Company registration number 03871332 (England and Wales)
JOHN TOLTON PLASTERING LTD.
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
JOHN TOLTON PLASTERING LTD.
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
JOHN TOLTON PLASTERING LTD.
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,780
4,164
Current assets
Stocks
22,500
25,000
Debtors
4
570,866
419,844
Cash at bank and in hand
244,581
297,313
837,947
742,157
Creditors: amounts falling due within one year
5
(351,395)
(389,790)
Net current assets
486,552
352,367
Total assets less current liabilities
489,332
356,531
Provisions for liabilities
(540)
(1,042)
Net assets
488,792
355,489
Capital and reserves
Called up share capital
6
2
2
Profit and loss reserves
488,790
355,487
Total equity
488,792
355,489
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 20 June 2024 and are signed on its behalf by:
Mr J D Tolton
Director
Company Registration No. 03871332
JOHN TOLTON PLASTERING LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information
John Tolton Plastering Ltd. is a private company limited by shares incorporated in England and Wales. The registered office is Thorpe House, 93 Headlands, Kettering, Northamptonshire, United Kingdom, NN15 6BL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
1.2
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
1.3
Tangible fixed assets
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
20% on cost
Computers
25% on cost
Motor vehicles
25% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
1.5
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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
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.
JOHN TOLTON PLASTERING LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
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 recognisable 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.
1.6
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.
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
6
6
JOHN TOLTON PLASTERING LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
3
Tangible fixed assets
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2023
3,193
4,207
28,390
35,790
Additions
2,500
2,500
At 31 March 2024
3,193
4,207
30,890
38,290
Depreciation and impairment
At 1 April 2023
2,678
4,106
24,842
31,626
Depreciation charged in the year
182
101
3,601
3,884
At 31 March 2024
2,860
4,207
28,443
35,510
Carrying amount
At 31 March 2024
333
2,447
2,780
At 31 March 2023
515
101
3,548
4,164
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
436,739
358,906
Other debtors
120,281
49,474
Prepayments and accrued income
13,846
11,464
570,866
419,844
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
125,356
200,119
Corporation tax
91,761
37,158
Other taxation and social security
32,895
30,598
Other creditors
84,288
104,619
Accruals and deferred income
17,095
17,296
351,395
389,790
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
2
2
2
2
JOHN TOLTON PLASTERING LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
7
Related party transactions
Included in other debtors as at 31 March 2024 are £102,500 due from entities in which the directors have an interest in.