0 false false false false false false false false false true false false false false true false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2021 - FRS102_2021 300,000 300,000 xbrli:pure xbrli:shares iso4217:GBP NI057260 2023-01-01 2023-12-31 NI057260 2023-12-31 NI057260 2022-12-31 NI057260 core:NetGoodwill 2023-01-01 2023-12-31 NI057260 core:LandBuildings core:ShortLeaseholdAssets 2023-01-01 2023-12-31 NI057260 core:FurnitureFittings 2023-01-01 2023-12-31 NI057260 core:MotorVehicles 2023-01-01 2023-12-31 NI057260 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 NI057260 bus:Director2 2023-01-01 2023-12-31 NI057260 core:NetGoodwill 2023-12-31 NI057260 core:LandBuildings 2023-12-31 NI057260 core:FurnitureFittings 2023-12-31 NI057260 core:MotorVehicles 2023-12-31 NI057260 core:WithinOneYear 2023-12-31 NI057260 core:WithinOneYear 2022-12-31 NI057260 core:ShareCapital 2023-12-31 NI057260 core:ShareCapital 2022-12-31 NI057260 core:RetainedEarningsAccumulatedLosses 2023-12-31 NI057260 core:RetainedEarningsAccumulatedLosses 2022-12-31 NI057260 bus:SmallEntities 2023-01-01 2023-12-31 NI057260 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 NI057260 bus:FullAccounts 2023-01-01 2023-12-31 NI057260 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 NI057260 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 NI057260 bus:OrdinaryShareClass1 2023-12-31 NI057260 bus:OrdinaryShareClass1 2022-12-31
COMPANY REGISTRATION NUMBER: NI057260
Time Associates (Ireland) Limited
Filleted Unaudited Financial Statements
31 December 2023
Time Associates (Ireland) Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Current assets
Debtors
6
1,152
Cash at bank and in hand
1,152
-------
-------
1,152
1,152
Creditors: amounts falling due within one year
7
1,152
1,152
Capital and reserves
Called up share capital
8
3
3
Profit and loss account
( 3)
( 3)
----
----
Shareholders funds
----
----
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
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.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 26 September 2024 , and are signed on behalf of the board by:
Mrs Louise Heaney
Director
Company registration number: NI057260
Time Associates (Ireland) Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Flannigan Edmonds Bannon, 26 Linenhall Street, Linenhall Exchange, Belfast, BT2 8BG.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Amortisation of Goodwill
-
6% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Depreciation of IT Equipment
-
20% straight line
Depreciation of Fixtures & Fittings
-
20% straight line
Depreciation of Motor Vehicles
-
25% reducing balance
Depreciation of Equipment
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Intangible assets
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
300,000
---------
Amortisation
At 1 January 2023 and 31 December 2023
300,000
---------
Carrying amount
At 31 December 2023
---------
At 31 December 2022
---------
5. Tangible assets
IT Equipment
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 January 2023 and 31 December 2023
17,680
4,094
17,495
43,371
82,640
--------
-------
--------
--------
--------
Depreciation
At 1 January 2023 and 31 December 2023
17,680
4,094
17,495
43,371
82,640
--------
-------
--------
--------
--------
Carrying amount
At 31 December 2023
--------
-------
--------
--------
--------
At 31 December 2022
--------
-------
--------
--------
--------
6. Debtors
2023
2022
£
£
Other debtors
1,152
-------
----
7. Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
1,152
1,152
-------
-------
8. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
3
3
3
3
----
----
----
----
9. Directors' advances, credits and guarantees
10. Related party transactions
The company was under the common control of Mr F Collins, Mrs L Heaney and Mr M Magennis throughout the year. Each director owns one third of the total share capital of the company.