The Timebank (UK) Limited - Accounts to registrar (filleted) - small 18.2

THE TIMEBANK (UK) LIMITED - Company Information

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REGISTERED NUMBER: 06218705 (England and Wales)

Abridged Unaudited Financial Statements for the Year Ended 31 December 2019

for

The Timebank (UK) Limited

Page

Company Information

Abridged Balance Sheet

Notes to the Financial Statements

Directors:

D W Davies

C I N Ferguson

Registered office:

Upper Granary Office

Brockhampton Business Centre

Brockhampton

Hereford

Herefordshire

HR1 4SE

Registered number:

06218705 (England and Wales)

FIXED ASSETS

Tangible assets

25,144

18,040

CURRENT ASSETS

Debtors

501,902

423,835

Cash at bank

75,541

85,532

577,443

509,367

CREDITORS

Amounts falling due within one year

120,580

163,296

NET CURRENT ASSETS

456,863

346,071

TOTAL ASSETS LESS CURRENT
LIABILITIES

482,007

364,111

CREDITORS

Amounts falling due after more than one
year

(121,580

)

(23,022

)

PROVISIONS FOR LIABILITIES

(1,858

)

(2,792

)

NET ASSETS

358,569

338,297

CAPITAL AND RESERVES

Called up share capital

200

Share premium

149,950

Retained earnings

208,419

188,147

SHAREHOLDERS' FUNDS

358,569

338,297

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections
394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial
statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 December 2019 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 July 2020 and were
signed on its behalf by:

D W Davies - Director

1.	STATUTORY INFORMATION

The Timebank (UK) Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

25% on reducing balance

Fixtures and fittings

25% on reducing balance

Motor vehicles

25% on cost

Office equipment

25% on reducing balance

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account,

except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 26 (2018 - 20 ) .

5.	TANGIBLE FIXED ASSETS

Totals

Cost

At 1 January 2019

50,407

Additions

12,235

At 31 December 2019

62,642

Depreciation

At 1 January 2019

32,367

Charge for year

5,131

At 31 December 2019

37,498

Net book value

At 31 December 2019

25,144

At 31 December 2018

18,040

6.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

Other loans

157,771

83,022

The loans have been secured by a fixed and floating charge on all the property of the company.

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

200

Ordinary

£1

200

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2019 and

31 December 2018:

2019

2018

D W Davies

Balance outstanding at start of year

172,384

135,969

Amounts advanced

24,029

85,588

Amounts repaid

(25,349

)

(49,173

)

Amounts written off

Amounts waived

Balance outstanding at end of year

171,064

172,384