
315,742
779,100
Depreciation and impairment
At 1 April 2023
9,000
78,629
154,193
58,534
300,356
Depreciation charged in the year
-
0
453
38,528
37,113
76,094
Eliminated in respect of disposals
-
0
-
0
-
0
(6,349)
(6,349)
At 31 March 2024
9,000
79,082
192,721
89,298
370,101
Carrying amount
At 31 March 2024
-
0
193
182,362
226,444
408,999
At 31 March 2023
-
0
646
220,890
102,206
323,742
Timeout Childrens Homes Limited
Notes to the financial statements (continued)
for the year ended 31 March 2024
- 4 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,940,025
730,903
Other debtors
142,216
4,997
Prepayments and accrued income
81,771
79,468
2,164,012
815,368
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
49,534
21,964
Amounts owed to group undertakings
755
28,083
Corporation tax
522,372
201,674
Other taxation and social security
98,674
83,098
Accruals and deferred income
1,538,711
393,220
2,210,046
728,039
6
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
60,731
56,311
7
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
James Bell
Statutory Auditor:
B M Howarth Ltd
Date of audit report:
8 July 2024
8
Financial commitments, guarantees and contingent liabilities

The company is party to a cross guarantee and debenture with the parent company Timeout Property Limited.

9
Related party transactions

In accordance with the exemptions available to the company, related party disclosures in respect of group transactions are not disclosed on the basis that the details of the subsidiary are included in the group financial statements of the parent company.

Timeout Childrens Homes Limited
Notes to the financial statements (continued)
for the year ended 31 March 2024
- 5 -
10
Parent company

The company's ultimate parent undertaking is Timeout Property Ltd, a company registered in England and Wales, whose registered office address is Unit 2 Ripponden Mill, Mill Fold, Ripponden, Sowerby Bridge, HX6 4DH.

11
Company information

Timeout Childrens Homes Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 2 Ripponden Mill, Mill Fold, Ripponden, Sowerby Bridge, HX6 4DH.

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