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REGISTERED NUMBER: 07122947 (England and Wales)















Unaudited Financial Statements

for the Year Ended 31 March 2023

for

Tones Specialist Paperhangers Limited

Tones Specialist Paperhangers Limited (Registered number: 07122947)






Contents of the Financial Statements
for the Year Ended 31 MARCH 2023




Page

Balance Sheet 1

Notes to the Financial Statements 2


Tones Specialist Paperhangers Limited (Registered number: 07122947)

Balance Sheet
31 MARCH 2023

31.3.23 31.3.22
Notes £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 399 262
399 262

CURRENT ASSETS
Debtors 6 150,871 94,435
Cash at bank and in hand 206,024 176,143
356,895 270,578
CREDITORS
Amounts falling due within one year 7 (86,435 ) (78,152 )
NET CURRENT ASSETS 270,460 192,426
TOTAL ASSETS LESS CURRENT
LIABILITIES

270,859

192,688

PROVISIONS FOR LIABILITIES (100 ) (50 )
NET ASSETS 270,759 192,638

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 270,757 192,636
SHAREHOLDERS' FUNDS 270,759 192,638

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 November 2023 and were signed on its behalf by:



S G Barnes - Director



S B Lyko - Director


Tones Specialist Paperhangers Limited (Registered number: 07122947)

Notes to the Financial Statements
for the Year Ended 31 MARCH 2023

1. STATUTORY INFORMATION

Tones Specialist Paperhangers Limited is a private company, limited by shares, registered in England and Wales, registration number 07122947. The registered office is Solar House - PF 915 High Road, North Finchley, London, England, N12 8QJ

The presentation currency of the financial statements is pound sterling (£) and the level of rounding is the nearest £1.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Revenue recognition
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
¤ the amount of revenue can be measured reliably;
¤ it is probable that the Company will receive the consideration due under the contract;
¤ the stage of completion of the contract at the end of the reporting period can be measured reliably; and
¤ the costs incurred and the costs to complete the contract can be measured reliably.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2010, is being amortised evenly over its estimated useful life of ten years.

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and accumulated impairment losses.

Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a straight line and reducing balance basis.

Depreciation is provided on the following basis:
Plant and machinery- 25% on cost
Fixtures and fittings -25% on cost
Computer equipment- 33.33% on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Profit and loss account.

Financial instruments
The company has entered into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like other debtors, creditors and loans to related parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is fund, an impairment loss is recognised in the profit and loss.


Tones Specialist Paperhangers Limited (Registered number: 07122947)

Notes to the Financial Statements - continued
for the Year Ended 31 MARCH 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2022 - 10 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2022
and 31 March 2023 210,750
AMORTISATION
At 1 April 2022
and 31 March 2023 210,750
NET BOOK VALUE
At 31 March 2023 -
At 31 March 2022 -

Tones Specialist Paperhangers Limited (Registered number: 07122947)

Notes to the Financial Statements - continued
for the Year Ended 31 MARCH 2023

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 April 2022 16,348 143 2,696 19,187
Additions - - 500 500
At 31 March 2023 16,348 143 3,196 19,687
DEPRECIATION
At 1 April 2022 16,348 143 2,434 18,925
Charge for year - - 363 363
At 31 March 2023 16,348 143 2,797 19,288
NET BOOK VALUE
At 31 March 2023 - - 399 399
At 31 March 2022 - - 262 262

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 45,725 16,897
Other debtors 105,146 77,538
150,871 94,435

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade creditors 1,175 -
Taxation and social security 45,844 22,486
Other creditors 39,416 55,666
86,435 78,152

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2023 and 31 March 2022:

31.3.23 31.3.22
£    £   
S G Barnes
Balance outstanding at start of year 38,275 45,155
Amounts advanced 26,344 39,600
Amounts repaid (39,312 ) (46,480 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 25,307 38,275

S B Lyko
Balance outstanding at start of year 36,642 45,084
Amounts advanced 69,393 47,875
Amounts repaid (39,330 ) (56,317 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 66,705 36,642

The above loan is interest free, repayable on demand and unsecured.

Tones Specialist Paperhangers Limited (Registered number: 07122947)

Notes to the Financial Statements - continued
for the Year Ended 31 MARCH 2023

9. RELATED PARTY DISCLOSURES

During the year total dividends of £78,000 (2022 : £92,000) were paid to the directors.

The overdraft limit of £25,000 is personally guaranteed by the two directors.