Old Timers Limited - Period Ending 2021-03-31

Old Timers Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 10

Old Timers Limited

Company Information

Directors

G T E Sloan R C Skinner

Registered office

Centenary House Peninsula Park Rydon Lane Exeter EX2 7XE

Accountants

Francis Clark LLP Centenary House Peninsula Park Rydon Lane Exeter EX2 7XE

Old Timers Limited

Balance Sheet

31 March 2021

	Note	2021 £	2020 £
Fixed assets
Intangible assets	4	-	2,292
Tangible assets	5	55,808	68,405
		55,808	70,697
Current assets
Stocks		10,165	18,637
Debtors	6	227,362	220,741
Cash at bank and in hand		112,079	165,560
		349,606	404,938
Creditors: Amounts falling due within one year	7	(129,410)	(170,630)
Net current assets		220,196	234,308
Total assets less current liabilities		276,004	305,005
Provisions for liabilities		(4,400)	(5,200)
Net assets		271,604	299,805
Capital and reserves
Called up share capital	8	100	100
Profit and loss account		271,504	299,705
Shareholders' funds		271,604	299,805

Old Timers Limited

Balance Sheet

31 March 2021

For the financial year ending 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 17 December 2021 and signed on its behalf by:
 

......................................... R C Skinner Director

Company Registration Number: 07173315

Old Timers Limited

Notes to the Financial Statements

Year Ended 31 March 2021

1	General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Centenary House
Peninsula Park
Rydon Lane
Exeter
EX2 7XE

The principal place of business is:
Little Castle Street
Exeter
EX4 3PX

These financial statements were authorised for issue by the Board on 17 December 2021.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

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 Section 1A and the Companies Act 2006. There are no material departures from FRS102.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The directors of Old Timers Limited have considered the impact of COVID-19. In the opinion of the directors, the company has sufficient working capital within existing facilities to continue to trade for the foreseeable future, and therefore the financial statements have been prepared on a going concern basis.

Revenue recognition

The turnover shown in the Profit and Loss Account represents takings received during the period, exclusive of Value Added Tax.

Old Timers Limited

Notes to the Financial Statements

Year Ended 31 March 2021

Government grants

Government grants are recognised in other income on a systematic basis over the period in which the entity recognises the related costs for which the grant is intended to compensate. During the year, the company received the following income from the government:-
Business Support Grant £25,000 (2020: Nil)
Closed Business Lockdown Grant £9,000 (2020: Nil)
Local Restrictions Support Grant £6,950 (2020: Nil)
Covid Job Retention Scheme Grant £50,939 (2020: £178)
Wet-Led Grant £1,000 (2020: Nil)

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Leasehold Property	Over the term of the lease
Plant & Machinery	15% reducing balance
Fixtures & Fittings	15% reducing balance
Office Equipment	15% reducing balance

Goodwill
Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Old Timers Limited

Notes to the Financial Statements

Year Ended 31 March 2021

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Goodwill	10 years straight line

Stocks

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated selling costs.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors (includes intercompany loans);
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

 

Old Timers Limited

Notes to the Financial Statements

Year Ended 31 March 2021

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2020 - 4).

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 April 2020	55,000	55,000
At 31 March 2021	55,000	55,000
Amortisation
At 1 April 2020	52,708	52,708
Amortisation charge	2,292	2,292
At 31 March 2021	55,000	55,000
Carrying amount
At 31 March 2021	-	-
At 31 March 2020	2,292	2,292

Old Timers Limited

Notes to the Financial Statements

Year Ended 31 March 2021

5	Tangible assets

	Leasehold property £	Fixtures & fittings and Office equipment  £	Plant and machinery  £	Total £
Cost or valuation
At 1 April 2020	122,363	34,936	38,829	196,128
At 31 March 2021	122,363	34,936	38,829	196,128
Depreciation
At 1 April 2020	80,808	17,227	29,688	127,723
Charge for the year	8,566	2,659	1,372	12,597
At 31 March 2021	89,374	19,886	31,060	140,320
Carrying amount
At 31 March 2021	32,989	15,050	7,769	55,808
At 31 March 2020	41,555	17,709	9,141	68,405

6

Debtors

	2021  £	2020  £
Amounts due from group undertakings	10,000	10,000
Other debtors	204,448	202,424
Prepayments	12,914	8,317
	227,362	220,741

Old Timers Limited

Notes to the Financial Statements

Year Ended 31 March 2021

7

Creditors

Creditors: amounts falling due within one year

	2021  £	2020  £
Trade creditors	9,460	28,562
Amounts due to group undertakings	78,541	85,632
Social security and other taxes	855	8,678
Other creditors	40,554	47,758
	129,410	170,630

8	Share capital

Allotted, called up and fully paid shares

	2021		2020
	No.	£	No.	£
Ordinary of £1 each	100	100	100	100

9	Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £217,395 (2020 - £282,863).

This falls due as follows:

	2021  £	2020  £
Not later than one year	45,039	65,468
Later than one year and not later than five years	161,389	121,800
Later than five years	10,967	95,595
	217,395	282,863

Old Timers Limited

Notes to the Financial Statements

Year Ended 31 March 2021

10	Related party transactions

Loans to related parties

2021	Entities with joint control or significant influence £	Total £
At start of period	200,000	200,000
At end of period	200,000	200,000

2020	Entities with joint control or significant influence £	Total £
Advanced	200,000	200,000
At end of period	200,000	200,000

Terms of loans to related parties

Interest free and repayable on demand.