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Registration number: 01281010

Newbury Tools Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

Newbury Tools Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Newbury Tools Limited

(Registration number: 01281010)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

628,575

602,445

Investments

6

1

1

 

628,576

602,446

Current assets

 

Stocks

7

250,320

218,698

Debtors

8

571,620

522,199

Cash at bank and in hand

 

555,691

515,896

 

1,377,631

1,256,793

Creditors: Amounts falling due within one year

9

(326,234)

(313,048)

Net current assets

 

1,051,397

943,745

Total assets less current liabilities

 

1,679,973

1,546,191

Creditors: Amounts falling due after more than one year

9

(15,258)

-

Provisions for liabilities

(153,044)

(148,652)

Net assets

 

1,511,671

1,397,539

Capital and reserves

 

Called up share capital

2,996

2,996

Retained earnings

1,508,675

1,394,543

Shareholders' funds

 

1,511,671

1,397,539

For the financial year ending 31 October 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.

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.

 

Newbury Tools Limited

(Registration number: 01281010)
Balance Sheet as at 31 October 2023

Approved and authorised by the Board on 27 March 2024 and signed on its behalf by:
 

.........................................
E L Langley
Director

 

Newbury Tools Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 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:
No 1
Hambridge Road
Newbury
Berkshire
RG14 5SS
England

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 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 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 power and hand tools and other accessories and the provision of hire services for power tools and other equipment. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Tax

The tax expense for the period comprises current tax payable and deferred tax.

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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.

 

Newbury Tools Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

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

Motor vehicles

25% reducing balance basis

Computer equipment

33% reducing balance basis

Fixtures and fittings

15% reducing balance basis

Plant and machinery

25% reducing balance basis

Leasehold property improvements

over the remaining lease term

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.

Debtors

Trade debtors are amounts due from customers for tools and equipment sold or hire services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

Newbury Tools Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Other operating income

2023

2022

£

£

Local Authority small business grants

5,000

-

5,000

-

4

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 19 (2022 - 19).

 

Newbury Tools Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

5

Tangible assets

Long leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2022

83,686

27,129

1,376,381

27,771

227,081

1,742,048

Additions

-

-

170,001

-

68,685

238,686

Disposals

-

-

(79,676)

-

(36,126)

(115,802)

At 31 October 2023

83,686

27,129

1,466,706

27,771

259,640

1,864,932

Depreciation

At 1 November 2022

75,850

15,275

853,526

25,860

169,092

1,139,603

Charge for the year

975

1,778

175,101

631

23,332

201,817

Eliminated on disposal

-

-

(72,253)

-

(32,810)

(105,063)

At 31 October 2023

76,825

17,053

956,374

26,491

159,614

1,236,357

Carrying amount

At 31 October 2023

6,861

10,076

510,332

1,280

100,026

628,575

At 31 October 2022

7,836

11,854

522,855

1,911

57,989

602,445

 

Newbury Tools Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

6

Investments

2023
£

2022
£

Investments in subsidiaries

1

1

Subsidiaries

£

Cost or valuation

At 1 November 2022

1

At 31 October 2023

1

Carrying amount

At 31 October 2023

1

At 31 October 2022

1

7

Stocks

2023
£

2022
£

Other inventories

250,320

218,698

8

Debtors

Current

2023
£

2022
£

Trade debtors

171,410

168,739

Prepayments

23,724

27,153

Other debtors

376,486

326,307

 

571,620

522,199

 

Newbury Tools Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

9

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Loans and borrowings

10,770

10,713

Trade creditors

109,144

109,572

Taxation and social security

114,430

92,949

Other creditors

91,890

99,814

326,234

313,048

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

15,258

-

10

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Hire purchase contracts

10,770

10,713

2023
£

2022
£

Non-current loans and borrowings

Hire purchase contracts

15,258

-

Hire purchase liabilities are secured on the assets to which they relate.

 

Newbury Tools Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

11

Related party transactions

Transactions with directors

2023

At 1 November 2022
£

Advances to director
£

Repayments by director
£

At 31 October 2023
£

S Neal

Loan

244,482

3,252

(120,000)

127,734

         
       

 

2022

At 1 November 2021
£

Advances to director
£

At 31 October 2022
£

S Neal

Loan

227,904

16,578

244,482

       
     

 

Transactions with other related parties

T M Neal (shareholder) had a loan account with the company. At the balance sheet date the amount outstanding was £5,000 (2022 - £5,000).

Neal Langley Limited had a loan account with the company. At the balance sheet date the amount outstanding was £162,000 (2022 - £nil)

 

12

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

72,718

72,718

Later than one year and not later than five years

157,556

157,556

230,274

230,274