TUFF WORKWEAR LTD
Registered number: 07522092
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 366,589 369,838
Current assets
Stocks 303,704 283,756
Debtors 4 98,799 111,915
Cash at bank and in hand 250,264 141,181
652,767 536,852
Creditors: amounts falling due within one year 5 (547,849) (524,569)
Net current assets 104,918 12,283
Total assets less current liabilities 471,507 382,121
Creditors: amounts falling due after more than one year 6 - (4,000)
Provisions for liabilities (48,381) (48,103)
Net assets 423,126 330,018
Capital and reserves
Called up share capital 2 2
Profit and loss account 423,124 330,016
Shareholders' funds 423,126 330,018
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
T J Banks
Director
Approved by the board on 10 October 2024
TUFF WORKWEAR LTD
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings & equipment 10% written down value
Alterations to leasehold property straight line over 50 years
Motor vehicles 25% written down value
Computer equipment 25% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 28 23
3 Tangible fixed assets
Land and buildings Fixtures, fittings & equipment Motor vehicles Total
£ £ £ £
Cost
At 1 April 2023 131,659 449,199 4,272 585,130
Additions - 22,990 18,700 41,690
At 31 March 2024 131,659 472,189 22,972 626,820
Depreciation
At 1 April 2023 14,997 196,593 3,702 215,292
Charge for the year 4,709 35,412 4,818 44,939
At 31 March 2024 19,706 232,005 8,520 260,231
Net book value
At 31 March 2024 111,953 240,184 14,452 366,589
At 31 March 2023 116,662 252,606 570 369,838
4 Debtors 2024 2023
£ £
Trade debtors 91,104 57,818
Other debtors 7,695 54,097
98,799 111,915
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 3,835 8,644
Trade creditors 318,419 362,633
Corporation tax 73,798 48,208
Other taxes and social security costs 88,119 46,040
Other creditors 63,678 59,044
547,849 524,569
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans - 4,000
7 Other information
TUFF WORKWEAR LTD is a private company limited by shares and incorporated in England. Its registered office is:
105 Redbrook Road
Barnsley
South Yorkshire
S75 2RG
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