Caseware UK (AP4) 2022.0.179 2022.0.179 2023-07-312023-07-31false2023-04-01tool sales.11truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 08720979 2023-04-01 2023-07-31 08720979 2022-04-01 2023-03-31 08720979 2023-07-31 08720979 2023-03-31 08720979 c:Director1 2023-04-01 2023-07-31 08720979 d:OtherPropertyPlantEquipment 2023-04-01 2023-07-31 08720979 d:OtherPropertyPlantEquipment 2023-07-31 08720979 d:OtherPropertyPlantEquipment 2023-03-31 08720979 d:CurrentFinancialInstruments 2023-07-31 08720979 d:CurrentFinancialInstruments 2023-03-31 08720979 d:Non-currentFinancialInstruments 2023-07-31 08720979 d:Non-currentFinancialInstruments 2023-03-31 08720979 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 08720979 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 08720979 d:Non-currentFinancialInstruments d:AfterOneYear 2023-07-31 08720979 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 08720979 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-07-31 08720979 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-03-31 08720979 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-07-31 08720979 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-03-31 08720979 d:ShareCapital 2023-07-31 08720979 d:ShareCapital 2023-03-31 08720979 d:RetainedEarningsAccumulatedLosses 2023-07-31 08720979 d:RetainedEarningsAccumulatedLosses 2023-03-31 08720979 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-07-31 08720979 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-03-31 08720979 c:EntityNoLongerTradingButTradedInPast 2023-04-01 2023-07-31 08720979 c:FRS102 2023-04-01 2023-07-31 08720979 c:AuditExempt-NoAccountantsReport 2023-04-01 2023-07-31 08720979 c:AbridgedAccounts 2023-04-01 2023-07-31 08720979 c:PrivateLimitedCompanyLtd 2023-04-01 2023-07-31 iso4217:GBP xbrli:pure

Registered number: 08720979









COMPLETE TOOL LIMITED








FINANCIAL STATEMENTS

FOR THE CESSATION PERIOD ENDED 31 JULY 2023


 
COMPLETE TOOL LIMITED
REGISTERED NUMBER:08720979

BALANCE SHEET
AS AT 31 JULY 2023

31 July
31 March
2023
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
-
4,874

  
-
4,874

Current assets
  

Stocks
 5 
-
2,478

Cash at bank and in hand
 6 
-
434

  
-
2,912

Creditors: amounts falling due within one year
 7 
(14,531)
(11,012)

Net current liabilities
  
 
 
(14,531)
 
 
(8,100)

Total assets less current liabilities
  
(14,531)
(3,226)

Creditors: amounts falling due after more than one year
  
-
(4,648)

Net liabilities
  
(14,531)
(7,874)


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
(15,531)
(8,874)

Shareholders' funds
  
(14,531)
(7,874)


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the cessation period in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 February 2024.

Mr J Setford-Smith
Director

Page 1


 
COMPLETE TOOL LIMITED
REGISTERED NUMBER:08720979
    
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2023

The notes on pages 3 to 9 form part of these financial statements.

Page 2


 
COMPLETE TOOL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE CESSATION PERIOD ENDED 31 JULY 2023

1.


General information

The Company is incorporated in England and Wales and is limited by shares.  The registered office is located at 1 Greenfield Drive, Ridgewood, Uckfield, East Sussex, TN22 5SF.
The Company's principal activity continues to be that of tool sales.
The Company has now ceased trading and the director will be applying for the company to be struck off in due course.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A) of the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

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

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the cessation period in which they are incurred.

Page 3


 
COMPLETE TOOL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE CESSATION PERIOD ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.5

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, using the straight-line method.

Depreciation is provided on the following basis:

Other fixed assets
-
33%

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 profit or loss.

 
2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

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.

 
2.9

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements,
Page 4


 
COMPLETE TOOL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE CESSATION PERIOD ENDED 31 JULY 2023

2.Accounting policies (continued)


2.9
Financial instruments (continued)

when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 5


 
COMPLETE TOOL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE CESSATION PERIOD ENDED 31 JULY 2023

3.


Employees

The average monthly number of employees, including directors, during the cessation period was 1 (2023 -1).


4.


Tangible fixed assets







Other fixed assets

£





At 1 April 2023
7,311


Disposals
(7,311)



At 31 July 2023

-





At 1 April 2023
2,437


Disposals
(2,437)



At 31 July 2023

-



Net book value



At 31 July 2023
-



At 31 March 2023
4,874


5.


Stocks

31 July
31 March
2023
2023
£
£

Raw materials and consumables
-
2,478

-
2,478


Page 6


 
COMPLETE TOOL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE CESSATION PERIOD ENDED 31 JULY 2023

6.


Cash and cash equivalents

31 July
31 March
2023
2023
£
£

Cash at bank and in hand
-
434

-
434



7.


Creditors: Amounts falling due within one year

31 July
31 March
2023
2023
£
£

Bank loans
-
3,591

Trade creditors
-
760

Other taxation and social security
-
190

Other creditors
14,531
5,062

Accruals and deferred income
-
1,409

14,531
11,012



8.


Creditors: Amounts falling due after more than one year

31 July
31 March
2023
2023
£
£

Bank loans
-
4,648

-
4,648


Page 7


 
COMPLETE TOOL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE CESSATION PERIOD ENDED 31 JULY 2023

9.


Loans


Analysis of the maturity of loans is given below:


31 July
31 March
2023
2023
£
£

Amounts falling due within one year

Bank loans
-
3,591


-
3,591

Amounts falling due 1-2 years

Bank loans
-
2,038


-
2,038

Amounts falling due 2-5 years

Bank loans
-
2,610


-
2,610


-
8,239



10.


Financial instruments

31 July
31 March
2023
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
-
434




Financial assets measured at fair value through profit or loss comprise of cash at bank and in hand.


11.


Transactions with directors

Included in other creditors due within one year is a loan from the director Mr J Setford-Smith amounting to £(14,531) [(2023 - £(1,035)]. 

Page 8


 
COMPLETE TOOL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE CESSATION PERIOD ENDED 31 JULY 2023

12.


Related party transactions

The director Mr J Setford-Smith is also a director and shareholder in Swift Argent Limited a company incorporated in England and Wales.
At the end of the year there was an outstanding amount of £NIL [2023 - £(4,026)] due to Swift Argent Limited. This amount is included in other creditors.


13.


Controlling party

The Company was controlled throughout the current and previous period by its director, Mr J Setford-Smith, by virtue of the fact that he owns all of the Company's ordinary issued share capital.

 
Page 9