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REGISTERED NUMBER: 02767300 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

Sussex Tools Limited

Sussex Tools Limited (Registered number: 02767300)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Sussex Tools Limited

Company Information
for the Year Ended 31 March 2024







Directors: J A Purser
I R Purser





Secretary: S Purser





Registered office: 85 Church Road
Hove
East Sussex
BN3 2BB





Registered number: 02767300 (England and Wales)





Accountants: Wilson Sandford Limited
Chartered accountants
85 Church Road
Hove
East Sussex
BN3 2BB

Sussex Tools Limited (Registered number: 02767300)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
Fixed assets
Intangible assets 4 - -
Property, plant and equipment 5 14,940 7,384
14,940 7,384

Current assets
Stocks 8,450 9,240
Debtors 6 60,969 69,508
Cash at bank and in hand 381 273
69,800 79,021
Creditors: amounts falling due within
one year

7

66,816

82,428
Net current assets/(liabilities) 2,984 (3,407 )
Total assets less current liabilities 17,924 3,977

Provisions for liabilities - 1,403
Net assets 17,924 2,574

Capital and reserves
Called up share capital 9 1,000 1,000
Retained earnings 16,924 1,574
Shareholders' funds 17,924 2,574

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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.

Sussex Tools Limited (Registered number: 02767300)

Balance Sheet - continued
31 March 2024


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 September 2024 and were signed on its behalf by:





I R Purser - Director


Sussex Tools Limited (Registered number: 02767300)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. Statutory information

Sussex Tools 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 in Pound Sterling (£) and rounding is to the nearest (£).

2. Accounting policies

Basis of preparing the financial statements
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. 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 net of VAT and trade discounts.The policies adopted for the recognition of turnover are as follows:

Sale of goods

Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably.This is usually on dispatch of the goods.

Rendering of services

When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

Goodwill
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Goodwill, being the amount paid in connection with the acquisition of a business in 2000, has been fully amortised over its estimated useful life of five years.

Sussex Tools Limited (Registered number: 02767300)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. Accounting policies - continued

Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Motor vehicles - 25% reducing balance

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Stock is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

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.

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.

Deferred tax
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.

Leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Sussex Tools Limited (Registered number: 02767300)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

3. Employees and directors

The average number of employees during the year was 2 (2023 - 2 ) .

4. Intangible fixed assets
Goodwill
£   
Cost
At 1 April 2023
and 31 March 2024 3,000
Amortisation
At 1 April 2023
and 31 March 2024 3,000
Net book value
At 31 March 2024 -
At 31 March 2023 -

5. Property, plant and equipment
Motor
vehicles
£   
Cost
At 1 April 2023 17,694
Additions 12,999
Disposals (9,299 )
At 31 March 2024 21,394
Depreciation
At 1 April 2023 10,310
Charge for year 3,340
Eliminated on disposal (7,196 )
At 31 March 2024 6,454
Net book value
At 31 March 2024 14,940
At 31 March 2023 7,384

Sussex Tools Limited (Registered number: 02767300)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

6. Debtors: amounts falling due within one year
2024 2023
£    £   
Trade debtors 60,829 69,508
Other debtors 140 -
60,969 69,508

7. Creditors: amounts falling due within one year
2024 2023
£    £   
Bank loans and overdrafts 5,841 10,543
Hire purchase contracts - 1,757
Trade creditors 34,220 44,699
Taxation and social security 15,976 14,869
Other creditors 10,779 10,560
66,816 82,428

8. Secured debts

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 5,841 10,543
Hire purchase contracts - 1,757
5,841 12,300

Bank overdrafts up to a maximum liability of £20,000 are secured through a personal guarantee from the directors.

Hire purchase contracts are secured against the assets to which they relate.

9. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
500 Ordinary A £1 500 500
500 Ordinary B £1 500 500
1,000 1,000

Sussex Tools Limited (Registered number: 02767300)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

10. Related party disclosures

Within creditors is £7,560 (2023: £7,585) owed to the directors.