23 false false false false true false false false false false false true false false false false false false 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 228,162 537,377 269,916 157,246 13,496 170,742 99,174 112,670 135,593 30,803 104,790 xbrli:pure xbrli:shares iso4217:GBP 01599851 2023-04-01 2024-03-31 01599851 2024-03-31 01599851 2023-03-31 01599851 2022-04-01 2023-03-31 01599851 2023-03-31 01599851 2022-03-31 01599851 core:PlantMachinery 2023-04-01 2024-03-31 01599851 core:MotorVehicles 2023-04-01 2024-03-31 01599851 core:NetGoodwill 2023-04-01 2024-03-31 01599851 bus:RegisteredOffice 2023-04-01 2024-03-31 01599851 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 01599851 bus:LeadAgentIfApplicable 2023-04-01 2024-03-31 01599851 bus:Agent1 2023-04-01 2024-03-31 01599851 bus:Director1 2023-04-01 2024-03-31 01599851 bus:Director2 2023-04-01 2024-03-31 01599851 bus:CompanySecretary1 2023-04-01 2024-03-31 01599851 core:WithinOneYear 2024-03-31 01599851 core:WithinOneYear 2023-03-31 01599851 core:NetGoodwill 2023-03-31 01599851 core:NetGoodwill 2024-03-31 01599851 core:PlantMachinery 2023-03-31 01599851 core:MotorVehicles 2023-03-31 01599851 core:PlantMachinery 2024-03-31 01599851 core:MotorVehicles 2024-03-31 01599851 core:DeferredTaxation 2023-04-01 2024-03-31 01599851 core:AfterOneYear 2024-03-31 01599851 core:AfterOneYear 2023-03-31 01599851 core:UKTax 2023-04-01 2024-03-31 01599851 core:UKTax 2022-04-01 2023-03-31 01599851 core:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 01599851 core:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 01599851 bus:AllOrdinaryShares 2023-04-01 2024-03-31 01599851 bus:AllOrdinaryShares 2022-04-01 2023-03-31 01599851 core:RetainedEarningsAccumulatedLosses 2023-03-31 01599851 core:RetainedEarningsAccumulatedLosses 2022-03-31 01599851 core:RetainedEarningsAccumulatedLosses 2024-03-31 01599851 core:RetainedEarningsAccumulatedLosses 2023-03-31 01599851 core:ShareCapital 2024-03-31 01599851 core:ShareCapital 2023-03-31 01599851 core:BetweenOneFiveYears 2024-03-31 01599851 core:BetweenOneFiveYears 2023-03-31 01599851 2 2023-04-01 2024-03-31 01599851 2 2022-04-01 2023-03-31 01599851 core:NetGoodwill 2023-03-31 01599851 core:AcceleratedTaxDepreciationDeferredTax 2024-03-31 01599851 core:AcceleratedTaxDepreciationDeferredTax 2023-03-31 01599851 core:PlantMachinery 2023-03-31 01599851 core:MotorVehicles 2023-03-31 01599851 core:DeferredTaxation 2023-03-31 01599851 core:DeferredTaxation 2024-03-31 01599851 bus:LeadAgentIfApplicable 2022-04-01 2023-03-31 01599851 bus:MediumEntities 2023-04-01 2024-03-31 01599851 bus:Audited 2023-04-01 2024-03-31 01599851 bus:Medium-sizedCompaniesRegimeForAccounts 2023-04-01 2024-03-31 01599851 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 01599851 bus:FullAccounts 2023-04-01 2024-03-31 01599851 bus:OrdinaryShareClass1 2024-03-31 01599851 bus:OrdinaryShareClass1 2023-03-31 01599851 bus:Director3 2023-04-01 2024-03-31 01599851 core:OtherRelatedParties 2023-04-01 2024-03-31
COMPANY REGISTRATION NUMBER: 01599851
TOZERPLAN LIMITED
Financial Statements
31 March 2024
TOZERPLAN LIMITED
Financial Statements
Year ended 31 March 2024
Contents
Page
Officers and professional advisers
1
Strategic report
2
Directors' report
4
Independent auditor's report to the members
6
Statement of income and retained earnings
9
Statement of financial position
10
Statement of cash flows
11
Notes to the financial statements
12
TOZERPLAN LIMITED
Officers and Professional Advisers
The board of directors
Vinodray Pindolia
Jayant Pindolia
Company secretary
Puspa Vinodray Pindolia
Registered office
Tozerplan House
Arundel Road
Uxbridge
UB8 2RP
Auditor
CKRD Accountants Ltd
Statutory Auditors
194 Honeypot Lane
Stanmore, Middlesex
HA7 1EE
Bankers
HSBC Bank Plc
9 Rose Lane
Canterbury
London
