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Registration number: 07704052

Time Team Digital Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Time Team Digital Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 11

 

Time Team Digital Limited

(Registration number: 07704052)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

17,921

13,754

Tangible assets

5

41,337

34,874

 

59,258

48,628

Current assets

 

Stocks

6

41,930

37,434

Debtors

7

50,962

22,184

Cash at bank and in hand

 

317,490

253,391

 

410,382

313,009

Creditors: Amounts falling due within one year

8

(124,960)

(190,569)

Net current assets

 

285,422

122,440

Total assets less current liabilities

 

344,680

171,068

Creditors: Amounts falling due after more than one year

8

(1,309)

(2,327)

Provisions for liabilities

(4,919)

(3,001)

Net assets

 

338,452

165,740

Capital and reserves

 

Called up share capital

100

100

Retained earnings

338,352

165,640

Shareholders' funds

 

338,452

165,740

 

Time Team Digital Limited

(Registration number: 07704052)
Balance Sheet as at 31 March 2024

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 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 his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 6 November 2024
 

T D Taylor
Director

   
     
 

Time Team Digital Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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:
Uplands
Upper West Terrace
Budleigh Salterton
Devon
EX9 6NZ

These financial statements were authorised for issue by the director on 6 November 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.

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

Going concern

The director has reviewed the supply chains, key customers and the capital resources available and considers that the company has adequate resources in place to continue trading for the next twelve months.

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.

 

Time Team Digital Limited

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

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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 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.

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

Plant and machinery

25% reducing balance method

Equipment

25% reducing balance method

Motor vehicles

25% reducing balance method

Website

25% straight line

Intangible assets

Intangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated amortisation.

Amortisation

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

Asset class

Amortisation method and rate

Internally generated software development costs

10% straight line

 

Time Team Digital Limited

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

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.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

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.

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.

 

Time Team Digital Limited

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

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

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

4

Intangible assets

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 April 2023

13,754

13,754

Additions internally developed

4,167

4,167

At 31 March 2024

17,921

17,921

Amortisation

Carrying amount

At 31 March 2024

17,921

17,921

At 31 March 2023

13,754

13,754

 

Time Team Digital Limited

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

5

Tangible assets

Short leasehold land and buildings
£

Plant and machinery
£

Equipment
£

Motor vehicles
 £

Website
 £

Total
£

Cost or valuation

At 1 April 2023

-

18,176

5,871

30,000

31,378

85,425

Additions

1,075

15,138

4,147

-

-

20,360

At 31 March 2024

1,075

33,314

10,018

30,000

31,378

105,785

Depreciation

At 1 April 2023

-

4,582

1,466

13,125

31,378

50,551

Charge for the year

358

7,183

2,137

4,219

-

13,897

At 31 March 2024

358

11,765

3,603

17,344

31,378

64,448

Carrying amount

At 31 March 2024

717

21,549

6,415

12,656

-

41,337

At 31 March 2023

-

13,594

4,405

16,875

-

34,874

Included within the net book value of land and buildings above is £717 (2023 - £Nil) in respect of short leasehold land and buildings.
 

 

Time Team Digital Limited

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

6

Stocks

2024
£

2023
£

Other inventories

41,930

37,434

7

Debtors

Note

2024
£

2023
£

Receivables from related parties

11

12,627

-

Prepayments

 

3,875

1,653

Other debtors

 

34,460

20,531

 

50,962

22,184

8

Creditors

Due within one year

Note

2024
£

2023
£

 

Loans and borrowings

9

1,018

993

Trade creditors

 

50,049

-

Amounts due to related parties

11

-

101,365

Social security and other taxes

 

-

2,775

Accruals

 

20,352

30,467

Corporation tax liability

53,541

54,969

 

124,960

190,569

Due after one year

 

Loans and borrowings

9

1,309

2,327

 

Time Team Digital Limited

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

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

1,309

2,327

Current loans and borrowings

2024
£

2023
£

Bank borrowings

1,018

993

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £21,250 (2023 - £Nil). The company has a commitment on a lease property of two and a half years.

11

Related party transactions

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Contributions paid to money purchase schemes

10,000

4,000

 

Time Team Digital Limited

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

Summary of transactions with parent

Videotext Communications Limited
(Parent company)

 During the year the company maintained an intercompany loan account with Videotext Communications Limited. No interest has been charged on this loan. At the balance sheet date the amount due from Videotext Communications Limited was £12,267 (2023 - £101,365).
 

Loans from related parties

2024

Parent
£

Total
£

At start of period

101,365

101,365

Advanced

53,793

53,793

Repaid

(167,785)

(167,785)

At end of period

(12,627)

(12,627)

2023

Parent
£

Total
£

At start of period

360,224

360,224

Advanced

36,196

36,196

Repaid

(295,055)

(295,055)

At end of period

101,365

101,365

 

Time Team Digital Limited

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

Loans to related parties

2024

Key management
£

Total
£

Advanced

153

153

Repaid

(153)

(153)

At end of period

-

-

2023

Key management
£

Total
£

At start of period

31,980

31,980

Advanced

1,008

1,008

Repaid

(32,988)

(32,988)

At end of period

-

-

Terms of loans to related parties

During the year a loan was made to the director. Interest was charged at 2.25% where applicable and the loan is repayable on demand.