Timebox Limited - Period Ending 2018-11-30

Registration number: 00684367

Timebox Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2018

Timebox Limited

Contents

Company Information	1
Director's Report	2
Balance Sheet	3 to 4
Notes to the Financial Statements	5 to 9

Timebox Limited

Company Information





 

Director

A Bull

Registered office

313 Wakefield Road Moldgreen Huddersfield West Yorkshire HD5 8AA

Accountants

D & A Hill No.18 T8/9 Brooke's Mill Armitage Bridge Huddersfield West Yorkshire HD4 7NR

Page 1

Timebox Limited

Director's Report for the Year Ended 30 November 2018

The director presents his report and the financial statements for the year ended 30 November 2018.

Director of the company

The director who held office during the year was as follows:

A Bull

Principal activity

The principal activity of the company is that of a betting shop

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved by the director on 16 May 2019 and signed on its behalf by:

.........................................
A Bull
Director

Page 2

Timebox Limited

(Registration number: 00684367 )
Balance Sheet as at 30 November 2018

	Note	2018 £	2017 £
Fixed assets
Intangible assets	4	-	792
Tangible assets	5	17,322	78,477
		17,322	79,269
Current assets
Debtors	6	-	747
Cash at bank and in hand		40,278	48,356
		40,278	49,103
Creditors: Amounts falling due within one year	7	(50,503)	(69,044)
Net current liabilities		(10,225)	(19,941)
Total assets less current liabilities		7,097	59,328
Provisions for liabilities		-	(2,261)
Net assets		7,097	57,067
Capital and reserves
Called up share capital	8	100	100
Profit and loss account		6,997	56,967
Total equity		7,097	57,067

For the financial year ending 30 November 2018 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 his 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

The notes on pages 5 to 9 form an integral part of these financial statements.

Page 3

Timebox Limited

(Registration number: 00684367 )
Balance Sheet as at 30 November 2018

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 16 May 2019
 

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

A Bull
Director

The notes on pages 5 to 9 form an integral part of these financial statements.

Page 4

Timebox Limited

Notes to the Financial Statements
for the Year Ended 30 November 2018

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:
313 Wakefield Road
Moldgreen
Huddersfield
West Yorkshire
HD5 8AA
United Kingdom

These financial statements were authorised for issue by the director on 16 May 2019.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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 represents the amount receivable in respect of net bookmaking winnings, exclusive of betting duty, together with fruit machine takings and rental income.

Tax

The tax expense for the period comprises 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.

Page 5

Timebox Limited

Notes to the Financial Statements
for the Year Ended 30 November 2018

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 statement of financial position 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
Freehold property	2% on reducing balance
Improvements to property	10% on reducing balance
Fixtures, fittings and equipment	20% on reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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
Goodwill	evenly over its estimated useful life of 20 years

Page 6

Timebox Limited

Notes to the Financial Statements
for the Year Ended 30 November 2018

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 5 (2017 - 12).

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 December 2017	10,000	10,000
At 30 November 2018	10,000	10,000
Amortisation
At 1 December 2017	9,208	9,208
Amortisation charge	792	792
At 30 November 2018	10,000	10,000
Carrying amount
At 30 November 2018	-	-
At 30 November 2017	792	792

The aggregate amount of research and development expenditure recognised as an expense during the period is £Nil (2017 - £Nil).
 

Page 7

Timebox Limited

Notes to the Financial Statements
for the Year Ended 30 November 2018

5	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 December 2017	75,430	305,468	380,898
Disposals	(75,430)	-	(75,430)
At 30 November 2018	-	305,468	305,468
Depreciation
At 1 December 2017	18,582	283,839	302,421
Charge for the year	1,137	4,307	5,444
Eliminated on disposal	(19,719)	-	(19,719)
At 30 November 2018	-	288,146	288,146
Carrying amount
At 30 November 2018	-	17,322	17,322
At 30 November 2017	56,848	21,629	78,477

Included within the net book value of land and buildings above is £Nil (2017 - £56,848) in respect of freehold land and buildings.
 

6

Debtors

	2018 £	2017 £
Prepayments	-	747
	-	747

Page 8

Timebox Limited

Notes to the Financial Statements
for the Year Ended 30 November 2018

7

Creditors

Creditors: amounts falling due within one year

	2018 £	2017 £
Due within one year
Taxation and social security	1,346	1,254
Accruals and deferred income	36,912	25,957
Other creditors	12,245	41,833
	50,503	69,044

8	Share capital

Allotted, called up and fully paid shares

	2018		2017
	No.	£	No.	£
Ordinary of £1 each	100	100	100	100

9	Related party transactions

The company paid £Nil (2017: £1,820) in arms length commercial rents for properties owned by the company's director A Bull and the estate of the late A Barrie.

Page 9