Company No:
Contents
Note | 30.04.2024 | 30.04.2023 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 4 |
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233,365 | 204,858 | |||
Current assets | ||||
Stocks | 5 |
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Debtors | 6 |
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Cash at bank and in hand | 7 |
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1,987,943 | 1,702,977 | |||
Creditors: amounts falling due within one year | 8 | (
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Net current assets | 1,673,669 | 1,458,997 | ||
Total assets less current liabilities | 1,907,034 | 1,663,855 | ||
Provision for liabilities | 9 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 10 |
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Profit and loss account |
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Total shareholders' funds |
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Director's responsibilities:
The financial statements of Toft Limited (registered number:
K Lord
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Toft Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in . The address of the Company's registered office is Toft Studio, Dunchurch, Rugby, CV22 6NR, England, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2014 .
The functional currency of Toft Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.
Monetary amounts in these financial statements are rounded to the nearest £.
These financial statements are separate financial statements.
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise on monetary items.
Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probably that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on enacted or substantively enacted tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.
Goodwill |
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Land and buildings |
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Plant and machinery |
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Vehicles |
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Fixtures and fittings |
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Office equipment |
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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.
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Typically defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation.
The liability recognised in the statement of financial position in respect of defined benefit pension plans is the present value of the defined benefit obligation at the reporting date minus the fair value of plan assets. The defined benefit obligation is measured using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future payments by reference to market yields at the reporting date on high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension liability,
Actuarial gains and losses are charged or credited to other comprehensive income in the period in which they arise.
Business combination are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
30.04.2024 | 30.04.2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including the director |
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Goodwill | Total | ||
£ | £ | ||
Cost | |||
At 01 May 2023 |
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At 30 April 2024 |
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Accumulated amortisation | |||
At 01 May 2023 |
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At 30 April 2024 |
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Net book value | |||
At 30 April 2024 |
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At 30 April 2023 |
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Land and buildings | Plant and machinery | Vehicles | Fixtures and fittings | Office equipment | Total | ||||||
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Cost | |||||||||||
At 01 May 2023 |
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Additions |
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At 30 April 2024 |
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Accumulated depreciation | |||||||||||
At 01 May 2023 |
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Charge for the financial year |
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At 30 April 2024 |
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Net book value | |||||||||||
At 30 April 2024 |
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At 30 April 2023 |
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30.04.2024 | 30.04.2023 | ||
£ | £ | ||
Stocks |
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30.04.2024 | 30.04.2023 | ||
£ | £ | ||
Trade debtors |
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Amounts owed by director |
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Prepayments and accrued income |
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30.04.2024 | 30.04.2023 | ||
£ | £ | ||
Cash at bank and in hand |
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30.04.2024 | 30.04.2023 | ||
£ | £ | ||
Trade creditors |
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Accruals and deferred income |
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Taxation and social security |
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Other creditors |
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30.04.2024 | 30.04.2023 | ||
£ | £ | ||
At the beginning of financial year | (
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Charged to the Profit and Loss Account | (
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At the end of financial year | (
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30.04.2024 | 30.04.2023 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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100 | 100 |
Commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
30.04.2024 | 30.04.2023 | ||
£ | £ | ||
within one year |
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between one and five years |
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K Lord
30.04.2024 | 30.04.2023 | ||
£ | £ | ||
Opening balance | 231,221 | 43,781 | |
Advances | 88,123 | 277,226 | |
Repayments | (231,268) | (89,786) | |
88,076 | 231,221 |