Registered number
08881203
Toshel Limited
Unaudited Filleted Accounts
31 August 2023
Toshel Limited
Registered number: 08881203
Balance Sheet
as at 31 August 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 527,194 555,994
Tangible assets 4 49,279 46,181
576,473 602,175
Current assets
Stocks 32,547 14,609
Debtors 5 59,512 183,254
Cash at bank and in hand 69,778 279,148
161,837 477,011
Creditors: amounts falling due within one year 6 (375,041) (345,893)
Net current (liabilities)/assets (213,204) 131,118
Total assets less current liabilities 363,269 733,293
Creditors: amounts falling due after more than one year 7 (27,255) (390,740)
Provisions for liabilities (1,397) (1,397)
Net assets 334,617 341,156
Capital and reserves
Called up share capital 2 2
Profit and loss account 334,615 341,154
Shareholder's funds 334,617 341,156
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 member has 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 O T Akintolu
Director
Approved by the board on 25 March 2024
Toshel Limited
Notes to the Accounts
for the year ended 31 August 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Plant and machinery over 4 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 15 12
3 Intangible fixed assets £
Goodwill:
Cost
At 1 September 2022 719,994
At 31 August 2023 719,994
Amortisation
At 1 September 2022 164,000
Provided during the year 28,800
At 31 August 2023 192,800
Net book value
At 31 August 2023 527,194
At 31 August 2022 555,994
Goodwill is being written off in equal annual instalments over its estimated economic life of 25 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 September 2022 9,198 54,136 63,334
Additions - 55,090 55,090
Disposals - (49,590) (49,590)
At 31 August 2023 9,198 59,636 68,834
Depreciation
At 1 September 2022 5,417 11,736 17,153
Charge for the year 756 11,564 12,320
On disposals - (9,918) (9,918)
At 31 August 2023 6,173 13,382 19,555
Net book value
At 31 August 2023 3,025 46,254 49,279
At 31 August 2022 3,781 42,400 46,181
5 Debtors 2023 2022
£ £
Trade debtors - 126,062
Other debtors 59,512 57,192
59,512 183,254
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 134,265 59,965
Obligations under finance lease and hire purchase contracts - 5,682
Trade creditors 193,601 202,415
Corporation tax 11,157 45,198
Other taxes and social security costs 1,791 901
Other creditors 25,992 31,732
Deferred income 8,235 -
375,041 345,893
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 27,255 355,620
Obligations under finance lease and hire purchase contracts - 35,120
27,255 390,740
8 Other information
Toshel Limited is a private company limited by shares and incorporated in England. Its registered office is:
12 Frazier Avenue
Wakefield
WF2 9BJ
Toshel Limited 08881203 false 2022-09-01 2023-08-31 2023-08-31 VT Final Accounts April 2024 Mr O T Akintolu No description of principal activity 08881203 2021-09-01 2022-08-31 08881203 core:WithinOneYear 2022-08-31 08881203 core:AfterOneYear 2022-08-31 08881203 core:ShareCapital 2022-08-31 08881203 core:RetainedEarningsAccumulatedLosses 2022-08-31 08881203 2022-09-01 2023-08-31 08881203 bus:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 08881203 bus:AuditExemptWithAccountantsReport 2022-09-01 2023-08-31 08881203 bus:Director40 2022-09-01 2023-08-31 08881203 1 2022-09-01 2023-08-31 08881203 2 2022-09-01 2023-08-31 08881203 core:Goodwill 2022-09-01 2023-08-31 08881203 core:PlantMachinery 2022-09-01 2023-08-31 08881203 core:Vehicles 2022-09-01 2023-08-31 08881203 countries:England 2022-09-01 2023-08-31 08881203 bus:FRS102 2022-09-01 2023-08-31 08881203 bus:FilletedAccounts 2022-09-01 2023-08-31 08881203 2023-08-31 08881203 core:WithinOneYear 2023-08-31 08881203 core:AfterOneYear 2023-08-31 08881203 core:ShareCapital 2023-08-31 08881203 core:RetainedEarningsAccumulatedLosses 2023-08-31 08881203 core:Goodwill 2023-08-31 08881203 core:PlantMachinery 2023-08-31 08881203 core:Vehicles 2023-08-31 08881203 2022-08-31 08881203 core:Goodwill 2022-08-31 08881203 core:PlantMachinery 2022-08-31 08881203 core:Vehicles 2022-08-31 iso4217:GBP xbrli:pure