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REGISTERED NUMBER: 04068447 (England and Wales)













Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Tool-Time Limited

Tool-Time Limited (Registered number: 04068447)






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


Tool-Time Limited

Company Information
for the Year Ended 31 December 2023







DIRECTOR: J G Orpen





REGISTERED OFFICE: Thornton House
Brighouse Business Village
Riverside Park
MIDDLESBROUGH
Cleveland
TS2 1RT





REGISTERED NUMBER: 04068447 (England and Wales)





ACCOUNTANTS: Clive Owen LLP
Chartered Accountants
140 Coniscliffe Road
DARLINGTON
Co Durham
DL3 7RT

Tool-Time Limited (Registered number: 04068447)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 44,972 66,336

CURRENT ASSETS
Stocks 86,252 100,146
Debtors 5 160,973 188,855
Cash at bank and in hand 114,066 91,413
361,291 380,414
CREDITORS
Amounts falling due within one year 6 144,506 116,793
NET CURRENT ASSETS 216,785 263,621
TOTAL ASSETS LESS CURRENT
LIABILITIES

261,757

329,957

CREDITORS
Amounts falling due after more than one
year

7

(15,999

)

(25,834

)

PROVISIONS FOR LIABILITIES 9 (1,448 ) (12,604 )
NET ASSETS 244,310 291,519

CAPITAL AND RESERVES
Called up share capital 10 26,000 26,000
Capital redemption reserve 14,000 14,000
Retained earnings 204,310 251,519
SHAREHOLDERS' FUNDS 244,310 291,519

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 director acknowledges his 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.

Tool-Time Limited (Registered number: 04068447)

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 29 August 2024 and were signed by:





J G Orpen - Director


Tool-Time Limited (Registered number: 04068447)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Tool-Time 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.

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.

There were no material departures from that standard.

The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with 100% owned group companies.

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

Income recognition
Income is recognised when a contract for the sale of goods is determined as unconditional.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on cost

Tangible fixed assets are stated as cost less accumulated depreciation and impairment.

Stocks
Stocks have been valued at the lower of cost and estimated selling price less costs to sell.

Financial instruments
Basic financial instruments are recognised at amortised cost with changes recognised in profit or loss.

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.


Tool-Time Limited (Registered number: 04068447)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. 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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 8 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 January 2023 220,841 39,581 91,458 351,880
Additions 12,586 - - 12,586
Disposals (22,126 ) - - (22,126 )
At 31 December 2023 211,301 39,581 91,458 342,340
DEPRECIATION
At 1 January 2023 182,510 36,343 66,691 285,544
Charge for year 16,818 1,051 12,923 30,792
Eliminated on disposal (18,968 ) - - (18,968 )
At 31 December 2023 180,360 37,394 79,614 297,368
NET BOOK VALUE
At 31 December 2023 30,941 2,187 11,844 44,972
At 31 December 2022 38,331 3,238 24,767 66,336

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 148,182 176,828
Other debtors 1,687 1,626
Prepayments and accrued income 11,104 10,401
160,973 188,855

Tool-Time Limited (Registered number: 04068447)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,000 10,000
Trade creditors 54,929 59,464
Taxation and social security 5,712 5,059
Directors' current accounts 48,565 36,570
Accruals and deferred income 25,300 5,700
144,506 116,793

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 1-2 years 10,000 10,000
Bank loans - 2-5 years 5,999 15,834
15,999 25,834

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 6,986 6,986
Between one and five years 6,510 13,390
13,496 20,376

9. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 1,448 12,604

Deferred
tax
£   
Balance at 1 January 2023 12,604
Accelerated capital allowances (11,156 )
Balance at 31 December 2023 1,448

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
26,000 Ordinary £1 26,000 26,000

Tool-Time Limited (Registered number: 04068447)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

11. RELATED PARTY DISCLOSURES

2023 2022
£ £

Amounts due to director 48,565 36,570

Interest has been charged on a monthly basis at 8%.