Caseware UK (AP4) 2023.0.135 2023.0.135 2023-04-01falseNo description of principal activity33truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 03810062 2023-04-01 2024-03-31 03810062 2022-04-01 2023-03-31 03810062 2024-03-31 03810062 2023-03-31 03810062 c:Director2 2023-04-01 2024-03-31 03810062 d:FurnitureFittings 2023-04-01 2024-03-31 03810062 d:FurnitureFittings 2024-03-31 03810062 d:FurnitureFittings 2023-03-31 03810062 d:CurrentFinancialInstruments 2024-03-31 03810062 d:CurrentFinancialInstruments 2023-03-31 03810062 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 03810062 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 03810062 d:ShareCapital 2024-03-31 03810062 d:ShareCapital 2023-03-31 03810062 d:RetainedEarningsAccumulatedLosses 2024-03-31 03810062 d:RetainedEarningsAccumulatedLosses 2023-03-31 03810062 c:FRS102 2023-04-01 2024-03-31 03810062 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 03810062 c:FullAccounts 2023-04-01 2024-03-31 03810062 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 03810062 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 03810062










I L TOOLING LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

For the Year Ended 31 March 2024

 
I L TOOLING LIMITED
Registered number: 03810062

BALANCE SHEET
As at 31 March 2024

2024
2023
Note
£
£

  

Current assets
  

Stocks
 5 
3,440
3,440

Debtors: amounts falling due within one year
 6 
16,961
15,928

Cash at bank and in hand
 7 
21,225
20,932

  
41,626
40,300

Creditors: amounts falling due within one year
 8 
(18,683)
(17,262)

Net current assets
  
 
 
22,943
 
 
23,038

Total assets less current liabilities
  
22,943
23,038

  

Net assets
  
22,943
23,038


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
22,843
22,938

  
22,943
23,038


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 December 2024.




R J Cox
Director
Page 1

 
I L TOOLING LIMITED
Registered number: 03810062
    
BALANCE SHEET (CONTINUED)
As at 31 March 2024


The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
I L TOOLING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 March 2024

1.


General information

I L Tooling Limited is a private company, limited by shares and registered in England.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 3

 
I L TOOLING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 March 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
I L TOOLING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 March 2024

2.Accounting policies (continued)


2.5
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures & fittings
-
20%
Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

Dividends

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 at an annual general meeting.

Page 5

 
I L TOOLING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 March 2024

3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2023 - 3).


4.


Tangible fixed assets





Fixtures & fittings

£



Cost or valuation


At 1 April 2023
100



At 31 March 2024

100



Depreciation


At 1 April 2023
100



At 31 March 2024

100



Net book value



At 31 March 2024
-



At 31 March 2023
-


5.


Stocks

2024
2023
£
£

Raw materials and consumables
3,440
3,440

3,440
3,440



6.


Debtors

2024
2023
£
£


Trade debtors
16,961
15,928

16,961
15,928


Page 6

 
I L TOOLING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 March 2024

7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
21,225
20,932

21,225
20,932



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
16,334
15,643

Corporation tax
1,385
742

Other taxation and social security
144
56

Accruals and deferred income
820
821

18,683
17,262


 
Page 7