Kent
CT1 JP
Metro Bank Plc
One Southampton Row
London
WC1B 5HA
TOZERPLAN LIMITED
Strategic Report
Year ended 31 March 2024
The Directors present their strategic report for Tozerplan Limited for the year ended 31 March 2024. The company's principal activity during the year continued to be that of the retailer of all building materials from the start of a build to the end and DIY goods. The objective of Tozerplan Limited is to become a recognised market leader in the community for providing DIY goods and in doing so to operate the business in a way that is as environmentally friendly as possible. Tozerplan Limited designs, produces and sells DIY product and building materials continuously aims to improve the product portfolio to meet the customer demand.The company believes that customer satisfaction is paramount to its success. The company has one large 15000sq ft shopfront in West Ealing, where a sheet material cutting service is also available. Our main hub is in uxbridge, operating from a huge 130,000sq ft site we are able to have vast amounts of stock ready for immediate collection/deliveries are carried out throughout all of London. The turnover for the year is £16,274,870 (2023: £15,758,718) increased in comparison to 2023 due to the volatile changes in the market needs during the year. The profit before tax for the year is £315,353 (2023: £646,507) reflects the uncertainty in the supply chain and price volatility. In view of the current market trends the company's key performance indicator remains gross profit margin. In 2024 the gross profit margin was 13.20% (2023: 17.12%). The company has continued to maintain the balance sheet position in terms of liquidity in line with the previous year and the directors are seeking to continue their policies to improve this position. The company has adequate facilities in place to take advantage of business opportunities as they arise and consider the state of affairs to be satisfactory. The directors anticipate the business environment will remain competitive. They believe that the company is in a good financial position and they remain confident that the company will continue to grow at reasonable rates going forward whilst remaining profitable. The company faces a number of risks and uncertainties and the directors believe that the key business risks are in respect of competition and economic climate. In view of these risks and uncertainties, the directors are aware that the development of the company may be affected by factors outside their control. The company has a normal level of exposure to price, credit, liquidity and cash flow risks arising from trading activities which are conducted in sterling. The company's business model is regularly assessed by the board of directors in order to implement any strategic changes as necessary. The board of directors are continuously seeking opportunities to develop and expand their business while continuing to meet the needs of their customers. The company is currently undertaking further development to improve the performance of its trading activities.
This report was approved by the board of directors on 17 January 2025 and signed on behalf of the board by:
Jayant Pindolia
Director
Registered office:
Tozerplan House
Arundel Road
Uxbridge
UB8 2RP
TOZERPLAN LIMITED
Directors' Report
Year ended 31 March 2024
The directors present their report and the financial statements of the company for the year ended 31 March 2024 .
Principal activities
The company's principal activity during the year continued to be that of retailers of timber and DIY goods.
Directors
The directors who served the company during the year were as follows:
Vinodray Pindolia
Jayant Pindolia
Dividends
Particulars of recommended dividends are detailed in note 13 to the financial statements.
