1 May 2023 v2024.64.1 limited_company_frs_102_section_1a_v1_1_2 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsexbrli:purexbrli:sharesiso4217:GBP072371042023-05-012024-04-30072371042024-04-3007237104bus:Director12023-05-012024-04-3007237104bus:RegisteredOffice2023-05-012024-04-30072371042022-05-012023-04-3007237104core:RetainedEarningsAccumulatedLosses2023-05-0107237104core:RetainedEarningsAccumulatedLosses2022-05-0107237104core:RetainedEarningsAccumulatedLosses2023-05-012024-04-3007237104core:RetainedEarningsAccumulatedLosses2022-05-012023-04-3007237104core:RetainedEarningsAccumulatedLosses2024-04-3007237104core:RetainedEarningsAccumulatedLosses2023-04-30072371042023-04-3007237104core:WithinOneYear2024-04-3007237104core:WithinOneYear2023-04-3007237104core:AfterOneYear2024-04-3007237104core:AfterOneYear2023-04-3007237104core:ShareCapital2024-04-3007237104core:ShareCapital2023-04-3007237104core:OfficeEquipment2023-05-012024-04-3007237104core:MotorVehicles2023-05-012024-04-3007237104core:PlantMachinery2023-05-0107237104core:PlantMachinery2023-05-012024-04-3007237104core:PlantMachinery2024-04-3007237104core:PlantMachinery2023-04-300723710412023-05-012024-04-3007237104countries:EnglandWales2023-05-012024-04-3007237104bus:AuditExemptWithAccountantsReport2023-05-012024-04-3007237104bus:PrivateLimitedCompanyLtd2023-05-012024-04-3007237104bus:SmallEntities2023-05-012024-04-3007237104bus:FullAccounts2023-05-012024-04-30
Company registration number:
07237104
Timebeat Limited
Unaudited Financial Statements for the year ended
30 April 2024
Timebeat Limited
Officers and Professional Advisers
Year ended
30 April 2024
Director
P Reynolds
Registered office
Ridgeway Hogs Back
Seale
Farnham
Surrey
GU10 1EU
England
Accountant
Johnston Accountants Limited
36 Ashdene Road
Ash
Guildford
Surrey
GU12 6SZ
United Kingdom
Timebeat Limited
Director's Report
Year ended
30 April 2024
The director presents the report and the unaudited
financial statements
of the company for the year ended 30 April 2024.

Directors

The director who served the company during the year was as follows:
P Reynolds

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on
26 November 2024
and signed on behalf of the board by:
P Reynolds
Director
Timebeat Limited
Report to the board of directors on the preparation of the unaudited statutory financial statements of Timebeat Limited
Year ended
30 April 2024
As described on the statement of financial position, the Board of Directors of
Timebeat Limited
are responsible for the preparation of the
financial statements
for the year ended
30 April 2024
, which comprise the income statement, statement of income and retained earnings, statement of financial position and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006.
In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Johnston Accountants Limited
36 Ashdene Road
Ash
Guildford
Surrey
GU12 6SZ
United Kingdom
Date:
26 November 2024
Timebeat Limited
Income Statement
Year ended
30 April 2024
20242023
££
Turnover
169,280
 
216,165
 
Cost of sales
(72,253
) (126,914 )
Gross profit
97,027
 
89,251
 
Distribution costs
(448
) -  
Administrative expenses
(49,746
)
(46,064
)
Operating profit
46,833
 
43,187
 
Interest payable and similar expenses
(1,758
)
(4,451
)
Profit before tax
45,075
 
38,736
 
Tax on profit
(10,412
)
(8,297
)
Profit for the financial year
34,663
 
30,439
 
The company has no other recognised items of income or expense other than the results for the year as set out above.
Timebeat Limited
Statement of Income and Retained Earnings
Year ended
30 April 2024
20242023
££
Retained earnings at the start of the year
45
 
206
 
Profit for the financial year
34,663
 
30,439
 
Dividends declared and paid or payable during the year
(45,100
)
(30,600
)
Retained earnings at the end of the year
(10,392
)
45
 
Timebeat Limited
Statement of Financial Position
30 April 2024
20242023
Note££
Fixed assets    
Tangible assets 5
34,007
 
5,663
 
Current assets    
Debtors 6
140,844
 
149,722
 
Cash at bank and in hand
95
 
120
 
140,939
 
149,842
 
Creditors: amounts falling due within one year 7
(178,836
)
(142,958
)
Net current (liabilities)/assets
(37,897
)
6,884
 
Total assets less current liabilities (3,890 ) 12,547  
Creditors: amounts falling due after more than one year 8
(6,500
)
(12,500
)
Net (liabilities)/assets
(10,390
)
47
 
Capital and reserves    
Called up share capital
2
 
2
 
Profit and loss account
(10,392
)
45
 
Shareholders (deficit)/funds
(10,390
)
47
 
For the year ending
30 April 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 financial statements for the year in question in accordance with section 476;
  • The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
financial statements
have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These
financial statements
were approved by the board of directors and authorised for issue on
26 November 2024
, and are signed on behalf of the board by:
P Reynolds
Director
Company registration number:
07237104
Timebeat Limited
Notes to the Financial Statements
Year ended
30 April 2024

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
Ridgeway Hogs Back
,
Seale
,
Farnham
,
Surrey
,
GU10 1EU
, England.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership 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.

Current tax

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Office equipment
20% reducing balance
Motor vehicles
20% reducing balance

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Finance leases and hire purchase contracts

Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.
Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4 Average number of employees

The average number of persons employed by the company during the year was
2
(2023:
2.00
).

5 Tangible assets

Plant and machinery etc.
£
Cost  
At
1 May 2023
16,708
 
Additions
36,711
 
At
30 April 2024
53,419
 
Depreciation  
At
1 May 2023
11,045
 
Charge
8,367
 
At
30 April 2024
19,412
 
Carrying amount  
At
30 April 2024
34,007
 
At 30 April 2023
5,663
 

6 Debtors

20242023
££
Other debtors
140,844
 
149,722
 

7 Creditors: amounts falling due within one year

20242023
££
Bank loans and overdrafts
22,124
 
21,737
 
Trade creditors
92
 
3,156
 
Taxation and social security
136,950
 
117,365
 
Other creditors
19,670
 
700
 
178,836
 
142,958
 

8 Creditors: amounts falling due after more than one year

20242023
££
Bank loans and overdrafts
6,500
 
12,500