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Registered Number: 13215321
England and Wales

 

 

 


Unaudited Financial Statements

for the year ended 29 February 2024

for

TINY TOM'S LTD

 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3 30,222    7,991 
30,222    7,991 
Current assets      
Stocks 4 500    462 
Debtors 5 25,588    6,473 
Cash at bank and in hand 1,317    12,582 
27,405    19,517 
Creditors: amount falling due within one year 6 (24,355)   (8,173)
Net current assets 3,050    11,344 
 
Total assets less current liabilities 33,272    19,335 
Creditors: amount falling due after more than one year 7 (26,952)   (17,709)
Provisions for liabilities 8 (5,742)   (1,518)
Net assets 578    108 
 

Capital and reserves
     
Called up share capital 9 100    100 
Profit and loss account 478    8 
Shareholders' funds 578    108 
 


For the year ended 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. 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.
These 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 income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 19 November 2024 and were signed on its behalf by:


-------------------------------
S J Mill
Director
1
General Information
Tiny Tom's Ltd is a private company, limited by shares, registered in England and Wales, registration number 13215321, registration address 15 Matlock Road, Chaddesden, Derby, Derbyshire, DE21 4NZ.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
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 (as applied to small entities by Section 1A of the standard)
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
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.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Finance lease and hire purchase charges
The finance element of the rental payment is charged to the income statement on a straight line basis.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using 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.
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.
Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 25% Reducing Balance
Computer Equipment 33% Straight Line
Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets and depreciated over the shorter of the lease term and their estimated expected useful lives.
Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 2 (2023 : 2).
3.

Tangible fixed assets

Cost or valuation Plant and Machinery   Computer Equipment   Total
  £   £   £
At 01 March 2023 10,311    540    10,851 
Additions 31,048      31,048 
Disposals (220)     (220)
At 29 February 2024 41,139    540    41,679 
Depreciation
At 01 March 2023 2,650    210    2,860 
Charge for year 8,515    178    8,693 
On disposals (96)     (96)
At 29 February 2024 11,069    388    11,457 
Net book values
Closing balance as at 29 February 2024 30,070    152    30,222 
Opening balance as at 01 March 2023 7,661    330    7,991 


4.

Stocks

2024
£
  2023
£
Stocks 500    462 
500    462 

5.

Debtors: amounts falling due within one year

2024
£
  2023
£
Trade Debtors 23,693    5,329 
Prepayments & Accrued Income 685   
PAYE & Social Security 903   
Directors' current account - T D Mill 307   
VAT   1,144 
25,588    6,473 

6.

Creditors: amount falling due within one year

2024
£
  2023
£
Trade Creditors 45    87 
Corporation Tax   1,752 
Accrued Expenses 994    749 
Other Creditors 4,200    4,200 
Obligations under HP/Financial Leases 3,512   
Shareholders' loan - T D Mill   64 
Directors' current account - S J Mill 9,615    1,321 
VAT 5,989   
24,355    8,173 

7.

Creditors: amount falling due after more than one year

2024
£
  2023
£
Other Creditors 13,509    17,709 
Obligations Under HP/Financial Leases 13,443   
26,952    17,709 

8.

Provisions for liabilities

2024
£
  2023
£
Deferred Tax 1,518    2,565 
Charged to Profit & Loss 4,224    (1,047)
5,742    1,518 

9.

Share Capital

Allotted, called up and fully paid
2024
£
  2023
£
100 Class A shares of £1.00 each 100    100 
100    100 

10.

Related parties

During the year the company entered into the following transactions with related parties:
Transaction value - income/(expenses) Balance owed by/(owed to)
2024
£
 2023
£
 2024
£
 2023
£
Close family members17,909 21,909 

During the year monies were loaned to the company in the ordinary course of business from close family members. The loans are interest free and repayable on demand.
11.

Advances and Credits



T D Mill
During the year the company made aggregate advances to the director with a maximum outstanding of £6,751 (2023: £nil). Interest was charged on any overdrawn directors loan account balances at the official rate of interest. Any outstanding loan amounts due to the director are repayable on demand.

Current year (2024)
Brought Forward
£
Amount
£
Interest
£
Repaid
£
Written Off
£
Waived
£
Carry Forward
£
T D Mill4,222 85 4,000 307 
0422285400000307
Previous year (2023)
Brought Forward
£
Amount
£
Interest
£
Repaid
£
Written Off
£
Waived
£
Carry Forward
£
T D Mill
0000000
2