Caseware UK (AP4) 2023.0.135 2023.0.135 2024-06-302024-06-30false363falseNo description of principal activityfalse2023-07-01278 07688194 2023-07-01 2024-06-30 07688194 2022-07-01 2023-06-30 07688194 2024-06-30 07688194 2023-06-30 07688194 2022-07-01 07688194 5 2023-07-01 2024-06-30 07688194 5 2022-07-01 2023-06-30 07688194 1 2023-07-01 2024-06-30 07688194 e:Director1 2023-07-01 2024-06-30 07688194 e:RegisteredOffice 2023-07-01 2024-06-30 07688194 d:Buildings 2023-07-01 2024-06-30 07688194 d:Buildings 2024-06-30 07688194 d:Buildings 2023-06-30 07688194 d:Buildings d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 07688194 d:Buildings d:LongLeaseholdAssets 2023-07-01 2024-06-30 07688194 d:Buildings d:LongLeaseholdAssets 2024-06-30 07688194 d:Buildings d:LongLeaseholdAssets 2023-06-30 07688194 d:MotorVehicles 2023-07-01 2024-06-30 07688194 d:MotorVehicles 2024-06-30 07688194 d:MotorVehicles 2023-06-30 07688194 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 07688194 d:FurnitureFittings 2023-07-01 2024-06-30 07688194 d:FurnitureFittings 2024-06-30 07688194 d:FurnitureFittings 2023-06-30 07688194 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 07688194 d:ComputerEquipment 2023-07-01 2024-06-30 07688194 d:ComputerEquipment 2024-06-30 07688194 d:ComputerEquipment 2023-06-30 07688194 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 07688194 d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 07688194 d:FreeholdInvestmentProperty 2024-06-30 07688194 d:FreeholdInvestmentProperty 2023-06-30 07688194 d:CurrentFinancialInstruments 2024-06-30 07688194 d:CurrentFinancialInstruments 2023-06-30 07688194 d:Non-currentFinancialInstruments 2024-06-30 07688194 d:Non-currentFinancialInstruments 2023-06-30 07688194 d:CurrentFinancialInstruments d:WithinOneYear 2024-06-30 07688194 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 07688194 d:Non-currentFinancialInstruments d:AfterOneYear 2024-06-30 07688194 d:Non-currentFinancialInstruments d:AfterOneYear 2023-06-30 07688194 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-06-30 07688194 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-06-30 07688194 d:ReportableOperatingSegment1 2023-07-01 2024-06-30 07688194 d:ReportableOperatingSegment1 2022-07-01 2023-06-30 07688194 d:ReportableOperatingSegment2 2023-07-01 2024-06-30 07688194 d:ReportableOperatingSegment2 2022-07-01 2023-06-30 07688194 d:ReportableOperatingSegment3 2023-07-01 2024-06-30 07688194 d:ReportableOperatingSegment3 2022-07-01 2023-06-30 07688194 d:ReportableOperatingSegment5 2023-07-01 2024-06-30 07688194 d:ReportableOperatingSegment5 2022-07-01 2023-06-30 07688194 d:ReportableOperatingSegment7 2023-07-01 2024-06-30 07688194 d:ReportableOperatingSegment7 2022-07-01 2023-06-30 07688194 d:UKTax 2023-07-01 2024-06-30 07688194 d:UKTax 2022-07-01 2023-06-30 07688194 d:ShareCapital 2024-06-30 07688194 d:ShareCapital 2023-06-30 07688194 d:RetainedEarningsAccumulatedLosses 2023-07-01 2024-06-30 07688194 d:RetainedEarningsAccumulatedLosses 2024-06-30 07688194 d:RetainedEarningsAccumulatedLosses 2022-07-01 2023-06-30 07688194 d:RetainedEarningsAccumulatedLosses 2023-06-30 07688194 d:RetainedEarningsAccumulatedLosses 2022-07-01 07688194 d:AcceleratedTaxDepreciationDeferredTax 2024-06-30 07688194 d:AcceleratedTaxDepreciationDeferredTax 2023-06-30 07688194 d:OtherDeferredTax 2024-06-30 07688194 d:OtherDeferredTax 2023-06-30 07688194 e:OrdinaryShareClass1 2023-07-01 2024-06-30 07688194 e:OrdinaryShareClass1 2024-06-30 07688194 e:OrdinaryShareClass1 2023-06-30 07688194 e:FRS102 2023-07-01 2024-06-30 07688194 e:Audited 2023-07-01 2024-06-30 07688194 e:FullAccounts 2023-07-01 2024-06-30 07688194 e:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 07688194 d:WithinOneYear 2024-06-30 07688194 d:WithinOneYear 2023-06-30 07688194 d:BetweenOneFiveYears 2024-06-30 07688194 d:BetweenOneFiveYears 2023-06-30 07688194 d:HirePurchaseContracts d:WithinOneYear 2024-06-30 07688194 d:HirePurchaseContracts d:WithinOneYear 2023-06-30 07688194 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-06-30 07688194 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-06-30 07688194 2 2023-07-01 2024-06-30 iso4217:GBP xbrli:shares xbrli:pure
Company registration number: 07688194







ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 JUNE 2024


TIME 4 U LTD






































img21ed.png                        

 


TIME 4 U LTD
 


 
COMPANY INFORMATION


Director
T H Mudavanhu 




Registered number
07688194



Registered office
Gutu
116 Maidstone Road

Chatham

Kent

ME4 6DQ




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

Ashcombe House

5 The Crescent

Leatherhead

Surrey

KT22 8DY





 


TIME 4 U LTD
 



CONTENTS



Page
Strategic report
1 - 3
Director's report
4 - 5
Independent auditors' report
6 - 9
Statement of income and retained earnings
10
Statement of financial position
11
Statement of cash flows
12 - 13
Analysis of net debt
14
Notes to the financial statements
15 - 28


 


TIME 4 U LTD
 


 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

Introduction
 
The director presents his strategic report of the Company for the year ended 30 June 2024. 
 
The principal activity of the company is the provision of supported living and care to vulnerable Children and Adults in Community settings. As complex care specialists we aim to empower individuals to live fulfilling lives. 

Business review
 
The director is pleased to report that the Company has continued to;
• successfully operate its existing care & support services.
• to expand its business activity levels.
• consolidate its complex care capacity.
Turnover increased by 39% when compared to 2023 due to maintaining the existing client base and broadening the service offering. Overall profit before tax doubled which was a result of good cost management across the organisation as we understand the business and its dynamics better. As a result of the increase in performance, the net asset position of the Company has increased from £5.1m to £7.9m. The push towards complex care management also played a crucial role in enabling such results. The occupancy rates achieved by the Company have remained in line with market sector averages.
To support our growth and operational efficiency, Time 4 U Ltd has implemented several strategic initiatives:
Staff Training and Development: Continued investment in staff training to enhance the skills and competencies of our care professionals, ensuring high-quality service delivery.
Technology Integration: Adoption of technology solutions to improve operational efficiencies, including scheduling, client management, and communication tools.

Principal risks and uncertainties
 
Regulatory requirements: The Company is licensed by the Care Quality Commission and is regularly monitored for the quality of personal care provided to vulnerable people. In its drive for improved quality, the Company recruited additional Service Managers and a quality and governance Manager at executive level. The Service managers are involved in the day-to-day operations with staff members to ensure service delivery is a priority. The quality and governance Manager is tasked with ensuring compliance with requirements in all our services with the support of the Service Managers. Local Authorities also monitor our operations as we work directly with them. 
Funding of operations: Running operations of our size require adequate liquidity as services in most cases are paid in arrears. The Company has facilities with reputable financial institutions that are sufficient and adequate to meet its cashflow requirements. In this regard, the director is satisfied that the Company is not exposed to any significant financial and operational risks that can negatively impact its going concern.
Credit risk: The company’s main customers are Government agencies, and the company has not significant delay in payments to impact the operations. Furthermore, Government agencies are considered to be backed by the UK Government and the management therefore consider the ultimate risk to be significantly low.

Future developments
 
The Company continues to actively look for opportunities for growth and to strengthen its prospects by investing in high quality staff, training and coaching with particular emphasis on complex care support. The initiative to spread our services beyond Kent and its surroundings has kicked off well and in the next couple of years will see us operate in more territories. We are also entering into other segments of care and support services which will see the operations diversify going forward. We believe geographical and operations diversification will anchor our position. 
Market Expansion: Exploring opportunities to expand our services into new geographical areas and demographic segments.


