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Company No: 03243508 (England and Wales)

TIMESTEP ELECTRONICS LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

TIMESTEP ELECTRONICS LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

TIMESTEP ELECTRONICS LIMITED

COMPANY INFORMATION

For the financial year ended 31 March 2024
TIMESTEP ELECTRONICS LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2024
DIRECTOR Mr D Cawley
SECRETARY Mrs J Cawley
REGISTERED OFFICE Viewpoint House
Yorke Road
Dartmouth
TQ6 9HN
United Kingdom
COMPANY NUMBER 03243508 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Centenary House
Peninsula Park
Rydon Lane
Exeter
Devon EX2 7XE
TIMESTEP ELECTRONICS LIMITED

BALANCE SHEET

As at 31 March 2024
TIMESTEP ELECTRONICS LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 4,576 2,745
4,576 2,745
Current assets
Stocks 20,405 34,581
Debtors 4 425 505
Cash at bank and in hand 16,961 8,140
37,791 43,226
Creditors: amounts falling due within one year 5 ( 10,474) ( 4,105)
Net current assets 27,317 39,121
Total assets less current liabilities 31,893 41,866
Net assets 31,893 41,866
Capital and reserves
Called-up share capital 6 1 1
Profit and loss account 31,892 41,865
Total shareholder's funds 31,893 41,866

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Timestep Electronics Limited (registered number: 03243508) were approved and authorised for issue by the Director on 25 September 2024. They were signed on its behalf by:

Mr D Cawley
Director
TIMESTEP ELECTRONICS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
TIMESTEP ELECTRONICS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Timestep Electronics Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Viewpoint House, Yorke Road, Dartmouth, TQ6 9HN, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. There are no material departures from FRS102.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.

Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Fixtures and fittings 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Fixtures and fittings Total
£ £
Cost
At 01 April 2023 5,102 5,102
Additions 2,882 2,882
At 31 March 2024 7,984 7,984
Accumulated depreciation
At 01 April 2023 2,357 2,357
Charge for the financial year 1,051 1,051
At 31 March 2024 3,408 3,408
Net book value
At 31 March 2024 4,576 4,576
At 31 March 2023 2,745 2,745

4. Debtors

2024 2023
£ £
Prepayments 425 505

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 1,460 1,526
Accruals 1,700 1,700
Other taxation and social security 1,048 877
Other creditors 6,266 2
10,474 4,105

6. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00 1 1