Silverfin false false 31/03/2024 01/04/2023 31/03/2024 S F Buckley 28/03/2012 L E Durtnall 01/12/2014 09 September 2024 The principle activity of the company during the year was retail of construction accessories. 08009115 2024-03-31 08009115 bus:Director1 2024-03-31 08009115 bus:Director2 2024-03-31 08009115 2023-03-31 08009115 core:CurrentFinancialInstruments 2024-03-31 08009115 core:CurrentFinancialInstruments 2023-03-31 08009115 core:Non-currentFinancialInstruments 2024-03-31 08009115 core:Non-currentFinancialInstruments 2023-03-31 08009115 core:ShareCapital 2024-03-31 08009115 core:ShareCapital 2023-03-31 08009115 core:RetainedEarningsAccumulatedLosses 2024-03-31 08009115 core:RetainedEarningsAccumulatedLosses 2023-03-31 08009115 core:OtherResidualIntangibleAssets 2023-03-31 08009115 core:OtherResidualIntangibleAssets 2024-03-31 08009115 core:PlantMachinery 2023-03-31 08009115 core:OfficeEquipment 2023-03-31 08009115 core:PlantMachinery 2024-03-31 08009115 core:OfficeEquipment 2024-03-31 08009115 2023-04-01 2024-03-31 08009115 bus:FilletedAccounts 2023-04-01 2024-03-31 08009115 bus:SmallEntities 2023-04-01 2024-03-31 08009115 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 08009115 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 08009115 bus:Director1 2023-04-01 2024-03-31 08009115 bus:Director2 2023-04-01 2024-03-31 08009115 core:OtherResidualIntangibleAssets core:TopRangeValue 2023-04-01 2024-03-31 08009115 core:PlantMachinery 2023-04-01 2024-03-31 08009115 core:OfficeEquipment core:TopRangeValue 2023-04-01 2024-03-31 08009115 2022-04-01 2023-03-31 08009115 core:OtherResidualIntangibleAssets 2023-04-01 2024-03-31 08009115 core:OfficeEquipment 2023-04-01 2024-03-31 08009115 core:Non-currentFinancialInstruments 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Company No: 08009115 (England and Wales)

T.F.TOOLS LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

T.F.TOOLS LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

T.F.TOOLS LIMITED

BALANCE SHEET

As at 31 March 2024
T.F.TOOLS LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Restated - note 2
Fixed assets
Intangible assets 4 628 796
Tangible assets 5 8,336 9,607
8,964 10,403
Current assets
Stocks 6 152,160 196,115
Debtors 7 63,006 20,351
Cash at bank and in hand 7,705 35,735
222,871 252,201
Creditors: amounts falling due within one year 8 ( 192,957) ( 186,796)
Net current assets 29,914 65,405
Total assets less current liabilities 38,878 75,808
Creditors: amounts falling due after more than one year 9 ( 16,514) ( 26,612)
Provision for liabilities ( 1,943) ( 1,825)
Net assets 20,421 47,371
Capital and reserves
Called-up share capital 10 10
Profit and loss account 20,411 47,361
Total shareholders' funds 20,421 47,371

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of T.F.Tools Limited (registered number: 08009115) were approved and authorised for issue by the Board of Directors on 09 September 2024. They were signed on its behalf by:

S F Buckley
Director
L E Durtnall
Director
T.F.TOOLS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
T.F.TOOLS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

T.F.Tools Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Goodwood House, Blackbrook Park Avenue, Taunton, TA1 2PX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Prior year error

The financial statements for the year ended 31 March 2023 included a management charge as land and building assets in error.

The comparatives have been amended to reflect the additional expense and amended tax charge resulting in profit after tax reducing by £23,382 from £59,897 to £36,515. In addition, the asset has been removed from the balance sheet and amended tax charge reflected in current liabilities at 31 March 2023. The result to the figures in the accounts are stated in the note.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for the sale of goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets 5 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 20 % reducing balance
Office equipment 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

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.

2. Prior year adjustment

As previously reported Adjustment As restated
Year ended 31 March 2023 £ £ £
Administrative expenses 363,177 28,866 392,043
Tax on profit 14,205 (5,485) 8,720
Tangible Assets 38,473 (28,866) 9,607
Creditors꞉ Amounts Falling Due Within One Year - Corporation tax 13,926 (5,485) 8,441

3. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 4 4

4. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 April 2023 838 838
At 31 March 2024 838 838
Accumulated amortisation
At 01 April 2023 42 42
Charge for the financial year 168 168
At 31 March 2024 210 210
Net book value
At 31 March 2024 628 628
At 31 March 2023 796 796

5. Tangible assets

Plant and machinery Office equipment Total
£ £ £
Cost
At 01 April 2023 4,106 10,164 14,270
Additions 0 1,096 1,096
At 31 March 2024 4,106 11,260 15,366
Accumulated depreciation
At 01 April 2023 1,702 2,961 4,663
Charge for the financial year 481 1,886 2,367
At 31 March 2024 2,183 4,847 7,030
Net book value
At 31 March 2024 1,923 6,413 8,336
At 31 March 2023 2,404 7,203 9,607

6. Stocks

2024 2023
£ £
Stocks 152,160 196,115

7. Debtors

2024 2023
£ £
Trade debtors 0 128
Amounts owed by Group undertakings 7,250 10,360
Other debtors 55,756 9,863
63,006 20,351

8. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 14,041 9,849
Trade creditors 63,713 113,469
Corporation tax 45,257 8,441
Other taxation and social security 69,781 53,507
Other creditors 165 1,530
192,957 186,796

9. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 16,514 26,612

There are no amounts included above in respect of which any security has been given by the small entity.

10. Related party transactions

Transactions with the entity's directors

Advances

The Directors loan account is repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates.

During the year, £15,976 was advanced to the directors, and £233 was repaid by the director. At 31 March 2024, the balance owed by the director was £15,743.