Company registration number 08465819 (England and Wales)
Timeout Property Ltd
Annual Report and Financial Statements
for the year ended 31 March 2024
Timeout Property Ltd
Company Information
Directors
J C Lumb
D Macauley
Company number
08465819
Registered office
Unit 2 Ripponden Mill
Mill Fold
Ripponden
Sowerby Bridge
HX6 4DH
Auditor
B M Howarth Ltd
West House
King Cross Road
Halifax
West Yorkshire
HX1 1EB
Bankers
Barclays Bank plc
39-47 Commercial Street
Halifax
West Yorkshire
HX1 1BG
Timeout Property Ltd
Contents
Page
Strategic report
1
Directors' report
2
Independent auditor's report
3 - 5
Group statement of comprehensive income
6
Group statement of financial position
7
Company statement of financial position
8
Group statement of changes in equity
9
Company statement of changes in equity
10
Group statement of cash flows
11
Notes to the financial statements
12 - 21
Timeout Property Ltd
Strategic Report
for the year ended 31 March 2024
- 1 -

The directors present the strategic report for the year ended 31 March 2024.

Principal activities

The principal activity of the group continued to be that of providing care services for children with emotional and behavioural difficulties. The company continues to hold property for use in delivery of the groups principal activity.

Fair review of the business

The directors are satisfied with the results of the year. Turnover has increased to £9.8m and net profit has increased by 36% to £1.8m.

31 March
31 March
2024
2023
Turnover
9,847,833
7,984,984
Net Profit
1,834,031
1,347,586
Net Profit Margin
18.62%
16.88%
Principal risks

The principal risks to the group are those in relation to the compliance with Ofsted requirements and the standards they must adhere to. The results of the group's Ofsted reviews continue to be good or outstanding with the exception of two sites. The issues raised in the reviews of the two sites have since been addressed and are expected to be graded as good upon the next inspection. Management continuously review and monitor the business to ensure the standards do not drop below this level.

Payment of creditors

It is the group's policy to ensure that suppliers are aware of the group's terms of payment, and that these terms are agreed at the commencement of business with each supplier. Payments are made in accordance with the payment terms and conditions agreed.

Future developments

The group continues to build its market share through close focus on, and delivery of, customer requirements. The prospects for the year to 31 March 2025 are very encouraging with the directors looking to continue to improve the group's facilities and invest further in additional properties.

 

There have been no events since the balance sheet date that materially affect the company.

On behalf of the board

J C Lumb
Director
8 July 2024
Timeout Property Ltd
Directors' report
for the year ended 31 March 2024
- 2 -

The directors present their annual report and financial statements for the year ended 31 March 2024.

Results and dividends

The results for the year are set out on page 6.

Ordinary dividends were paid amounting to £86,000. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

J C Lumb
D Macauley
Auditor

The auditor, B M Howarth Ltd, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
J C Lumb
Director
8 July 2024
Timeout Property Ltd
Independent auditor's report
to the members of Timeout Property Ltd
- 3 -
Opinion

We have audited the financial statements of Timeout Property Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Timeout Property Ltd
Independent auditor's report (continued)
to the members of Timeout Property Ltd
- 4 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

 

Based on our understanding of the group and the sectors in which it operates, our audit work considers the risk of material misstatement on the financial statements as a result of non-compliance with laws and regulations, this includes fraud. These laws and regulations include, but are not limited to, those that relate to the form and content of the financial statements, such as the Company accounting policies, the financial reporting framework and the UK Companies Act 2006.

We evaluated management incentives and opportunities for fraudulent manipulation of the financial statements and determined that the principal risks related to potential posting of inappropriate journal entries and management bias in accounting estimates, as well as inappropriate revenue cut-off. Our audit procedures included, but were not limited to:

 

Timeout Property Ltd
Independent auditor's report (continued)
to the members of Timeout Property Ltd
- 5 -

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion.

