Timing Solutions Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02631825 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2020

for

Timing Solutions Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

E R Cowcill

W A Daff

J A Ward

G Rees

SECRETARY:

E R Cowcill

REGISTERED OFFICE:

Unit 2 Ninian Park

Ninian Way

Tamworth

Staffordshire

B77 5ES

REGISTERED NUMBER:

02631825 (England and Wales)

ACCOUNTANTS:

Campbell Accountancy Limited

Chartered Certified Accountants

Old Chapel

The Green

Lower Boddington

Northamptonshire

NN11 6YE

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

330,200

454,423

330,200

454,423

CURRENT ASSETS

Stocks

20,379

15,151

Debtors

6

78,256

98,854

Cash at bank and in hand

819,251

788,489

917,886

902,494

CREDITORS

Amounts falling due within one year

7

(150,487

)

(162,592

)

NET CURRENT ASSETS

767,399

739,902

TOTAL ASSETS LESS CURRENT LIABILITIES

1,097,599

1,194,325

CREDITORS

Amounts falling due after more than one year

8

(37,031

)

(7,050

)

PROVISIONS FOR LIABILITIES

(55,391

)

(94,069

)

NET ASSETS

1,005,177

1,093,206

CAPITAL AND RESERVES

Called up share capital

960

960

Share premium

3,400

3,400

Capital redemption reserve

240

240

Retained earnings

1,000,577

1,088,606

SHAREHOLDERS' FUNDS

1,005,177

1,093,206

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 18 August 2021 and were signed on its behalf by:

J A Ward - Director

1.	STATUTORY INFORMATION

Timing Solutions 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.	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.

Turnover

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

Intangible assets

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

Computer software is being amortised evenly over its estimated useful life of nil years.

Software development expenditure

Software development expenditure is written off, except where there is a separate project that is technically, commercially and financially viable. In these cases, the identifiable expenditure is deferred and amortised over the period the company is expected to derive benefit, commencing in the year of commercial production or exploitation.

Tangible fixed assets

Depreciation is provided on a straight line basis in order to write off the cost, less estimated residual value, of each asset over the following number of years:

Office equipment & computers

- 4 years

Motor vehicles

- 4 years

Timing equipment

- 3 & 6 years

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 50 (2019 - 50 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2020

and 31 December 2020

92,419

AMORTISATION

At 1 January 2020

and 31 December 2020

92,419

NET BOOK VALUE

At 31 December 2020

-

At 31 December 2019

-

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2020

1,405,694

Additions

26,660

Disposals

(31,874

)

At 31 December 2020

1,400,480

DEPRECIATION

At 1 January 2020

951,271

Charge for year

143,384

Eliminated on disposal

(24,375

)

At 31 December 2020

1,070,280

NET BOOK VALUE

At 31 December 2020

330,200

At 31 December 2019

454,423

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 January 2020

63,556

Transfer to ownership

(15,388

)

At 31 December 2020

48,168

DEPRECIATION

At 1 January 2020

35,066

Charge for year

12,492

Transfer to ownership

(10,259

)

At 31 December 2020

37,299

NET BOOK VALUE

At 31 December 2020

10,869

At 31 December 2019

28,490

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

52,547

71,128

Other debtors

25,709

27,726

78,256

98,854

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

21,667

1,389

Hire purchase contracts

7,050

16,175

Trade creditors

35,560

78,395

Taxation and social security

77,448

52,432

Other creditors

8,762

14,201

150,487

162,592

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans

37,031

-

Hire purchase contracts

-

7,050

37,031

7,050

9.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank loans

58,698

1,389

Hire purchase contracts

7,050

23,225

65,748

24,614

Bank loans are secured by a charge on the company's assets. Hire purchase liabilities are secured on the assets to which they relate.

10.	ULTIMATE CONTROLLING PARTY

The company is controlled by its directors J A Ward, E R Cowcill, & W A Daff, but no one individual is considered to be the company's ultimate controlling party.