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COMPANY REGISTRATION NUMBER: 04552011
Tools To Go Limited
Filleted Unaudited Financial Statements
30 November 2022
Tools To Go Limited
Financial Statements
Year Ended 30 November 2022
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Tools To Go Limited
Statement of Financial Position
30 November 2022
2022
2021
Note
£
£
£
Current Assets
Debtors
5
1,029,278
1,033,841
Cash at bank and in hand
56,994
6,633
------------
------------
1,086,272
1,040,474
Creditors: amounts falling due within one year
6
1,043,917
1,018,246
------------
------------
Net Current Assets
42,355
22,228
--------
--------
Total Assets Less Current Liabilities
42,355
22,228
Creditors: amounts falling due after more than one year
7
39,352
40,731
--------
--------
Net Assets/(Liabilities)
3,003
( 18,503)
--------
--------
Capital and Reserves
Called up share capital
8
2
2
Profit and loss account
3,001
( 18,505)
-------
--------
Shareholders Funds/(Deficit)
3,003
( 18,503)
-------
--------
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 income and retained earnings has not been delivered.
For the year ending 30 November 2022 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 .
Tools To Go Limited
Statement of Financial Position (continued)
30 November 2022
These financial statements were approved by the board of directors and authorised for issue on 18 October 2023 , and are signed on behalf of the board by:
Mr M Adams
Director
Company registration number: 04552011
Tools To Go Limited
Notes to the Financial Statements
Year Ended 30 November 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 91-97 Saltergate, Chesterfield, S40 1LA, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2021: 2 ).
5. Debtors
2022
2021
£
£
Other debtors
1,029,278
1,033,841
------------
------------
6. Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
5,556
9,269
Trade creditors
23,051
33,179
Corporation tax
704
Social security and other taxes
4,597
4,428
Amounts owed to related parties
921,703
927,103
Other creditors
88,306
44,267
------------
------------
1,043,917
1,018,246
------------
------------
7. Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans
39,352
40,731
--------
--------
8. Called up share capital
Issued and called up
2022
2021
No.
£
No.
£
Ordinary shares shares of £ 1 each
2
2
2
2
----
----
----
----
Shares issued and partly paid
2022
2021
No.
£
No.
£
Ordinary shares shares - £– paid of £ 1 each
2
2
----
----
----
----
9. Related party transactions
Included within amounts owed by related parties is an amount of £1,029,126 (2021: £1,033,689) owed by UK Home Shopping Limited, a company in which M Irwin and M Adams are also directors. The loan is interest free and repayable on demand. Included within amounts owed by related parties is an amount of £150 (2021: £150) owed by Crikey Mikey Ltd, a company in which M Irwin and M Adams are also directors. The loan is interest free and repayable on demand. Included within amounts owed to related parties is an amount of £35,959 (2021: £41,359) owed to Wolf Licences Limited, a company in which M Irwin and M Adams are also directors. The loan is interest free and repayable on demand. Included within amounts owed to related parties is an amount of £885,745 (2021: £885,745) owed to Chatsworth Industrial Ltd, a company in which M Irwin and M Adams are also directors. The loan is interest free and repayable on demand.