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Registration number: 08969626

Time Logistics Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Time Logistics Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Time Logistics Ltd

Company Information

Directors

Mr J Palmer

Mr J R Hodgkins

Mr C Gardner

Registered office

Langley Brook Business Park
Middleton
Tamworth
Staffordshire
B78 2BP

Accountants

Wychbury Greaves Station House
Station Road
Rugeley
Staffordshire
WS15 3HA

 

Time Logistics Ltd

(Registration number: 08969626)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,802,938

1,494,035

Current assets

 

Debtors

1,820,352

1,595,563

Cash at bank and in hand

 

125,688

178,953

 

1,946,040

1,774,516

Creditors: Amounts falling due within one year

(1,599,044)

(1,375,997)

Net current assets

 

346,996

398,519

Total assets less current liabilities

 

2,149,934

1,892,554

Creditors: Amounts falling due after more than one year

(633,473)

(435,470)

Provisions for liabilities

(332,440)

(246,966)

Net assets

 

1,184,021

1,210,118

Capital and reserves

 

Called up share capital

5

200

200

Share premium reserve

8,940

8,940

Retained earnings

1,174,881

1,200,978

Shareholders' funds

 

1,184,021

1,210,118

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 30 April 2023 in accordance with Section 444(2a) of the Companies Act 2006.

Approved and authorised by the Board on 14 January 2025 and signed on its behalf by:
 

 

Time Logistics Ltd

(Registration number: 08969626)
Balance Sheet as at 30 April 2024

.........................................
Mr J Palmer
Director

 

Time Logistics Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Langley Brook Business Park
Middleton
Tamworth
Staffordshire
B78 2BP
England

These financial statements were authorised for issue by the Board on 14 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

 

Time Logistics Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

20% reducing balance

Plant & machinery

25% reducing balance

Vans & trailers

20% & 25% reducing balance

Fixtures & fittings

20% reducing balance

Improvements to property

Straight line over 2 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Time Logistics Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 49 (2023 - 47).

 

Time Logistics Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Tangible assets

Long leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 May 2023

83,893

187,427

217,740

74,966

2,796,200

Additions

33,186

2,111

3,196

-

753,814

Disposals

-

-

(715)

-

(113,030)

At 30 April 2024

117,079

189,538

220,221

74,966

3,436,984

Depreciation

At 1 May 2023

83,893

109,678

144,546

47,003

1,481,071

Charge for the year

16,593

15,974

18,968

5,597

398,914

Eliminated on disposal

-

-

(179)

-

(86,208)

At 30 April 2024

100,486

125,652

163,335

52,600

1,793,777

Carrying amount

At 30 April 2024

16,593

63,886

56,886

22,366

1,643,207

At 30 April 2023

-

77,749

73,194

27,963

1,315,129

 

Time Logistics Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Total
£

Cost or valuation

At 1 May 2023

3,360,226

Additions

792,307

Disposals

(113,745)

At 30 April 2024

4,038,788

Depreciation

At 1 May 2023

1,866,191

Charge for the year

456,046

Eliminated on disposal

(86,387)

At 30 April 2024

2,235,850

Carrying amount

At 30 April 2024

1,802,938

At 30 April 2023

1,494,035

Included within the net book value of land and buildings above is £16,593 (2023 - £Nil) in respect of long leasehold land and buildings.
 

5

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary share of £1 each

120

120

120

120

Ordinary A of £1 each

80

80

80

80

200

200

200

200

 

Time Logistics Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

6

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

-

43,683

Hire purchase contracts

633,473

391,787

633,473

435,470

Current loans and borrowings

2024
£

2023
£

Bank borrowings

43,683

71,416

Hire purchase contracts

329,248

265,341

372,931

336,757

7

Related party transactions

Transactions with directors

2024

At 1 May 2023
£

Advances to director
£

At 30 April 2024
£

Mr J R Hodgkins

Directors loan account

69,514

1,407

70,921

Mr J Palmer

Directors loan account

99,276

2,010

101,286

Mr C Gardner

Directors loan account

145,140

2,938

148,078

 

Time Logistics Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

2023

At 1 May 2022
£

Advances to director
£

At 30 April 2023
£

Mr J R Hodgkins

Directors loan account

68,135

1,379

69,514

Mr J Palmer

Directors loan account

97,306

1,970

99,276

Mr C Gardner

Directors loan account

142,260

2,880

145,140