Company Registration No. 05179222 (England and Wales)
TIMES SQUARE LIMITED
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2014
TIMES SQUARE LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
TIMES SQUARE LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2014
31 March 2014
- 1 -
2014
2013
Notes
£
£
£
£
Fixed assets
Intangible assets
2
(417)
(1,417)
Tangible assets
2
22,887
16,629
22,470
15,212
Current assets
Stocks
133,208
147,216
Debtors
322,728
382,626
Cash at bank and in hand
38,001
65
493,937
529,907
Creditors: amounts falling due within one year
3
(463,396)
(491,691)
Net current assets
30,541
38,216
Total assets less current liabilities
53,011
53,428
Creditors: amounts falling due after more than one year
4
(376,295)
(471,984)
(323,284)
(418,556)
Capital and reserves
Called up share capital
5
20,002
20,002
Profit and loss account
(343,286)
(438,558)
Shareholders' funds
(323,284)
(418,556)
For the financial year ended 31 March 2014 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 financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 22 July 2014
Mr M I Chilton
Mrs G Eaton
Director
Director
Company Registration No. 05179222
TIMES SQUARE LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2014
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008). The company entered into a CVA account on 20 May 2011 and continues to operate within the conditions of this agreement. The company made a profit for the year of £93,764 (2013 - loss of £3,553), had net current liabilities of £30,541 (2012 - £38,216) and net liabilities of £323,284 (2013 - £418,556) at the year end. The company relies on the support of its bankers and creditors in order to continue to trade. The directors have prepared the financial statements on a going concern basis as they believe this support will continue for the foreseeable future. The financial statements do not include any adjustments that would result from the withdrawal of the support of its bankers or creditors. On May 2011, the directors' proposal for a voluntary arrangement (CVA) was accepted by the creditors and members of the company. The proposed term of the CVA is 66 months. Liabilities are included in full within the financial statements. Under the terms of the arrangement, secured creditors will be paid in full and unsecured creditors have agreed a proportionate payment. During the period subsequent to the agreement, the company has adhered to the terms of the CVA. Should the CVA not be successful, it could lead to either an administrator or liquidator being appointed. In this case the recoverability of the assets could be affected. It is not possible to determine the extent of any potential write down that may be required in these circumstances.
The company entered into a CVA account on 20 May 2011 and continues to operate within the conditions of this agreement.
The company made a profit for the year of £93,764 (2013 - loss of £3,553), had net current liabilities of £30,541 (2012 - £38,216) and net liabilities of £323,284 (2013 - £418,556) at the year end. The company relies on the support of its bankers and creditors in order to continue to trade. The directors have prepared the financial statements on a going concern basis as they believe this support will continue for the foreseeable future. The financial statements do not include any adjustments that would result from the withdrawal of the support of its bankers or creditors.
On May 2011, the directors' proposal for a voluntary arrangement (CVA) was accepted by the creditors and members of the company. The proposed term of the CVA is 66 months. Liabilities are included in full within the financial statements. Under the terms of the arrangement, secured creditors will be paid in full and unsecured creditors have agreed a proportionate payment. During the period subsequent to the agreement, the company has adhered to the terms of the CVA. Should the CVA not be successful, it could lead to either an administrator or liquidator being appointed. In this case the recoverability of the assets could be affected. It is not possible to determine the extent of any potential write down that may be required in these circumstances.
1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.3
Goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Plant and machinery
33% on cost and 20% on cost
Fixtures, fittings and equipment
20% on cost
Motor vehicles
20% on cost
1.5
Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
TIMES SQUARE LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2014
- 3 -
2
Fixed assets
Intangible assets
Tangible assets
Total
£
£
£
Cost
At 1 April 2013
(50,034)
242,596
192,562
Additions
24,720
24,720
At 31 March 2014
(50,034)
267,316
217,282
Depreciation
At 1 April 2013
(48,617)
225,967
177,350
Charge for the year
(1,000)
18,462
17,462
At 31 March 2014
(49,617)
244,429
194,812
Net book value
At 31 March 2014
(417)
22,887
22,470
At 31 March 2013
(1,417)
16,629
15,212
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £252,905 (2013 - £301,709).
4
Creditors: amounts falling due after more than one year
The aggregate amount of creditors for which security has been given amounted to £3,060 (2013 - £21,420).
5
Share capital
2014
2013
£
£
Allotted, called up and fully paid
20,002 Ordinary shares of £1 each
20,002
20,002