TESTIME LIMITED - Accounts

TESTIME LIMITED - Accounts

TESTIME LIMITED - Company Information

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Registered Number: 07796305
England and Wales

 

 

 

TESTIME LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 November 2022

End date: 31 October 2023

TESTIME LIMITED
Contents Page
For the year ended 31 October 2023
Director Eleph Kwong
Registered Number 07796305
Registered Office 268 BATH ROAD
SLOUGH ENGLAND
SL1 4DX
Accountants Worth Knowing Accountants Ltd
7 Bell Yard
London
WC2A 2JR
1
Director's report and financial statements
The director presents his/her/their annual report and the financial statements for the year ended 31 October 2023
Principal activities
Principal activity of the company during the financial year was of technical testing and analysis.
Director
The director who served the company throughout the year was as follows:
Eleph Kwong
Statement of director's responsibilities
The director is responsible for preparing the directors’ report and the financial statements in accordance with applicable law and regulation.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to
  • select suitable accounting policies and then apply them consistently
  • make judgments and accounting estimates that are reasonable and prudent
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business


The director is responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. The director is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The director is responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

On behalf of the board.


----------------------------------
Eleph Kwong
Director

Date approved: 08 May 2024
2
Accountant’s report
You consider that the company is exempt from an audit for the year ended 31 October 2023 . You have acknowledged, on the balance sheet, your responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These responsibilities include preparing accounts that give a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for the financial year.
In accordance with your instructions, we have prepared the accounts which comprise the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the accounting records of the company and on the basis of information and explanations you have given to us.
We have not carried out an audit or any other review, and consequently we do not express any opinion on these accounts.
Worth Knowing Accountants Ltd
31 October 2023



....................................................
Worth Knowing Accountants Ltd
7 Bell Yard
London
WC2A 2JR
08 May 2024
3
 
 		 Notes
 		 2023
£		   2022
£
Fixed assets      
Tangible fixed assets 3 1,131    1,496 
1,131    1,496 
Current assets      
Debtors 4 12,946    23,993 
Cash at bank and in hand (923)   778 
12,023    24,771 
Creditors: amount falling due within one year 5 (39,540)   (68,216)
Net current assets (27,517)   (43,445)
 
Total assets less current liabilities (26,386)   (41,949)
Provisions for liabilities 6 0    (284)
Net assets (26,386)   (42,233)
 

Capital and reserves 		     
Called up share capital 1    1 
Profit and loss account (26,387)   (42,234)
Shareholder's funds (26,386)   (42,233)
 


For the year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the director on 08 May 2024 and were signed by:


-------------------------------
Eleph Kwong
Director
4
  Equity share capital   Retained Earnings   Total
£ £ £
At 01 November 2021 1  (1,112,496) (1,112,495)
Profit for the year 1,070,262  1,070,262 
Total comprehensive income for the year -  1,070,262  1,070,262 
Total investments by and distributions to owners -  -  - 
At 31 October 2022 1  (42,234) (42,233)
At 01 November 2022 1  (42,234) (42,233)
Profit for the year 15,847  15,847 
Total comprehensive income for the year -  15,847  15,847 
Total investments by and distributions to owners -  -  - 
At 31 October 2023 1  (26,387) (26,386)
5
General Information
TESTIME LIMITED is a private company, limited by shares, registered in England and Wales, registration number 07796305, registration address 268 BATH ROAD, SLOUGH ENGLAND, SL1 4DX.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the income statement.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date 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.
Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 20% Reducing Balance
Motor Vehicles 25% Reducing Balance
Fixtures and Fittings 15% Reducing Balance
Computer Equipment 25% Reducing Balance
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 1 (2022 : 2).
3.

Tangible fixed assets

Cost or valuation Plant and Machinery   Motor Vehicles   Fixtures and Fittings   Computer Equipment   Total
  £   £   £   £   £
At 01 November 2022 752    3,324    120    7,536    11,732 
Additions -    -    -    -    - 
Disposals -    -    -    -    - 
At 31 October 2023 752    3,324    120    7,536    11,732 
Depreciation
At 01 November 2022 626    2,732    96    6,782    10,236 
Charge for year 25    148    4    188    365 
On disposals -    -    -    -    - 
At 31 October 2023 651    2,880    100    6,970    10,601 
Net book values
Closing balance as at 31 October 2023 101    444    20    566    1,131 
Opening balance as at 01 November 2022 126    592    24    754    1,496 


4.

Debtors: amounts falling due within one year

2023
£		   2022
£
Deposit for Office Rent 516    516 
Other debtors-S455 Tax 12,430    23,477 
12,946    23,993 

5.

Creditors: amount falling due within one year

2023
£		   2022
£
Trade Creditors 8,356    10,194 
Inter-company Loan (7,900)   0 
Corporation Tax 0    24,696 
Accrued Expenses 750    750 
Directors' Current Accounts 39,950    37,712 
VAT (1,616)   (5,136)
39,540    68,216 

6.

Provisions for liabilities

2023
£		   2022
£
Deferred Tax 0    284 
0    284 

6