Company registration number 13928558 (England and Wales)
TIME GB (SB) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Richard Anthony
Chartered Accountants and Registered Auditors
TIME GB (SB) LIMITED
COMPANY INFORMATION
Director
Mr Arthur Weiss
Company number
13928558
Registered office
C/O Aztec Financial Services (UK) Limited
Forum 4 Solent Business Park
Whiteley
Fareham
Hampshire
England
PO15 7AD
Auditor
Richard Anthony
Ground Floor Cooper House
316 Regents Park Road
London
United Kingdom
N3 2JX
TIME GB (SB) LIMITED
CONTENTS
Page
Strategic report
1
Director's report
2
Director's responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Company statement of cash flows
14
Notes to the financial statements
15 - 31
TIME GB (SB) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The director presents the strategic report for the year ended 31 March 2024.

Review of the business

The group consists of the parent company, Time GB (SB) Limited, its direct subsidiary of Pemican Limited and its indirect subsidiary of Thorney Bay Park Limited.

 

The financial position of the group at the period end was considered satisfactory in the circumstances by the director. Following a movement in sales revenue in the subsidiary companies, the group returned a gross profit margin in line with expectations, which in turn led to a loss before taxation of £43,367,494 (2023: £18,558,799) due, in the main, to the impairment of the investment held in Time GB (SB) Limited.

Principal risks and uncertainties

The director considers that the principal risk associated with the groups's activities is the exposure that any entity would have when undertaking such a major site development project (in its indirect subsidiary, Thorney Bay Park Limited). However, the director feels that any risk is covered within the wider group. These processes have been supported by the progress made, both during this accounting period and the expected improvement in the following period.

 

The director also considers that there are no major uncertainties that need to be addressed here, again, based on the continued progress of the project following the balance sheet date.

Development and performance

The director has considered the value of the land held for site rental and development. With the expansion of the site development activities within the group, the director feels that the value of the land is stated at its market value.

Key performance indicators

The director monitors a number of what he believes to be key performance indicators for the group. These include the site development costs, both as an overall project and on a plot by plot basis. Maintaining the rental income both from properties owned and ground rents from those plots that have already been sold. Monitoring any comments or feedback provided by the residents and tenants regarding the site's amenities.

 

Numerically, the key performance indicators are as follows:

 

     2024         2023

 

Overall gross profit      63.16%         16.34%        

    

Property gross profit     44.74%         8.55%        

On behalf of the board

Mr Arthur Weiss
Director
16 December 2024
TIME GB (SB) LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -

The director presents his annual report and financial statements for the year ended 31 March 2024.

Principal activities

The principal activity of the company and group is that of the development and the sale of residential homes, operating recreational vehicle parks, trailer parks and camping grounds.

Results and dividends

The results for the year are set out on page 7.

No ordinary dividends were paid. The director does not recommend payment of a further dividend.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

Mr Arthur Weiss
Energy and carbon report

The group did not consume more than 40,000 KWh of energy in the reporting period.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
Mr Arthur Weiss
Director
16 December 2024
TIME GB (SB) LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -

The director is responsible for preparing the Annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

 

 

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

TIME GB (SB) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TIME GB (SB) LIMITED
- 4 -
Opinion

We have audited the financial statements of Time GB (SB) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 group's and parent 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 auditor's 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.

Opinions on other matters prescribed by the Companies Act 2006

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

TIME GB (SB) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TIME GB (SB) LIMITED
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their 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:

Responsibilities of director

As explained more fully in the director's responsibilities statement, 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 parent 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 parent company or to cease operations, or has no realistic alternative but to do so.

Auditor's 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 auditor's 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

The group 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:

 

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 group is complying with those legal and regulatory frameworks by making inquiries of management and those responsible for legal and compliance procedures.

 

The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with these laws and regulations. The assessment did not identify any issues in this area.