 

There are inherent limitations in audit procedures, the further removed non compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

James Bell (Senior Statutory Auditor)
For and on behalf of B M Howarth Ltd
Chartered Accountants
Statutory Auditor
West House
King Cross Road
Halifax
West Yorkshire
HX1 1EB
8 July 2024
Timeout Property Ltd
Group Statement of Comprehensive Income
for the year ended 31 March 2024
- 6 -
2024
2023
Notes
£
£
Turnover
2
9,847,833
7,984,984
Cost of sales
(569,741)
(537,680)
Gross profit
9,278,092
7,447,304
Administrative expenses
(6,577,842)
(5,821,030)
Operating profit
3
2,700,250
1,626,274
Interest receivable
6
1,880
412
Interest payable
7
(125,542)
(94,365)
Profit before taxation
2,576,588
1,532,321
Tax on profit
8
(742,557)
(184,735)
Profit for the financial year
1,834,031
1,347,586
Profit and total comprehensive income for the financial year is attributable to:
- Owners of the parent company
1,516,526
1,146,009
- Non-controlling interests
317,505
201,577
1,834,031
1,347,586
Timeout Property Ltd
Group Statement Of Financial Position
as at 31 March 2024
- 7 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
10,163,578
9,378,105
Current assets
Debtors
13
2,164,012
833,912
Cash at bank and in hand
1,349,275
696,201
3,513,287
1,530,113
Creditors: amounts falling due within one year
14
(2,702,657)
(1,281,898)
Net current assets
810,630
248,215
Total assets less current liabilities
10,974,208
9,626,320
Creditors: amounts falling due after more than one year
15
(1,221,259)
(1,543,576)
Provisions for liabilities
Deferred tax liability
17
84,908
75,860
(84,908)
(75,860)
Net assets
9,668,041
8,006,884
Capital and reserves
Called up share capital
19
110
110
Other reserves
1,715,125
1,715,125
Profit and loss reserves
7,639,207
6,124,960
Equity attributable to owners of the parent company
9,354,442
7,840,195
Non-controlling interests
313,599
166,689
9,668,041
8,006,884

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

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:
08 July 2024
J C Lumb
Director
Company registration number 08465819 (England and Wales)
Timeout Property Ltd
Company Statement Of Financial Position
as at 31 March 2024
31 March 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
9,754,579
9,054,363
Investments
11
92
92
9,754,671
9,054,455
Current assets
Debtors
13
755
46,627
Cash at bank and in hand
83,513
216,616
84,268
263,243
Creditors: amounts falling due within one year
14
(493,366)
(581,942)
Net current liabilities
(409,098)
(318,699)
Total assets less current liabilities
9,345,573
8,735,756
Creditors: amounts falling due after more than one year
15
(1,221,259)
(1,543,576)
Provisions for liabilities
Deferred tax liability
17
24,177
19,549
(24,177)
(19,549)
Net assets
8,100,137
7,172,631
Capital and reserves
Called up share capital
19
110
110
Profit and loss reserves
8,100,027
7,172,521
Total equity
8,100,137
7,172,631

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £1,013,506 (2023 - £1,190,358 profit).

These financial statements have been prepared 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:
08 July 2024
J C Lumb
Director
Company registration number 08465819 (England and Wales)
Timeout Property Ltd
Group Statement of Changes in Equity
for the year ended 31 March 2024
- 9 -
Share capital
Other reserves
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
Balance at 1 April 2022
110
1,715,125
5,070,382
6,785,617
177,058
6,962,675
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
-
1,146,009
1,146,009
201,577
1,347,586
Dividends
9
-
-
(95,203)
(95,203)
(208,174)
(303,377)
Other movements
-
-
3,772
3,772
(3,772)
-
Balance at 31 March 2023
110
1,715,125
6,124,960
7,840,195
166,689
8,006,884
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
-
1,516,526
1,516,526
317,505
1,834,031
Dividends
9
-
-
(86,000)
(86,000)
(86,874)
(172,874)
Other movements
-
-
83,721
83,721
(83,721)
-
Balance at 31 March 2024
110
1,715,125
7,639,207
9,354,442
313,599
9,668,041
Timeout Property Ltd
Company Statement of Changes in Equity
for the year ended 31 March 2024
- 10 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2022
110
6,077,365
6,077,475
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
1,190,359
1,190,359
Dividends
9
-
(95,203)
(95,203)
Balance at 31 March 2023
110
7,172,521
7,172,631
Year ended 31 March 2024:
Profit and total comprehensive income
-
1,013,506
1,013,506
Dividends
9
-
(86,000)
(86,000)
Balance at 31 March 2024
110
8,100,027
8,100,137
Timeout Property Ltd
Group Statement of Cash Flows
for the year ended 31 March 2024
- 11 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
21
2,737,535
1,607,920
Interest paid
(125,542)
(94,365)
Income taxes paid
(400,431)
(133,473)
Net cash inflow from operating activities
2,211,562
1,380,082
Investing activities
Purchase of tangible fixed assets
(901,265)
(1,279,256)
Proceeds from disposal of tangible fixed assets
500
3,350
Repayment of loans
(92,000)
-
Interest received
1,880
412
Net cash used in investing activities
(990,885)
(1,275,494)
Financing activities
Repayment of bank loans
(394,729)
621,372
Dividends paid to equity shareholders
(86,000)
(95,203)
Dividends paid to non-controlling interests
(86,874)
(208,174)
Net cash (used in)/generated from financing activities
(567,603)
317,995
Net increase in cash and cash equivalents
653,074
422,583
Cash and cash equivalents at beginning of year
696,201
273,618
Cash and cash equivalents at end of year
1,349,275
696,201
Timeout Property Ltd
Notes to the Group Financial Statements
for the year ended 31 March 2024
- 12 -
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.

