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Registration number: 08020790

Tollerton Stores Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Tollerton Stores Limited

(Registration number: 08020790)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

160,000

180,000

Tangible assets

5

22,259

21,029

 

182,259

201,029

Current assets

 

Stocks

6

25,581

26,371

Debtors

7

32,937

32,076

Cash at bank and in hand

 

88,128

57,278

 

146,646

115,725

Creditors: Amounts falling due within one year

8

(76,802)

(64,603)

Net current assets

 

69,844

51,122

Total assets less current liabilities

 

252,103

252,151

Provisions for liabilities

(6,234)

(5,930)

Net assets

 

245,869

246,221

Capital and reserves

 

Called up share capital

1

1

Retained earnings

245,868

246,220

Shareholders' funds

 

245,869

246,221

For the financial 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 18 November 2024 and signed on its behalf by:

.........................................

Mr P Lancaster
Director

 

Tollerton Stores Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
2 The Green
Tollerton
York
YO61 1PX

These financial statements were authorised for issue by the Board on 18 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Most goods are paid for upon collection. Account sales are minimal and settled within standard credit terms. A debtor is included where any balance is unpaid at the year end.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

 

Tollerton Stores Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold improvements

10% on cost

Fixtures and fittings

20% on reducing balance

Motor vehicles

25% on reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Over its estimated useful life of 20 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand .

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method. Stock held on sale or return which is returnable to the supplier is excluded from closing stock valuations.

 

Tollerton Stores Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 20 (2023 - 15).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2023

400,000

400,000

At 30 April 2024

400,000

400,000

Amortisation

At 1 May 2023

220,000

220,000

Amortisation charge

20,000

20,000

At 30 April 2024

240,000

240,000

Carrying amount

At 30 April 2024

160,000

160,000

At 30 April 2023

180,000

180,000

 

Tollerton Stores Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

5

Tangible assets

Short leasehold land and buildings
£

Fixtures and fittings
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2023

30,356

19,376

19,482

69,214

Additions

-

7,259

-

7,259

At 30 April 2024

30,356

26,635

19,482

76,473

Depreciation

At 1 May 2023

26,062

8,908

13,215

48,185

Charge for the year

917

3,545

1,567

6,029

At 30 April 2024

26,979

12,453

14,782

54,214

Carrying amount

At 30 April 2024

3,377

14,182

4,700

22,259

At 30 April 2023

4,294

10,468

6,267

21,029

Included within the net book value of land and buildings above is £3,377 (2023 - £4,294) in respect of short leasehold land and buildings.
 

6

Stocks

2024
£

2023
£

Other inventories

25,581

26,371

7

Debtors

Current

2024
£

2023
£

Trade debtors

855

2,660

Prepayments

514

435

Other debtors

31,568

28,981

 

32,937

32,076

 

Tollerton Stores Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

45,882

42,523

Taxation and social security

27,197

18,170

Accruals and deferred income

3,679

3,910

Other creditors

44

-

76,802

64,603

9

Related party transactions

Transactions with directors

2024

At 1 May 2023
£

Advances to director
£

Repayments by director
£

At 30 April 2024
£

Mr P Lancaster

Loan 2.25% interest

21,939

14,692

(14,705)

21,926

2023

At 1 May 2022
£

Advances to director
£

At 30 April 2023
£

Mr P Lancaster

Loan 2.25% interest

11,607

10,332

21,939