Time Etc Limited - Period Ending 2018-03-31
Time Etc Limited - Period Ending 2018-03-31
Company registration number:
for the Year Ended
Time Etc Limited
Contents
Balance Sheet |
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Notes to the Financial Statements |
Time Etc Limited
(Registration number: 06112661)
Balance Sheet as at 31 March 2018
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2018 |
2017 |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss reserve |
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Total equity |
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Page 1
Time Etc Limited
(Registration number: 06112661)
Balance Sheet as at 31 March 2018
For the financial year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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. The option not to file the profit and loss account and directors’ report has been taken.
Approved and authorised by the
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Time Etc Limited
Notes to the Financial Statements
for the Year Ended 31 March 2018
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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.
These financial statements are presented in Sterling (£).
Group accounts not prepared
Turnover recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity, the services have been provided and specific criteria have been met for each of the company's activities.
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Time Etc Limited
Notes to the Financial Statements
for the Year Ended 31 March 2018
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current tax. Tax is recognised in the profit and loss account, 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 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.
Tangible assets
Tangible assets are stated at cost, less accumulated depreciation and accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation of tangible assets
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 |
Furniture, fittings and equipment |
20% and 33.33% straight line method |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Investments
Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
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Time Etc Limited
Notes to the Financial Statements
for the Year Ended 31 March 2018
Debtors
Trade debtors are amounts due from customers for services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the trade debtors.
Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
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.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Staff numbers |
The average number of persons employed by the company (including directors) during the year was
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Time Etc Limited
Notes to the Financial Statements
for the Year Ended 31 March 2018
Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 April 2017 |
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Additions |
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At 31 March 2018 |
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Depreciation |
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At 1 April 2017 |
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Charge for the year |
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At 31 March 2018 |
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Carrying amount |
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At 31 March 2018 |
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At 31 March 2017 |
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Investments |
2018 |
2017 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 April 2017 |
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At 31 March 2018 |
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Carrying amount |
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At 31 March 2018 |
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At 31 March 2017 |
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Page 6
Time Etc Limited
Notes to the Financial Statements
for the Year Ended 31 March 2018
Debtors |
2018 |
2017 |
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Trade debtors |
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Other debtors |
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Total current trade and other debtors |
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Creditors |
2018 |
2017 |
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Due within one year |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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Corporation tax |
53,711 |
67,472 |
Other creditors |
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Share capital |
Allotted, called up and fully paid shares
2018 |
2017 |
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No. |
£ |
No. |
£ |
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100.00 |
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100.00 |
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1,284.75 |
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Allotted, called up and not fully paid shares
2018 |
2017 |
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No. |
£ |
No. |
£ |
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285.00 |
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Page 7
Time Etc Limited
Notes to the Financial Statements
for the Year Ended 31 March 2018
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 £
Related party transactions |
Summary of transactions with other related parties
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