Company registration number 02721027 (England and Wales)
Lawton Tools (Rail Products) Ltd
Unaudited financial statements
For the year ended 31 October 2023
Lawton Tools (Rail Products) Ltd
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 5
Lawton Tools (Rail Products) Ltd
Balance sheet
As at 31 October 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
842
3,080
Tangible assets
4
7,859
10,786
8,701
13,866
Current assets
Stocks
205,263
231,044
Debtors
5
380,816
346,818
Cash at bank and in hand
259,400
196,540
845,479
774,402
Creditors: amounts falling due within one year
6
(157,342)
(169,391)
Net current assets
688,137
605,011
Net assets
696,838
618,877
Capital and reserves
Called up share capital
7
10
10
Profit and loss reserves
696,828
618,867
Total equity
696,838
618,877

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 October 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 30 July 2024 and are signed on its behalf by:
Mr E M Horsley
Director
Company registration number 02721027 (England and Wales)
LAWTON TOOLS (RAIL PRODUCTS) LTD
Lawton Tools (Rail Products) Ltd
Notes to the financial statements
FOR THE YEAR ENDED 31 OCTOBER 2023
- 2 -
1
Accounting policies
Company information

Lawton Tools (Rail Products) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 72 Newcastle Road, Cheshire, CW11 1LT, Sandbach.

1.1
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.

1.2
Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.3
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

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

Computer software
25% straight line
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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

Leasehold improvements
5% straight line
Fixtures, fittings & equipment
25% straight line
Motor vehicles
25% straight line

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.

1.5
Stocks

Stock is valued at the lower of cost and net realisable value.

1.6
Taxation

The tax expense represents the tax currently payable.

LAWTON TOOLS (RAIL PRODUCTS) LTD
Lawton Tools (Rail Products) Ltd
Notes to the financial statements (continued)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 3 -
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.

1.7
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.8
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

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

2023
2022
Number
Number
Total
6
6
3
Intangible fixed assets
Other
£
Cost
At 1 November 2022 and 31 October 2023
8,954
Amortisation and impairment
At 1 November 2022
5,874
Amortisation charged for the year
2,238
At 31 October 2023
8,112
Carrying amount
At 31 October 2023
842
At 31 October 2022
3,080
LAWTON TOOLS (RAIL PRODUCTS) LTD
Lawton Tools (Rail Products) Ltd
Notes to the financial statements (continued)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 4 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 November 2022 and 31 October 2023
38,098
126,850
164,948
Depreciation and impairment
At 1 November 2022
28,887
125,275
154,162
Depreciation charged in the year
1,840
1,087
2,927
At 31 October 2023
30,727
126,362
157,089
Carrying amount
At 31 October 2023
7,371
488
7,859
At 31 October 2022
9,211
1,575
10,786
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
97,589
108,437
Other debtors
258,743
215,730
Prepayments and accrued income
24,484
22,651
380,816
346,818
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
39,394
79,394
Corporation tax
19,078
24,754
Other taxation and social security
21,149
11,778
Other creditors
60,000
40,000
Accruals and deferred income
17,721
13,465
157,342
169,391
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
10
10
10
10
LAWTON TOOLS (RAIL PRODUCTS) LTD
Lawton Tools (Rail Products) Ltd
Notes to the financial statements (continued)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 5 -
8
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Mr E M Horsley and Mrs J A Horsley (directors) are materially interested as shareholders in Lawton Tools Limited.

 

The year end balances with Lawton Tools Limited were as follows:

 

Transactions in the year were as follows:

 

Mr E M Horsley and Mrs J A Horsley (directors) were also materially interested as shareholders in Lawton Tool Vending Limited a company which ceased to trade on 31 October 2022.

 

The year end balances with Lawton Tool Vending Limited were as follows:

 

Transactions in the year were as follows:

 

 

The company operates from premises owned by the directors and rent of £8,400 (2022 £8,400) was paid to them for the year.

 

At the end of the year there was an amount due from James Horsley (son of the shareholders) of £1,520 (2022 £2,065) and no interest was charged.

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