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Registration number: 13440317

Time for you West Wales Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2024

 

Time for you West Wales Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 6

 

Time for you West Wales Ltd

Company Information

Directors

Mrs E M Bishop

Mr J Bishop

Registered office

Llys Deri
Parc Pensarn
Carmarthen
SA31 2NF

 

Time for you West Wales Ltd

(Registration number: 13440317)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

5

4,000

6,000

Tangible assets

6

151

202

 

4,151

6,202

Current assets

 

Cash at bank and in hand

 

12,727

17,396

Creditors: Amounts falling due within one year

7

(16,170)

(22,641)

Net current liabilities

 

(3,443)

(5,245)

Net assets

 

708

957

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

608

857

Total equity

 

708

957

For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 23 September 2024 and signed on its behalf by:
 

.........................................
Mrs E M Bishop
Director

.........................................
Mr J Bishop
Director

 
     
 

Time for you West Wales Ltd

Notes to the Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Llys Deri
Parc Pensarn
Carmarthen
SA31 2NF

These financial statements were authorised for issue by the Board on 23 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Time for you West Wales Ltd

Notes to the Financial Statements for the Year Ended 30 June 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% Reducing balance

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Other intangible assets

20% Straight Line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Time for you West Wales Ltd

Notes to the Financial Statements for the Year Ended 30 June 2024

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

51

67

Amortisation expense

2,000

2,000

5

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 July 2023

10,000

10,000

At 30 June 2024

10,000

10,000

Amortisation

At 1 July 2023

4,000

4,000

Amortisation charge

2,000

2,000

At 30 June 2024

6,000

6,000

Carrying amount

At 30 June 2024

4,000

4,000

At 30 June 2023

6,000

6,000

6

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 July 2023

275

275

At 30 June 2024

275

275

Depreciation

At 1 July 2023

73

73

Charge for the year

51

51

At 30 June 2024

124

124

Carrying amount

At 30 June 2024

151

151

At 30 June 2023

202

202

 

Time for you West Wales Ltd

Notes to the Financial Statements for the Year Ended 30 June 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Directors' loan accounts

9

12,363

18,520

Corporation tax liability

 

2,769

3,132

Other creditors

 

1,038

989

 

16,170

22,641

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary Class A of £1 each

50

50

50

50

Ordinary Class B of £1 each

50

50

50

50

 

100

100

100

100

9

Related party transactions

Transactions with directors

2024

At 1 July 2023
£

Advances to director
£

Repayments by director
£

At 30 June 2024
£

Mrs E M Bishop

Interest free loan repayable on demand

(6,902)

11,000

(6,450)

(2,352)

         
       

Mr J Bishop

Interest free loan repayable on demand

(11,618)

7,618

(6,013)

(10,013)

         
       

 

2023

At 1 July 2022
£

Advances to director
£

Repayments by director
£

At 30 June 2023
£

Mrs E M Bishop

Interest free loan repayable on demand

(13,521)

10,000

(3,382)

(6,902)

         
       

Mr J Bishop

Interest free loan repayable on demand

(1,666)

-

(9,952)

(11,618)