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REGISTERED NUMBER: 02883182 (England and Wales)






















Unaudited Financial Statements

for the Year Ended 30 April 2024

for

Timelock Management Systems Limited

Timelock Management Systems Limited (Registered number: 02883182)






Contents of the Financial Statements
for the Year Ended 30 April 2024




Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


Timelock Management Systems Limited

Company Information
for the Year Ended 30 April 2024







DIRECTORS: Mrs L Cookson
Mr G M Cookson





REGISTERED OFFICE: Alexandra House
43 Alexandra Street
Nottingham
Nottinghamshire
NG5 1AY





REGISTERED NUMBER: 02883182 (England and Wales)





ACCOUNTANTS: Wright Vigar Limited
Chartered Accountants & Business Advisers
Alexandra House
43 Alexandra St
Nottingham
Nottinghamshire
NG5 1AY

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Timelock Management Systems Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Timelock Management Systems Limited for the year ended 30 April 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Timelock Management Systems 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 Timelock Management Systems Limited and state those matters that we have agreed to state to the Board of Directors of Timelock Management Systems Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Timelock Management Systems Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Timelock Management Systems 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 Timelock Management Systems Limited. You consider that Timelock Management Systems Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Timelock Management Systems 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.






Wright Vigar Limited
Chartered Accountants & Business Advisers
Alexandra House
43 Alexandra St
Nottingham
Nottinghamshire
NG5 1AY


22 November 2024

Timelock Management Systems Limited (Registered number: 02883182)

Balance Sheet
30 April 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,111,025 1,944,954

CURRENT ASSETS
Stocks 40,674 43,472
Debtors 5 14,494 20,159
Cash at bank 228,425 190,867
283,593 254,498
CREDITORS
Amounts falling due within one year 6 116,594 116,621
NET CURRENT ASSETS 166,999 137,877
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,278,024

2,082,831

PROVISIONS FOR LIABILITIES 269,706 173,044
NET ASSETS 2,008,318 1,909,787

CAPITAL AND RESERVES
Called up share capital 100 100
Revaluation reserve 7 1,088,450 1,018,187
Retained earnings 919,768 891,500
SHAREHOLDERS' FUNDS 2,008,318 1,909,787

Timelock Management Systems Limited (Registered number: 02883182)

Balance Sheet - continued
30 April 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 November 2024 and were signed on its behalf by:





Mrs L Cookson - Director


Timelock Management Systems Limited (Registered number: 02883182)

Notes to the Financial Statements
for the Year Ended 30 April 2024

1. STATUTORY INFORMATION

Timelock Management Systems Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied stated net of discounts and of Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Investment property F&F - 20% on cost
Fixtures and fittings - 15% on cost

Investment Property
Investment properties, being properties held to earn rentals or for capital appreciation or both, are measured initially at cost, which includes purchase price and any directly attributable expenditure.

Investment properties are revalued to their fair value at each reporting date and any changes in value are recognised in profit and loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
A financial asset or a financial instrument is recognised only when the entity becomes a party to the contractual provisions of the instruments.

Basic financial instruments are initially recognised at the transactions price.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Timelock Management Systems Limited (Registered number: 02883182)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. TANGIBLE FIXED ASSETS
Investment Fixtures
Investment property and
property F&F fittings Totals
£    £    £    £   
COST OR VALUATION
At 1 May 2023 1,942,950 30,391 14,683 1,988,024
Disposals - (519 ) - (519 )
Revaluations 167,050 - - 167,050
At 30 April 2024 2,110,000 29,872 14,683 2,154,555
DEPRECIATION
At 1 May 2023 - 30,391 12,679 43,070
Charge for year - - 979 979
Eliminated on disposal - (519 ) - (519 )
At 30 April 2024 - 29,872 13,658 43,530
NET BOOK VALUE
At 30 April 2024 2,110,000 - 1,025 2,111,025
At 30 April 2023 1,942,950 - 2,004 1,944,954

The investment properties have been valued by the directors based on previous professional valuations and current market comparisons. Deferred tax is provided on gains at the rate expected to apply when the properties are sold.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 5,972 10,833
Other debtors 8,522 9,326
14,494 20,159

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 6,465 6,035
Taxation and social security 20,070 9,470
Other creditors 90,059 101,116
116,594 116,621

Timelock Management Systems Limited (Registered number: 02883182)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

7. RESERVES
Revaluation
reserve
£   
At 1 May 2023 1,018,187
Reclass to revaluation reserve 70,263

At 30 April 2024 1,088,450

8. RELATED PARTY DISCLOSURES

Included in other creditors at 30 April 2024 is the sum of £81,024 owing to the directors of the company (2023 - £94,317).