TIMESQUARE_LIMITED - Accounts
TIMESQUARE_LIMITED - Accounts
Company Registration No. 02781415 (England and Wales)
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2013
CONTENTS
Page
Accountants' report
1
Abbreviated balance sheet
2 - 3
Notes to the abbreviated accounts
4 - 5
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF TIMESQUARE LIMITED FOR THE YEAR ENDED 31 DECEMBER 2013
- 1 -
The following reproduces the text of the Accountants' Report prepared in respect of the company's annual unaudited financial statements, from which the unaudited abbreviated financial statements set out on pages 2 to 5 have been prepared.
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Timesquare Limited for the year ended 31 December 2013 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.
This report is made solely to the Board of Directors of Timesquare Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Timesquare Limited and state those matters that we have agreed to state to the Board of Directors of Timesquare Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Timesquare Limited and it's Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Timesquare Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Timesquare Limited. You consider that Timesquare Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Timesquare Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Carpenter Box
Chartered Accountants
ABBREVIATED BALANCE SHEET
AS AT
31 DECEMBER 2013
- 2 -
2013
2012
Notes
£
£
£
£
Fixed assets
Tangible assets
2
-
Investments
2
Current assets
Stocks
Debtors
Cash at bank and in hand
Creditors: amounts falling due within one year
(596,200 )
(715,281 )
Net current assets
Total assets less current liabilities
Provisions for liabilities
(200 )
-
184,535
76,950
Capital and reserves
Called up share capital
3
Profit and loss account
Shareholders' funds
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2013
- 3 -
Directors' responsibilities:
-
-
Approved by the Board for issue on 25 September 2014
Director
Company Registration No. 02781415
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2013
- 4 -
1
Accounting policies
1.1
Accounting convention
1.2
Turnover
1.3
Tangible fixed assets and depreciation
Computer equipment
1.4
Investments
Fixed asset investments are stated at cost less provision for diminution in value. Unlisted investments represent the company's syndicate holdings of racehorses.
1.5
Stock
Stocks of foals and yearlings are included at purchase price or stud fee and are valued at the lower of cost and net realisable value. Stocks of mares are included at cost less a provision to write off their cost over their expected useful lives.
The expected useful life of each mare represents its optimum breeding period, which has been estimated as being from four to twelve years of age. The mares are therefore written off on a straight line basis over this eight year period.
The expected useful life of each mare represents its optimum breeding period, which has been estimated as being from four to twelve years of age. The mares are therefore written off on a straight line basis over this eight year period.
1.6
Group accounts
The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiary undertaking comprise a small-sized group. The company has therefore taken advantage of the exemptions provided by section 398 of the Companies Act 2006 not to prepare group accounts.
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2013
- 5 -
2
Fixed assets
Tangible assets
Investments
Total
£
£
£
Cost or valuation
At 1 January 2013
-
10,440
10,440
Additions
-
833
At 31 December 2013
10,440
11,273
Depreciation
At 1 January 2013
-
10,340
10,340
Charge for the year
-
139
At 31 December 2013
10,340
10,479
Net book value
At 31 December 2013
794
At 31 December 2012
-
100
Holdings of more than 20%
The company holds more than 20% of the share capital of the following companies:
Company
Country of registration or
Shares held
incorporation
Class
%
Subsidiary undertakings
Ordinary
The aggregate amount of capital and reserves and the results of these undertakings for the last relevant financial year were as follows:
Capital and reserves
Profit/(loss) for the year
2013
2013
Principal activity
£
£
(194,468)
(47,514)
3
Share capital
2013
2012
£
£
Allotted, called up and fully paid