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Registered number: 08360967
Vince Taylor Tofts Ltd
Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 08360967
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 1,219 5,194
1,219 5,194
CURRENT ASSETS
Debtors 6 24,300 8,904
Cash at bank and in hand 71,021 98,105
95,321 107,009
Creditors: Amounts Falling Due Within One Year 7 (66,805 ) (87,766 )
NET CURRENT ASSETS (LIABILITIES) 28,516 19,243
TOTAL ASSETS LESS CURRENT LIABILITIES 29,735 24,437
Creditors: Amounts Falling Due After More Than One Year 8 (3,671 ) (6,904 )
NET ASSETS 26,064 17,533
CAPITAL AND RESERVES
Called up share capital 10 300 300
Profit and Loss Account 25,764 17,233
SHAREHOLDERS' FUNDS 26,064 17,533
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For the 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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr J P Vince
Director
Mr R P Taylor
Director
22 October 2024
The notes on pages 3 to 7 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Vince Taylor Tofts Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 08360967 . The registered office is Yew Tree House, Lewes Road, Forest Row, East Sussex, RH18 5AA.
The company's principal activity continues to be that of real estate agents.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 5 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 25% reducing balance
Computer Equipment 25% reducing balance
2.5. Financial Instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
...CONTINUED
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2.5. Financial Instruments - continued
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
2.6. Interest Payable
All borrowing costs are recognised in profit or loss in the period in which they are incurred.
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2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.8. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.9.
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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 6 (2023: 6)
6 6
4. Intangible Assets
Goodwill
£
Cost
As at 1 April 2023 75,000
As at 31 March 2024 75,000
Amortisation
As at 1 April 2023 75,000
As at 31 March 2024 75,000
Net Book Value
As at 31 March 2024 -
As at 1 April 2023 -
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5. Tangible Assets
Motor Vehicles Computer Equipment Total
£ £ £
Cost
As at 1 April 2023 10,152 13,688 23,840
Disposals (10,152 ) - (10,152 )
As at 31 March 2024 - 13,688 13,688
Depreciation
As at 1 April 2023 6,584 12,062 18,646
Provided during the period - 407 407
Disposals (6,584 ) - (6,584 )
As at 31 March 2024 - 12,469 12,469
Net Book Value
As at 31 March 2024 - 1,219 1,219
As at 1 April 2023 3,568 1,626 5,194
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 24,300 8,904
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Bank loans and overdrafts 3,061 2,812
Other creditors 29,324 42,542
Taxation and social security 34,420 42,412
66,805 87,766
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 3,671 6,904
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9. Loans
An analysis of the maturity of loans is given below:
2024 2023
£ £
Amounts falling due within one year or on demand:
Bank loans 3,061 2,812
2024 2023
£ £
Amounts falling due between one and five years:
Bank loans 3,671 6,904
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 300 300
11. Directors Advances, Credits and Guarantees
Included in other creditors due within one year is a loan from the director, Mr J P Vince amounting to £14,774 (2023 - £17,189)
Included in other creditors due within one year is a loan from the director, Mr C A Tofts amounting to £10,613 (2023 - 13,013)
Included in other creditors due within one year is a loan from the director, Mr R P Taylor amounting to £965 (2023 - £10,101)
12. Controlling Parties
The company's ultimate controlling party is its directors Mr J P Vince, Mr R P Taylor and Mr C A Tofts by virtue of their interest in the share capital of the company.
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