Registered number
00823737
Tolley Badges Limited
Filleted Accounts
31 December 2023
Tolley Badges Limited
Registered number: 00823737
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 790,206 792,216
Current assets
Stocks 5,809 5,028
Debtors 4 168,443 149,511
Cash at bank and in hand 113,555 145,544
287,807 300,083
Creditors: amounts falling due within one year 5 (110,093) (119,506)
Net current assets 177,714 180,577
Total assets less current liabilities 967,920 972,793
Creditors: amounts falling due after more than one year 6 (163,333) (183,333)
Provisions for liabilities (482) (752)
Net assets 804,105 788,708
Capital and reserves
Called up share capital 1,875 1,875
Profit and loss account 802,230 786,833
Shareholder's funds 804,105 788,708
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
N Tolley
Director
Approved by the board on 11 September 2024
Tolley Badges Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
IT equipment over 3 years
Fixtures and fittings over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 7 7
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 January 2023 788,195 53,245 841,440
At 31 December 2023 788,195 53,245 841,440
Depreciation
At 1 January 2023 - 49,224 49,224
Charge for the year - 2,010 2,010
At 31 December 2023 - 51,234 51,234
Net book value
At 31 December 2023 788,195 2,011 790,206
At 31 December 2022 788,195 4,021 792,216
4 Debtors 2023 2022
£ £
Trade debtors 39,960 19,630
Amounts owed by group undertakings and undertakings in which the company has a participating interest 113,825 115,223
Other debtors 14,658 14,658
168,443 149,511
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 20,000 20,000
Trade creditors 26,345 35,151
Taxation and social security costs 58,554 56,763
Other creditors 5,194 7,592
110,093 119,506
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 163,333 183,333
7 Loans 2023 2022
£ £
Creditors include:
Secured bank loans 130,000 130,000
8 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
N Tolley
Loan repayable within nine months 14,658 14,658 14,658 14,658
14,658 14,658 14,658 14,658
9 Other information
Tolley Badges Limited is a private company limited by shares and incorporated in England. Its registered office is:
51-55 Enville Road
Kinver
Stourbridge
DY7 6BX
Tolley Badges Limited 00823737 false 2023-01-01 2023-12-31 2023-12-31 VT Final Accounts April 2024 N Tolley No description of principal activity 00823737 2022-01-01 2022-12-31 00823737 core:WithinOneYear 2022-12-31 00823737 core:AfterOneYear 2022-12-31 00823737 core:ShareCapital 2022-12-31 00823737 core:RetainedEarningsAccumulatedLosses 2022-12-31 00823737 2023-01-01 2023-12-31 00823737 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 00823737 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 00823737 bus:Director40 2023-01-01 2023-12-31 00823737 1 2023-01-01 2023-12-31 00823737 2 2023-01-01 2023-12-31 00823737 core:LandBuildings 2023-01-01 2023-12-31 00823737 core:PlantMachinery 2023-01-01 2023-12-31 00823737 bus:Director1 2023-01-01 2023-12-31 00823737 bus:Director1 1 2023-01-01 2023-12-31 00823737 countries:England 2023-01-01 2023-12-31 00823737 bus:FRS102 2023-01-01 2023-12-31 00823737 bus:FilletedAccounts 2023-01-01 2023-12-31 00823737 2023-12-31 00823737 core:WithinOneYear 2023-12-31 00823737 core:AfterOneYear 2023-12-31 00823737 core:ShareCapital 2023-12-31 00823737 core:RetainedEarningsAccumulatedLosses 2023-12-31 00823737 core:LandBuildings 2023-12-31 00823737 core:PlantMachinery 2023-12-31 00823737 bus:Director1 1 2023-12-31 00823737 2022-12-31 00823737 core:LandBuildings 2022-12-31 00823737 core:PlantMachinery 2022-12-31 00823737 bus:Director1 1 2022-12-31 iso4217:GBP xbrli:pure