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Company registration number: 00518142
Craftsman Tools Limited
Unaudited filleted financial statements
31 January 2024
Craftsman Tools Limited
Contents
Directors and other information
Directors responsibilities statement
Assurance report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Craftsman Tools Limited
Directors and other information
Directors R Johnson (Resigned 30 April 2023)
T Thorburn
Company number 00518142
Registered office Side Copse
Pool Road
Otley
West Yorkshire
LS21 1JE
Business address Side Copse
Pool Road
Otley
West Yorkshire
LS21 1JE
Accountants SMH Howard Matthews Limited
Queensgate House
23 North Park Road
Harrogate
North Yorkshire
HG1 5PD
Bankers Lloyds TSB Bank plc
6/7 Park Row
Leeds
West Yorkshire
LS1 1NX
Craftsman Tools Limited
Directors responsibilities statement
Year ended 31 January 2024
The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Craftsman Tools Limited
Independent chartered accountants review report to the
directors, as a body, of Craftsman Tools Limited
Year ended 31 January 2024
We have reviewed the financial statements of Craftsman Tools Limited for the year ended 31 January 2024 which comprise statement of financial position, statement of changes in equity and the related notes on pages 9 to 14. The financial reporting framework that has been applied in their preparation is applicable law and the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
This report is made solely to the company's directors, as a body, in accordance with the terms of our engagement letter . Our review has been undertaken so that we may state to the company's directors, as a body, those matters we have agreed with them in our engagement letter and for no other purpose. To the fullest extent permitted by law, we do not accept or assume any responsibility to anyone other than the company and the company's directors, as a body, for our work, for this report or the conclusions we have formed.
Directors responsibility for the financial statements
As explained more fully in the directors responsibilities statement set out on page , the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view.
Accountants' responsibility
Our responsibility is to express a conclusion based on our review of the financial statements. We conducted our review in accordance with International Standard on Review Engagements (ISRE) 2400 (Revised), Engagements to review historical financial statements, and ICAEW Technical Release TECH 09/13AAF. ISRE 2400 also requires us to comply with the ICAEW Code of Ethics.
Scope of assurance review
A review of financial statements in accordance with ISRE 2400 (Revised) is a limited assurance engagement. We have performed additional procedures to those required under a compilation engagement. These primarily consist of making enquiries of management and others within the entity, as appropriate, applying analytical procedures and evaluating the evidence obtained. The procedures performed in a review are substantially less than those performed in an audit conducted in accordance with International Standards on Auditing (UK and Ireland). Accordingly, we do not express an audit opinion on these financial statements.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe the financial statements have not been prepared:
- so as to give a true and fair view of the state of the company's affairs as at 31 January 2024, and of its profit for the year then ended;
- in accordance with United Kingdom Generally Accepted Accounting Practice; and
- in accordance with the Companies Act 2006.
SMH Howard Matthews Limited
Chartered Accountants
Queensgate House
23 North Park Road
Harrogate
North Yorkshire
HG1 5PD
3 October 2024
Craftsman Tools Limited
Statement of financial position
31 January 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 333,587 428,693
_________ _________
333,587 428,693
Current assets
Stocks 433,857 418,149
Debtors 7 586,863 747,713
Cash at bank and in hand 5,083 21,606
_________ _________
1,025,803 1,187,468
Creditors: amounts falling due
within one year 8 ( 544,571) ( 646,645)
_________ _________
Net current assets 481,232 540,823
_________ _________
Total assets less current liabilities 814,819 969,516
Creditors: amounts falling due
after more than one year 9 ( 275,251) ( 481,177)
Accruals and deferred income ( 47,661) ( 121,564)
_________ _________
Net assets 491,907 366,775
_________ _________
Capital and reserves
Called up share capital 6,750 6,750
Other reserves 302,362 302,362
Profit and loss account 182,795 57,663
_________ _________
Shareholders funds 491,907 366,775
_________ _________
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 03 October 2024 , and are signed on behalf of the board by:
T Thorburn
Director
Company registration number: 00518142
Craftsman Tools Limited
Statement of changes in equity
Year ended 31 January 2024
Called up share capital Other reserves Profit and loss account Total
£ £ £ £
At 1 February 2022 6,750 302,362 154,593 463,705
Profit/(loss) for the year ( 96,930) ( 96,930)
_________ _________ _________ _________
Total comprehensive income for the year - - ( 96,930) ( 96,930)
_________ _________ _________ _________
At 31 January 2023 and 1 February 2023 6,750 302,362 57,663 366,775
Profit/(loss) for the year 125,132 125,132
_________ _________ _________ _________
Total comprehensive income for the year - - 125,132 125,132
_________ _________ _________ _________
At 31 January 2024 6,750 302,362 182,795 491,907
_________ _________ _________ _________
Craftsman Tools Limited
Notes to the financial statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Side Copse, Pool Road, Otley, West Yorkshire, LS21 1JE.
2. Statement of compliance
The company adopted FRS102 as at 1 February 2014 and revalued plant and machinery to fair value. A transfer has been made between profit and loss account and the fair value reserve to reflect the cumulative effect of the adjustments required as at 31 January 2016 and the subsequent movements.
3. Accounting policies
Basis of preparation
The financial statements have been prepared in accordance with the provisions of FRS102 Section 1A small entities. There were no material departures from that standard.The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - Nil %
Plant and machinery - 10 to 20% straight line
Motor vehicles - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured 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 the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 32 (2023: 32 ).
5. Tangible assets
Plant and machinery Total
£ £
Cost
At 1 February 2023 2,768,587 2,768,587
Additions 28,680 28,680
_________ _________
At 31 January 2024 2,797,267 2,797,267
_________ _________
Depreciation
At 1 February 2023 2,339,894 2,339,894
Charge for the year 123,786 123,786
_________ _________
At 31 January 2024 2,463,680 2,463,680
_________ _________
Carrying amount
At 31 January 2024 333,587 333,587
_________ _________
At 31 January 2023 428,693 428,693
_________ _________
Tangible assets held at valuation
Plant and machinery was revalued to fair value at the date of adoption of FRS102 on 1 February 2014.
6. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 February 2023 and 31 January 2024 102 102
_________ _________
Impairment
At 1 February 2023 and 31 January 2024 102 102
_________ _________
Carrying amount
At 31 January 2024 - -
_________ _________
At 31 January 2023 - -
_________ _________
7. Debtors
2024 2023
£ £
Trade debtors 358,335 425,823
Amounts owed by group undertakings and undertakings in which the company has a participating interest 135,692 114,050
Prepayments and accrued income 30,781 37,573
Other debtors 62,055 170,267
_________ _________
586,863 747,713
_________ _________
8. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 53,562 49,259
Trade creditors 192,424 255,550
Accruals and deferred income 47,661 121,564
Corporation tax 88 88
Social security and other taxes 57,529 38,747
Obligations under finance leases 152,361 169,690
Other creditors 88,607 133,311
_________ _________
592,232 768,209
_________ _________
9. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 58,296 111,861
Other creditors 216,955 369,316
_________ _________
275,251 481,177
_________ _________
10. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2024 2023 2024 2023
£ £ £ £
Chevin Tools Inc. 422,046 432,518 192,968 181,098
_________ _________ _________ _________
Chevin Tools Inc. is a USA company, of which R Johnson is a director and shareholder, transactions have been completed under normal market conditions.
11. Controlling party
The company is controlled by Mr T Thorburn by virtue of his majority shareholding.