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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The 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 the exemptions available to it.

Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Timeout Property Ltd together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 March 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Timeout Property Ltd
Notes to the Group Financial Statements (continued)
for the year ended 31 March 2024
1
Accounting policies
(continued)
- 13 -

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

Freehold land and buildings
Revaluation
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
Fixed asset investments

In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

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
Turnover and other revenue

The turnover of the group and company is 100% attributable to it's principal activity undertaken in the UK.

 

Timeout Property Ltd
Notes to the Group Financial Statements (continued)
for the year ended 31 March 2024
- 14 -
3
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
114,493
88,248
Loss/(profit) on disposal of tangible fixed assets
799
(1,808)
4
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
9,600
9,600
Audit of the financial statements of the company's subsidiaries
14,400
14,400
24,000
24,000
5
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Administrative
24
17
-
-
Support/Care
142
132
-
-
Total
166
149
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
4,930,480
4,271,417
-
0
-
0
Pension costs
100,191
83,953
-
0
-
0
5,030,671
4,355,370
-
0
-
0
Timeout Property Ltd
Notes to the Group Financial Statements (continued)
for the year ended 31 March 2024
- 15 -
6
Interest receivable
2024
2023
£
£
Interest income
Interest on bank deposits
1,833
412
Other interest income
47
-
Total income
1,880
412
7
Interest payable
2024
2023
£
£
Interest on bank overdrafts and loans
125,542
94,365
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
662,957
275,431
Adjustments in respect of prior periods
70,552
(102,437)
Total current tax
733,509
172,994
Deferred tax
Origination and reversal of timing differences
(11,330)
11,741
Changes in tax rates
20,378
-
0
Total deferred tax
9,048
11,741
Total tax charge
742,557
184,735
Timeout Property Ltd
Notes to the Group Financial Statements (continued)
for the year ended 31 March 2024
8
Taxation
(continued)
- 16 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
2,576,588
1,532,321
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
644,147
291,141
Tax effect of expenses that are not deductible in determining taxable profit
3,903
2,415
Effect of change in corporation tax rate
23,955
-
Permanent capital allowances in excess of depreciation
-
0
(6,252)
Under/(over) provided in prior years
70,552
(102,437)
Deferred tax adjustments in respect of prior years
-
0
(132)
Taxation charge
742,557
184,735
9
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
86,000
95,203
Timeout Property Ltd
Notes to the Group Financial Statements (continued)
for the year ended 31 March 2024
- 17 -
10
Tangible fixed assets
Group
Freehold land and buildings
Improvements to properties
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost or valuation
At 1 April 2023
8,913,303
9,000
79,275
567,081
160,740
9,729,399
Additions
738,615
-
0
-
0
-
0
162,650
901,265
Disposals
-
0
-
0
-
0
-
0
(7,648)
(7,648)
At 31 March 2024
9,651,918
9,000
79,275
567,081
315,742
10,623,016
Depreciation and impairment
At 1 April 2023
-
0
9,000
78,629
205,131
58,534
351,294
Depreciation charged in the year
-
0
-
0
453
76,927
37,113
114,493
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(6,349)
(6,349)
At 31 March 2024
-
0
9,000
79,082
282,058
89,298
459,438
Carrying amount
At 31 March 2024
9,651,918
-
0
193
285,023
226,444
10,163,578
At 31 March 2023
8,913,303
-
0
646
361,950
102,206
9,378,105
Company
Freehold land and buildings
Fixtures, fittings & equipment
Total
£
£
£
Cost or valuation
At 1 April 2023
8,913,303
191,998
9,105,301
Additions
738,615
-
0
738,615
At 31 March 2024
9,651,918
191,998
9,843,916
Depreciation and impairment
At 1 April 2023
-
0
50,938
50,938
Depreciation charged in the year
-
0
38,399
38,399
At 31 March 2024
-
0
89,337
89,337
Carrying amount
At 31 March 2024
9,651,918
102,661
9,754,579
At 31 March 2023
8,913,303
141,060
9,054,363

Land and buildings were revalued at 31 March 2021 by an independent valuer not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.

