7 false false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 58,200 38,668 96,868 96,868 58,200 xbrli:pure xbrli:shares iso4217:GBP 02544829 2023-04-01 2024-03-31 02544829 2024-03-31 02544829 2023-03-31 02544829 2022-04-01 2023-03-31 02544829 2023-03-31 02544829 2022-03-31 02544829 core:LandBuildings core:ShortLeaseholdAssets 2023-04-01 2024-03-31 02544829 core:PlantMachinery 2023-04-01 2024-03-31 02544829 core:FurnitureFittings 2023-04-01 2024-03-31 02544829 core:MotorVehicles 2023-04-01 2024-03-31 02544829 bus:Director2 2023-04-01 2024-03-31 02544829 core:LandBuildings core:ShortLeaseholdAssets 2023-03-31 02544829 core:PlantMachinery 2023-03-31 02544829 core:FurnitureFittings 2023-03-31 02544829 core:MotorVehicles 2023-03-31 02544829 core:LandBuildings core:ShortLeaseholdAssets 2024-03-31 02544829 core:PlantMachinery 2024-03-31 02544829 core:FurnitureFittings 2024-03-31 02544829 core:MotorVehicles 2024-03-31 02544829 core:WithinOneYear 2024-03-31 02544829 core:WithinOneYear 2023-03-31 02544829 core:ShareCapital 2024-03-31 02544829 core:ShareCapital 2023-03-31 02544829 core:RetainedEarningsAccumulatedLosses 2024-03-31 02544829 core:RetainedEarningsAccumulatedLosses 2023-03-31 02544829 core:CostValuation core:Non-currentFinancialInstruments 2023-03-31 02544829 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2024-03-31 02544829 core:CostValuation core:Non-currentFinancialInstruments 2024-03-31 02544829 core:Non-currentFinancialInstruments 2024-03-31 02544829 core:Non-currentFinancialInstruments 2023-03-31 02544829 core:PlantMachinery 2023-03-31 02544829 core:FurnitureFittings 2023-03-31 02544829 core:MotorVehicles 2023-03-31 02544829 bus:SmallEntities 2023-04-01 2024-03-31 02544829 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 02544829 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 02544829 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 02544829 bus:FullAccounts 2023-04-01 2024-03-31
COMPANY REGISTRATION NUMBER: 02544829
Toledo Knitting Limited
Filleted Unaudited Financial Statements
31 March 2024
Toledo Knitting Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
97,417
111,187
Investments
6
96,868
58,200
---------
---------
194,285
169,387
Current assets
Stocks
321,812
261,890
Debtors
7
278,697
603,668
Cash at bank and in hand
646,000
511,899
------------
------------
1,246,509
1,377,457
Creditors: amounts falling due within one year
8
286,934
378,494
------------
------------
Net current assets
959,575
998,963
------------
------------
Total assets less current liabilities
1,153,860
1,168,350
Provisions
24,354
27,797
------------
------------
Net assets
1,129,506
1,140,553
------------
------------
Capital and reserves
Called up share capital
20,002
20,002
Profit and loss account
1,109,504
1,120,551
------------
------------
Shareholders funds
1,129,506
1,140,553
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Toledo Knitting Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 24 July 2024 , and are signed on behalf of the board by:
Mrs S Hanna
Director
Company registration number: 02544829
Toledo Knitting Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Dunsil Road, Brookhill Industrial Estate, Pinxton, Nottinghamshire, NG16 6NT.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property
-
20% straight line
Plant and machinery
-
10% straight line
Fixtures and fittings
-
10% straight line
Motor vehicles
-
20% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. Cost is calculated using the first in, first out (FIFO) method. Where appropriate, provision is made for damaged, defective,slow moving or obsolete items.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2023: 7 ).
5. Tangible assets
Short leasehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023
53,728
480,853
17,690
85,505
637,776
Additions
1,036
1,036
--------
---------
--------
--------
---------
At 31 March 2024
53,728
480,853
18,726
85,505
638,812
--------
---------
--------
--------
---------
Depreciation
At 1 April 2023
53,728
447,093
12,019
13,749
526,589
Charge for the year
5,246
794
8,766
14,806
--------
---------
--------
--------
---------
At 31 March 2024
53,728
452,339
12,813
22,515
541,395
--------
---------
--------
--------
---------
Carrying amount
At 31 March 2024
28,514
5,913
62,990
97,417
--------
---------
--------
--------
---------
At 31 March 2023
33,760
5,671
71,756
111,187
--------
---------
--------
--------
---------
6. Investments
Other investments other than loans
£
Cost
At 1 April 2023
58,200
Additions
38,668
--------
At 31 March 2024
96,868
--------
Impairment
At 1 April 2023 and 31 March 2024
--------
Carrying amount
At 31 March 2024
96,868
--------
At 31 March 2023
58,200
--------
7. Debtors
2024
2023
£
£
Trade debtors
262,683
594,954
Other debtors
16,014
8,714
---------
---------
278,697
603,668
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
160,007
190,747
Corporation tax
66,932
81,046
Social security and other taxes
27,536
90,824
Other creditors
32,459
15,877
---------
---------
286,934
378,494
---------
---------
9. Directors' advances, credits and guarantees
At the balance sheet date £18,920 (2023: £1,645) was owed to the directors. The loans are interest free and repayable on demand.