6 false false false false false false false false false false true false false false false false false No description of principal activity 2023-06-01 Sage Accounts Production Advanced 2024 - FRS102_2024 100,000 85,000 5,000 90,000 10,000 15,000 xbrli:pure xbrli:shares iso4217:GBP 05748903 2023-06-01 2024-05-31 05748903 2024-05-31 05748903 2023-05-31 05748903 2022-06-01 2023-05-31 05748903 2023-05-31 05748903 2022-05-31 05748903 core:PlantMachinery 2023-06-01 2024-05-31 05748903 core:FurnitureFittings 2023-06-01 2024-05-31 05748903 core:MotorVehicles 2023-06-01 2024-05-31 05748903 core:NetGoodwill 2023-06-01 2024-05-31 05748903 bus:Director1 2023-06-01 2024-05-31 05748903 core:NetGoodwill 2023-05-31 05748903 core:NetGoodwill 2024-05-31 05748903 core:PlantMachinery 2023-05-31 05748903 core:FurnitureFittings 2023-05-31 05748903 core:MotorVehicles 2023-05-31 05748903 core:PlantMachinery 2024-05-31 05748903 core:FurnitureFittings 2024-05-31 05748903 core:MotorVehicles 2024-05-31 05748903 core:WithinOneYear 2024-05-31 05748903 core:WithinOneYear 2023-05-31 05748903 core:ShareCapital 2024-05-31 05748903 core:ShareCapital 2023-05-31 05748903 core:RetainedEarningsAccumulatedLosses 2024-05-31 05748903 core:RetainedEarningsAccumulatedLosses 2023-05-31 05748903 core:NetGoodwill 2023-05-31 05748903 core:PlantMachinery 2023-05-31 05748903 core:FurnitureFittings 2023-05-31 05748903 core:MotorVehicles 2023-05-31 05748903 bus:SmallEntities 2023-06-01 2024-05-31 05748903 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 05748903 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 05748903 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 05748903 bus:FullAccounts 2023-06-01 2024-05-31
COMPANY REGISTRATION NUMBER: 05748903
Tofield Limited
Filleted Unaudited Financial Statements
31 May 2024
Tofield Limited
Statement of Financial Position
31 May 2024
2024
2023
Note
£
£
£
Fixed assets
Intangible assets
5
10,000
15,000
Tangible assets
6
22,676
29,732
-------
-------
32,676
44,732
Current assets
Stocks
35,589
30,720
Debtors
7
130,665
109,302
Cash at bank and in hand
768,292
627,788
--------
--------
934,546
767,810
Creditors: amounts falling due within one year
8
244,940
253,886
--------
--------
Net current assets
689,606
513,924
--------
--------
Total assets less current liabilities
722,282
558,656
Provisions
Taxation including deferred tax
5,669
7,435
--------
--------
Net assets
716,613
551,221
--------
--------
Capital and reserves
Called up share capital
2,000
2,000
Profit and loss account
714,613
549,221
--------
--------
Shareholders funds
716,613
551,221
--------
--------
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 income and retained earnings has not been delivered.
For the year ending 31 May 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 .
Tofield Limited
Statement of Financial Position (continued)
31 May 2024
These financial statements were approved by the board of directors and authorised for issue on 25 October 2024 , and are signed on behalf of the board by:
Mr D Tofield
Director
Company registration number: 05748903
Tofield Limited
Notes to the Financial Statements
Year ended 31 May 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 14 Barton Road, Water Eaton Industrial Estate, Bletchley, Milton Keynes, Buckinghamshire, MK2 3JG, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
(a) Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
(b) Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for work undertaken during the period, net of Value Added Tax.
(c) Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to be paid or recovered 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. 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.
(d) Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life.
(e) Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Goodwill
-
over 20 years
(f) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
(g) 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:
Plant and machinery
-
15% reducing balance
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
20% straight line
(h) Stocks
Stocks and work in progress 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 stock to its present location and condition.
(i) Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual agreements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its liabilities.
(j) Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2023: 6 ).
5. Intangible assets
Goodwill
£
Cost
At 1 June 2023 and 31 May 2024
100,000
--------
Amortisation
At 1 June 2023
85,000
Charge for the year
5,000
--------
At 31 May 2024
90,000
--------
Carrying amount
At 31 May 2024
10,000
--------
At 31 May 2023
15,000
--------
6. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 June 2023
47,463
9,457
34,150
91,070
Additions
3,395
3,395
Disposals
( 5,157)
( 5,157)
-------
------
-------
-------
At 31 May 2024
47,463
7,695
34,150
89,308
-------
------
-------
-------
Depreciation
At 1 June 2023
30,105
8,403
22,830
61,338
Charge for the year
2,604
831
6,830
10,265
Disposals
( 4,971)
( 4,971)
-------
------
-------
-------
At 31 May 2024
32,709
4,263
29,660
66,632
-------
------
-------
-------
Carrying amount
At 31 May 2024
14,754
3,432
4,490
22,676
-------
------
-------
-------
At 31 May 2023
17,358
1,054
11,320
29,732
-------
------
-------
-------
7. Debtors
2024
2023
£
£
Trade debtors
125,367
104,554
Other debtors
5,298
4,748
--------
--------
130,665
109,302
--------
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
35,423
27,987
Social security and other taxes
162,716
123,632
Other creditors
46,801
102,267
--------
--------
244,940
253,886
--------
--------