Company registration number 13049540 (England and Wales)
TIMEC 1738 LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
PAGES FOR FILING WITH REGISTRAR
TIMEC 1738 LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
TIMEC 1738 LIMITED
BALANCE SHEET
AS AT
30 APRIL 2023
30 April 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
3
5,255,600
5,255,600
Current assets
-
-
Creditors: amounts falling due within one year
4
(4,860,368)
(4,017,634)
Net current liabilities
(4,860,368)
(4,017,634)
Total assets less current liabilities
395,232
1,237,966
Creditors: amounts falling due after more than one year
5
(712,274)
(1,420,118)
Net liabilities
(317,042)
(182,152)
Capital and reserves
Called up share capital
100
100
Share premium account
49,900
49,900
Profit and loss reserves
(367,042)
(232,152)
Total equity
(317,042)
(182,152)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 22 January 2024 and are signed on its behalf by:
Mr T E Brunsnes
Director
Company Registration No. 13049540
TIMEC 1738 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
- 2 -
1
Accounting policies
Company information
Timec 1738 Limited is a private company limited by shares incorporated in England and Wales. The registered office is Suite 6, City Quadrant, 11 Waterloo Square, Newcastle Upon Tyne, Tyne And Wear, United Kingdom, NE1 4DP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.3
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
3
TIMEC 1738 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 3 -
3
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
5,255,600
5,255,600
4
Creditors: amounts falling due within one year
2023
2022
£
£
Other borrowings
4,859,641
4,016,194
Trade creditors
840
Accruals and deferred income
727
600
4,860,368
4,017,634
5
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
712,274
1,420,118