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Company Registration No. 08556638 (England and Wales)
Time (Northern) Ltd Unaudited accounts for the year ended 30 June 2024
Time (Northern) Ltd Unaudited accounts Contents
Page
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Time (Northern) Ltd Company Information for the year ended 30 June 2024
Director
Mr Ibrar Hussain
Company Number
08556638 (England and Wales)
Registered Office
194-196 Woodhouse Lane Leeds LS2 9DX
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Time (Northern) Ltd Statement of financial position as at 30 June 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
7,156 
13,365 
Current assets
Inventories
15,387 
14,932 
Cash at bank and in hand
153,627 
121,553 
169,014 
136,485 
Creditors: amounts falling due within one year
(27,063)
(30,247)
Net current assets
141,951 
106,238 
Total assets less current liabilities
149,107 
119,603 
Provisions for liabilities
Deferred tax
(1,360)
(2,539)
Net assets
147,747 
117,064 
Capital and reserves
Called up share capital
30 
30 
Profit and loss account
147,717 
117,034 
Shareholders' funds
147,747 
117,064 
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The members have agreed to the preparation of abridged accounts for the year in accordance with Section 444(2A).
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 4 March 2025 and were signed on its behalf by
Mr Ibrar Hussain Director Company Registration No. 08556638
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Time (Northern) Ltd Notes to the Accounts for the year ended 30 June 2024
1
Statutory information
Time (Northern) Ltd is a private company, limited by shares, registered in England and Wales, registration number 08556638. The registered office is 194-196 Woodhouse Lane, Leeds, LS2 9DX.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% on cost
Fixtures & fittings
25% on cost
Computer equipment
25% on cost
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
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Time (Northern) Ltd Notes to the Accounts for the year ended 30 June 2024
4
Tangible fixed assets
Total 
£ 
Cost or valuation
At 1 July 2023
40,597 
Additions
2,181 
At 30 June 2024
42,778 
Depreciation
At 1 July 2023
27,232 
Charge for the year
8,390 
At 30 June 2024
35,622 
Net book value
At 30 June 2024
7,156 
At 30 June 2023
13,365 
5
Deferred taxation
2024 
2023 
£ 
£ 
Accelerated capital allowances
1,360 
2,539 
2024 
2023 
£ 
£ 
Provision at start of year
2,539 
4,030 
Credited to the profit and loss account
(1,179)
(1,491)
Provision at end of year
1,360 
2,539 
6
Share capital
2024 
2023 
£ 
£ 
Allotted, called up and fully paid:
10 A Ordinary shares of £1 each
10 
10 
10 B Ordinary shares of £1 each
10 
10 
10 C Ordinary shares of £1 each
10 
10 
30 
30 
7
Average number of employees
During the year the average number of employees was 15 (2023: 15).
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