About Time Design Ltd - Accounts to registrar

REGISTERED NUMBER: 05319147 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2016

FOR

ABOUT TIME DESIGN LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J W Barnham

M C Stoddart

Mrs K S Saunders

J L Seccombe

D Stacey

REGISTERED OFFICE:

26 Church Street

Bishop's Stortford

Hertfordshire

CM23 2LY

REGISTERED NUMBER:

05319147 (England and Wales)

ACCOUNTANTS:

Morris Wheeler & Co Limited

Chartered Accountants

26 Church Street

Bishop's Stortford

Hertfordshire

CM23 2LY

FIXED ASSETS

Intangible assets

3

90,290

91,261

Tangible assets

4

31

44

Investments

5

24,001

114,322

115,306

CURRENT ASSETS

Stocks

33,832

31,356

Debtors

6

13,260

11,200

Prepayments and accrued income

877

849

Cash at bank

20,045

24,985

68,014

68,390

CREDITORS

Amounts falling due within one year

7

1,487

476

NET CURRENT ASSETS

66,527

67,914

TOTAL ASSETS LESS CURRENT
LIABILITIES

180,849

183,220

ACCRUALS AND DEFERRED INCOME

1,000

NET ASSETS

179,849

182,220

CAPITAL AND RESERVES

Called up share capital

2,758

Share premium

766,936

Revaluation reserve

8

51,250

Retained earnings

(641,095

)

(638,724

)

SHAREHOLDERS' FUNDS

179,849

182,220

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at
the end of each financial year and of its profit or loss for each financial year in accordance with the
requirements of Sections 394 and 395 and which otherwise comply with the requirements of the
Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 19 June 2017 and were signed on its
behalf by:

M C Stoddart - Director

Mrs K S Saunders - Director

J L Seccombe - Director

D Stacey - Director

1.	STATUTORY INFORMATION

About Time Design Ltd is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information

page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Preparation of consolidated financial statements

The financial statements contain information about About Time Design Ltd as an individual company

and do not contain consolidated financial information as the parent of a group. The company has taken

the option under Section 398 of the Companies Act 2006 not to prepare consolidated financial

statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,

rebates, value added tax and other sales taxes.

Patents and licenses

Intangible assets are initially measured at cost. After initial recognition, intangible assets are

measured at cost or a revalued amount less any accumulated amortisation and any accumulated

impairment losses.

Patents are being written off over their estimated economic life, which is 20 years and trademarks over

10 years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

20% on cost

Equipment

-

33% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement,

except to the extent that it relates to items recognised in other comprehensive income or directly in

equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that that have been

enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the year end and 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at

the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of

exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at

the operating result.

3.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST OR VALUATION

At 1 January 2016

146,176

Additions

7,359

At 31 December 2016

153,535

AMORTISATION

At 1 January 2016

54,915

Charge for year

8,330

At 31 December 2016

63,245

NET BOOK VALUE

At 31 December 2016

90,290

At 31 December 2015

91,261

Cost or valuation at 31 December 2016 is represented by:

Other

intangible

assets

£

Valuation in 2010

51,250

Cost

102,285

153,535

If patents and licences had not been revalued, they would have been stated at historical cost of

£102,285 and aggregate amortisation of £37,622.

Patents and licences were valued on an open market basis on 31 December 2010 by the directors to

£100,000. There have been additions of £53,535, since this date.

Patents and licences have been revalued in the accounts without recognising tax on the revaluation

gain. If the patents and licences were sold at the values shown, the estimated tax payable for the year

would be £10,250.

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2016

and 31 December 2016

146,466

DEPRECIATION

At 1 January 2016

146,422

Charge for year

13

At 31 December 2016

146,435

NET BOOK VALUE

At 31 December 2016

31

At 31 December 2015

44

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2016

and 31 December 2016

24,001

NET BOOK VALUE

At 31 December 2016

24,001

At 31 December 2015

24,001

6.

DEBTORS

31.12.16

31.12.15

£

Amounts falling due within one year:

Trade debtors

8,828

4,200

Other debtors

31

-

8,859

4,200

31.12.16

31.12.15

£

Amounts falling due after more than one year:

Amounts owed by group undertakings

4,401

7,000

Aggregate amounts

13,260

11,200

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

£

Trade creditors

1,486

378

Taxation and social security

-

97

Other creditors

1

1,487

476

8.

RESERVES

Revaluation

reserve

£

At 1 January 2016

and 31 December 2016

51,250

9.

WARRANTS

The Company has issued Warrants over 8,826 A Ordinary shares. These were exercisable from 1

January 2010 at £0.01.