Time Etc Limited - Period Ending 2016-03-31

Registration number: 06112661

Time Etc Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2016
 

Time Etc Limited
Contents

Page

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 5

Time Etc Limited
(Registration number: 06112661)
Abbreviated Balance Sheet at 31 March 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets					1,788			2,268
Investments					100			-
		2			1,888			2,268
Current assets
Debtors					13,289			34,233
Cash at bank and in hand					737,276			610,551
					750,565			644,784
Creditors: Amounts falling due within one year					(278,630)			(210,594)
Net current assets					471,935			434,190
Total assets less current liabilities					473,823			436,458
Provisions for liabilities					-			(459)
Net assets					473,823			435,999
Capital and reserves
Called up share capital		3			100			100
Profit and loss account					473,723			435,899
Shareholders' funds					473,823			435,999

Page 1

Time Etc Limited
(Registration number: 06112661)
Abbreviated Balance Sheet at 31 March 2016

For the year ending 31 March 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 22 December 2016 and signed on its behalf by:

B A Lashbrooke Director

Page 2

Time Etc Limited
Notes to the Abbreviated Accounts
For the Year Ended 31 March 2016

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Exemption from preparing group accounts

The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts.

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts and is invoiced upon completion of the service provided.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Office equipment	33.3% straight line
Fixtures and fittings	20% straight line

Fixed asset investments

Fixed asset investments are stated at historical cost less provision for any diminution in value.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Foreign currency

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

Page 3

Time Etc Limited
Notes to the Abbreviated Accounts
For the Year Ended 31 March 2016

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

2	Fixed assets

		Tangible assets £			Investments £			Total £
Cost
At 1 April 2015		34,565			-			34,565
Additions		1,197			100			1,297
At 31 March 2016		35,762			100			35,862
Depreciation
At 1 April 2015		32,297			-			32,297
Charge for the year		1,677			-			1,677
At 31 March 2016		33,974			-			33,974
Net book value
At 31 March 2016		1,788			100			1,888
At 31 March 2015		2,268			-			2,268

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking	Country of incorporation	Holding	Proportion of voting rights and shares held	Principal activity
Subsidiary undertakings
Time Etc USA Ltd		Ordinary shares	100%	The supply of administrative services

Page 4

Time Etc Limited
Notes to the Abbreviated Accounts
For the Year Ended 31 March 2016

3	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary shares of £0.01 each		100,000			1,000			100,000			1,000

4	Related party transactions

Directors' advances and credits

	2016 Advance/ Credit £	2016 Repaid £	2015 Advance/ Credit £	2015 Repaid £
B A Lashbrooke
Advances and repayments	-	-	-	1,749

Page 5