 
Page 1

 


TIME 4 U LTD
 



STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Service Diversification: Developing additional service offerings to meet the evolving needs of our clients and their families.
Sustainability Initiatives: Implementing environmentally sustainable practices within our operations to enhance our corporate social responsibility profile.
Financial key performance indicators
For the year ended 30 June 2024, Time 4 U Ltd has demonstrated robust financial growth and operational efficiency. Below is an overview of the key financial parameters for the current year compared to the previous financial year.
 

2024 £ million 
2023 £ million 
Growth %
Turnover
24.8
17.9
38.5%
Direct Costs
16.9
12.5
35.2%
Overheads
3.7
3.4
8.8%
Operating Profit
4.2
2.0
110%
Operating Profit Margin
16.9%
11.2%
51.6%

Turnover Analysis 

Time 4 U Ltd achieved a turnover of £24.8 million for the year, which represents a substantial increase of 38.5% from £17.9 million in the previous year. Turnover has increased primarily owing to the broadening of the supported care services we offer. Gross profit margins have increased compared with the previous year as a result. The operating margin level reflects our bias towards the more demanding care cases which require a special skillset and delivery. Having invested in the required skills the results of this investment are starting to stand out. The company will continue to increase this capacity through internal and external programs
Non-financial key performance indicators
Employee Diversity:
 The Company takes pride in ensuring diversity across its human capital resource in order to attain a
rich pool of knowledge and skill sets. Employees have varied cultural, racial and educational backgrounds cutting across
almost all continents thus making the Company a preferred employer of choice amongst its peers.
Gender Balance: The Company ensures equality in all its talent acquisition processes. Women and youth are given a fair
chance in leadership roles across the body. Most departmental heads & team-leaders are women (Finance, HR, Housing,
Training) and young people.
Going Green: The Company is cognisant of climate change and its impact on future generations as well as the need to
reduce the carbon footprint.
Cost Management  

Direct costs increased by 35.2% to £16.9 million in 2024, reflecting our commitment to providing high-quality services while managing the costs associated with staffing, training, and care provisions. Overheads have increased by 8.8% to £3.7 million.
Operating Profit 

The operating profit for the year reached £4.2 million, a significant increase of 110% from £2.0 million in 2023. This strong performance is indicative of our effective cost management strategies and our ability to optimize service delivery while maintaining quality.

Page 2

 


TIME 4 U LTD
 



STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024


This report was approved by the board and signed on its behalf.



T H Mudavanhu
Director

Date: 29 November 2024

Page 3

 


TIME 4 U LTD
 


 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 JUNE 2024

The director presents his report and the financial statements for the year ended 30 June 2024.

Director's responsibilities statement

The director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the director is required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable him to ensure that the financial statements comply with the Companies Act 2006He is also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £2,955,141 (2023 - £1,686,379).

During the year dividends of £230,000 were declared (2023 - £100,000).

Director

The director who served during the year was:

T H Mudavanhu 

Disclosure of information to auditors

The director at the time when this Director's Report is approved has confirmed that:
 
so far as he is aware, there is no relevant audit information of which the Company's auditors are unaware, and

he has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

On 1 July 2024, the whole of the share capital was transferred to Time 4 U Group Ltd.
 
Page 4

 


TIME 4 U LTD
 


 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024


Auditors

Under section 487(2) of the Companies Act 2006Menzies LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board and signed on its behalf.
 





T H Mudavanhu
Director

Date: 29 November 2024

Page 5

 


TIME 4 U LTD
 

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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TIME 4 U LTD

Opinion


We have audited the financial statements of Time 4 U Ltd (the 'Company') for the year ended 30 June 2024, which comprise the Statement of Income and Retained Earnings, the Statement of Financial Position, the Statement of Cash Flows and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 30 June 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and  our Auditors' Report thereon.  The director is responsible for the other information contained within the Annual Report.  Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated.  If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves.  If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 6

 


TIME 4 U LTD


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TIME 4 U LTD (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Director's Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Director's Responsibilities Statement set out on page 4, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the director is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Page 7

 


TIME 4 U LTD


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TIME 4 U LTD (CONTINUED)

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
 
The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant including:

The Companies Act 2006;
Financial Reporting Standard 102;
UK employment legislation;
UK health and safety legislation;
Care Quality Commision;
UK tax legislation; and
General Data Protection Regulations.

