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

REGISTERED NUMBER: 06218705 (England and Wales)

Abridged Unaudited Financial Statements for the Year Ended 31 December 2021

for

The Timebank (UK) Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

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

5

35,098

27,014

CURRENT ASSETS

Debtors

455,440

601,757

Cash at bank

177,376

392,235

632,816

993,992

CREDITORS

Amounts falling due within one year

(239,362

)

(244,363

)

NET CURRENT ASSETS

393,454

749,629

TOTAL ASSETS LESS CURRENT LIABILITIES

428,552

776,643

CREDITORS

Amounts falling due after more than one year

6

(254,023

)

(355,683

)

PROVISIONS FOR LIABILITIES

(5,055

)

(3,416

)

NET ASSETS

169,474

417,544

CAPITAL AND RESERVES

Called up share capital

8

200

200

Share premium

149,950

149,950

Retained earnings

19,324

267,394

SHAREHOLDERS' FUNDS

169,474

417,544

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 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 2021 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 21 September 2022 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 45 (2020 - 17 ) .

5.	TANGIBLE FIXED ASSETS

Totals

£

Cost

At 1 January 2021

71,886

Additions

18,547

At 31 December 2021

90,433

Depreciation

At 1 January 2021

44,872

Charge for year

10,463

At 31 December 2021

55,335

Net book value

At 31 December 2021

35,098

At 31 December 2020

27,014

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

2021

2020

£

£

Repayable by instalments

Bank loans payable after more than 5 years by instalments

-

11,111

7.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Other loans

308,296

371,580

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

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

200

Ordinary

£1

200

200

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2021 and 31 December 2020:

2021

2020

£

£

D W Davies

Balance outstanding at start of year

180,195

171,064

Amounts advanced

16,733

35,957

Amounts repaid

(7,615

)

(26,826

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

189,313

180,195