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Registration number: 09538163

Tog Knives Ltd

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 March 2023

 

Tog Knives Ltd

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 8

 

Tog Knives Ltd

Company Information

Directors

Mr Ernest Capbert

Mr Robert Beagley-Brown

Registered office

Glenside Farm
Oxleaze Lane
Dundry
Bristol
BS41 8LA

Accountants

Invest Accountancy Ltd
29 Station Road
Nailsea
Avon
BS48 4PD

 

Tog Knives Ltd

(Registration number: 09538163)
Abridged Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

79,574

84,428

Current assets

 

Stocks

5

220,004

147,140

Debtors

6

15,383

25,418

Cash at bank and in hand

 

237,098

44,458

 

472,485

217,016

Prepayments and accrued income

 

7,895

1,895

Creditors: Amounts falling due within one year

(38,336)

(54,701)

Net current assets

 

442,044

164,210

Total assets less current liabilities

 

521,618

248,638

Accruals and deferred income

 

(1,350)

(1,620)

Net assets

 

520,268

247,018

Capital and reserves

 

Called up share capital

7

176,117

159,344

Share premium reserve

488,005

148,732

Retained earnings

(143,854)

(61,058)

Shareholders' funds

 

520,268

247,018

For the financial year ending 31 March 2023 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 20 November 2023 and signed on its behalf by:
 

 

Tog Knives Ltd

(Registration number: 09538163)
Abridged Balance Sheet as at 31 March 2023

.........................................
Mr Robert Beagley-Brown
Director

 

Tog Knives Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Glenside Farm
Oxleaze Lane
Dundry
Bristol
BS41 8LA

These financial statements were authorised for issue by the Board on 20 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Tog Knives Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% Reducing Balance

Fixtures and fittings

15% Reducing Balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Tog Knives Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 7).

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2022

115,392

26,499

141,891

Additions

-

10,000

10,000

At 31 March 2023

115,392

36,499

151,891

Depreciation

At 1 April 2022

44,527

12,936

57,463

Charge for the year

10,630

4,224

14,854

At 31 March 2023

55,157

17,160

72,317

Carrying amount

At 31 March 2023

60,235

19,339

79,574

At 31 March 2022

70,865

13,563

84,428

5

Stocks

2023
£

2022
£

Other inventories

220,004

147,140

6

Debtors

Debtors includes £Nil (2022 - £Nil) due after more than one year.

7

Share capital

Allotted, called up and fully paid shares

 

Tog Knives Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

 

2023

2022

 

No.

£

No.

£

A Ordinary of £0.10 each

1,623,668

162,367

1,455,944

145,594

B Investment of £0.10 each

137,497

13,750

137,497

13,750

 

1,761,165

176,117

1,593,441

159,344

8

Related party transactions

 

Tog Knives Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

93,417

117,500