Registered number
08694894
Time2Display Limited
Filleted Accounts
31 August 2024
Time2Display Limited
Registered number: 08694894
Balance Sheet
as at 31 August 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 17,600 20,000
Tangible assets 4 107,096 115,993
124,696 135,993
Current assets
Stocks 61,359 36,093
Debtors 5 127,194 145,444
Cash at bank and in hand 54,306 85,494
242,859 267,031
Creditors: amounts falling due within one year 6 (115,892) (150,526)
Net current assets 126,967 116,505
Total assets less current liabilities 251,663 252,498
Creditors: amounts falling due after more than one year 7 (4,500) (10,500)
Provisions for liabilities (21,271) (22,038)
Net assets 225,892 219,960
Capital and reserves
Called up share capital 10 10
Profit and loss account 225,882 219,950
Shareholders' funds 225,892 219,960
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
…...........................................................
A Wilson
Director
Approved by the board on 15 May 2025
Time2Display Limited
Notes to the Accounts
for the year ended 31 August 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings over the lease term
Plant and machinery over 10 years
Fixtures, fittings, tools and equipment over 10 years
Computer equipment over 3 years
The depreciation rates under this policy have been reviewed by the directrs and amended to reflect the true expected useful life of the plant and equipment owned by the company. The impact of this policy change is shown in the prior year adjustment note ( ).
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 8 8
3 Intangible fixed assets £
Goodwill:
Cost
At 1 September 2023 20,000
Additions 2,000
At 31 August 2024 22,000
Amortisation
Provided during the year 4,400
At 31 August 2024 4,400
Net book value
At 31 August 2024 17,600
At 31 August 2023 20,000
Goodwill is to be written off in equal annual instalments over its estimated economic life of 5 years from the end of the initial period of ownership.
4 Tangible fixed assets
Plant and machinery Office equipment & computers Total
£ £ £
Cost
At 1 September 2023 171,069 9,680 180,749
Additions 11,379 1,415 12,794
At 31 August 2024 182,448 11,095 193,543
Depreciation
At 1 September 2023 60,714 4,042 64,756
Charge for the year 19,725 1,966 21,691
At 31 August 2024 80,439 6,008 86,447
Net book value
At 31 August 2024 102,009 5,087 107,096
At 31 August 2023 110,355 5,638 115,993
5 Debtors 2024 2023
£ £
Trade debtors 112,091 121,877
Other debtors 15,103 23,567
127,194 145,444
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 6,000 6,000
Obligations under finance lease and hire purchase contracts 5,375 9,300
Trade creditors 71,849 98,280
Taxation and social security costs 26,150 18,552
Other creditors 6,518 18,394
115,892 150,526
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 4,500 10,500
8 Controlling party
The company is controlled by its directors who, between them, own 100% of the issued share capital.
9 Other information
Time2Display Limited is a private company limited by shares and incorporated in England. Its registered office is:
9, Glasshouse Studios
Fryern Court Road
Burgate, Fordingbridge
Hampshire
SP6 1QX
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