REGISTERED NUMBER: |
3TS TOP TOOL TRADING COMPANY LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
REGISTERED NUMBER: |
3TS TOP TOOL TRADING COMPANY LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
3TS TOP TOOL TRADING COMPANY LIMITED (REGISTERED NUMBER: 03742989) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
Page |
Company Information | 1 |
Chartered Accountants' Report | 2 |
Statement of Financial Position | 3 |
Notes to the Financial Statements | 5 |
3TS TOP TOOL TRADING COMPANY LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
15-17 Church Street |
Stourbridge |
West Midlands |
DY8 1LU |
BANKERS: |
47 High Street |
Bromsgrove |
Worcestershire |
B61 8AW |
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
3TS TOP TOOL TRADING COMPANY LIMITED |
The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of 3Ts Top Tool Trading Company Limited for the year ended 31 March 2023 which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the director of 3Ts Top Tool Trading Company Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of 3Ts Top Tool Trading Company Limited and state those matters that we have agreed to state to the director of 3Ts Top Tool Trading Company Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than 3Ts Top Tool Trading Company Limited and its director for our work or for this report. |
It is your duty to ensure that 3Ts Top Tool Trading Company Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of 3Ts Top Tool Trading Company Limited. You consider that 3Ts Top Tool Trading Company Limited is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of 3Ts Top Tool Trading Company Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
15-17 Church Street |
Stourbridge |
West Midlands |
DY8 1LU |
3TS TOP TOOL TRADING COMPANY LIMITED (REGISTERED NUMBER: 03742989) |
STATEMENT OF FINANCIAL POSITION |
31 MARCH 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 9 |
Fair value reserve | 9 | 24,058 | 137,323 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
3TS TOP TOOL TRADING COMPANY LIMITED (REGISTERED NUMBER: 03742989) |
STATEMENT OF FINANCIAL POSITION - continued |
31 MARCH 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
3TS TOP TOOL TRADING COMPANY LIMITED (REGISTERED NUMBER: 03742989) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
1. | STATUTORY INFORMATION |
3Ts Top Tool Trading Company Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents net sales less credit notes of goods/services, excluding value added tax. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Investments in subsidiaries and associates |
Investments in subsidiary and associate undertakings are recognised at cost. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
3TS TOP TOOL TRADING COMPANY LIMITED (REGISTERED NUMBER: 03742989) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2022 |
and 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
5. | FIXED ASSET INVESTMENTS |
Shares in | Interest |
group | in | Other |
undertakings | associate | investments | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 April 2022 | 55 | 1,633,944 |
Disposals | ( |
) | ( |
) | ( |
) | (172,555 | ) |
Revaluations | ( |
) | (125,997 | ) |
At 31 March 2023 | 1,335,392 |
NET BOOK VALUE |
At 31 March 2023 | 1,335,392 |
At 31 March 2022 | 1,633,944 |
3TS TOP TOOL TRADING COMPANY LIMITED (REGISTERED NUMBER: 03742989) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
5. | FIXED ASSET INVESTMENTS - continued |
Cost or valuation at 31 March 2023 is represented by: |
Shares in | Interest |
group | in | Other |
undertakings | associate | investments | Totals |
£ | £ | £ | £ |
Valuation in 2022 | - | - | 169,168 | 169,168 |
Valuation in 2023 | - | - | (137,091 | ) | (137,091 | ) |
Cost | 700 | 50 | 1,302,565 | 1,303,315 |
700 | 50 | 1,334,642 | 1,335,392 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2022 |
and 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
Included in fair value of investment property is freehold land of £ 1,010,358 (2022 - £ 1,000,000 ) which is not depreciated. |
Fair value at 31 March 2023 is represented by: |
£ |
Valuation in 2009 | 339,949 |
Valuation in 2021 | 1,600,000 |
Cost | 1,070,409 |
3,010,358 |
If investment property had not been revalued they would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 1,070,409 | 1,060,051 |
Investment property was valued on an open market basis basis on 31 March 2021 by the director . |
In the opinion of the director, the value of the investment property has not changed from the date of the last valuation. |
3TS TOP TOOL TRADING COMPANY LIMITED (REGISTERED NUMBER: 03742989) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Amounts owed by group undertakings |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
9. | RESERVES |
Fair |
Revaluation | value |
reserve | reserve | Totals |
£ | £ | £ |
At 1 April 2022 | 137,323 |
Restatement to fair value | - | (113,265 | ) | (113,265 | ) |
At 31 March 2023 | 24,058 |
10. | RELATED PARTY DISCLOSURES |
During the period, the company charged rent on its investment property to Tools of the Trade Limited, its subsidiary company, amounting to £155,000 (2022: £120,000). The company also charged consultancy of £21,920 (2022: £73,759) to Tools of the Trade Limited. |
At the balance sheet date, the company owed the sum of £777,787 (2022: £991,091) to Tools of the Trade Limited. |
The company also owns 50% of the share capital in EMS Evesham Motor Services Limited. At the balance sheet date the company was owed £163,843 (2022: £181,513) by EMS Evesham Motor Services Limited. |
The company also owned 5% of the share capital in 3RPM Limited until 28 February 2023. At the balance sheet date the company was owed £136,747 (2022: £150,740) by 3RPM Limited. |