Company registration number 10114052 (England and Wales)
TOBYS RECLAMATION LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
TOBYS RECLAMATION LIMITED
COMPANY INFORMATION
Director
Mr O S Heriz - Smith
Company number
10114052
Registered office
Station Road
Exminster
Devon
England
EX6 8DZ
Accountants
Bush & Co Limited
2 Barnfield Crescent
Exeter
EX1 1QT
TOBYS RECLAMATION LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
TOBYS RECLAMATION LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2023
31 August 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
18,000
24,000
Tangible assets
4
51,106
49,615
69,106
73,615
Current assets
Stocks
168,794
169,752
Debtors
5
4,338
10,303
Cash at bank and in hand
97,723
126,900
270,855
306,955
Creditors: amounts falling due within one year
6
(232,496)
(248,510)
Net current assets
38,359
58,445
Total assets less current liabilities
107,465
132,060
Creditors: amounts falling due after more than one year
7
(42,121)
(37,401)
Provisions for liabilities
(15,903)
(8,847)
Net assets
49,441
85,812
Capital and reserves
Called up share capital
100
100
Retained earnings
49,341
85,712
Total equity
49,441
85,812
TOBYS RECLAMATION LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2023
31 August 2023
- 2 -
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 5 October 2023 and are signed on its behalf by:
Mr O S Heriz - Smith
Director
Company Registration No. 10114052
TOBYS RECLAMATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
- 3 -
1
Accounting policies
Company information
Tobys Reclamation Limited is a private company limited by shares incorporated in England and Wales. The registered office is Station Road, Exminster, Devon, England, EX6 8DZ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is ten years.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
TOBYS RECLAMATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 4 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
Over the period of the lease
Plant and equipment
15% on reducing balance
Fixtures and fittings
15% on reducing balance
Computers
Straight line over 3 years
Motor vehicles
25% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial instruments are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts/payments discounted at a market rate of interest. Financial instruments classified as receivable or payable within one year are not amortised.
TOBYS RECLAMATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 5 -
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
TOBYS RECLAMATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
6
6
3
Intangible fixed assets
Goodwill
£
Cost
At 1 September 2022 and 31 August 2023
60,000
Amortisation and impairment
At 1 September 2022
36,000
Amortisation charged for the year
6,000
At 31 August 2023
42,000
Carrying amount
At 31 August 2023
18,000
At 31 August 2022
24,000
TOBYS RECLAMATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 7 -
4
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 September 2022
1,578
28,443
2,264
4,579
63,254
100,118
Additions
544
564
2,468
19,989
23,565
Disposals
(7,500)
(7,500)
At 31 August 2023
1,578
21,487
2,828
7,047
83,243
116,183
Depreciation and impairment
At 1 September 2022
948
12,092
1,103
3,987
32,373
50,503
Depreciation charged in the year
158
1,650
259
1,396
12,718
16,181
Eliminated in respect of disposals
(1,607)
(1,607)
At 31 August 2023
1,106
12,135
1,362
5,383
45,091
65,077
Carrying amount
At 31 August 2023
472
9,352
1,466
1,664
38,152
51,106
At 31 August 2022
630
16,351
1,161
592
30,881
49,615
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
4,338
10,303
TOBYS RECLAMATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 8 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
5,648
5,648
Trade creditors
690
648
Taxation and social security
36,699
40,569
Other creditors
189,459
201,645
232,496
248,510
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
31,834
37,401
Other creditors
10,287
42,121
37,401