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REGISTERED NUMBER: 01298359 (England and Wales)















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: J L Tomlinson
Mrs C A Tomlinson
A S Tomlinson
Mrs K Tomlinson





REGISTERED OFFICE: Catwick Lane
Brandesburton
Driffield
East Yorkshire
YO25 8RY





REGISTERED NUMBER: 01298359 (England and Wales)





ACCOUNTANTS: Sowerby
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 4 623,795 499,397

CURRENT ASSETS
Stocks 170,354 180,810
Debtors 5 706,427 791,346
Cash at bank and in hand 520,269 594,613
1,397,050 1,566,769
CREDITORS
Amounts falling due within one year 6 361,557 436,748
NET CURRENT ASSETS 1,035,493 1,130,021
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,659,288

1,629,418

CREDITORS
Amounts falling due after more than one year 7 - (11,983 )

PROVISIONS FOR LIABILITIES (71,320 ) (67,802 )
NET ASSETS 1,587,968 1,549,633

CAPITAL AND RESERVES
Called up share capital 2,000 2,000
Retained earnings 1,585,968 1,547,633
SHAREHOLDERS' FUNDS 1,587,968 1,549,633

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 27 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 27 February 2024 in accordance with Section 476 of the Companies Act 2006.

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


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 Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 September 2024 and were signed on its behalf by:





J L Tomlinson - Director


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
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.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on reducing balance
Plant and machinery - 20% on reducing balance and 15% on reducing balance
Fixtures and fittings - 33% on reducing balance, 25% on a reducing balance basis and 15% on reducing balance
Motor vehicles - 25% on a reducing balance basis

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 16 (2023 - 17 ) .

4. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 28 February 2023 321,775 - 524,246
Additions 87,470 32,955 8,694
Disposals - - -
At 27 February 2024 409,245 32,955 532,940
DEPRECIATION
At 28 February 2023 41,819 - 356,008
Charge for year 4,476 999 42,395
Eliminated on disposal - - -
At 27 February 2024 46,295 999 398,403
NET BOOK VALUE
At 27 February 2024 362,950 31,956 134,537
At 27 February 2023 279,956 - 168,238

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 29,458 144,985 1,020,464
Additions 1,185 71,397 201,701
Disposals - (32,920 ) (32,920 )
At 27 February 2024 30,643 183,462 1,189,245
DEPRECIATION
At 28 February 2023 26,488 96,752 521,067
Charge for year 842 8,530 57,242
Eliminated on disposal - (12,859 ) (12,859 )
At 27 February 2024 27,330 92,423 565,450
NET BOOK VALUE
At 27 February 2024 3,313 91,039 623,795
At 27 February 2023 2,970 48,233 499,397

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 112,248
DEPRECIATION
At 28 February 2023 22,874
Charge for year 22,344
At 27 February 2024 45,218
NET BOOK VALUE
At 27 February 2024 67,030
At 27 February 2023 89,374

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 526,117 420,167
Amounts owed by group undertakings 172,867 172,374
Tax - 12,124
VAT 4,522 184,283
Prepayments and accrued income 2,921 2,398
706,427 791,346

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 11,983 19,181
Trade creditors 159,957 204,140
Tax 16,822 28,913
Social security and other taxes 15,817 9,696
Other creditors 453 -
Directors' current accounts 146,545 164,047
Accrued expenses 9,980 10,771
361,557 436,748

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Hire purchase contracts - 11,983

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.