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REGISTERED NUMBER: 03224661 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

FOR

TIMELIMIT LIMITED

TIMELIMIT LIMITED (REGISTERED NUMBER: 03224661)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


TIMELIMIT LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2024







DIRECTORS: Mr L W Saunders
Mr G Armstrong



SECRETARY: Mr L W Saunders



REGISTERED OFFICE: Tempus House
4/5 Howley Park Business Village
Morley
Leeds
West Yorkshire
LS27 0BZ



REGISTERED NUMBER: 03224661 (England and Wales)



ACCOUNTANTS: SMH Reed Smith Limited
Copia House
Great Cliffe Court
Great Cliffe Road
Barnsley
South Yorkshire
S75 3SP



BANKERS: Barclays Bank Plc
10 Market Street
Bradford
West Yorkshire
BD1 1EG

TIMELIMIT LIMITED (REGISTERED NUMBER: 03224661)

STATEMENT OF FINANCIAL POSITION
31 JULY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 188,262 204,332

CURRENT ASSETS
Inventories 14,834 16,577
Debtors 5 109,064 253,009
Cash at bank and in hand 123,669 261,582
247,567 531,168
CREDITORS
Amounts falling due within one year 6 426,594 697,886
NET CURRENT LIABILITIES (179,027 ) (166,718 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,235

37,614

CREDITORS
Amounts falling due after more than one
year

7

9,167

30,639
NET ASSETS 68 6,975

CAPITAL AND RESERVES
Called up share capital 60 60
Retained earnings 8 6,915
SHAREHOLDERS' FUNDS 68 6,975

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

TIMELIMIT LIMITED (REGISTERED NUMBER: 03224661)

STATEMENT OF FINANCIAL POSITION - continued
31 JULY 2024


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 March 2025 and were signed on its behalf by:




Mr L W Saunders - Director



Mr G Armstrong - Director


TIMELIMIT LIMITED (REGISTERED NUMBER: 03224661)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1. STATUTORY INFORMATION

Timelimit Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Leasehold property - Straight line over 50 years
Plant and machinery etc - Straight line over 5 years and Straight line over 4 years

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


TIMELIMIT LIMITED (REGISTERED NUMBER: 03224661)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Construction contracts
The company sells building services to the construction industry. When the outcome of a transaction for the
rendering of services can be estimated reliably in terms of revenue, costs and its stage of completion, the
company recognises revenue on the sales of services in the reporting period in which the services are rendered by reference to the stage of completion of the specific transaction at the end of the reporting period. The stage of completion is determined on the basis of the actual completion as a proportion of the total services to be rendered. When the outcome of a service contract cannot be estimated reliably the company only recognises revenue to the extent of the recoverable expenses recognised.

Employee benefits
Short-term employee benefits are recognised as an expense in the period in which they are incurred.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2023 - 8 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Plant and
Leasehold machinery
property etc Totals
£    £    £   
COST
At 1 August 2023 246,802 101,270 348,072
Additions - 1,190 1,190
At 31 July 2024 246,802 102,460 349,262
DEPRECIATION
At 1 August 2023 78,524 65,216 143,740
Charge for year 4,937 12,323 17,260
At 31 July 2024 83,461 77,539 161,000
NET BOOK VALUE
At 31 July 2024 163,341 24,921 188,262
At 31 July 2023 168,278 36,054 204,332

TIMELIMIT LIMITED (REGISTERED NUMBER: 03224661)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

4. PROPERTY, PLANT AND EQUIPMENT - continued

Fixed assets, included in the above, which are held under finance leases are as follows:

Plant and
machinery
etc
£   
COST
At 1 August 2023
and 31 July 2024 27,792
DEPRECIATION
At 1 August 2023 11,891
Charge for year 4,324
At 31 July 2024 16,215
NET BOOK VALUE
At 31 July 2024 11,577
At 31 July 2023 15,901

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 92,273 236,683
Other debtors 16,791 16,326
109,064 253,009

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,000 10,000
Finance leases 11,472 3,748
Payments on account 108,614 144,481
Trade creditors 86,020 237,244
Taxation and social security 128,538 114,946
Other creditors 81,950 187,467
426,594 697,886

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 9,167 19,167
Finance leases - 11,472
9,167 30,639

TIMELIMIT LIMITED (REGISTERED NUMBER: 03224661)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Finance leases 11,472 15,220

The finance lease contracts are secured against the items of tangible fixed assets to which they relate.

9. ULTIMATE CONTROLLING PARTY

The company is controlled by the directors by virtue of their combined controlling shareholdings.