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Company No: SC105150 (Scotland)

TIMELARCH LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH THE REGISTRAR

TIMELARCH LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024

Contents

TIMELARCH LIMITED

BALANCE SHEET

AS AT 31 MARCH 2024
TIMELARCH LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 51,748 20,789
Investment property 4 1,676,838 1,831,838
1,728,586 1,852,627
Current assets
Stocks 5 194,347 0
Debtors 6 0 1,175
Cash at bank and in hand 7 60,253 74,246
254,600 75,421
Creditors: amounts falling due within one year 8 ( 75,195) ( 43,222)
Net current assets 179,405 32,199
Total assets less current liabilities 1,907,991 1,884,826
Creditors: amounts falling due after more than one year 9 ( 35,138) ( 36,879)
Net assets 1,872,853 1,847,947
Capital and reserves
Called-up share capital 10 2 2
Revaluation reserve 392,615 392,615
Profit and loss account 1,480,236 1,455,330
Total shareholders' funds 1,872,853 1,847,947

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.

Directors' responsibilities:

The financial statements of Timelarch Limited (registered number: SC105150) were approved and authorised for issue by the Board of Directors on 28 November 2024. They were signed on its behalf by:

Jill Mcewan
Director
TIMELARCH LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
TIMELARCH LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Timelarch Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Mount Tabor House, Mount Tabor Road, Kinnoull, Perth, PH2 7DE, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover represents rental income from the letting of commercial properties net of VAT.

Rental income is recognised on a straight line basis over the term of the lease.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 0 - 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases


The Company as lessor
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Basic financial assets
Basic financial assets, which include debtors and bank balances, are measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Provisions

Deferred tax provisions are recognised when the Company has a present obligation as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 April 2023 86,941 86,941
Additions 53,340 53,340
Disposals ( 73,070) ( 73,070)
At 31 March 2024 67,211 67,211
Accumulated depreciation
At 01 April 2023 66,152 66,152
Charge for the financial year 7,265 7,265
Disposals ( 57,954) ( 57,954)
At 31 March 2024 15,463 15,463
Net book value
At 31 March 2024 51,748 51,748
At 31 March 2023 20,789 20,789

4. Investment property

Investment property
£
Valuation
As at 01 April 2023 1,831,838
Disposals (155,000)
As at 31 March 2024 1,676,838

Valuation

The fair value of the investment property has been arrived at on the basis of a valuation carried out at 18 April 2016 by Lambert Smith & Hampton, Commercial Property Consultants and one by Smart & Co, during the year ended 31 March 2023. The directors confirm these still represent the current market value at the balance sheet date.

5. Stocks

2024 2023
£ £
Work in progress 194,347 0

6. Debtors

2024 2023
£ £
Trade debtors 0 1,160
Other debtors 0 15
0 1,175

7. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 60,253 74,246

8. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 11,216 11,017
Trade creditors 19,328 0
Corporation tax 26,014 23,547
Other taxation and social security 463 871
Obligations under finance leases and hire purchase contracts 5,276 0
Other creditors 12,898 7,787
75,195 43,222

Bank borrowings amounting are secured by standard security over the company's assets including properties within investment properties.

Hire purchase obligations under finance leases are secured over the assets to which they relate.

9. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 25,465 36,879
Obligations under finance leases and hire purchase contracts 9,673 0
35,138 36,879

Bank borrowings amounting are secured by standard security over the company's assets including properties within investment properties.

10. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2

11. Related party transactions

Transactions with the entity’s directors (or members of its governing body)

Amounts owed to directors

2024 2023
£ £
Directors current account 3,337 597

The above loan is unsecured, interest free and has no fixed terms of repayment.