Company Registration No. 10521380 (England and Wales)
TOUCAN APPLIANCES LTD
Unaudited accounts
for the year ended 31 December 2023
TOUCAN APPLIANCES LTD
Unaudited accounts
Contents
TOUCAN APPLIANCES LTD
Company Information
for the year ended 31 December 2023
Directors
David Mills
Michelle Collier
Company Number
10521380 (England and Wales)
Registered Office
9-11 PLOWRIGHT PLACE
SWAFFHAM
PE37 7LQ
ENGLAND
Accountants
Azoth Solutions Ltd
Jonathan Scott Hall
Thorpe Road
Norwich
Norfolk
NR1 1UH
TOUCAN APPLIANCES LTD
Statement of financial position
as at 31 December 2023
Intangible assets
1,350
2,250
Tangible assets
16,073
18,113
Cash at bank and in hand
1,554
14,609
Creditors: amounts falling due within one year
(22,992)
(30,791)
Net current assets
24,982
13,424
Total assets less current liabilities
42,405
33,787
Creditors: amounts falling due after more than one year
(26,001)
(29,595)
Provisions for liabilities
Deferred tax
(3,054)
(3,441)
Called up share capital
2
2
Profit and loss account
13,348
749
Shareholders' funds
13,350
751
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 8 July 2024 and were signed on its behalf by
Michelle Collier
Director
Company Registration No. 10521380
TOUCAN APPLIANCES LTD
Notes to the Accounts
for the year ended 31 December 2023
TOUCAN APPLIANCES LTD is a private company, limited by shares, registered in England and Wales, registration number 10521380. The registered office is 9-11 PLOWRIGHT PLACE, SWAFFHAM, PE37 7LQ, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Other intangible assets are website design costs. These have been amortised to profit and loss account over its
estimated economic life of five years.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
10% reducing balance
Plant & machinery
15% reducing balance
Motor vehicles
25% reducing balance
Fixtures & fittings
25% reducing balance
Computer equipment
25% reducing balance
Leasing and Hire Purchase Contracts
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
TOUCAN APPLIANCES LTD
Notes to the Accounts
for the year ended 31 December 2023
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for
obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable
overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and
related costs as contract activity progresses.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
4
Intangible fixed assets
Other
5
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Total
Cost or valuation
At cost
At cost
At cost
At 1 January 2023
7,910
1,090
22,070
31,070
At 31 December 2023
9,365
1,090
22,070
32,525
At 1 January 2023
965
784
11,208
12,957
Charge for the year
719
61
2,715
3,495
At 31 December 2023
1,684
845
13,923
16,452
At 31 December 2023
7,681
245
8,147
16,073
At 31 December 2022
6,945
306
10,862
18,113
TOUCAN APPLIANCES LTD
Notes to the Accounts
for the year ended 31 December 2023
Amounts falling due within one year
Accrued income and prepayments
-
2,778
Other debtors
33,703
14,406
Amounts falling due after more than one year
7
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
7,300
7,300
Obligations under finance leases and hire purchase contracts
-
4,968
Taxes and social security
8,123
10,989
8
Creditors: amounts falling due after more than one year
2023
2022
Obligations under finance leases and hire purchase contracts
9,801
9,801
Allotted, called up and fully paid:
2 Ordinary shares of £1 each
2
2
10
Average number of employees
During the year the average number of employees was 2 (2022: 2).