We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
 
We understood how the Company is complying with those legal and regulatory frameworks by making inquiries to management and those responsible for legal and compliance procedures. We corroborated our inquiries through our review of management meeting minutes.
 
The engagement responsible individual assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area.
 
We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:

Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
Challenging assumptions and judgements made by management in its significant accounting estimates; and
Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.
 
As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:

The application of inappropriate judgements or estimation to manipulate the Company's financial position;
Posting of unusual journals and complex transactions; and
The use of management override of controls to manipulate results, or to cause the Company to enter into transactions not in its best interests.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Page 8

 


TIME 4 U LTD


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TIME 4 U LTD (CONTINUED)

Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.




Anna Johnston ACA (Senior Statutory Auditor)
for and on behalf of
Menzies LLP
Chartered Accountants
Statutory Auditor
Ashcombe House
5 The Crescent
Leatherhead
Surrey
KT22 8DY

2 December 2024
Page 9

 


TIME 4 U LTD
 


 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 JUNE 2024

As restated
2024
2023
Note
£
£

  

Turnover
 4 
24,830,189
17,891,814

Cost of sales
  
(16,935,446)
(12,558,891)

Gross profit
  
7,894,743
5,332,923

Administrative expenses
  
(3,705,562)
(3,325,820)

Operating profit
 5 
4,189,181
2,007,103

Interest receivable and similar income
 9 
377,493
277,019

Interest payable and similar expenses
 10 
(262,739)
(149,843)

Profit before tax
  
4,303,935
2,134,279

Tax on profit
 11 
(1,348,794)
(447,900)

Profit after tax
  
2,955,141
1,686,379

  

  

Retained earnings at the beginning of the year
  
4,785,100
3,198,721

  
4,785,100
3,198,721

Profit for the year
  
2,955,141
1,686,379

Dividends declared and paid
  
(230,000)
(100,000)

Retained earnings at the end of the year
  
7,510,241
4,785,100
The notes on pages 15 to 28 form part of these financial statements.

Page 10

 


TIME 4 U LTD
REGISTERED NUMBER:07688194



STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 12 
1,158,903
1,370,195

Investment property
 13 
90,000
90,000

  
1,248,903
1,460,195

Current assets
  

Debtors: amounts falling due after more than one year
 14 
56,675
104,675

Debtors: amounts falling due within one year
 14 
11,804,340
7,620,245

Cash at bank and in hand
  
757,012
4,161

  
12,618,027
7,729,081

Creditors: amounts falling due within one year
 15 
(5,567,031)
(3,292,860)

Net current assets
  
 
 
7,050,996
 
 
4,436,221

Total assets less current liabilities
  
8,299,899
5,896,416

Creditors: amounts falling due after more than one year
 16 
(469,878)
(760,280)

Provisions for liabilities
  

Deferred tax
 19 
(9,780)
(41,036)

  
 
 
(9,780)
 
 
(41,036)

Net assets
  
7,820,241
5,095,100


Capital and reserves
  

Called up share capital 
 20 
310,000
310,000

Profit and loss account
 21 
7,510,241
4,785,100

  
7,820,241
5,095,100


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




T H Mudavanhu
Director

Date: 29 November 2024

The notes on pages 15 to 28 form part of these financial statements.

