About Time Design Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05319147 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2020

for

ABOUT TIME DESIGN LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J W Barnham

M C Stoddart

Mrs K S Saunders

J L Seccombe

D Stacey

REGISTERED OFFICE:

19 Enterprise Way

Cheltenham Trade Park

Cheltenham

GL51 8LZ

REGISTERED NUMBER:

05319147 (England and Wales)

ACCOUNTANTS:

Morris Wheeler & Co Limited

26 Church Street

Bishop's Stortford

Hertfordshire

CM23 2LY

FIXED ASSETS

Intangible assets

4

71,360

75,790

Tangible assets

5

22,085

20

Investments

6

24,001

24,001

117,446

99,811

CURRENT ASSETS

Stocks

38,437

27,232

Debtors

7

92

18,317

Prepayments and accrued income

1,896

1,044

Cash at bank

384

26,312

40,809

72,905

CREDITORS

Amounts falling due within one year

8

1,794

1,688

NET CURRENT ASSETS

39,015

71,217

TOTAL ASSETS LESS CURRENT LIABILITIES

156,461

171,028

ACCRUALS AND DEFERRED INCOME

1,050

1,000

NET ASSETS

155,411

170,028

CAPITAL AND RESERVES

Called up share capital

2,758

2,758

Share premium

766,936

766,936

Revaluation reserve

9

51,250

51,250

Retained earnings

(665,533

)

(650,916

)

SHAREHOLDERS' FUNDS

155,411

170,028

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 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.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 June 2021 and were signed on its behalf by:

M C Stoddart - Director

Mrs K S Saunders - Director

J L Seccombe - Director

D Stacey - Director

1.	STATUTORY INFORMATION

About Time Design Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Preparation of consolidated financial statements

The financial statements contain information about About Time Design Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Patents and licenses

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost or a revalued amount less any accumulated amortisation and any accumulated impairment losses.

Patents are being written off over their estimated economic life, which is 20 years and trademarks over 10 years.

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

-

20% on cost

Equipment

-

33% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2019 - NIL).

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST OR VALUATION

At 1 January 2020

163,667

Additions

3,304

At 31 December 2020

166,971

AMORTISATION

At 1 January 2020

87,877

Charge for year

7,734

At 31 December 2020

95,611

NET BOOK VALUE

At 31 December 2020

71,360

At 31 December 2019

75,790

Cost or valuation at 31 December 2020 is represented by:

Other

intangible

assets

£

Valuation in 2010

51,250

Cost

115,721

166,971

If patents and licences had not been revalued, they would have been stated at historical cost of £115,721 and aggregate amortisation of £59,741.

Patents and licences were valued on an open market basis on 31 December 2010 by the directors to £100,000. There have been additions of £66,971 since this date.

Patents and licences have been revalued in the accounts without recognizing tax on the revaluation gain. If the patents and licences were sold at the values shown, the estimated tax payable for the year would be £9,737.

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2020

146,466

Additions

27,581

At 31 December 2020

174,047

DEPRECIATION

At 1 January 2020

146,446

Charge for year

5,516

At 31 December 2020

151,962

NET BOOK VALUE

At 31 December 2020

22,085

At 31 December 2019

20

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2020

and 31 December 2020

24,001

NET BOOK VALUE

At 31 December 2020

24,001

At 31 December 2019

24,001

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Trade debtors

-

4,966

Other debtors

92

13,351

92

18,317

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Trade creditors

1,793

1,234

Taxation and social security

-

453

Other creditors

1

1

1,794

1,688

9.

RESERVES

Revaluation

reserve

£

At 1 January 2020

and 31 December 2020

51,250

10.

WARRANTS

The Company has issued Warrants over 8,826 A Ordinary shares. These were exercisable from 1 January 2010 at £0.01.