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Company Registration No. 12472755 (England and Wales)
JOE TOYNE DRYLINING LTD Unaudited accounts for the year ended 29 February 2024
JOE TOYNE DRYLINING LTD Unaudited accounts Contents
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JOE TOYNE DRYLINING LTD Company Information for the year ended 29 February 2024
Director
Joe Toyne
Company Number
12472755 (England and Wales)
Registered Office
112-113 HIGH STREET LINCOLN LN5 7PY ENGLAND
Accountants
M D Darby FCPA, CPAA, FIAB, ACCA/Cert:IFR, IFRS, IPSAS, IA Templar Accounting & Business Support Services Limited (Incorp: Blake and Co ) 112 - 113 High Street, Lincoln, Lincolnshire LN5 7PY
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JOE TOYNE DRYLINING LTD Statement of financial position as at 29 February 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
5,283 
7,065 
Current assets
Debtors
41,643 
23,862 
Cash at bank and in hand
2,955 
14,012 
44,598 
37,874 
Creditors: amounts falling due within one year
(43,367)
(33,729)
Net current assets
1,231 
4,145 
Total assets less current liabilities
6,514 
11,210 
Creditors: amounts falling due after more than one year
(4,947)
(9,139)
Provisions for liabilities
Deferred tax
(1,336)
(1,797)
Net assets
231 
274 
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
131 
174 
Shareholders' funds
231 
274 
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 25 March 2024 and were signed on its behalf by
Joe Toyne Director Company Registration No. 12472755
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JOE TOYNE DRYLINING LTD Notes to the Accounts for the year ended 29 February 2024
1
Statutory information
JOE TOYNE DRYLINING LTD is a private company, limited by shares, registered in England and Wales, registration number 12472755. The registered office is 112-113 HIGH STREET, LINCOLN, LN5 7PY, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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 and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% Reducing balance
Fixtures & fittings
15% Reducing balance
Computer equipment
33% Reducing balance
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term. Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
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JOE TOYNE DRYLINING LTD Notes to the Accounts for the year ended 29 February 2024
4
Tangible fixed assets
Plant & machinery 
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At 1 March 2023
15,570 
223 
1,195 
16,988 
At 29 February 2024
15,570 
223 
1,195 
16,988 
Depreciation
At 1 March 2023
9,001 
85 
837 
9,923 
Charge for the year
1,642 
21 
119 
1,782 
At 29 February 2024
10,643 
106 
956 
11,705 
Net book value
At 29 February 2024
4,927 
117 
239 
5,283 
At 28 February 2023
6,569 
138 
358 
7,065 
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
VAT
2,377 
2,315 
Other debtors
22,966 
21,547 
25,343 
23,862 
Amounts falling due after more than one year
Other debtors
16,300 
- 
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Bank loans and overdrafts
3,500 
3,500 
Trade creditors
5,119 
11,679 
Taxes and social security
12,982 
7,336 
Loans from directors
(1,850)
(10,983)
Accruals
650 
650 
Deferred income
22,966 
21,547 
43,367 
33,729 
A BBL has become active in the current period repayable over a term of 5 years Yr 1. £3,500
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JOE TOYNE DRYLINING LTD Notes to the Accounts for the year ended 29 February 2024
7
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Bank loans
4,947 
9,139 
A BBL is active in this period with a term of 5yrs Yr 2. £3,500 Yr 3. £3,500 Yr 4. £3,500 Yr 5. £1,541
8
Deferred taxation
2024 
2023 
£ 
£ 
Accelerated capital allowances
1,336 
1,797 
2024 
2023 
£ 
£ 
Provision at start of year
1,797 
1,797 
Credited to other comprehensive income
(461)
- 
Provision at end of year
1,336 
1,797 
Due to accelerated capital allowance a reserve balance of some £1,336 is remaining at the period end date. This reserve will reverse in future periods and create a tax liability at the prevailing rate on the day.
9
Share capital
2024 
2023 
£ 
£ 
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100 
100 
10
Contingent liabilities
A long terms rental agreement came into place for a motor vehicle in the last month of the financial period: 1 x Ford Transit Crew Cab Van. Term liabilities Year 1. £171 Balance Year 2. £4,018 Year 3. £4,018
11
Loans to directors
Brought Forward 
Advance/ credit 
Repaid 
Carried Forward 
£ 
£ 
£ 
£ 
Joe Toyne
Unsecured loan to the director
10,983 
- 
- 
10,983 
10,983 
- 
- 
10,983 
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JOE TOYNE DRYLINING LTD Notes to the Accounts for the year ended 29 February 2024
12
Average number of employees
During the year the average number of employees was 1 (2023: 1).
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