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COMPANY REGISTRATION NUMBER: 05759343
Tony Team Limited
Filleted Unaudited Abridged Financial Statements
30 April 2024
Tony Team Limited
Abridged Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
6
62,115
72,506
Current assets
Stocks
223,087
256,195
Debtors
228,882
246,690
Cash at bank and in hand
692,347
569,227
-----------
-----------
1,144,316
1,072,112
Creditors: amounts falling due within one year
485,055
596,295
-----------
-----------
Net current assets
659,261
475,817
---------
---------
Total assets less current liabilities
721,376
548,323
Provisions
101,731
107,641
---------
---------
Net assets
619,645
440,682
---------
---------
Capital and reserves
Called up share capital
7
47,368
47,368
Profit and loss account
572,277
393,314
---------
---------
Shareholders funds
619,645
440,682
---------
---------
These abridged 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 30 April 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 abridged 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 abridged financial statements .
All of the members have consented to the preparation of the abridged statement of financial position for the year ending 30 April 2024 in accordance with Section 444(2A) of the Companies Act 2006.
Tony Team Limited
Abridged Statement of Financial Position (continued)
30 April 2024
These abridged financial statements were approved by the board of directors and authorised for issue on 29 November 2024 , and are signed on behalf of the board by:
Mrs V.C. Head
J.W.T. Oates
Director
Director
Company registration number: 05759343
Tony Team Limited
Notes to the Abridged Financial Statements
Year ended 30 April 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 Unit 6, Station Road, Bakewell, Derbyshire, DE45 1GE.
2. Statement of compliance
These abridged 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
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Leases as lessor
Assets leased under finance leases are included under debtors at cost less amounts charged against rentals to date. Income from finance leases is allocated to each period on the basis of a constant periodic rate of return on funds invested.
Assets leased under operating leases are included in tangible fixed assets and are depreciated over their estimated useful lives. Rental income from operating is included in profit and loss on a straight line basis over the period of the lease.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is the total amount receivable by the company in the ordinary course of business to outside customers for goods supplied and for services provided, after deducting trade discounts and Value Added Tax. Turnover also includes gross earnings under finance leases and income from operating leases as described in the relevant accounting policies.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover 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. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
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. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
33% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Leasehold property
-
20% straight line
Plant and machinery
-
Leased equipment over lease term of 3 years, other 20% straight line
Motor vehicles
-
33% straight line
Equipment
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stock and work in progress are stated at the lower of cost or net realisable value. In the case of stock, cost means purchase price. In the case of work in progress, cost consists of direct materials, direct labour and overheads as appropriate. Net realisable value means estimated selling price less all further costs to completion and all expenses to be incurred in selling and distribution.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2023: 11 ).
5. Intangible assets
£
Cost
At 1 May 2023 and 30 April 2024
30,821
-------
Amortisation
At 1 May 2023 and 30 April 2024
30,821
-------
Carrying amount
At 30 April 2024
-------
At 30 April 2023
-------
6. Tangible assets
£
Cost
At 1 May 2023
493,277
Additions
55,185
---------
At 30 April 2024
548,462
---------
Depreciation
At 1 May 2023
420,771
Charge for the year
65,576
---------
At 30 April 2024
486,347
---------
Carrying amount
At 30 April 2024
62,115
---------
At 30 April 2023
72,506
---------
7. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary Class A shares of £ 1 each
45,000
45,000
45,000
45,000
Ordinary Class B shares of £ 1 each
2,368
2,368
2,368
2,368
-------
-------
-------
-------
47,368
47,368
47,368
47,368
-------
-------
-------
-------
8. Controlling party
The parent company is Tony Team Holdings Limited, a company incorporated in England and Wales, company number 14029204.