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Company Registration No. 12215533 (England and Wales)
Of Lost Time Limited Unaudited accounts for the year ended 31 December 2024
Of Lost Time Limited Unaudited accounts Contents
Page
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Of Lost Time Limited Company Information for the year ended 31 December 2024
Directors
James J-P Drake Danny Al-Khafaji
Company Number
12215533 (England and Wales)
Registered Office
Suite One, Third Floor Sovereign House 1 Albert Place London N3 1QB England
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Of Lost Time Limited Statement of financial position as at 31 December 2024
2024 
2023 
Notes
£ 
£ 
Current assets
Debtors
41,128 
23,782 
Cash at bank and in hand
277 
70,676 
41,405 
94,458 
Creditors: amounts falling due within one year
(509,312)
(470,207)
Net current liabilities
(467,907)
(375,749)
Net liabilities
(467,907)
(375,749)
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
(468,007)
(375,849)
Shareholders' funds
(467,907)
(375,749)
For the year ending 31 December 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
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 of Directors and authorised for issue on 7 August 2025 and were signed on its behalf by
James J-P Drake Director Company Registration No. 12215533
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Of Lost Time Limited Notes to the Accounts for the year ended 31 December 2024
1
Statutory information
Of Lost Time Limited is a private company, limited by shares, registered in England and Wales, registration number 12215533. The registered office is Suite One, Third Floor Sovereign House, 1 Albert Place, London, N3 1QB, England.
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.
Going concern
The accounts have been prepared on the going concern basis which assumes the continued support of Mr James Drake, who is a director of the company.
4
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
VAT
752 
9,572 
Other debtors
40,376 
14,210 
41,128 
23,782 
5
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Trade creditors
4,819 
1,413 
Amounts owed to group undertakings and other participating interests
35,205 
- 
Taxes and social security
3,056 
3,924 
Loans from directors
464,672 
463,170 
Accruals
1,560 
1,700 
509,312 
470,207 
6
Transactions with related parties
Creditors as at 31 December 2024 include an amount of £464,672 payable to Mr James Drake who is a director of the company. Other debtors as at 31 December 2024 include amounts of £17,790 from Drake Calleja Trust and £22,376 from Drake Foundation that are not-for profit companies where Mr James Drake is a director. Other creditors as at 31 December 2024 include amount of £35,205 to Future Medicine Limited which is the company under common control where Mr James Drake is a director.
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Of Lost Time Limited Notes to the Accounts for the year ended 31 December 2024
7
Average number of employees
During the year the average number of employees was 4 (2023: 4).
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