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REGISTERED NUMBER: 07845323 (England and Wales)

















Unaudited Financial Statements

for the Year Ended 30 November 2023

for

Tovey Services Limited

Tovey Services Limited (Registered number: 07845323)






Contents of the Financial Statements
for the Year Ended 30 November 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Tovey Services Limited

Company Information
for the Year Ended 30 November 2023







DIRECTORS: S Tovey
D G Tovey
S D Tovey





SECRETARY: S Tovey





REGISTERED OFFICE: 21 Gold Tops
Newport
South Wales
NP20 4PG





REGISTERED NUMBER: 07845323 (England and Wales)





ACCOUNTANTS: Guilfoyle Sage LLP
21 Gold Tops
Newport
South Wales
NP20 4PG

Tovey Services Limited (Registered number: 07845323)

Balance Sheet
30 November 2023

30.11.23 30.11.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 112,378 139,946

CURRENT ASSETS
Stocks 6 7,320 6,702
Debtors 7 5,330 9,012
Cash at bank and in hand 27,947 30,841
40,597 46,555
CREDITORS
Amounts falling due within one year 8 171,685 159,234
NET CURRENT LIABILITIES (131,088 ) (112,679 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(18,710

)

27,267

CREDITORS
Amounts falling due after more than one
year

9

(23,807

)

(37,176

)

PROVISIONS FOR LIABILITIES (5,827 ) (5,827 )
NET LIABILITIES (48,344 ) (15,736 )

CAPITAL AND RESERVES
Called up share capital 10 120 120
Retained earnings (48,464 ) (15,856 )
SHAREHOLDERS' FUNDS (48,344 ) (15,736 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Tovey Services Limited (Registered number: 07845323)

Balance Sheet - continued
30 November 2023


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 August 2024 and were signed on its behalf by:




S Tovey - Director



D G Tovey - Director


Tovey Services Limited (Registered number: 07845323)

Notes to the Financial Statements
for the Year Ended 30 November 2023

1. STATUTORY INFORMATION

Tovey Services Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on the going concern basis as the directors believe that the company will be able to obtain sufficient funding to secure the continued financing of the company's activities for the foreseeable future.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 15% on cost and 10% on cost

Stocks
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 items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Tovey Services Limited (Registered number: 07845323)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

3. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 December 2022
and 30 November 2023 242,458
DEPRECIATION
At 1 December 2022 102,512
Charge for year 27,568
At 30 November 2023 130,080
NET BOOK VALUE
At 30 November 2023 112,378
At 30 November 2022 139,946

Tovey Services Limited (Registered number: 07845323)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 December 2022 170,105
Transfer to ownership (77,000 )
At 30 November 2023 93,105
DEPRECIATION
At 1 December 2022 55,216
Charge for year 11,216
Transfer to ownership (38,500 )
At 30 November 2023 27,932
NET BOOK VALUE
At 30 November 2023 65,173
At 30 November 2022 114,889

6. STOCKS
30.11.23 30.11.22
£    £   
Stocks 720 1,150
Work-in-progress 6,600 5,552
7,320 6,702

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Trade debtors 5,330 9,012

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Hire purchase contracts 10,574 13,637
Trade creditors 991 1,175
Taxation and social security 7,613 7,279
Other creditors 152,507 137,143
171,685 159,234

Tovey Services Limited (Registered number: 07845323)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
30.11.23 30.11.22
£    £   
Bank loans 9,010 11,907
Hire purchase contracts 14,797 25,269
23,807 37,176

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.11.23 30.11.22
value: £    £   
80 Ordinary 'A' £1 80 80
10 Ordinary 'B' £1 20 20
10 Ordinary 'C' £1 20 20
120 120

11. GOING CONCERN

The directors remain committed to providing finance to the company and therefore believe that it is appropriate to continue to draw up accounts on a going concern basis.