Registered number
10052331
Tomlaine Limited
Filleted Accounts
31 March 2024
Tomlaine Limited
Registered number: 10052331
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 - 12,426
Tangible assets 4 20,896 20,108
20,896 32,534
Current assets
Stocks 2,480 5,240
Debtors 5 15,310 10,960
Cash at bank and in hand 577,390 504,236
595,180 520,436
Creditors: amounts falling due within one year 6 (219,614) (211,288)
Net current assets 375,566 309,148
Total assets less current liabilities 396,462 341,682
Provisions for liabilities (3,970) (3,821)
Net assets 392,492 337,861
Capital and reserves
Called up share capital 2 2
Profit and loss account 392,490 337,859
Shareholders' funds 392,492 337,861
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.
L Barth
Director
Approved by the board on 5 November 2024
Tomlaine Limited
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 (as applied to small entities by section 1A of the standard).
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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Leasehold land and buildings over the lease term
Plant and machinery 20% reducing balance basis
Fixtures, fittings, tools and equipment 25% straight line basis
Motor vehicles 25% reducing balance basis
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 8 7
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2023 98,220
At 31 March 2024 98,220
Amortisation
At 1 April 2023 85,794
Provided during the year 12,426
At 31 March 2024 98,220
Net book value
At 31 March 2024 -
At 31 March 2023 12,426
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2023 56,275 16,495 72,770
Additions 5,810 - 5,810
At 31 March 2024 62,085 16,495 78,580
Depreciation
At 1 April 2023 40,000 12,662 52,662
Charge for the year 4,064 958 5,022
At 31 March 2024 44,064 13,620 57,684
Net book value
At 31 March 2024 18,021 2,875 20,896
At 31 March 2023 16,275 3,833 20,108
5 Debtors 2024 2023
£ £
Other debtors 15,310 10,960
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 4,678 2,859
Taxation and social security costs 32,852 29,085
Other creditors 182,084 179,344
219,614 211,288
7 Other information
Tomlaine Limited is a private company limited by shares and incorporated in England. Its registered office is:
The Barley Mow
Breakneck Lane
Walderton, Chichester
West Sussex
PO18 9ED
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