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Company registration number: 00518142
Craftsman Tools Limited
Unaudited filleted financial statements
31 January 2023
Craftsman Tools Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Craftsman Tools Limited
Directors and other information
Directors R Johnson (Resigned 30 April 2023)
T Thorburn
Company number 00518142
Registered office Side Copse
Pool Road
Otley
West Yorkshire
LS21 1JE
Business address Side Copse
Pool Road
Otley
West Yorkshire
LS21 1JE
Accountants Howard Matthews Partnership
Queensgate House
23 North Park Road
Harrogate
North Yorkshire
HG1 5PD
Bankers Lloyds TSB Bank plc
6/7 Park Row
Leeds
West Yorkshire
LS1 1NX
Craftsman Tools Limited
Statement of financial position
31 January 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 428,693 384,530
_________ _________
428,693 384,530
Current assets
Stocks 418,149 262,044
Debtors 7 747,713 921,569
Cash at bank and in hand 21,606 46,458
_________ _________
1,187,468 1,230,071
Creditors: amounts falling due
within one year 8 ( 768,209) ( 573,494)
_________ _________
Net current assets 419,259 656,577
_________ _________
Total assets less current liabilities 847,952 1,041,107
Creditors: amounts falling due
after more than one year 9 ( 481,177) ( 547,046)
Provisions for liabilities - ( 30,356)
_________ _________
Net assets 366,775 463,705
_________ _________
Capital and reserves
Called up share capital 6,750 6,750
Other reserves 302,362 302,362
Profit and loss account 57,663 154,593
_________ _________
Shareholders funds 366,775 463,705
_________ _________
For the year ending 31 January 2023 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 financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 20 September 2023 , and are signed on behalf of the board by:
T Thorburn
Director
Company registration number: 00518142
Craftsman Tools Limited
Notes to the financial statements
Year ended 31 January 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Side Copse, Pool Road, Otley, West Yorkshire, LS21 1JE.
2. Statement of compliance
The company adopted FRS102 as at 1 February 2014 and revalued plant and machinery to fair value. A transfer has been made between profit and loss account and the fair value reserve to reflect the cumulative effect of the adjustments required as at 31 January 2016 and the subsequent movements.
3. Accounting policies
Basis of preparation
The financial statements have been prepared in accordance with the provisions of FRS102 Section 1A small entities. There were no material departures from that standard.The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the 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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to profit or loss.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Research and development
Research expenditure is written off in the year in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - Nil %
Plant and machinery - 10 to 20% straight line
Motor vehicles - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 32 (2022: 37 ).
5. Tangible assets
Plant and machinery Total
£ £
Cost
At 1 February 2022 2,636,113 2,636,113
Additions 186,772 186,772
Disposals ( 54,298) ( 54,298)
_________ _________
At 31 January 2023 2,768,587 2,768,587
_________ _________
Depreciation
At 1 February 2022 2,251,583 2,251,583
Charge for the year 141,050 141,050
Disposals ( 52,739) ( 52,739)
_________ _________
At 31 January 2023 2,339,894 2,339,894
_________ _________
Carrying amount
At 31 January 2023 428,693 428,693
_________ _________
At 31 January 2022 384,530 384,530
_________ _________
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Plant and machinery Total
£ £
At 31 January 2023
Aggregate cost - -
Aggregate depreciation - -
_________ _________
Carrying amount - -
_________ _________
At 31 January 2022
Aggregate cost 3,194,127 3,194,127
Aggregate depreciation (3,186,016) (3,186,016)
_________ _________
Carrying amount 8,111 8,111
_________ _________
Plant and machinery was revalued to fair value at the date of adoption of FRS102 on 1 February 2014.
6. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 February 2022 and 31 January 2023 102 102
_________ _________
Impairment
At 1 February 2022 and 31 January 2023 102 102
_________ _________
Carrying amount
At 31 January 2023 - -
_________ _________
At 31 January 2022 - -
_________ _________
7. Debtors
2023 2022
£ £
Trade debtors 425,823 572,232
Amounts owed by group undertakings and undertakings in which the company has a participating interest 114,050 88,050
Prepayments and accrued income 37,573 122,032
Derivative financial assets - -
Other debtors 170,267 139,255
_________ _________
747,713 921,569
_________ _________
8. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 49,259 61,973
Trade creditors 255,550 167,177
Accruals and deferred income 121,564 103,297
Corporation tax 88 88
Social security and other taxes 38,747 48,172
Obligations under finance leases 169,690 158,431
Other creditors 133,311 34,356
_________ _________
768,209 573,494
_________ _________
9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 111,861 161,117
Obligations under finance leases 369,316 385,929
_________ _________
481,177 547,046
_________ _________
10. Prior period adjustments
The accounts have been restated to reflect the fact that the company submitted an R and D claim on the 2022 corporation tax return, the calculations were finalised subsequent to fianlising the 2022 accounts. The 2022 accounts have been amended to include a debtor for the total claim of £53,254.60 including £9,658.18 RDEC payable which is included in government grant income and £43,596.42 R SME tax credit payable, which has been included in the tax charge.
11. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 3,894 2,059
Later than 1 year and not later than 5 years 9,850 -
_________ _________
13,744 2,059
_________ _________
12. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2023 2022 2023 2022
£ £ £ £
Chevin Tools Inc. 432,518 533,493 181,098 210,478
_________ _________ _________ _________
Chevin Tools Inc. is a USA company, of which R Johnson is a director and shareholder, transactions have been completed under normal market conditions.
13. Controlling party
The company is controlled by Mr T Thorburn by virtue of his majority shareholding.