Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-01-01falsewholesaling and retailing of tools, ironmongery and brassware2222truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 02086597 2023-01-01 2023-12-31 02086597 2022-01-01 2022-12-31 02086597 2023-12-31 02086597 2022-12-31 02086597 c:Director1 2023-01-01 2023-12-31 02086597 d:Buildings d:ShortLeaseholdAssets 2023-01-01 2023-12-31 02086597 d:Buildings d:ShortLeaseholdAssets 2023-12-31 02086597 d:Buildings d:ShortLeaseholdAssets 2022-12-31 02086597 d:PlantMachinery 2023-01-01 2023-12-31 02086597 d:PlantMachinery 2023-12-31 02086597 d:PlantMachinery 2022-12-31 02086597 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02086597 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 02086597 d:MotorVehicles 2023-01-01 2023-12-31 02086597 d:MotorVehicles 2023-12-31 02086597 d:MotorVehicles 2022-12-31 02086597 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02086597 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 02086597 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02086597 d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 02086597 d:CurrentFinancialInstruments 2023-12-31 02086597 d:CurrentFinancialInstruments 2022-12-31 02086597 d:Non-currentFinancialInstruments 2023-12-31 02086597 d:Non-currentFinancialInstruments 2022-12-31 02086597 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 02086597 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 02086597 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 02086597 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 02086597 d:ShareCapital 2023-12-31 02086597 d:ShareCapital 2022-12-31 02086597 d:RetainedEarningsAccumulatedLosses 2023-12-31 02086597 d:RetainedEarningsAccumulatedLosses 2022-12-31 02086597 c:FRS102 2023-01-01 2023-12-31 02086597 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 02086597 c:FullAccounts 2023-01-01 2023-12-31 02086597 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 02086597 d:HirePurchaseContracts d:WithinOneYear 2023-12-31 02086597 d:HirePurchaseContracts d:WithinOneYear 2022-12-31 02086597 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-12-31 02086597 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-12-31 02086597 2 2023-01-01 2023-12-31 02086597 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure
Registered number: 02086597






TOUCAN TOOL CO. LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










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TOUCAN TOOL CO. LIMITED
REGISTERED NUMBER:02086597

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
77,604
109,262

  
77,604
109,262

Current assets
  

Stocks
 5 
1,541,875
1,740,270

Debtors: amounts falling due within one year
 6 
319,018
358,715

Cash at bank and in hand
 7 
593,511
424,832

  
2,454,404
2,523,817

Creditors: amounts falling due within one year
 8 
(955,436)
(1,021,613)

Net current assets
  
 
 
1,498,968
 
 
1,502,204

Total assets less current liabilities
  
1,576,572
1,611,466

Creditors: amounts falling due after more than one year
 9 
(5,828)
(22,569)

  

Net assets
  
1,570,744
1,588,897


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
1,570,644
1,588,797

  
1,570,744
1,588,897


Page 1

 
TOUCAN TOOL CO. LIMITED
REGISTERED NUMBER:02086597
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




V A Carter
Director

Date: 11 September 2024

Page 2

 
TOUCAN TOOL CO. LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

The company is a private company limited by shares, incorporated in England and Wales. The registered office is Toucan House, 373-375 Church Road, London, E10 7JG. The principal activity of the company continued to be that of wholesaling and retailing of tools, ironmongery and brassware.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 
TOUCAN TOOL CO. LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property
-
10%
straight line
Plant and machinery
-
20%
straight line
Motor vehicles
-
20%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 4

 
TOUCAN TOOL CO. LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

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.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term 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.

 
2.13

Financial instruments

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 22 (2022 -22).

Page 5

 
TOUCAN TOOL CO. LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Short-term leasehold property
Plant and machinery
Motor vehicles
Total

£
£
£
£



Cost or valuation


At 1 January 2023
28,788
240,629
112,018
381,435


Disposals
-
-
(11,417)
(11,417)



At 31 December 2023

28,788
240,629
100,601
370,018



Depreciation


At 1 January 2023
28,787
208,874
34,512
272,173


Charge for the year on owned assets
-
8,302
6,978
15,280


Charge for the year on financed assets
-
-
13,142
13,142


Disposals
-
-
(8,181)
(8,181)



At 31 December 2023

28,787
217,176
46,451
292,414



Net book value



At 31 December 2023
1
23,453
54,150
77,604



At 31 December 2022
1
31,755
77,506
109,262


5.


Stocks

2023
2022
£
£

Finished goods and goods for resale
1,541,875
1,740,270

1,541,875
1,740,270


Page 6

 
TOUCAN TOOL CO. LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Debtors

2023
2022
£
£


Trade debtors
213,243
227,251

Amounts owed by group undertakings
10,000
10,000

Other debtors
5,000
7,590

Prepayments and accrued income
90,775
113,874

319,018
358,715



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
593,511
424,832

593,511
424,832



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
779,379
861,247

Other taxation and social security
111,533
92,341

Obligations under finance lease and hire purchase contracts
16,741
15,629

Other creditors
13,044
11,716

Accruals and deferred income
34,739
40,680

955,436
1,021,613



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
5,828
22,569

5,828
22,569


Page 7

 
TOUCAN TOOL CO. LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
16,741
15,629

Between 1-5 years
5,828
22,569

22,569
38,198


11.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £13,104 (2022 - £12,835). Contributions totalling £3,136 (2022 - £3,273) were payable to the fund at the balance seet date.

 
Page 8