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REGISTERED NUMBER: 03346938 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

TIMESCO HEALTHCARE LIMITED

TIMESCO HEALTHCARE LIMITED (REGISTERED NUMBER: 03346938)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 29 February 2024




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


TIMESCO HEALTHCARE LIMITED

COMPANY INFORMATION
for the year ended 29 February 2024







DIRECTORS: Mr Sohail Fayyaz
Mrs Angela Massey
Mr Kashif Rashid
Mrs Nabila Naseem Fayyaz





SECRETARIES: Mrs Andeleeb Fayyaz
Mrs Nabila Naseem Fayyaz





REGISTERED OFFICE: Timesco House
3 Carnival Park
Carnival Close
Basildon
Essex
SS14 3WN





REGISTERED NUMBER: 03346938 (England and Wales)





ACCOUNTANTS: Raffingers LLP
Chartered Certified Accountants
19-20 Bourne Court
Southend Road
Woodford Green
Essex
IG8 8HD

TIMESCO HEALTHCARE LIMITED (REGISTERED NUMBER: 03346938)

ABRIDGED BALANCE SHEET
29 February 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 75,886 97,572
Tangible assets 5 173,947 194,316
249,833 291,888

CURRENT ASSETS
Stocks 1,733,138 2,184,421
Debtors 1,573,811 1,899,351
Cash at bank and in hand 4,606,619 5,732,726
7,913,568 9,816,498
CREDITORS
Amounts falling due within one year 823,446 1,015,546
NET CURRENT ASSETS 7,090,122 8,800,952
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,339,955

9,092,840

CREDITORS
Amounts falling due after more than one year (58,736 ) (75,506 )

PROVISIONS FOR LIABILITIES (186,542 ) (188,520 )
NET ASSETS 7,094,677 8,828,814

TIMESCO HEALTHCARE LIMITED (REGISTERED NUMBER: 03346938)

ABRIDGED BALANCE SHEET - continued
29 February 2024

2024 2023
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 7,094,675 8,828,812
SHAREHOLDERS' FUNDS 7,094,677 8,828,814

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 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.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 29 February 2024 in accordance with Section 444(2A) of the Companies Act 2006.

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 25 November 2024 and were signed on its behalf by:





Mr Sohail Fayyaz - Director


TIMESCO HEALTHCARE LIMITED (REGISTERED NUMBER: 03346938)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 29 February 2024

1. STATUTORY INFORMATION

Timesco Healthcare 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.

Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
- the company has transferred the significant risks and rewards of ownership to the buyer;
- the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the company will receive the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation an any accumulated impairment losses.

Goodwill is being amortised evenly over its estimated life of twenty years.

Research and Development assets is being amortised evenly over its estimated life of 10 years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 15% on reducing balance

TIMESCO HEALTHCARE LIMITED (REGISTERED NUMBER: 03346938)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 29 February 2024

2. ACCOUNTING POLICIES - continued

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

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs.

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.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors and creditors
Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account

TIMESCO HEALTHCARE LIMITED (REGISTERED NUMBER: 03346938)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 29 February 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
Basic financial assets, including trade and other receivables and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

Basic financial liabilities, including trade and other payables, bank loans and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Research and development expenditure
Expenditure on research activities is recognised as an expense in the period in which it is incurred.

In the event that an internally generated intangible asset arises from the company's development activities then it will be recognised only if all of the following conditions are met:
- An asset is created that can be identified;
- The project from which the asset arises meets the company's criteria for assessing technical feasibility;
- It is probable that the asset created will generate future economic benefits; and
- The development cost of the asset can be measured reliably.

Internally generated intangible assets are amortised on a straight-line basis over their useful lives. Where no internally generated intangible asset can be recognised, development expenditure is recognised as an expense in the period in which it is incurred.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 41 (2023 - NIL ) .

TIMESCO HEALTHCARE LIMITED (REGISTERED NUMBER: 03346938)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 29 February 2024

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 March 2023 2,735,779
Additions 5,465
At 29 February 2024 2,741,244
AMORTISATION
At 1 March 2023 2,638,207
Amortisation for year 27,151
At 29 February 2024 2,665,358
NET BOOK VALUE

At 29 February 2024 75,886
At 28 February 2023 97,572

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 March 2023 514,927
Additions 19,765
At 29 February 2024 534,692
DEPRECIATION
At 1 March 2023 320,611
Charge for year 40,134
At 29 February 2024 360,745
NET BOOK VALUE
At 29 February 2024 173,947
At 28 February 2023 194,316

TIMESCO HEALTHCARE LIMITED (REGISTERED NUMBER: 03346938)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 29 February 2024

6. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Other loans 75,085 91,855

The borrowing is secured over one of the cars held by the company.

7. CONTINGENT LIABILITIES

There were no contingent liabilities at the balance sheet date.

8. CAPITAL COMMITMENTS

The company had no capital commitments at 29 February 2024 or 28 February 2023.

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 29 February 2024 and 28 February 2023:

2024 2023
£    £   
Mr Sohail Fayyaz
Balance outstanding at start of year 36,205 103,462
Amounts advanced - 36,205
Amounts repaid (36,205 ) (103,462 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 36,205

10. RELATED PARTY DISCLOSURES

At the year end, the company owed £25,149 (2023 - £137,485) to Mrs Nabila Fayyaz and £14,222 (2023 - was owed £36,205) to/(by) Mr Sohail Fayyaz , a company's directors.

During the year, the company paid rent amounting to £299,400 (2023 - £285,000) to Timesco Property Partnership, a partnership in which Mr Sohail Fayyaz and Mrs Nabila Fayyaz are members.

During the year, total remunerations paid to close family members of the directors and key management personnel amounting to £224,157 (2023- £337,638).