Time Systems (UK) Limited

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3 to 4
Notes to the Unaudited Financial Statements	5 to 12

Time Systems (UK) Limited

Company Information

Director

RC Coppeletti

Company secretary

SK Whiteside

Registered office

Systems House Systems House Newport Road Wavendon Milton Keynes MK17 8AA

Accountants

Michael J Emery & Co Limited Chartered Accountants22 St. John Street Newport Pagnell Buckinghamshire MK16 8HJ

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Time Systems (UK) Limited
for the Year Ended 31 March 2025

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Time Systems (UK) Limited for the year ended 31 March 2025 as set out on pages 3 to 12 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Time Systems (UK) Limited, as a body, in accordance with the terms of our instructions. Our work has been undertaken solely to prepare for your approval the accounts of Time Systems (UK) Limited and state those matters that we have agreed to state to the Board of Directors of Time Systems (UK) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Time Systems (UK) Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Time Systems (UK) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Time Systems (UK) Limited. You consider that Time Systems (UK) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Time Systems (UK) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Michael J Emery & Co Limited
Chartered Accountants
22 St. John Street
Newport Pagnell
Buckinghamshire
MK16 8HJ

9 December 2025

Time Systems (UK) Limited

(Registration number: 02110018)
Balance Sheet as at 31 March 2025

	Note	2025 £	2024 £
Fixed assets
Intangible assets	4	11,390	10,239
Tangible assets	5	4,938	11,311
Investment property	6	571,894	571,894
Investments	7	3,601	3,601
Other financial assets	8	15	15
		591,838	597,060
Current assets
Stocks	9	92,651	76,046
Debtors	10	102,794	131,623
Cash at bank and in hand		692,561	723,725
		888,006	931,394
Creditors: Amounts falling due within one year	11	(278,021)	(305,181)
Net current assets		609,985	626,213
Total assets less current liabilities		1,201,823	1,223,273
Provisions for liabilities		-	(76)
Net assets		1,201,823	1,223,197
Capital and reserves
Called up share capital		3,000	3,000
Retained earnings		1,198,823	1,220,197
Shareholders' funds		1,201,823	1,223,197

For the financial year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Time Systems (UK) Limited

(Registration number: 02110018)
Balance Sheet as at 31 March 2025

Approved and authorised by the director on 9 December 2025
 

......................................... RC Coppeletti Director

Time Systems (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Systems House
Systems House Newport Road
Wavendon
Milton Keynes
MK17 8AA
England

These financial statements were authorised for issue by the director on 9 December 2025.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions undertaken in foreign currencies are converted at the rate of exchange ruling on the date of the transaction.

Monetary assets and liabilities denominated in foreign currencies are converted at the closing rate of exchange on the balance sheet date.

Time Systems (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Furniture, fixtures and equipment	20% and 33% on cost
Motor vehicles	25% reducing balance
Other property, plant and equipment	25% on cost

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Time Systems (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Development costs

Research and development costs are written off to the profit and loss account as incurred.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Patents and trademarks	10% and 20% on cost

Investments

Quoted shares and securities are initially recognised at cost and are subsequently measured at fair value with any changes in fair value charged to the profit and loss account.

Investments in subsidiaries, associates, and unquoted shares or securities are initially recognised at cost and are subsequently measured at cost less any provision for impairment.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Time Systems (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company during the year, including the director, was 15 (2024 - 17).

Time Systems (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

4	Intangible assets

	Trademarks, patents and licenses  £	Total £
Cost or valuation
At 1 April 2024	25,757	25,757
Additions acquired separately	2,761	2,761
At 31 March 2025	28,518	28,518
Amortisation
At 1 April 2024	15,518	15,518
Amortisation charge	1,610	1,610
At 31 March 2025	17,128	17,128
Carrying amount
At 31 March 2025	11,390	11,390
At 31 March 2024	10,239	10,239

Time Systems (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

5	Tangible assets

	Fixtures and fittings £	Plant and machinery £	Office equipment £	Motor vehicles  £	Total £
Cost or valuation
At 1 April 2024	39,366	36,139	55,695	24,160	155,360
Additions	-	-	2,109	-	2,109
Disposals	-	-	-	(12,000)	(12,000)
At 31 March 2025	39,366	36,139	57,804	12,160	145,469
Depreciation
At 1 April 2024	38,987	36,139	45,569	23,353	144,048
Charge for the year	323	-	7,353	-	7,676
Eliminated on disposal	-	-	-	(11,193)	(11,193)
At 31 March 2025	39,310	36,139	52,922	12,160	140,531
Carrying amount
At 31 March 2025	56	-	4,882	-	4,938
At 31 March 2024	379	-	10,126	806	11,311

6	Investment properties

	2025 £
At 1 April	571,894
At 31 March	571,894

The investment property has not been valued by an independent valuer.

7	Investments

	2025 £	2024 £
Investments in subsidiaries	3,601	3,601