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Registration number: 09943999

Timeless Classics Limited

Unaudited Financial Statements

for the Year Ended 31 January 2024

 

Timeless Classics Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Timeless Classics Limited

(Registration number: 09943999)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

12,348

5,940

Current assets

 

Stocks

5

366,332

387,048

Debtors

6

2,096

1,200

Cash at bank and in hand

 

27,241

57,957

 

395,669

446,205

Creditors: Amounts falling due within one year

7

(225,868)

(241,419)

Net current assets

 

169,801

204,786

Total assets less current liabilities

 

182,149

210,726

Creditors: Amounts falling due after more than one year

7

(13,935)

(24,100)

Provisions for liabilities

(2,346)

(1,129)

Net assets

 

165,868

185,497

Capital and reserves

 

Called up share capital

100

100

Retained earnings

165,768

185,397

Shareholders' funds

 

165,868

185,497

 

Timeless Classics Limited

(Registration number: 09943999)
Balance Sheet as at 31 January 2024

For the financial year ending 31 January 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 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 director acknowledges her 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 4 October 2024
 

.........................................
Ms N A Ioan
Director

 

Timeless Classics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

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

The address of its registered office is:
7-9 Macon Court
Crewe
Cheshire
CW1 6EA
England

The principal place of business is:
Tully Hoe House
61 Ballykelly Road
Limavady
Derry
BT49 9DS
United Kingdom

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

Judgements

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of classic cars and watches.Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when sales are agreed.

 

Timeless Classics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Tax

The tax expense for the period comprises current and deferred 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 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

Equipment

20% straight line

Office equipment

33% straight line

Motor Vehicles

20% straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

 

Timeless Classics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 2).

 

Timeless Classics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

4

Tangible assets

Office equipment
£

Motor vehicles
 £

Equipment
£

Total
£

Cost or valuation

At 1 February 2023

4,710

-

9,975

14,685

Additions

-

10,270

-

10,270

At 31 January 2024

4,710

10,270

9,975

24,955

Depreciation

At 1 February 2023

2,450

-

6,295

8,745

Charge for the year

1,230

1,712

920

3,862

At 31 January 2024

3,680

1,712

7,215

12,607

Carrying amount

At 31 January 2024

1,030

8,558

2,760

12,348

At 31 January 2023

2,260

-

3,680

5,940

5

Stocks

2024
£

2023
£

Stock

366,332

387,048

6

Debtors

2024
£

2023
£

Other debtors

2,096

1,200

2,096

1,200

 

Timeless Classics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Other borrowings

17,908

9,915

Taxation and social security

 

31

685

Other creditors

 

207,929

230,819

 

225,868

241,419

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Other borrowings

13,935

24,100