Company registration number 13578311 (England and Wales)
ABODE TIME LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 AUGUST 2023
PAGES FOR FILING WITH REGISTRAR
ABODE TIME LIMITED
COMPANY INFORMATION
Directors
Mr S J Lawson
Mr M A Green
Company number
13578311
Registered office
Unit 12
Axis Business Park
Swindon
Wiltshire
SN5 7YS
Accountants
Property Tax People Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Metro Bank Plc
1 Southampton Row
London
WC1B 5HA
ABODE TIME LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
ABODE TIME LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF ABODE TIME LIMITED FOR THE PERIOD ENDED 29 AUGUST 2023
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Abode Time Limited for the period ended 29 August 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the board of directors of Abode Time Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Abode Time Limited and state those matters that we have agreed to state to the board of directors of Abode Time Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Abode Time Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Abode Time Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Abode Time Limited. You consider that Abode Time Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the financial statements of Abode Time Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Property Tax People Limited
14 November 2024
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
ABODE TIME LIMITED
BALANCE SHEET
AS AT
29 AUGUST 2023
29 August 2023
- 2 -
29 August 2023
31 August 2022
Notes
£
£
£
£
Fixed assets
Investment property
3
1,582,885
27,885
Current assets
Debtors
4
11,113
10,145
Cash at bank and in hand
73,560
17,601
84,673
27,746
Creditors: amounts falling due within one year
5
(351,756)
(100,410)
Net current liabilities
(267,083)
(72,664)
Total assets less current liabilities
1,315,802
(44,779)
Creditors: amounts falling due after more than one year
6
(838,069)
-
0
Provisions for liabilities
8
(91,583)
-
0
Net assets/(liabilities)
386,150
(44,779)
Capital and reserves
Called up share capital
9
100
100
Non-distributable profits reserve
10
475,485
-
0
Distributable profit and loss reserves
(89,435)
(44,879)
Total equity
386,150
(44,779)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial period ended 29 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

ABODE TIME LIMITED
BALANCE SHEET (CONTINUED)
AS AT
29 AUGUST 2023
29 August 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 14 November 2024 and are signed on its behalf by:
Mr S J Lawson
Director
Company registration number 13578311 (England and Wales)
ABODE TIME LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 AUGUST 2023
- 4 -
1
Accounting policies
Company information

Abode Time Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 12, Axis Business Park, Swindon, Wiltshire, United Kingdom, SN5 7YS.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for rents provided in the normal course of business. The fair value of consideration takes into account any lease premiums or rent free periods, which are recognised on a straight line basis over the lease term.

Revenue from the provision of property rental is recognised by reference to the period of its occupancy and where the amount of rent can be measured reliably.

1.3
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

1.4
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

ABODE TIME LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 AUGUST 2023
1
Accounting policies
(Continued)
- 5 -
1.5
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2023
2022
Number
Number
Total
2
2
3
Investment property
2023
£
Fair value
At 1 September 2022
27,885
Additions
967,982
Revaluations
587,018
At 29 August 2023
1,582,885

The fair value of the investment property has been arrived at on the basis of valuations carried out by the director.

4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
6,270
-
0
Amounts owed by group undertakings and undertakings in which the company has a participating interest
4,643
-
0
Other debtors
200
100
11,113
100
Deferred tax asset
-
0
10,045
11,113
10,145
ABODE TIME LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 AUGUST 2023
- 6 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
19,992
-
0
Other creditors
331,764
100,410
351,756
100,410
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
838,069
-
0
7
Secured debts
The following secured debts are included within creditors:
2023
2022
£
£
Bank overdrafts
19,992
-
0
Bank loans
838,069
-
858,061
-
Bank loans are secured by way of a fixed and floating charge over all assets of the company.
8
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
91,583
-
0
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
50
50
50
50
Ordinary B of £1 each
50
50
50
50
100
100
100
100
ABODE TIME LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 AUGUST 2023
- 7 -
10
Non-distributable profits reserve
2023
2022
£
£
At the beginning of the period
-
-
Non distributable profits in the period
475,485
-
At the end of the period
475,485
-
11
Ultimate controlling party

There is no ultimate controlling party.

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