3 false false false false false false false false false true false false false false false false No description of principal activity 2022-09-29 Sage Accounts Production Advanced 2021 - FRS102_2021 15,395 15,395 15,395 xbrli:pure xbrli:shares iso4217:GBP 05332678 2022-09-29 2023-09-28 05332678 2023-09-28 05332678 2022-09-28 05332678 2021-10-01 2022-09-28 05332678 2022-09-28 05332678 core:FurnitureFittings 2022-09-29 2023-09-28 05332678 core:MotorVehicles 2022-09-29 2023-09-28 05332678 bus:Director1 2022-09-29 2023-09-28 05332678 core:FurnitureFittings 2022-09-28 05332678 core:MotorVehicles 2022-09-28 05332678 core:FurnitureFittings 2023-09-28 05332678 core:MotorVehicles 2023-09-28 05332678 core:WithinOneYear 2023-09-28 05332678 core:WithinOneYear 2022-09-28 05332678 core:AfterOneYear 2023-09-28 05332678 core:AfterOneYear 2022-09-28 05332678 core:ShareCapital 2023-09-28 05332678 core:ShareCapital 2022-09-28 05332678 core:RetainedEarningsAccumulatedLosses 2023-09-28 05332678 core:RetainedEarningsAccumulatedLosses 2022-09-28 05332678 core:CostValuation core:Non-currentFinancialInstruments 2023-09-28 05332678 core:Non-currentFinancialInstruments 2023-09-28 05332678 core:Non-currentFinancialInstruments 2022-09-28 05332678 core:FurnitureFittings 2022-09-28 05332678 core:MotorVehicles 2022-09-28 05332678 bus:SmallEntities 2022-09-29 2023-09-28 05332678 bus:AuditExemptWithAccountantsReport 2022-09-29 2023-09-28 05332678 bus:FullAccounts 2022-09-29 2023-09-28 05332678 bus:SmallCompaniesRegimeForAccounts 2022-09-29 2023-09-28 05332678 bus:PrivateLimitedCompanyLtd 2022-09-29 2023-09-28
COMPANY REGISTRATION NUMBER: 05332678
TOMASULO CONSTRUCTION LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
28 September 2023
TOMASULO CONSTRUCTION LIMITED
FINANCIAL STATEMENTS
Year ended 28 September 2023
CONTENTS
PAGES
Balance sheet
1 to 2
Notes to the financial statements
3 to 7
TOMASULO CONSTRUCTION LIMITED
BALANCE SHEET
28 September 2023
2023
2022
Note
£
£
FIXED ASSETS
Tangible assets
5
162,437
196,056
Investments
6
15,395
15,395
---------
---------
177,832
211,451
CURRENT ASSETS
Debtors
7
151,630
233,020
Cash at bank and in hand
37,382
34,318
---------
---------
189,012
267,338
CREDITORS: amounts falling due within one year
8
( 160,293)
( 164,080)
---------
---------
NET CURRENT ASSETS
28,719
103,258
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
206,551
314,709
CREDITORS: amounts falling due after more than one year
9
( 41,339)
( 45,274)
---------
---------
NET ASSETS
165,212
269,435
---------
---------
CAPITAL AND RESERVES
Called up share capital
2
2
Profit and loss account
165,210
269,433
---------
---------
SHAREHOLDERS FUNDS
165,212
269,435
---------
---------
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 profit and loss account has not been delivered.
For the year ending 28 September 2023 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 .
TOMASULO CONSTRUCTION LIMITED
BALANCE SHEET (continued)
28 September 2023
These financial statements were approved by the board of directors and authorised for issue on 28 August 2024 , and are signed on behalf of the board by:
Mr M Tomasulo
Director
Company registration number: 05332678
TOMASULO CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
Year ended 28 September 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Cedar House, Hazell Drive, Newport, NP10 8FY. The address of the principal place of business is 89 Springvale Industrial Estate, Cwmbran, Torfaen, NP44 5BH.
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.
Turnover
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:
Fixtures and fittings
-
15% straight line
Motor vehicles
-
25% straight line
Equipment
-
15% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 3 (2022: 5 ).
5. TANGIBLE ASSETS
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 29 September 2022
191,478
69,450
143,415
404,343
Additions
35,000
332
35,332
Disposals
( 44,450)
( 44,450)
---------
--------
---------
---------
At 28 September 2023
191,478
60,000
143,747
395,225
---------
--------
---------
---------
Depreciation
At 29 September 2022
48,696
47,003
112,588
208,287
Charge for the year
26,497
7,292
12,715
46,504
Disposals
( 22,003)
( 22,003)
---------
--------
---------
---------
At 28 September 2023
75,193
32,292
125,303
232,788
---------
--------
---------
---------
Carrying amount
At 28 September 2023
116,285
27,708
18,444
162,437
---------
--------
---------
---------
At 28 September 2022
142,782
22,447
30,827
196,056
---------
--------
---------
---------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Freehold property
£
At 28 September 2023
27,708
--------
At 28 September 2022
--------
6. INVESTMENTS
Other investments other than loans
£
Cost
At 29 September 2022 and 28 September 2023
15,395
--------
Impairment
At 29 September 2022 and 28 September 2023
--------
Carrying amount
At 28 September 2023
15,395
--------
At 28 September 2022
15,395
--------
7. DEBTORS
2023
2022
£
£
Trade debtors
20,570
9,107
Other debtors
131,060
223,913
---------
---------
151,630
233,020
---------
---------
8. CREDITORS: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,000
10,000
Trade creditors
4,369
4,487
Corporation tax
32,904
62,709
Social security and other taxes
100,711
71,438
Other creditors
12,309
15,446
---------
---------
160,293
164,080
---------
---------
Included within other creditors due within one year are secured creditors amounting to £5,994 (2022: £8,363) in respect of the company's hire purchase facilities. The balances are secured over the assets to which they relate.
9. CREDITORS: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
16,667
26,667
Other creditors
24,672
18,607
--------
--------
41,339
45,274
--------
--------
Included within other creditors due after more than one year are secured creditors amounting to £24,672 (2022: £18,607) in respect of the company's hire purchase facilities. The balances are secured over the assets to which they relate.
10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
Included in other debtors is the following balance owed by the directors:
2023 2022
£ £
Directors' loan accounts 5,429 85,036
------- --------
In relation to the balance(s), the following transactions took place during the year;
£
Opening balance 85,036
Amounts drawn 8,459
Amounts repaid (88,066)
Closing balance 5,429
This balance is interest free and repayable on demand.