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REGISTERED NUMBER: 07984083 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

GOTOOLS LIMITED

GOTOOLS LIMITED (REGISTERED NUMBER: 07984083)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GOTOOLS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: G W Panter
A Millard





SECRETARY:





REGISTERED OFFICE: Unit 11 Braithwell Way
Hellaby Industrial Estate
Rotherham
S66 8QY





REGISTERED NUMBER: 07984083 (England and Wales)





ACCOUNTANTS: Hollis and Co Limited
Chartered Accountants
35 Wilkinson Street
Sheffield
South Yorkshire
S10 2GB

GOTOOLS LIMITED (REGISTERED NUMBER: 07984083)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 1,238,437 1,230,457

CURRENT ASSETS
Stocks 136,672 129,573
Debtors 6 603,724 781,779
Cash at bank 66,893 52,683
807,289 964,035
CREDITORS
Amounts falling due within one year 7 298,305 425,146
NET CURRENT ASSETS 508,984 538,889
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,747,421

1,769,346

CREDITORS
Amounts falling due after more than one
year

8

(229,983

)

(242,244

)

PROVISIONS FOR LIABILITIES 11 (244,702 ) (235,712 )
NET ASSETS 1,272,736 1,291,390

CAPITAL AND RESERVES
Called up share capital 12 485,946 485,946
Retained earnings 786,790 805,444
SHAREHOLDERS' FUNDS 1,272,736 1,291,390

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

GOTOOLS LIMITED (REGISTERED NUMBER: 07984083)

BALANCE SHEET - continued
31 DECEMBER 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 September 2024 and were signed on its behalf by:





A Millard - Director


GOTOOLS LIMITED (REGISTERED NUMBER: 07984083)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Gotools 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.

The presentation currency of the financial statements is the Pound Sterling (£).


The company is not part of a group, therefore these financial statements cover the entity as an individual company.

The figures in the financial statements are rounded to the nearest £.

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.

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

The fair value of consideration receivable on tool manufacturing contracts which span a year end is taken by determining the state of completeness of the contract, with regard to labour hours, and applying this to the overall value of those contracts.

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 - 25% on cost, 12.5% on cost, 10% on cost, in accordance with the property and 20% to 33% 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 Income Statement, 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.


GOTOOLS LIMITED (REGISTERED NUMBER: 07984083)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Government grants
Government grants received which are of a capital nature, are recognised as deferred income in the balance
sheet and then credited to the profit and loss account at the same rate as the depreciation charge of the relevant asset.

Government grants received which are of a revenue nature are credited directly to the profit and loss account.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 24 (2022 - 23 ) .

GOTOOLS LIMITED (REGISTERED NUMBER: 07984083)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 2,161,456
Additions 179,166
At 31 December 2023 2,340,622
DEPRECIATION
At 1 January 2023 930,999
Charge for year 171,186
At 31 December 2023 1,102,185
NET BOOK VALUE
At 31 December 2023 1,238,437
At 31 December 2022 1,230,457

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

Plant and
machinery
etc
£   
COST
At 1 January 2023 820,929
Additions 157,700
Transfer to ownership (458,800 )
At 31 December 2023 519,829
DEPRECIATION
At 1 January 2023 152,249
Charge for year 72,080
Transfer to ownership (166,588 )
At 31 December 2023 57,741
NET BOOK VALUE
At 31 December 2023 462,088
At 31 December 2022 668,680

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 384,424 584,355
Amounts recoverable on contract 120,584 37,057
Other debtors 98,716 160,367
603,724 781,779

GOTOOLS LIMITED (REGISTERED NUMBER: 07984083)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 33,333 33,333
Hire purchase contracts (see note 9) 97,957 140,749
Trade creditors 73,753 110,630
Taxation and social security 53,161 99,040
Other creditors 40,101 41,394
298,305 425,146

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 36,111 69,444
Hire purchase contracts (see note 9) 193,872 172,800
229,983 242,244

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 97,957 140,749
Between one and five years 193,872 172,800
291,829 313,549

Non-cancellable operating leases
2023 2022
£    £   
Within one year 58,035 70,317
Between one and five years 6,438 64,471
64,473 134,788

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 291,829 313,549

The company has provided security to its bankers in the form of an unlimited debenture incorporating a fixed and floating charge.

The hire purchase contracts are secured by a charge over the assets to which they relate.

GOTOOLS LIMITED (REGISTERED NUMBER: 07984083)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

11. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 292,607 286,003
Tax losses (47,905 ) (50,291 )
244,702 235,712

Deferred
tax
£   
Balance at 1 January 2023 235,712
Provided during year 8,990
Balance at 31 December 2023 244,702

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
485,946 Ordinary shares £1 485,946 485,946