Page 11

 


TIME 4 U LTD
 



STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
2,955,141
1,686,379

Adjustments for:

Depreciation of tangible assets
243,584
183,543

(Profit)/loss on disposal of tangible assets
(7,127)
34,013

Interest paid
262,739
149,843

Interest received
(377,493)
(277,019)

Taxation charge
1,348,794
447,900

(Increase) in debtors
(4,136,095)
(2,102,467)

Increase in creditors
1,206,053
631,516

Increase/(decrease) in provisions
-
(81,478)

Corporation tax (paid)
(638,121)
(190,301)

Net cash generated from operating activities

857,475
481,929


Cash flows from investing activities

Purchase of tangible fixed assets
(166,536)
(609,110)

Sale of tangible fixed assets
141,371
(19,575)

Interest received
377,493
277,019

HP interest paid
(1,125)
(7,897)

Net cash from investing activities

351,203
(359,563)

Cash flows from financing activities

New secured loans
500,000
-

Repayment of loans
(480,683)
(309,191)

Repayment of/new finance leases
16,470
(44,316)

Dividends paid
(230,000)
(100,000)

Interest paid
(261,614)
(141,946)

Net cash used in financing activities
(455,827)
(595,453)
Page 12

 


TIME 4 U LTD
 



STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024


2024
2023

£
£



Net increase/(decrease) in cash and cash equivalents
752,851
(473,087)

Cash and cash equivalents at beginning of year
4,161
477,248

Cash and cash equivalents at the end of year
757,012
4,161


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
757,012
4,161

757,012
4,161


The notes on pages 15 to 28 form part of these financial statements.

Page 13

 


TIME 4 U LTD
 



ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 JUNE 2024




At 1 July 2023
Cash flows
At 30 June 2024
£

£

£

Cash at bank and in hand

4,161

752,851

757,012

Debt due after 1 year

(740,813)

303,072

(437,741)

Debt due within 1 year

(282,329)

(322,389)

(604,718)

Finance leases

(31,407)

(16,470)

(47,877)


(1,050,388)
717,064
(333,324)

The notes on pages 15 to 28 form part of these financial statements.

Page 14

 


TIME 4 U LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Time 4 U Ltd is a private limited company limited by shares and incorporated in England and Wales. The address of its registered office, which is the same as its principal place of business, and the Company's registered number is disclosed on the Company information page of these financial statements. 
The financial statements are presented in sterling which is the functional currency of the Company and rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Revenue

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. 

Rendering of services

Revenue from the provision of personal care and support services are recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 15

 


TIME 4 U LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 16

 


TIME 4 U LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
Not depreciated
Leasehold improvements
-
5 years straight line basis
Motor vehicles
-
3 years straight line basis
Fixtures and fittings
-
3 years straight line basis
Computer equipment
-
3 years straight line basis

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Investment property

Investment property is carried at fair value determined annually by the director and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.10

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.

Page 17

 


TIME 4 U LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affects the amounts reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The main areas that the Directors consider to require the most estimation and judgement in preparing the financial statements are as follows:
Provision for bad and doubtful debts - The judgement in the provision for bad debts arises as the Directors need to make a decision on whether a debt is recoverable, based on their knowledge of the customer and their financial situation. The estimation uncertainty in this provision arises as the Directors then need to estimate what amount of the outstanding debt is recoverable. 
Provisions for other liabilities - The provision for other liabilities requires the Directors to make a judgement on whether a provision is required, based on the reliability of information provided by legal advisors as to the expected outcome of any claims. The estimation uncertainty arises where if a provision is determined to be required, the amount of the provision requires an estimation to be made based on the expected outcome. Estimation uncertainty is therefore likely to be highest in the earlier stages of a claim and lowest as a settlement is reached.


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Supported living income
20,870,601
15,645,614

Supported living income - children services
1,469,589
-

Social housing rental income
1,465,268
1,305,559

Other rental income
1,011,572
931,461

Other income
13,159
9,180

24,830,189
17,891,814


All turnover arose within the United Kingdom.


5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

(Profit)/loss on disposal of tangible fixed assets
(7,127)
34,013

Other operating lease rentals
474,299
480,554

Depreciation charges
243,584
183,543

Page 18

 


TIME 4 U LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
42,500
36,775

Fees payable to the Company's auditors in respect of:

Taxation compliance services
3,935
3,300

All non-audit services not included above
45,160
21,750

7.


Employees

Staff costs, including director's remuneration, were as follows:


2024
2023
£
£

Wages and salaries
11,745,465
9,144,939

Social security costs
1,170,861
859,413

Cost of defined contribution scheme
347,218
312,877

13,263,544
10,317,229


The average monthly number of employees, including the director, during the year was as follows:


        2024
        2023
            No.
            No.







