Company registration number 13888340 (England and Wales)
TomFools Ltd
Unaudited
financial statements
for the period ended 28 February 2023
PAGES FOR FILING WITH REGISTRAR
TomFools Ltd
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 3
TomFools Ltd
Statement of financial position
as at 28 February 2023
- 1 -
2023
Notes
£
£
Fixed assets
Tangible assets
3
4,004
Current assets
Stocks
3,071
Debtors
4
1
Cash at bank and in hand
25,970
29,042
Creditors: amounts falling due within one year
5
(29,835)
Net current liabilities
(793)
Net assets
3,211
Capital and reserves
Called up share capital
1
Profit and loss reserves
3,210
Total equity
3,211
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial period ended 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her 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 period 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 and signed by the director and authorised for issue on 24 October 2023
L Emadi
Director
Company registration number 13888340 (England and Wales)
TomFools Ltd
Notes to the financial statements
for the period ended 28 February 2023
- 2 -
1
Accounting policies
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.
Turnover
Turnover represents the fair value of the consideration received for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. Turnover is recognised upon the provision of goods and services
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.
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:
Fixtures and fittings
15% reducing balance basis
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.
Stocks
Stocks are stated at the lower of cost and net realisable value.
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2023
Number
Total
20
TomFools Ltd
Notes to the financial statements (continued)
for the period ended 28 February 2023
- 3 -
3
Tangible fixed assets
Fixtures and fittings
£
Cost
At 2 February 2022
Additions
4,271
At 28 February 2023
4,271
Depreciation and impairment
At 2 February 2022
Depreciation charged in the period
267
At 28 February 2023
267
Carrying amount
At 28 February 2023
4,004
4
Debtors
2023
Amounts falling due within one year:
£
Trade debtors
1
5
Creditors: amounts falling due within one year
2023
£
Corporation tax
2,680
Other taxation and social security
25,059
Other creditors
346
Accruals and deferred income
1,750
29,835
6
Company information
TomFools Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 179 High Street, Wetherby, LS23 6AA.