TIME GB (SB) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TIME GB (SB) LIMITED
- 6 -

We assessed the susceptibility of the group's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:

 

As a result of the above procedures, we considered the opportunities and incentives that may exist within the group for fraud and identified the greatest potential existed within the recording and recognition of revenue and inter company transactions and balances.

 

Our procedures in these respects were focused on the origination of revenue and directed towards ensuring the accuracy and completeness of the same by undertaking testing on a sample basis of the revenue items to ensure that sales had been recorded correctly and in the appropriate accounting period. Additionally, we also focused on the existence of inter company transactions and balances and directed towards the accuracy and completeness of the same. We consider that the work we undertook in this regard was considered capable of detecting irregularities and fraud within the sales cycle and inter company trading cycle.

 

Due to 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 regulations. 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. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach. The risk is also greater regarding irregularities occurring to fraud other than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 2006. Our 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 auditor's 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.

Michael Barnett BA FCA
For and on behalf of
16 December 2024
Richard Anthony
Chartered Accountants
Statutory Auditor
Ground Floor Cooper House
316 Regents Park Road
London
United Kingdom
N3 2JX
TIME GB (SB) LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
Year
Period
ended
ended
31 March
31 March
2024
2023
Notes
£
£
Turnover
3
8,620,477
19,737,482
Cost of sales
(3,175,810)
(16,512,559)
Gross profit
5,444,667
3,224,923
Administrative expenses
13,399,445
(21,477,503)
Other operating income
203,330
-
Operating profit/(loss)
4
19,047,442
(18,252,580)
Interest payable and similar expenses
7
(23,001)
(8,203)
Amounts written off investments
8
(62,391,935)
(298,016)
Loss before taxation
(43,367,494)
(18,558,799)
Tax on loss
9
(822,189)
1,658,584
Loss for the financial year
(44,189,683)
(16,900,215)
Loss for the financial year is all attributable to the owners of the parent company.
TIME GB (SB) LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
Year
Period
ended
ended
31 March
31 March
2024
2023
£
£
Loss for the year
(44,189,683)
(16,900,215)
Other comprehensive income
Revaluation of tangible fixed assets and intangible assets
(10,970,000)
111,923
Cash flow hedges gain arising in the year
-
0
-
0
Tax relating to other comprehensive income
2,742,500
-
0
Other comprehensive income for the year
(8,227,500)
111,923
Total comprehensive income for the year
(52,417,183)
(16,788,292)
Total comprehensive income for the year is all attributable to the owners of the parent company.
TIME GB (SB) LIMITED
GROUP BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
10
-
0
42,954,702
Tangible assets
11
79,232,610
90,318,188
79,232,610
133,272,890
Current assets
Stocks
14
7,999,033
3,593,329
Debtors
15
2,739,478
2,528,468
Cash at bank and in hand
504,406
132,284
11,242,917
6,254,081
Creditors: amounts falling due within one year
16
(10,793,984)
(4,627,989)
Net current assets
448,933
1,626,092
Total assets less current liabilities
79,681,543
134,898,982
Creditors: amounts falling due after more than one year
17
(596,604)
(151,701,502)
Provisions for liabilities
Deferred tax liability
20
(2,784,087)
(14,328)
2,784,087
14,328
Net assets/(liabilities)
81,869,026
(16,788,192)
Capital and reserves
Called up share capital
22
151,074,501
100
Revaluation reserve
111,923
111,923
Profit and loss reserves
(69,317,398)
(16,900,215)
Total equity
81,869,026
(16,788,192)
The financial statements were approved and signed by the director and authorised for issue on 16 December 2024
16 December 2024
Mr Arthur Weiss
Director
Company registration number 13928558 (England and Wales)
TIME GB (SB) LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
12
79,030,000
141,325,771
Current assets
Debtors
15
9,647,316
9,652,566
Creditors: amounts falling due within one year
16
(20,000)
(20,000)
Net current assets
9,627,316
9,632,566
Total assets less current liabilities
88,657,316
150,958,337
Creditors: amounts falling due after more than one year
17
-
(150,978,237)
Net assets/(liabilities)
88,657,316
(19,900)
Capital and reserves
Called up share capital
22
151,074,501
100
Profit and loss reserves
(62,417,185)
(20,000)
Total equity
88,657,316
(19,900)

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £62,397,185 (2023 - £20,000 loss).

