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

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

THE TIMEBANK (UK) LIMITED - Company Information

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REGISTERED NUMBER: 06218705 (England and Wales)















Abridged Unaudited Financial Statements for the Year Ended 31 December 2020

for

The Timebank (UK) Limited
The Timebank (UK) Limited (Registered number: 06218705)

Contents of the Financial Statements
for the year ended 31 December 2020










Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


The Timebank (UK) Limited

Company Information
for the year ended 31 December 2020







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)
Page 1
The Timebank (UK) Limited (Registered number: 06218705)

Abridged Balance Sheet
31 December 2020

2020 2019
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 27,014 25,144

CURRENT ASSETS
Debtors 601,757 501,902
Cash at bank 392,235 75,541
993,992 577,443
CREDITORS
Amounts falling due within one year 244,363 120,580
NET CURRENT ASSETS 749,629 456,863
TOTAL ASSETS LESS CURRENT
LIABILITIES
776,643
482,007

CREDITORS
Amounts falling due after more than one
year
6
(355,683
)
(121,580
)

PROVISIONS FOR LIABILITIES (3,416 ) (1,858 )
NET ASSETS 417,544 358,569

CAPITAL AND RESERVES
Called up share capital 8 200 200
Share premium 149,950 149,950
Retained earnings 267,394 208,419
SHAREHOLDERS' FUNDS 417,544 358,569

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 notes form part of these financial statements

Page 2 continued...
The Timebank (UK) Limited (Registered number: 06218705)

Abridged Balance Sheet - continued
31 December 2020


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 2020 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 25 June 2021 and were signed on its behalf by:





D W Davies - Director


The notes form part of these financial statements

Page 3
The Timebank (UK) Limited (Registered number: 06218705)

Notes to the Financial Statements
for the year ended 31 December 2020


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.

Page 4 continued...
The Timebank (UK) Limited (Registered number: 06218705)

Notes to the Financial Statements - continued
for the year ended 31 December 2020


3. ACCOUNTING POLICIES - continued

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 17 (2019 - 26 ) .

5. TANGIBLE FIXED ASSETS
Totals
£   
Cost
At 1 January 2020 62,642
Additions 9,244
At 31 December 2020 71,886
Depreciation
At 1 January 2020 37,498
Charge for year 7,374
At 31 December 2020 44,872
Net book value
At 31 December 2020 27,014
At 31 December 2019 25,144

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE
YEARS
2020 2019
£    £   
Repayable by instalments
Bank loans payable after more than 5 years
by instalments
11,111
-
Other loans more 5yrs instal 62,500 -
73,611 -

7. SECURED DEBTS

The following secured debts are included within creditors:

2020 2019
£    £   
Other loans 371,580 157,771

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

Page 5 continued...
The Timebank (UK) Limited (Registered number: 06218705)

Notes to the Financial Statements - continued
for the year ended 31 December 2020


8. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 2020 2019
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 2020 and 31 December 2019:

2020 2019
£    £   
D W Davies
Balance outstanding at start of year 171,064 172,384
Amounts advanced 33,042 24,029
Amounts repaid (26,826 ) (25,349 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 177,280 171,064

Page 6