Company registration number 00904328 (England and Wales)
TIME ELECTRONICS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
TIME ELECTRONICS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
TIME ELECTRONICS LIMITED (REGISTERED NUMBER: 00904328)
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
249,418
269,756
Current assets
Stocks
896,315
953,071
Debtors
4
217,292
605,903
Cash at bank and in hand
60,276
92,149
1,173,883
1,651,123
Creditors: amounts falling due within one year
5
(872,188)
(1,368,644)
Net current assets
301,695
282,479
Total assets less current liabilities
551,113
552,235
Creditors: amounts falling due after more than one year
6
(265,033)
(318,274)
Net assets
286,080
233,961
Capital and reserves
Called up share capital
7
10,000
10,000
Other reserves
77,165
77,165
Profit and loss reserves
198,915
146,796
Total equity
286,080
233,961

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

TIME ELECTRONICS LIMITED (REGISTERED NUMBER: 00904328)
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 24 December 2024 and are signed on its behalf by:
Mr M Bailey
Director
TIME ELECTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

Time Electronics Limited is a private company limited by shares incorporated in England and Wales. The registered office is 10 Upper Grosvenor Road, Tunbridge Wells, England, TN1 2EP.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 £1.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents net invoiced sales of goods, excluding value added tax. Turnover is recognised when all of the following conditions are met:

1.3
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred.

1.4
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:

Plant and machinery
10% straight line
Fixtures and equipment
25% straight line
Motor vehicles
25% reducing balance

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

1.5
Stocks

Stocks are stated at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

1.6
Taxation

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

TIME ELECTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.7
Retirement benefits

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

1.8
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.

1.9
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

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

2024
2023
Number
Number
Total
27
30
TIME ELECTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
3
Tangible fixed assets
Plant and machinery
Fixtures and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2023
1,377,312
325,728
286,470
1,989,510
Additions
-
0
-
0
70,130
70,130
Disposals
-
0
-
0
(65,645)
(65,645)
At 31 March 2024
1,377,312
325,728
290,955
1,993,995
Depreciation and impairment
At 1 April 2023
1,221,341
323,773
174,640
1,719,754
Depreciation charged in the year
38,884
743
30,070
69,697
Eliminated in respect of disposals
-
0
-
0
(44,874)
(44,874)
At 31 March 2024
1,260,225
324,516
159,836
1,744,577
Carrying amount
At 31 March 2024
117,087
1,212
131,119
249,418
At 31 March 2023
155,971
1,955
111,830
269,756
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
174,308
436,038
Other debtors
42,984
169,865
217,292
605,903
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
354,997
417,078
Trade creditors
305,378
789,601
Taxation and social security
64,934
19,946
Other creditors
146,879
142,019
872,188
1,368,644

Hire purchase liabilities totalling £167,022 (2023 - £145,646) are secured on the assets purchased under hire purchase agreements. These balances are included in other creditors.

TIME ELECTRONICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
124,637
202,186
Other creditors
140,396
116,088
265,033
318,274
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
8,000
8,000
8,000
8,000
Ordinary B of £1 each
2,000
2,000
2,000
2,000
10,000
10,000
10,000
10,000
8
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
255,000
340,000
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