The financial statements were approved and signed by the director and authorised for issue on 16 December 2024
16 December 2024
Mr Arthur Weiss
Director
Company registration number 13928558 (England and Wales)
TIME GB (SB) LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 21 February 2022
-
0
-
0
-
0
-
Period ended 31 March 2023:
Loss for the period
-
-
(16,900,215)
(16,900,215)
Other comprehensive income:
Revaluation of tangible fixed assets
-
111,923
-
111,923
Total comprehensive income
-
111,923
(16,900,215)
(16,788,292)
Issue of share capital
22
100
-
-
100
Balance at 31 March 2023
100
111,923
(16,900,215)
(16,788,192)
Year ended 31 March 2024:
Loss for the year
-
-
(44,189,683)
(44,189,683)
Other comprehensive income:
Revaluation of tangible fixed assets and intangible assets
-
(10,970,000)
-
(10,970,000)
Tax relating to other comprehensive income
-
2,742,500
-
0
2,742,500
Total comprehensive income
-
(8,227,500)
(44,189,683)
(52,417,183)
Issue of share capital
22
151,074,401
-
-
151,074,401
Transfers
-
8,227,500
(8,227,500)
-
Balance at 31 March 2024
151,074,501
111,923
(69,317,398)
81,869,026
TIME GB (SB) LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 21 February 2022
-
0
-
0
-
Period ended 31 March 2023:
Loss and total comprehensive income for the period
-
(20,000)
(20,000)
Issue of share capital
22
100
-
100
Balance at 31 March 2023
100
(20,000)
(19,900)
Year ended 31 March 2024:
Profit and total comprehensive income
-
(62,397,185)
(62,397,185)
Issue of share capital
22
151,074,401
-
151,074,401
Balance at 31 March 2024
151,074,501
(62,417,185)
88,657,316
TIME GB (SB) LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
23
8,719,316
(6,083,549)
Interest paid
(23,001)
(8,203)
Income taxes refunded/(paid)
339,210
(377,630)
Net cash inflow/(outflow) from operating activities
9,035,525
(6,469,382)
Investing activities
Purchase of intangible assets
-
(53,693,378)
Proceeds from disposal of intangibles
(8,602,392)
-
Purchase of tangible fixed assets
(2,035)
(90,511,579)
Proceeds from disposal of tangible fixed assets
-
(26,025)
Purchase of subsidiaries, net of cash acquired
-
(141,325,771)
Proceeds from disposal of subsidiaries, net of cash disposed
-
141,325,771
Repayment of loans
-
(298,016)
Net cash used in investing activities
(8,604,427)
(144,528,998)
Financing activities
Proceeds from issue of shares
151,074,401
100
Proceeds from borrowings
-
150,978,237
Repayment of borrowings
(151,074,401)
-
Payment of finance leases obligations
(58,976)
152,327
Net cash (used in)/generated from financing activities
(58,976)
151,130,664
Net increase in cash and cash equivalents
372,122
132,284
Cash and cash equivalents at beginning of year
132,284
-
0
Cash and cash equivalents at end of year
504,406
132,284
TIME GB (SB) LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
24
-
0
(9,652,566)
Investing activities
Purchase of subsidiaries
-
0
(141,325,771)
Proceeds from disposal of subsidiaries
(96,164)
-
0
Net cash used in investing activities
(96,164)
(141,325,771)
Financing activities
Proceeds from issue of shares
151,074,401
100
Proceeds from borrowings
-
0
150,978,237
Repayment of borrowings
(150,978,237)
-
Net cash generated from financing activities
96,164
150,978,337
Net increase in cash and cash equivalents
-
-
Cash and cash equivalents at beginning of year
-
0
-
0
Cash and cash equivalents at end of year
-
0
-
0
TIME GB (SB) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 15 -
1
Accounting policies
Company information

Time GB (SB) Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is C/O Aztec Financial Services (UK) Limited, Forum 4 Solent Business Park, Whiteley, Fareham, Hampshire, England, PO15 7AD.

