2022-04-292023-04-302023-04-30false11303649TOVLI 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TOVLI LTD

Registered Number
11303649
(England and Wales)

Unaudited Financial Statements for the Period ended
30 April 2023

TOVLI LTD
Company Information
for the period from 29 April 2022 to 30 April 2023

Director

MULLEY, Kevin

Registered Address

2-3 Grammar School Street
Bradford
BD1 4QD

Registered Number

11303649 (England and Wales)
TOVLI LTD
Statement of Financial Position
30 April 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets4513586
513586
Current assets
Stocks8,00019,481
Debtors11,612-
Cash at bank and on hand2,064-
21,67619,481
Creditors amounts falling due within one year(19,235)(31,193)
Net current assets (liabilities)2,441(11,712)
Total assets less current liabilities2,954(11,126)
Creditors amounts falling due after one year(10,500)(8,574)
Net assets(7,546)(19,700)
Capital and reserves
Called up share capital11
Profit and loss account(7,547)(19,701)
Shareholders' funds(7,546)(19,700)
The financial statements were approved and authorised for issue by the Director on 15 February 2024, and are signed on its behalf by:
MULLEY, Kevin
Director
Registered Company No. 11303649
TOVLI LTD
Notes to the Financial Statements
for the period ended 30 April 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
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 from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows: Computer equipment - 10% on cost
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
2.Average number of employees

20232022
Average number of employees during the year22
3.Deferred tax
Increases in the UK Corporation tax rate from 19% to 25% (19% effective from 1 April 2017, and 25% effective from 1 April 2023) have been substantively enacted. This will impact the company's future tax charge accordingly. The value of the deferred tax assets at the balance sheet date has been calculated using the applicable rate when the asset is expected to be realised.
4.Tangible fixed assets

Total

£
Cost or valuation
At 29 April 22733
At 30 April 23733
Depreciation and impairment
At 29 April 22147
Charge for year73
At 30 April 23220
Net book value
At 30 April 23513
At 28 April 22586
5.Directors advances, credits and guarantees
During the year the company made the following related party transactions: Mr K Mulley (Director) At the balance sheet date the amount due to Mr K Mulley was £11,887 (2022 - £4,535).
6.Controlling party
The ultimate controlling party is K Mulley.