Timeout Property Ltd
Notes to the Group Financial Statements (continued)
for the year ended 31 March 2024
10
Tangible fixed assets
(continued)
- 18 -

Land and buildings are carried at valuation. If land and buildings were measured using the cost model, the carrying amounts would have been £9,778,025 (2023 - £9,039,409).

11
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
12
-
0
-
0
92
92
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2023 and 31 March 2024
92
Carrying amount
At 31 March 2024
92
At 31 March 2023
92
12
Subsidiaries

Details of the company's subsidiaries at 31 March 2024 are as follows:

Name of undertaking
Address
Class of
% Held
shares held
Direct
Timeout Childrens Homes Limited
1
Ordinary £0.50, Ordinary A & Ordinary B
80.00

The registered office address is:

1
Unit 2 Ripponden Mill, Mill Fold, Ripponden, Sowerby Bridge, HX6 4DH
13
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,940,025
749,447
-
0
18,544
Amounts owed by group undertakings
-
-
755
28,083
Other debtors
142,216
4,997
-
0
-
0
Prepayments and accrued income
81,771
79,468
-
0
-
0
2,164,012
833,912
755
46,627
Timeout Property Ltd
Notes to the Group Financial Statements (continued)
for the year ended 31 March 2024
- 19 -
14
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
16
394,729
467,141
394,729
467,141
Trade creditors
49,534
21,964
-
0
-
0
Corporation tax payable
608,509
275,431
86,137
73,757
Other taxation and social security
101,174
85,598
2,500
2,500
Accruals and deferred income
1,548,711
431,764
10,000
38,544
2,702,657
1,281,898
493,366
581,942
15
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
16
1,221,259
1,543,576
1,221,259
1,543,576
16
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
1,615,988
2,010,717
1,615,988
2,010,717
Payable within one year
394,729
467,141
394,729
467,141
Payable after one year
1,221,259
1,543,576
1,221,259
1,543,576

The bank loan is secured by a charges over the assets to which it relates.

17
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
84,908
75,860
Timeout Property Ltd
Notes to the Group Financial Statements (continued)
for the year ended 31 March 2024
17
Deferred taxation
(continued)
- 20 -
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
24,177
19,549
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 April 2023
75,860
19,549
Credit to profit or loss
(11,330)
(1,174)
Effect of change in tax rate - profit or loss
20,378
5,802
Liability at 31 March 2024
84,908
24,177
18
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss
100,191
83,953

The scheme is operated for all qualifying employees, the assets of the scheme are held separately from those of the group in an independently administered fund.

19
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Equity Shares of 50p each
180
180
90
90
Ordinary N/v A Shares of £1 each
10
10
10
10
Ordinary N/v B Shares of £1 each
10
10
10
10
200
200
110
110
20
Controlling party

J Lumb and D Macauley, the directors of the company, controlled the company as a result of their holding of the majority issued shares.

Timeout Property Ltd
Notes to the Group Financial Statements (continued)
for the year ended 31 March 2024
- 21 -
21
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
1,834,031
1,347,586
Adjustments for:
Taxation charged
742,557
184,735
Finance costs
125,542
94,365
Investment income
(1,880)
(412)
Loss/(gain) on disposal of tangible fixed assets
799
(1,808)
Depreciation and impairment of tangible fixed assets
114,493
88,248
Movements in working capital:
Increase in debtors
(1,238,100)
(169,730)
Increase in creditors
1,160,093
64,936
Cash generated from operations
2,737,535
1,607,920
22
Analysis of changes in net debt - group
1 April 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
696,201
653,074
1,349,275
Borrowings excluding overdrafts
(2,010,717)
394,729
(1,615,988)
(1,314,516)
1,047,803
(266,713)
23
Company information

Timeout Property Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Unit 2 Ripponden Mill, Mill Fold, Ripponden, Sowerby Bridge, HX6 4DH.

 

The group consists of Timeout Property Ltd and all of its subsidiaries.

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