Registered number
10769980
Tool and Consumable Sales Ltd
Filleted Accounts
31 May 2023
Tool and Consumable Sales Ltd
Registered number: 10769980
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 157,955 52,392
Current assets
Stocks 51,190 43,128
Debtors 4 65,756 51,521
Cash at bank and in hand 3,721 28,879
120,667 123,528
Creditors: amounts falling due within one year 5 (101,114) (66,036)
Net current assets 19,553 57,492
Total assets less current liabilities 177,508 109,884
Creditors: amounts falling due after more than one year 6 (169,320) (91,987)
Provisions for liabilities (7,529) (7,529)
Net assets 659 10,368
Capital and reserves
Called up share capital 100 100
Profit and loss account 559 10,268
Shareholders' funds 659 10,368
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr S Cadman
Director
Approved by the board on 10 February 2024
Tool and Consumable Sales Ltd
Notes to the Accounts
for the year ended 31 May 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicles 20% reducing balance method
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 4 3
3 Tangible fixed assets
Equipment, Fixtures & Fittings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 June 2022 2,515 23,856 53,023 79,394
Additions 499 175,588 22,753 198,840
Disposals - (50,630) (9,932) (60,562)
At 31 May 2023 3,014 148,814 65,844 217,672
Depreciation
At 1 June 2022 1,845 4,073 21,084 27,002
Charge for the year 407 29,751 9,509 39,667
On disposals - - (6,952) (6,952)
At 31 May 2023 2,252 33,824 23,641 59,717
Net book value
At 31 May 2023 762 114,990 42,203 157,955
At 31 May 2022 670 19,783 31,939 52,392
4 Debtors 2023 2022
£ £
Trade debtors 15,099 35,590
Other debtors 50,657 15,931
65,756 51,521
5 Creditors: amounts falling due within one year 2023 2022
£ £
Non-equity preference shares 1,242 -
Bank loans and overdrafts 10,000 10,648
Obligations under finance lease and hire purchase contracts 49,367 12,353
Trade creditors 14,490 15,925
Taxation and social security costs 15,158 6,244
Other creditors 10,857 20,866
101,114 66,036
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 51,667 59,501
Obligations under finance lease and hire purchase contracts 117,653 32,486
169,320 91,987
7 Loans from directors
Description and conditions B/fwd Received Repaid C/fwd
£ £ £ £
Mr B Cadman
Loan from director 7,143 - (643) 6,500
Mr S Cadman
Loan from director 12,360 - (8,003) 4,357
19,503 - (8,646) 10,857
8 Controlling party
The company is controlled by the company directors, Mr B Cadman and Mr S Cadman, by virtue of their shareholding.
9 Other information
Tool and Consumable Sales Ltd is a private company limited by shares and incorporated in England. Its registered office is:
12 Granary Wharf Business Park
Wetmore Road
Burton upon Trent
Staffs
DE14 1DU
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