 

The group consists of Time GB (SB) Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Time GB (SB) Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 March 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

TIME GB (SB) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 16 -
1.4
Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

The group has various streams of income including the sale of park homes and, where appropriate, their corresponding part exchanged properties; rental income from homes sited on company and rented ground including both ground rent and property rent and income from park amenities and services.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably. Regarding sales of holiday homes, these are recognised upon the exchange of ownership indicated by the raising of a sales invoice following completion.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
No depreciation charge due to the revaluation
Leasehold improvements
10% straight line
Plant and equipment
20% straight line
Fixtures and fittings
20% straight line
Computers
20% straight line
Motor vehicles
20% straight line
TIME GB (SB) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 17 -

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 recognised in the profit and loss account.

1.8
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

TIME GB (SB) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 18 -
1.10
Stocks

Stocks, consisting of work in progress and finished goods, are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks include the properties taken as part exchange on the sale of park homes that have yet to be re-sold prior to the end of the accounting period as well as work in progress on the site development for further new park homes to be constructed.

 

The work in progress includes the preparation of each specific site as well as the installation of the park home itself. The valuation method is based on the materials and labour spent on the site development after taking into account those sites completed and sold as well as the stage of progress achieved on those sites that have yet to be finished.

 

Further, there is also the stock of consumable items used in the park amenities and services.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.

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.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.12
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially 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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

TIME GB (SB) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 19 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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 group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies 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 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.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

TIME GB (SB) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 20 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

TIME GB (SB) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 21 -
1.17
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover
2024
2023
£
£
Turnover analysed by class of business
Park Home sales
5,319,012
15,313,570
Service licences
61,472
58,378
Bar sales
348,413
408,672
Rent receivable
2,353,678
3,217,988
Commission receivable
139,250
217,120
Other income
199,403
247,345
Gas bottle sales
42,658
90,162
Electricity sales
115,714
102,433
Electric cards
40,877
81,814
8,620,477
19,737,482
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
8,620,477
19,737,482
TIME GB (SB) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 22 -
4
Operating profit/(loss)
2024
2023
£
£
Operating profit/(loss) for the year is stated after charging:
Depreciation of owned tangible fixed assets
107,473
91,798
Loss on disposal of tangible fixed assets
10,140
239,541
Amortisation of intangible assets
-
10,738,676
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
7,000
10,000
Audit of the financial statements of the company's subsidiaries
26,500
30,000
33,500
40,000
For other services
All other non-audit services
23,000
35,000
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Director
1
1
1
1
Administration
6
10
-
-
Maintenance
44
45
-
-
Total
51
56
1
1

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
1,451,116
1,673,193
-
0
-
0
Social security costs
112,108
131,356
-
-
Pension costs
21,389
22,837
-
0
-
0
1,584,613
1,827,386
-
0
-
0
TIME GB (SB) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 23 -
7
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
-
384
Other interest on financial liabilities
5,715
14,802
5,715
15,186
Other finance costs:
Interest on finance leases and hire purchase contracts
8,821
(6,614)
Other interest
8,465
(369)
Total finance costs
23,001
8,203
8
Amounts written off investments
2024
2023
£
£
Amounts written back to/(written off) current loans
-
(298,016)
Other gains and losses
(62,391,935)
-
(62,391,935)
(298,016)
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
77,642
(450,144)
Deferred tax
Origination and reversal of timing differences
744,547
(1,208,440)
Total tax charge/(credit)
822,189
(1,658,584)
TIME GB (SB) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
9
Taxation
(Continued)
- 24 -

