We study the geometry and holonomy of semi-Riemannian, time-like metric cones that are indecomposable, i.e., which do not admit a local decomposition into a semi-Riemannian product. This includes irreducible cones, for which the holonomy can be classified, as well as non irreducible cones. The latter admit a parallel distribution of null $k$-planes, and we study the cases $k=1$ in detail. We give structure theorems about the base manifold and in the case when the base manifold is Lorentzian, we derive a description of the cone holonomy. This result is obtained by a computation of certain cocycles of indecomposable subalgebras in $\mathfrak{so}(1,n-1)$.
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