Time Retail Partners Limited Filleted accounts for Companies House (small and micro)

TIME RETAIL PARTNERS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 09404025

Time Retail Partners Limited

Filleted Unaudited Financial Statements

28 February 2019

Time Retail Partners Limited

Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Time Retail Partners Limited

Year ended 28 February 2019

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Time Retail Partners Limited for the year ended 28 February 2019, which comprise the statement of financial position and the related notes 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 www.icaew.com/en/membership/regulations-standards-and-guidance. Our work has been undertaken in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation.

FROST & COMPANY Chartered Accountants

Suite A, Paceycombe House Paceycombe Way Poundbury Dorchester Dorset DT1 3WB

8 November 2019

Time Retail Partners Limited

Statement of Financial Position

28 February 2019

	2019		2018
Note	£	£	£

Fixed assets

Tangible assets	5		18,610	22,034

Current assets

Debtors	6	427,551	505,886
Cash at bank and in hand		258,621	263,903
		---------	---------
		686,172	769,789

Creditors: amounts falling due within one year	7	306,787		419,215
		---------		---------
Net current assets			379,385	350,574
			---------	---------
Total assets less current liabilities			397,995	372,608

Provisions

Taxation including deferred tax	3,128	3,334
	---------	---------
Net assets	394,867	369,274
	---------	---------

Time Retail Partners Limited

Statement of Financial Position (continued)

28 February 2019

	2019		2018
Note	£	£	£

Capital and reserves

Called up share capital	9,065	10,090
Profit and loss account	385,802	359,184
	---------	---------
Shareholders funds	394,867	369,274
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 28 February 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- 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 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 21 November 2019 , and are signed on behalf of the board by:

Mr R Wingrave	Mr M W Cassell
Director	Director

Company registration number: 09404025

Time Retail Partners Limited

Notes to the Financial Statements

Year ended 28 February 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Suite A, Paceycombe House, Paceycombe Way, Poundbury, Dorchester, Dorset, DT1 3WB.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Leasehold improvements	-	20% straight line
Fixtures & fittings	-	15% reducing balance
Computer equipment	-	3 Years straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 16 (2018: 14 ).

5. Tangible assets

	Leasehold Improvements	Fixtures and fittings	Computer Equipment	Total
	£	£	£	£
Cost
At 1 March 2018	16,432	10,360	32,854	59,646
Additions	–	1,357	8,050	9,407
	--------	--------	--------	--------
At 28 February 2019	16,432	11,717	40,904	69,053
	--------	--------	--------	--------
Depreciation
At 1 March 2018	10,132	2,918	24,562	37,612
Charge for the year	3,286	1,320	8,225	12,831
	--------	--------	--------	--------
At 28 February 2019	13,418	4,238	32,787	50,443
	--------	--------	--------	--------
Carrying amount
At 28 February 2019	3,014	7,479	8,117	18,610
	--------	--------	--------	--------
At 28 February 2018	6,300	7,442	8,292	22,034
	--------	--------	--------	--------

6. Debtors

	2019	2018
	£	£
Trade debtors	355,030	471,458
Other debtors	72,521	34,428
	---------	---------
	427,551	505,886
	---------	---------

7. Creditors: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	20,095	18,277
Corporation tax	194,139	273,868
Social security and other taxes	75,682	107,864
Other creditors - directors current accounts	676	876
Other creditors	16,195	18,330
	---------	---------
	306,787	419,215
	---------	---------

8. Related party transactions

The company was under the control of Mr R B N Wingrave, Mr B F Nutman and Mr M Cassell throughout the current period. Mr Wingrave, Mr Nutman and Mr Cassell are company directors and majority shareholders.