Registered number
12391615
Great Northern TOFS Ltd
Filleted Accounts
31 March 2023
Great Northern TOFS Ltd
Registered number: 12391615
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 61,679 36,365
Current assets
Stocks 10,400 -
Debtors 4 20,893 13,868
Cash at bank and in hand 41,909 98,119
73,202 111,987
Creditors: amounts falling due within one year 5 (72,557) (67,080)
Net current assets 645 44,907
Total assets less current liabilities 62,324 81,272
Provisions for liabilities (15,736) -
Net assets 46,588 81,272
Capital and reserves
Called up share capital 3,030 3,030
Profit and loss account 43,558 78,242
Shareholders' funds 46,588 81,272
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr G G Pemberton
Director
Approved by the board on 4 October 2023
Great Northern TOFS Ltd
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for delivery of the goods. Turnover from rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contact cannot be estimated reliably.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and equipment 15% straight line basis
Fixtures and fittings 10% straight line basis
Computer equipment 33% straight line basis
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 17 12
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022 87,713
Additions 39,480
Disposals (15,000)
At 31 March 2023 112,193
Depreciation
At 1 April 2022 51,348
Charge for the year 8,166
On disposals (9,000)
At 31 March 2023 50,514
Net book value
At 31 March 2023 61,679
At 31 March 2022 36,365
4 Debtors 2023 2022
£ £
Trade debtors 2,742 -
Other debtors 18,151 13,868
20,893 13,868
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 39,229 30,992
Taxation and social security costs 31,782 35,116
Other creditors 1,546 972
72,557 67,080
6 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 7,629 -
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr C Wightman
Interest free loan, repayable on demand - 7,500 - 7,500
- 7,500 - 7,500
8 Other information
Great Northern TOFS Ltd is a private company limited by shares and incorporated in England. Its registered office is:
934 Woodborough Road
Mapperley Plains
Nottingham
NG3 5QS
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