General Information
Timetastic Ltd is a private company, limited by shares, registered in England and Wales, registration number 09236149, registration address Suite 143, 19 Lever Street, Manchester, M1 1AN.
The presentation currency is £ sterling.
| 1. |
Accounting policies
Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Going concern basis
The directors believe that the company is experiencing good levels of profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover comprises the invoiced value of services supplied by the company, net of Value Added Tax and trade discounts.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the profit and loss account.
Taxation
Taxation represents the sum of tax currently payable and material deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The companys liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets are amortised at rates calculated to write off the assets on a straight line basis over three years. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
| Computer Equipment |
33% Straight Line
|
| Fixtures and Fittings |
33% Straight Line
|
|
| 2. |
Average number of employees
Average number of employees during the year was 6 (2020 : 5).
|
| 3. |
Intangible fixed assets
| Cost |
Other |
|
Total |
| |
£ |
|
£ |
| At 01 October 2020 |
- |
|
- |
| Additions |
2,662 |
|
2,662 |
| Disposals |
- |
|
- |
| At 30 September 2021 |
2,662 |
|
2,662 |
| Amortisation |
| At 01 October 2020 |
- |
|
- |
| Charge for year |
887 |
|
887 |
| On disposals |
- |
|
- |
| At 30 September 2021 |
887 |
|
887 |
| Net book values |
| At 30 September 2021 |
1,775 |
|
1,775 |
| At 30 September 2020 |
- |
|
- |
|
| 4. |
Tangible fixed assets
| Cost or valuation |
Computer Equipment |
|
Fixtures and Fittings |
|
Total |
| |
£ |
|
£ |
|
£ |
| At 01 October 2020 |
18,711 |
|
4,834 |
|
23,545 |
| Additions |
5,872 |
|
983 |
|
6,855 |
| Disposals |
- |
|
- |
|
- |
| At 30 September 2021 |
24,583 |
|
5,817 |
|
30,400 |
| Depreciation |
| At 01 October 2020 |
11,619 |
|
2,321 |
|
13,940 |
| Charge for year |
5,529 |
|
1,584 |
|
7,113 |
| On disposals |
- |
|
- |
|
- |
| At 30 September 2021 |
17,148 |
|
3,905 |
|
21,053 |
| Net book values |
| Closing balance as at 30 September 2021 |
7,435 |
|
1,912 |
|
9,347 |
| Opening balance as at 01 October 2020 |
7,092 |
|
2,513 |
|
9,605 |
|
| 5. |
Debtors: amounts falling due within one year
|
2021
£ |
|
2020
£ |
| Called up Share Capital Not Paid |
- |
|
11 |
| Accrued Income |
18,209 |
|
16,905 |
|
18,209 |
|
16,916 |
|
| 6. |
Creditors: amount falling due within one year
|
2021
£ |
|
2020
£ |
| Corporation Tax |
156,474 |
|
95,431 |
| PAYE & Social Security |
7,310 |
|
9,996 |
| Other Creditors |
58,075 |
|
32,346 |
| VAT Control |
69,708 |
|
43,373 |
|
291,567 |
|
181,146 |
|
| 7. |
Share premium account
|
2021
£ |
|
2020
£ |
| Equity Share Premium b/fwd |
39,900 |
|
39,900 |
|
39,900 |
|
39,900 |
|
| 8. |
Share capital
100 £1 Ordinary Shares have been issued and paid for in full.
The company has issued 11 £1 A Ordinary Shares to one of the directors which are fully paid as at the balance sheet date (prior year: these shares were unpaid).
The company operates a EMI Share Plan which allots options over additional Ordinary shares in the Company which can be exercised on an exit event.
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3
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