The actual charge/(credit) for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Loss before taxation
(43,367,494)
(18,558,799)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
(10,841,874)
(3,526,172)
Tax effect of expenses that are not deductible in determining taxable profit
15,597,983
56,960
Unutilised tax losses carried forward
58,516
922,540
Permanent capital allowances in excess of depreciation
20,642
46,466
Amortisation on assets not qualifying for tax allowances
(4,835,267)
2,040,348
Under/(over) provided in prior years
77,642
-
0
Income and expenses of subsidiaries till 18 March 2022
-
0
459,858
Tax of subsidiaries pre acquisition
-
0
(462,555)
Deferred tax
744,547
(1,196,029)
Taxation charge/(credit)
822,189
(1,658,584)

In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:

2024
2023
£
£
Deferred tax arising on:
Revaluation of property
(2,742,500)
-
10
Intangible fixed assets
Group
Goodwill on consolidation
£
Cost
At 1 April 2023
53,693,378
Revaluation
(53,693,378)
At 31 March 2024
-
0
Amortisation and impairment
At 1 April 2023
10,738,676
Eliminated on revaluation
(10,738,676)
At 31 March 2024
-
0
TIME GB (SB) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
10
Intangible fixed assets
(Continued)
- 25 -
Carrying amount
At 31 March 2024
-
0
At 31 March 2023
42,954,702
The company had no intangible fixed assets at 31 March 2024 or 31 March 2023.
11
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2023
90,000,000
382,957
91,707
70,861
84,904
90,630,429
Additions
-
0
-
0
2,035
-
0
-
0
2,035
Disposals
-
0
-
0
-
0
-
0
(11,700)
(11,700)
Revaluation
(10,970,000)
-
0
-
0
-
0
-
0
(10,970,000)
At 31 March 2024
79,030,000
382,957
93,742
70,861
73,204
79,650,764
Depreciation and impairment
At 1 April 2023
-
0
210,026
41,327
28,051
32,837
312,241
Depreciation charged in the year
-
0
63,986
18,673
14,172
10,642
107,473
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(1,560)
(1,560)
At 31 March 2024
-
0
274,012
60,000
42,223
41,919
418,154
Carrying amount
At 31 March 2024
79,030,000
108,945
33,742
28,638
31,285
79,232,610
At 31 March 2023
90,000,000
172,931
50,380
42,810
52,067
90,318,188
The company had no tangible fixed assets at 31 March 2024 or 31 March 2023.

The carrying value of land and buildings comprises:

Group
Company
2024
2023
2024
2023
£
£
£
£
Freehold
79,030,000
90,000,000
-
0
-
0
TIME GB (SB) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 26 -
12
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
79,030,000
141,325,771
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2023
141,325,771
Valuation changes
(62,295,771)
At 31 March 2024
79,030,000
Carrying amount
At 31 March 2024
79,030,000
At 31 March 2023
141,325,771
13
Subsidiaries

