Company registration number 04568015 (England and Wales)
Tolson Limited
Unaudited
financial statements
for the year ended 31 December 2023
PAGES FOR FILING WITH REGISTRAR
Tolson Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
Tolson Limited
Balance sheet
as at 31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
212,074
189,631
Current assets
Stocks
51,527
53,630
Debtors
155,605
145,801
Cash at bank and in hand
80,104
68,295
287,236
267,726
Creditors: amounts falling due within one year
(222,048)
(239,568)
Net current assets
65,188
28,158
Total assets less current liabilities
277,262
217,789
Creditors: amounts falling due after more than one year
(62,826)
(50,591)
Provisions for liabilities
4
(40,294)
(36,030)
Net assets
174,142
131,168
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
174,042
131,068
Total equity
174,142
131,168
Tolson Limited
Balance sheet (continued)
as at 31 December 2023
- 2 -

In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 20 February 2024 and are signed on its behalf by:
D F Watson
Director
Company Registration No. 04568015
Tolson Limited
Notes to the financial statements
for the year ended 31 December 2023
- 3 -
1
Accounting policies
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Turnover

Turnover represents the fair value of the consideration received for goods provided in the normal course of business, and is shown net of VAT. Turnover is recognised upon the provision of goods.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost less depreciation.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment
15% Reducing balance basis and 33% straight line
Motor vehicles
25% Reducing balance basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Stocks

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax is recognised on all timing differences between the carrying amount of of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is then settled or the asset realised, based on the tax rates that have been enacted or substantively enacted by the end of the reporting period.

Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Tolson Limited
Notes to the financial statements (continued)
for the year ended 31 December 2023
1
Accounting policies
(continued)
- 4 -
Leases

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
30
30
3
Tangible fixed assets
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
Cost
At 1 January 2023
376,509
139,980
516,489
Additions
20,724
104,025
124,749
Disposals
-
0
(107,596)
(107,596)
At 31 December 2023
397,233
136,409
533,642
Depreciation and impairment
At 1 January 2023
270,268
56,590
326,858
Depreciation charged in the year
16,734
27,364
44,098
Eliminated in respect of disposals
-
0
(49,388)
(49,388)
At 31 December 2023
287,002
34,566
321,568
Carrying amount
At 31 December 2023
110,231
101,843
212,074
At 31 December 2022
106,241
83,390
189,631
Tolson Limited
Notes to the financial statements (continued)
for the year ended 31 December 2023
- 5 -
4
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
40,294
36,030
5
Parent company

The parent company is Tolson Holdings Limited, a company registered in England & Wales and whose registered office is Watson's Bakery, Bradford Road, Liversedge, WF15 6EW.

6
Company information

Tolson Limited is a private company limited by shares incorporated in England and Wales. The registered office is Watson's Bakery, Bradford Road, Liversedge, WF15 6EW.

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