Head office
20
13



Service managers
16
13



PBS
5
6



Support workers
322
246

363
278


8.


Director's remuneration

2024
2023
£
£

Director's emoluments
975
4,416

Company contributions to defined contribution pension schemes
60,000
130,000

60,975
134,416


Page 19

 


TIME 4 U LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

9.


Interest receivable

2024
2023
£
£


Other interest receivable
377,493
277,019

377,493
277,019


10.


Interest payable and similar expenses

2024
2023
£
£


Other loan interest payable
154,271
141,946

Finance leases and hire purchase contracts
1,125
7,897

Other interest payable
107,343
-

262,739
149,843


11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
1,364,542
427,126

Adjustments in respect of previous periods
15,508
-


Total current tax
1,380,050
427,126

Deferred tax


Origination and reversal of timing differences
(31,256)
20,774


Taxation on profit on ordinary activities
1,348,794
447,900
Page 20

 


TIME 4 U LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 -higher than) the standard rate of corporation tax in the UK of 25% (2023 -20.5%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
4,303,935
2,134,279


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 20.5%)
1,075,984
437,527

Effects of:


Expenses not deductible for tax purposes
237,464
10,373

Fixed asset differences
6,349
-

Adjustments to tax charge in respect of prior periods
15,508
-

Movement in deferred tax not recognised
13,680
-

Other tax adjustments, reliefs and transfers
(191)
-

Total tax charge for the year
1,348,794
447,900

Page 21

 


TIME 4 U LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

12.


Tangible fixed assets





Freehold property
Long-term leasehold property
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£
£



Cost


At 1 July 2023
625,000
376,944
493,391
124,887
72,416
1,692,638


Additions
-
-
136,799
4,973
24,764
166,536


Disposals
-
-
(157,108)
-
(1,500)
(158,608)



At 30 June 2024

625,000
376,944
473,082
129,860
95,680
1,700,566



Depreciation


At 1 July 2023
-
69,233
171,439
69,099
12,672
322,443


Charge for the year
-
75,389
109,612
30,929
27,654
243,584


Disposals
-
-
(24,364)
-
-
(24,364)



At 30 June 2024

-
144,622
256,687
100,028
40,326
541,663



Net book value



At 30 June 2024
625,000
232,322
216,395
29,832
55,354
1,158,903



At 30 June 2023
625,000
307,711
321,952
55,788
59,744
1,370,195

Included within the net book value of £1,158,903 is £34,727 (2023 - £26,616) relating to assets held under hire
purchase agreements. The depreciation charged in the financial statements in the year in respect of such assets
amounted to £14,147 (2023 - £28,731).

Page 22

 


TIME 4 U LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

13.


Investment property


Freehold investment property

£



Valuation


At 1 July 2023
90,000



At 30 June 2024
90,000

The 2024 valuations were made by the director, on an open market value for existing use basis.



If the investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
90,000
90,000

90,000
90,000


14.


Debtors

2024
2023
£
£

Due after more than one year

Other debtors
56,675
104,675

56,675
104,675


2024
2023
£
£

Due within one year

Trade debtors
1,650,764
1,422,281

Other debtors
9,292,811
5,293,296

Prepayments and accrued income
860,765
904,668

11,804,340
7,620,245


Page 23

 


TIME 4 U LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

15.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
604,718
282,329

Trade creditors
977,335
248,289

Corporation tax
1,336,677
594,748

Other taxation and social security
1,637,428
888,090

Obligations under finance lease and hire purchase contracts
15,740
11,940

Other creditors
877,551
1,204,797

Accruals and deferred income
117,582
62,667

5,567,031
3,292,860


Included within creditors are bank loans of £26,847 (2023 - £25,744) which are secured against a fixed asset property which is owned by the Company. 
The hire purchase liability  is secured by way of legal charge against the asset to which it relates.
Included in other creditors are amounts owed to related parties of £844,130 (2023 - £543,457). These amounts are unsecured, interest free and repayable on demand. 
The Company has also entered into a debenture agreement with Barclays bank, that contains negative pledge, and is secured by fixed and floating charges that covers all the property or undertaking of the company.