Details of the company's subsidiaries at 31 March 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Pemican Limited
England and Wales
Ordinary
100.00
-
Thorney Bay Park Limited
England and Wales
Ordinary
-
100.00
14
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Work in progress
7,976,660
3,565,209
-
-
Finished goods and goods for resale
22,373
28,120
-
0
-
0
7,999,033
3,593,329
-
-
TIME GB (SB) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 27 -
15
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,366,460
236,677
-
0
-
0
Corporation tax recoverable
410,922
827,774
-
0
-
0
Amounts owed by group undertakings
-
-
9,647,216
9,652,466
Other debtors
489,853
255,169
100
100
Prepayments and accrued income
49,937
14,736
-
0
-
0
2,317,172
1,334,356
9,647,316
9,652,566
Amounts falling due after more than one year:
Deferred tax asset (note 20)
422,306
1,194,112
-
0
-
0
Total debtors
2,739,478
2,528,468
9,647,316
9,652,566
16
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
19
76,532
59,379
-
0
-
0
Payments received on account
22,973
1,750
-
0
-
0
Trade creditors
454,301
460,324
-
0
-
0
Amounts owed to group undertakings
9,301,885
3,058,194
-
0
-
0
Other taxation and social security
22,080
24,168
-
-
Other creditors
284,333
852,090
-
0
-
0
Accruals and deferred income
631,880
172,084
20,000
20,000
10,793,984
4,627,989
20,000
20,000
17
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
19
16,819
92,948
-
0
-
0
Other borrowings
18
-
0
150,978,237
-
0
150,978,237
Other creditors
579,785
630,317
-
0
-
0
596,604
151,701,502
-
150,978,237
TIME GB (SB) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 28 -
18
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Loans from group undertakings
-
0
150,978,237
-
0
150,978,237
Payable after one year
-
0
150,978,237
-
0
150,978,237

The long-term loans are secured by fixed charge and floating charge over all the property or undertaking of the group and contains a negative pledge.

 

19
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
76,532
59,379
-
0
-
0
In two to five years
16,819
92,948
-
0
-
0
93,351
152,327
-
-

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

20
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Group
£
£
£
£
Accelerated capital allowances
-
(14,328)
-
-
Tax losses
-
-
422,306
1,194,112
Revaluations
(2,784,087)
-
-
-
(2,784,087)
(14,328)
422,306
1,194,112
The company has no deferred tax assets or liabilities.
TIME GB (SB) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
20
Deferred taxation
(Continued)
- 29 -
Group
Company
2024
2024
Movements in the year:
£
£
Asset at 1 April 2023
(1,208,440)
-
Charge to profit or loss
744,547
-
Other
(2,742,500)
-
Asset at 31 March 2024
(3,206,393)
-

 

21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
21,389
22,837

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

22
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share capital class 1 of £1 each
151,074,501
100
151,074,501
100

During the period, the company issued 151,074,401 ordinary shares of £1 each at par.

TIME GB (SB) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 30 -
23
Cash generated from/(absorbed by) group operations
2024
2023
£
£
Loss for the year after tax
(44,189,684)
(16,900,215)
Adjustments for:
Taxation charged/(credited)
822,189
(1,658,584)
Finance costs
23,001
8,203
Loss on disposal of tangible fixed assets
10,140
239,541
Amortisation and impairment of intangible assets
-
10,738,676
Depreciation and impairment of tangible fixed assets
107,473
91,798
Other gains and losses
62,391,935
298,016
Movements in working capital:
Increase in stocks
(4,405,704)
(3,593,329)
Increase in debtors
(1,399,668)
(506,582)
Increase in creditors
6,098,310
5,198,927
Cash generated from/(absorbed by) operations
19,457,992
(6,083,549)
Difference
(10,738,676)
-
Per cash flow statement page
8,719,316
(6,083,549)
24
Cash absorbed by operations - company
2024
2023
£
£
Loss for the year after tax
(62,397,185)
(20,000)
Adjustments for:
Other gains and losses
62,391,935
-
Movements in working capital:
Decrease/(increase) in debtors
5,250
(9,652,566)
Increase in creditors
-
20,000
Cash absorbed by operations
-
(9,652,566)
TIME GB (SB) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 31 -
25
Analysis of changes in net funds/(debt) - group
1 April 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
132,284
372,122
504,406
Borrowings excluding overdrafts
(150,978,237)
150,978,237
-
Obligations under finance leases
(152,327)
58,976
(93,351)
(150,998,280)
151,409,335
411,055
26
Analysis of changes in net debt - company
1 April 2023
Cash flows
31 March 2024
£
£
£
Borrowings excluding overdrafts
(150,978,237)
150,978,237
-
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