Like i said weird question but if i were to wait a day in the timetable mode does it loop back and do that services again?
Technically it's possible to do, but in practice the game doesn't actually know that, for example, 00:15 comes after 23:45 and therefore it doesn't loop back to the start of the timetable. However, there's probably a few routes, with Great Western Express being a notable example where trains do run past midnight (for a certain amount of time). I have not tried it myself, but I reckon if you were to try this in-game, eventually the timetable would stop and there will be no more trains running past a certain point, and by then you'll have to spawn into the game past midnight in order to have things return to normal.
We generally design timetables to reset at midnight. So we aim to have trains back to their starting positions by 23:59. It doesn't always work out that way though, and this does generally mean services have to be cut short compared to their real world counterparts. Many railways operate something like 4am to 3am, so those last 3 hours would get cut off in the TSW version. If you were to plot train activity over the 24hour timetable on a graph, you'd see a bell curve I reckon.