REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 27 FEBRUARY 2024 |
FOR |
L V TOMLINSON AND SON LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 27 FEBRUARY 2024 |
FOR |
L V TOMLINSON AND SON LIMITED |
L V TOMLINSON AND SON LIMITED (REGISTERED NUMBER: 01298359) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 27 February 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
L V TOMLINSON AND SON LIMITED |
COMPANY INFORMATION |
for the Year Ended 27 February 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Beckside Court |
Annie Reed Road |
Beverley |
East Yorkshire |
HU17 0LF |
L V TOMLINSON AND SON LIMITED (REGISTERED NUMBER: 01298359) |
BALANCE SHEET |
27 February 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 7 | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
L V TOMLINSON AND SON LIMITED (REGISTERED NUMBER: 01298359) |
BALANCE SHEET - continued |
27 February 2024 |
In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
L V TOMLINSON AND SON LIMITED (REGISTERED NUMBER: 01298359) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 27 February 2024 |
1. | STATUTORY INFORMATION |
L V Tomlinson and Son Limited is a private company, limited by shares, incorporated and domiciled in England. The company's registered number is 01298359 and its registered office and principal place of business is Catwick Lane, Brandesburton, Driffield, East Yorkshire, YO25 8RY. |
The financial statements are presented in Sterling, which is the functional currency of the company and cover the individual entity only. |
The principal activity of the company is that of engineering. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Having regard to liquidity risk, current market conditions and other factors affecting the company, the use of the going concern basis of accounting is appropriate as, in the opinion of the directors, there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern. |
The directors, having taken into the factors discussed above as well as the uncertainties of the current economic environment, have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. |
Turnover |
Turnover is the amount derived from ordinary activities, measured at the fair value of the consideration received or receivable. Turnover excludes value added tax and trade discounts. |
Turnover from the sale of goods is recognised at the point of sale. |
Turnover from services is recognised on completion of service, or when those services span the year end date, by reference to the stage of completion at the balance sheet date. |
All sales are recognised at the point which the company has fulfilled its contractual obligations and the risks and rewards attached to the product, have been transferred to the customer. |
L V TOMLINSON AND SON LIMITED (REGISTERED NUMBER: 01298359) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 27 February 2024 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Tangible fixed assets are held under the historical cost model. |
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately. |
Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately. |
Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell, after making, due allowance for obsolete and slow moving items. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Stock is calculated on the first in first out basis. |
In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacture/completion. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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 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. |
L V TOMLINSON AND SON LIMITED (REGISTERED NUMBER: 01298359) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 27 February 2024 |
2. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
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 |
4. | TANGIBLE FIXED ASSETS |
Improvements |
Freehold | to | Plant and |
property | property | machinery |
£ | £ | £ |
COST |
At 28 February 2023 |
Additions |
Disposals |
At 27 February 2024 |
DEPRECIATION |
At 28 February 2023 |
Charge for year |
Eliminated on disposal |
At 27 February 2024 |
NET BOOK VALUE |
At 27 February 2024 |
At 27 February 2023 |
L V TOMLINSON AND SON LIMITED (REGISTERED NUMBER: 01298359) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 27 February 2024 |
4. | TANGIBLE FIXED ASSETS - continued |
Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
COST |
At 28 February 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 27 February 2024 |
DEPRECIATION |
At 28 February 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 27 February 2024 |
NET BOOK VALUE |
At 27 February 2024 |
At 27 February 2023 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
£ |
COST |
At 28 February 2023 |
and 27 February 2024 |
DEPRECIATION |
At 28 February 2023 |
Charge for year |
At 27 February 2024 |
NET BOOK VALUE |
At 27 February 2024 |
At 27 February 2023 |
L V TOMLINSON AND SON LIMITED (REGISTERED NUMBER: 01298359) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 27 February 2024 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Tax |
VAT |
Prepayments and accrued income |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Hire purchase contracts |
Trade creditors |
Tax |
Social security and other taxes |
Other creditors |
Directors' current accounts | 146,545 | 164,047 |
Accrued expenses |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Hire purchase contracts |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Hire purchase contracts | 11,983 | 31,164 |
The hire purchase liabilities are secured on the assets to which they relate. |
The bank also holds a debenture including fixed charge over all present freehold and leasehold property, book and other debts, chattels, goodwill and uncalled capital, both present and future. At 27th February 2024, there was no balance owing to the bank. |
L V TOMLINSON AND SON LIMITED (REGISTERED NUMBER: 01298359) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 27 February 2024 |
9. | RELATED PARTY DISCLOSURES |
Included within other creditors is a loan to the company from the directors, J L Tomlinson and K Tomlinson. The balance owing at 27 February 2024 was £54,951 (2023: £59,409). The loan was made on an interest free basis and is repayable on demand. |
Included within other creditors is a loan to the company from the directors, A S Tomlinson and C A Tomlinson. The balance owing at 27 February 2024 was £91,593 (2023: £104,638). The loan was made on an interest free basis and is repayable on demand. |