16.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
437,741
740,813

Net obligations under finance leases and hire purchase contracts
32,137
19,467

469,878
760,280


Included within creditors exceeding one year are bank loans of £260,717 (2023 - £295,196) which are secured against a fixed asset property which is owned by the Company. 
The hire purchase liability is secured against the asset to which it relates.





Page 24

 


TIME 4 U LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

17.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
604,718
282,329


604,718
282,329


Amounts falling due 2-5 years

Bank loans
437,741
740,813


437,741
740,813


1,042,459
1,023,142



18.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
15,740
11,940

Between 1-5 years
32,137
19,467

47,877
31,407

Obligations under hire purchase contracts are secured by the assets purchased under these contracts. 


19.


Deferred taxation




2024


£






At beginning of year
(41,036)


Charged to profit or loss
31,256



At end of year
(9,780)

Page 25

 


TIME 4 U LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
 
19.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Fixed asset timing differences
(9,853)
(43,677)

Short term timing differences
73
2,641

(9,780)
(41,036)


20.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



3,100 (2023 -3,100) Ordinary shares of £100.00 each
310,000
310,000



21.


Reserves

Profit and loss account

This reserve records retained earnings and accumulated losses.


22.


Prior year adjustment

During the current year, the Director concluded that agency staff costs and staff training costs represent a cost of sale, rather than an overhead expense. Therefore a re-classification of these costs has been adjusted in the prior year so that the results show a like for like comparison with the current year classification. There is no profit or tax effect from these adjustments.


23.


Contingent liabilities

The director has given a limited guarantee to Barclays Bank UK Plc for the amount of £75,000 (2023 - £75,000). 

Page 26

 


TIME 4 U LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

24.


Commitments under operating leases

At 30 June 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
479,740
478,119

Later than 1 year and not later than 5 years
486,071
1,049,130

965,811
1,527,249


25.


Transactions with directors

At the balance sheet date, the Company owed £20,204 to the director (2023 - £9,320). The loan is interest free and repayable on demand. 
During the year rent of £115,744 (2023 - £27,450) was paid to the director of the Company.


26.


Related party transactions

The Company is related to a number of other companies by virtue of common ownership. 
Included in other creditors are the following amounts due to companies under common control. The loans listed below are interest free and payable on demand. 
Brux Fashions Limited £NIL (2023 - £7,036) 
Time4U Housing Solutions Ltd £6,098 (2023 - £Nil)
Positive Behaviour Support Ltd £169,583 (2023 - £130,474)
Medway City Estates Ltd £298,964 (2023 - £373,420) 
Heat Plumb Drain Ltd £82,958 (2023 - £NIL)
Time 4 U Group Ltd £38,040 (2023 - £NIL)
Hotel Tawanda Ltd £3,927 (2023 - £3,917 due from)
Included within other debtors are the following amounts due from companies under common control. The loans listed below are interest free and payable on demand. 
 
Warm Places Limited £NIL (2023 - £67,986)
NET PNL Ltd £2,606,027 (2023 - £71,547)
Time 4 U Group Ltd £NIL (2023 - £10,310)
Tawanda Group Ltd £NIL (2023 - £13,848)
Time4U Housing Solutions Ltd £2,299,261 (2023 - £2,052,049)
Time 4 U MH Ltd £NIL (2023 - £5,200) 
Heat Plumb Drain Ltd £NIL (2023 - £10,802)
Elmsleigh Private Limited £NIL (2023 - £26,000)
Tawanda Ltd £122,808 (2023 - £NIL)
Pleasant & Green Estates Ltd £82,156 (£Nil)
Also included in other debtors is an amount of £3,896,475 (2023 - £2,829,978) due from PSL Real Estate Limited. 
The loans due from PSL Real Estate Limited, Time4U Housing Solutions Ltd and NET PNL Ltd are unsecured, repayable on demand and an average interest of 4.5% is applied.

 
Page 27

 


TIME 4 U LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

26.Related party transactions (continued)



27.


Post balance sheet events

On 1 July 2024, the whole of the share capital was transferred to Time 4 U Group Ltd.


28.


Controlling party

 The director T H Mudavanhu is the ultimate controlling party. 

 
Page 28