About Time Design Ltd.
About Time Design Ltd.
Registered number: 05319147
Unaudited ABRIDGED Financial Statements
For The Year Ended
31 December 2021
Morris Wheeler & Co Limited
1 Pond Lane
Bentfield Road
Stansted
Essex
CM24 8JG
About Time Design Ltd.
Unaudited Financial Statements
For The Year Ended
31 December 2021
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Abridged Balance Sheet | 1—2 |
| Notes to the Abridged Financial Statements | 3—5 |
About Time Design Ltd.
Abridged Balance Sheet
As at
31 December 2021
Abridged Balance Sheet
Registered number:
05319147
For the year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
All of the company's members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet for the year end 31 December 2021 in accordance with section 444(2A) of the Companies Act 2006.
| 2021 | 2020 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Intangible Assets | 4 |
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| Tangible Assets | 5 |
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| Investments | 6 |
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| CURRENT ASSETS | |||||
| Stocks |
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| Debtors |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 7 |
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| Share premium account |
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| Revaluation reserve | 9 |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 158,239 | 155,412 | |||
About Time Design Ltd.
Abridged Balance Sheet (continued)
As at
31 December 2021
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
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Director
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The notes on pages 3 to 5 form part of these financial statements.
About Time Design Ltd.
Notes to the Abridged Financial Statements
For The Year Ended
31 December 2021
Notes to the Abridged Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
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.
1.2.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes.
1.3.
Intangible Fixed Assets and Amortisation - Intellectual Property
Intellectual property assets are measured at cost It is amortised to the profit and loss account over its estimated economic life for patents and licences of 20 years and for trademarks of 10 years.
1.4.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Plant & Machinery |
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| Computer Equipment |
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1.5.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
1.6.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: NIL (2020: NIL)
About Time Design Ltd.
Notes to the Abridged Financial Statements (continued)
For The Year Ended
31 December 2021
4.
Intangible Assets
| Total | |||
|---|---|---|---|
| £ | |||
| Cost | |||
| As at
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| Additions |
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| Amortisation | |||
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| Provided during the period |
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| Net Book Value | |||
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| As at
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If patents and licenses had not been revalued, they would have been stated at historical cost of £117,431 and aggregate amortisation of £64,999.
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 £68,681 since this date.
Patents and licences have been revalued in the accounts without recognising tax on the revaluation gain. If the patents and licenses were sold at the values shown, the estimated tax payable for the year would be £9,737.
5.
Tangible Assets
| Total | |
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| £ | |
| Cost | |
| As at
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| As at
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| Depreciation | |
| As at
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| Provided during the period |
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| As at
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| Net Book Value | |
| As at
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| As at
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About Time Design Ltd.
Notes to the Abridged Financial Statements (continued)
For The Year Ended
31 December 2021
6.
Investments
| Total | |
|---|---|
| £ | |
| Cost | |
| As at
|
24,001 |
| Disposals | (1) |
| As at
|
24,000 |
| Provision | |
| As at
|
- |
| As at
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- |
| Net Book Value | |
| As at
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24,000 |
| As at
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24,001 |
8.
Financial Instruments
9.
Reserves
| Revaluation Reserve | |
|---|---|
| £ | |
| As at
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| As at
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10.
Related Party Transactions
About Time Design Limited owns 60% of Flowban Limited. During the year it made sales of £18,745 to Flowban Limited. The remaining 40% of Flowban Limited is owned by Lifescience Products Limited,which is 100% owned by J L Seccombe, a director of About Time Design Limited. At the balance sheet date About Time Design owed Flowban Limited £12,547, which is repayable on demand.
During the year About Time Design Limited made sales of £18,767 to Lifescience Products Limited, which is owned by J L Seccombe as detailled above.
11.
WARRANTS
The company has issued Warrants over 8,826 A Ordinary shares. These were exercisable from 1 January 2010 at £0.01.
12.
General Information
About Time Design Ltd.
is a private company, limited by shares, incorporated in England & Wales, registered number
05319147
. The registered office is 19 Enterprise Way, Cheltenham Trade Park, Cheltenham, GL51 8LZ.
The presentation currency of the financial statements is in Pound Sterlings (£).