First Timsbury Limited 14886440 false 2023-05-22 2024-08-31 2024-08-31 The principal activity of the company is residential nursing care facilities. Digita Accounts Production Advanced 6.30.9574.0 true true 14886440 2023-05-22 2024-08-31 14886440 2024-08-31 14886440 core:RetainedEarningsAccumulatedLosses 2024-08-31 14886440 core:ShareCapital 2024-08-31 14886440 core:CurrentFinancialInstruments 2024-08-31 14886440 core:CurrentFinancialInstruments core:WithinOneYear 2024-08-31 14886440 bus:SmallEntities 2023-05-22 2024-08-31 14886440 bus:AuditExemptWithAccountantsReport 2023-05-22 2024-08-31 14886440 bus:FilletedAccounts 2023-05-22 2024-08-31 14886440 bus:SmallCompaniesRegimeForAccounts 2023-05-22 2024-08-31 14886440 bus:RegisteredOffice 2023-05-22 2024-08-31 14886440 bus:Director1 2023-05-22 2024-08-31 14886440 bus:PrivateLimitedCompanyLtd 2023-05-22 2024-08-31 14886440 core:LandBuildings 2023-05-22 2024-08-31 14886440 1 2023-05-22 2024-08-31 14886440 countries:EnglandWales 2023-05-22 2024-08-31 iso4217:GBP xbrli:pure

Registration number: 14886440

Prepared for the registrar

First Timsbury Limited

Annual Report and Unaudited Financial Statements

for the Period from 22 May 2023 to 31 August 2024

 

First Timsbury Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

First Timsbury Limited

Company Information

Director

M G Dhanak

Registered office

28 High Road
London
N2 9PJ

Accountants

Hazlewoods LLP
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

 

First Timsbury Limited

(Registration number: 14886440)
Balance Sheet as at 31 August 2024

Note

31 August 2024
£

Fixed assets

 

Tangible assets

4

2,150,975

Current assets

 

Debtors

5

12,846

Cash at bank and in hand

 

42,380

 

55,226

Creditors: Amounts falling due within one year

6

(2,232,263)

Net current liabilities

 

(2,177,037)

Net liabilities

 

(26,062)

Capital and reserves

 

Called up share capital

100

Profit and loss account

(26,162)

Shareholders' deficit

 

(26,062)

For the financial period ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

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

The director acknowledges his 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 20 February 2025
 


M G Dhanak
Director

 

First Timsbury Limited

Notes to the Unaudited Financial Statements for the Period from 22 May 2023 to 31 August 2024

 

1

General information

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

The address of its registered office is:
28 High Road
London
N2 9PJ

 

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 for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Disclosure of long or short period

The financial statements cover a period of 468 days.

Going concern

Notwithstanding the net liability position shown on the balance sheet, the financial statements have been prepared on the going concern basis. The director has considered the forecast cash flows and the cash requirements of the business in their assessment of going concern. As a result of this assessment it was concluded that the cash requirements of the business for the 12 months from signing will be met through operational cash flows and thus the business is deemed to operate as a going concern.

Judgements and estimation uncertainty

These financial statements do not contain any significant judgements or estimation uncertainty.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the 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 and after eliminating sales within the company. 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.

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.

 

First Timsbury Limited

Notes to the Unaudited Financial Statements for the Period from 22 May 2023 to 31 August 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

Not depreciated

The company owns a care home that is currently closed, and therefore have deemed it not appropriate to charge depreciation on this asset.

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.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

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.

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.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.


Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 

First Timsbury Limited

Notes to the Unaudited Financial Statements for the Period from 22 May 2023 to 31 August 2024

Financial instruments (continued)

Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

 

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was as follows:

The company owns a care home that is currently closed, and therefore have deemed it not appropriate to charge depreciation on this asset. The value above includes land of £500,000.

 

First Timsbury Limited

Notes to the Unaudited Financial Statements for the Period from 22 May 2023 to 31 August 2024

 

5

Debtors

31 August 2024
£

Trade debtors

11,722

Prepayments

1,024

Other debtors

100

12,846

 

6

Creditors

31 August 2024
£

Due within one year

Trade creditors

29,796

Amounts due to related parties

2,198,425

Accruals and deferred income

4,042

2,232,263

 

7

Contingent liabilities

During the year, the company became party to a cross-guarantee arrangement, for bank loans held by a related party over the assets included in its balance sheet. The value of the contingent liability is £1,260,920.

 

8

Parent and ultimate parent undertaking

The ultimate controlling party is the director, by virtue of his shareholding.

 

9

Disclosure under Section 444(5B) CA 2006

As permitted by Section 444 CA 2006, these accounts do not contain a copy of the company's Profit and Loss account or a copy of the Directors' Report. These accounts are unaudited.