Registered number
05007166
Absolute Toninks Limited
Filleted Accounts
31 December 2023
Absolute Toninks Limited
Registered number: 05007166
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 88,354 16,292
Current assets
Stocks 11,197 7,106
Debtors 4 159,659 154,894
Cash at bank and in hand 36,426 61,474
207,282 223,474
Creditors: amounts falling due within one year 5 (160,061) (143,650)
Net current assets 47,221 79,824
Total assets less current liabilities 135,575 96,116
Creditors: amounts falling due after more than one year 6 (67,473) (9,667)
Provisions for liabilities (2,203) (3,095)
Net assets 65,899 83,354
Capital and reserves
Called up share capital 100 100
Profit and loss account 65,799 83,254
Shareholder's funds 65,899 83,354
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
M J J Lawson
Director
Approved by the board on 23 August 2024
Absolute Toninks Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Land and buildings 10% straight line
Fixtures, fittings and equipment 15% straight line
Motor vehicles 25% per annum on reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 5 5
3 Tangible fixed assets
Land and buildings Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 January 2023 21,500 59,483 14,315 95,298
Additions - 3,639 97,000 100,639
At 31 December 2023 21,500 63,122 111,315 195,937
Depreciation
At 1 January 2023 21,499 46,589 10,918 79,006
Charge for the year - 3,478 25,099 28,577
At 31 December 2023 21,499 50,067 36,017 107,583
Net book value
At 31 December 2023 1 13,055 75,298 88,354
At 31 December 2022 1 12,894 3,397 16,292
4 Debtors 2023 2022
£ £
Trade debtors 159,248 154,483
Prepayments 411 411
159,659 154,894
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 4,000 4,000
Obligations under finance lease and hire purchase contracts 19,702 -
Trade creditors 59,506 83,631
Taxation and social security costs 67,726 50,339
Director's current account 343 239
Other creditors 5,125 2,124
Accruals 3,659 3,317
160,061 143,650
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 5,667 9,667
Obligations under finance lease and hire purchase contracts 61,806 -
67,473 9,667
7 Related party transactions
At the balance sheet date, as included under creditors, the company owed monies to Mr M J J Lawson amounting to £343 (2022 - £239) on an unsecured interest free basis.
8 Controlling party
The ultimate controlling party is Mr M J J Lawson by virtue of him owning 100% of the company's issued share capital.
9 Other information
Absolute Toninks Limited is a private company limited by shares and incorporated in England. Its registered office is:
25 Hawley Road
Rustington
Littlehampton
West Sussex
BN16 2QD
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