Disclosure of information in the strategic report
Certain information pertaining to the company's business review, principal risks and uncertainties, financial risks and future developments are contained in the Strategic Report on page 2.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board of directors on 17 January 2025 and signed on behalf of the board by:
Jayant Pindolia
Director
Registered office:
Tozerplan House
Arundel Road
Uxbridge
UB8 2RP
TOZERPLAN LIMITED
Independent Auditor's Report to the Members of TOZERPLAN LIMITED
Year ended 31 March 2024
Opinion
We have audited the financial statements of TOZERPLAN LIMITED (the 'company') for the year ended 31 March 2024 which comprise the statement of income and retained earnings, statement of financial position, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: - Enquiry of the director around actual and potential litigation and claims. - Enquiry of the director and management involved in the accounting and compliance functions to identify any instances of non-compliance with laws and regulations. - We reviewed financial statement disclosures and tested to supporting documentation to assess compliance with applicable laws and regulations. - We audited the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of any significant transactions. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. Use of our report
This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Kantilal Rabadia
(Senior Statutory Auditor)
For and on behalf of
CKRD Accountants Ltd
Statutory Auditors
194 Honeypot Lane
Stanmore, Middlesex
HA7 1EE
17 January 2025
TOZERPLAN LIMITED
Statement of Income and Retained Earnings
Year ended 31 March 2024
2024
2023
Note
£
£
Turnover
4
16,274,870
15,758,718
Cost of sales
14,126,894
13,061,449
-------------
-------------
Gross profit
2,147,976
2,697,269
Distribution costs
36,117
Administrative expenses
1,814,203
1,981,990
Other operating income
5
88,042
32,667
------------
------------
Operating profit
6
421,815
711,829
Other interest receivable and similar income
10
16,044
Interest payable and similar expenses
11
122,506
65,322
------------
------------
Profit before taxation
315,353
646,507
Tax on profit
12
87,191
109,130
---------
---------
Profit for the financial year and total comprehensive income
228,162
537,377
---------
---------
Dividends paid and payable
13
( 86,400)
( 86,400)
Retained earnings at the start of the year
3,096,755
2,645,778
------------
------------
Retained earnings at the end of the year
3,238,517
3,096,755
------------
------------
All the activities of the company are from continuing operations.
TOZERPLAN LIMITED
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
14
99,174
112,670
Tangible assets
15
551,529
713,644
---------
---------
650,703
826,314
Current assets
Stocks
16
6,233,544
5,649,652
Debtors
17
3,818,535
3,278,836
Cash at bank and in hand
39,237
401,902
-------------
------------
10,091,316
9,330,390
Creditors: amounts falling due within one year
19
7,048,979
6,407,098
-------------
------------
Net current assets
3,042,337
2,923,292
------------
------------
Total assets less current liabilities
3,693,040
3,749,606
Creditors: amounts falling due after more than one year
20
339,733
507,258
Provisions
22
104,790
135,593
------------
------------
Net assets
3,248,517
3,106,755
------------
------------
Capital and reserves
Called up share capital
25
10,000
10,000
Profit and loss account
3,238,517
3,096,755
------------
------------
Shareholders funds
3,248,517
3,106,755
------------
------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 17 January 2025 , and are signed on behalf of the board by:
Jayant Pindolia
Director
Company registration number: 01599851
TOZERPLAN LIMITED
Statement of Cash Flows
Year ended 31 March 2024
2024
2023
Note
£
£
Cash flows from operating activities
Profit for the financial year
228,162
537,377
Adjustments for:
Depreciation of tangible assets
154,421
182,437
Amortisation of intangible assets
13,496
13,496
Other interest receivable and similar income
( 16,044)
Interest payable and similar expenses
122,506
65,322
Loss on disposal of tangible assets
5,498
7,985
Tax on profit
87,191
109,130
Accrued (income)/expenses
( 33,074)
40,035
Changes in:
Stocks
( 583,892)
( 880,667)
Trade and other debtors
( 539,699)
128,117
Trade and other creditors
473,338
33,376
---------
---------
Cash generated from operations
( 88,097)
236,608
Interest paid
( 122,506)
( 65,322)
Interest received
16,044
Tax paid
( 151,306)
( 127,310)
---------
---------
Net cash (used in)/from operating activities
( 345,865)
43,976
---------
---------
Cash flows from investing activities
Purchase of tangible assets
( 1,304)
( 214,109)
Proceeds from sale of tangible assets
3,499
( 1)
---------
---------
Net cash from/(used in) investing activities
2,195
( 214,110)
---------
---------
Cash flows from financing activities
Proceeds from borrowings
89,285
198,146
Payments of finance lease liabilities
( 157,182)
37,044
Dividends paid
( 86,400)
( 86,400)
---------
---------
Net cash (used in)/from financing activities
( 154,297)
148,790
---------
---------
Net decrease in cash and cash equivalents
( 497,967)
( 21,344)
Cash and cash equivalents at beginning of year
(245,684)
(224,340)
---------
---------
Cash and cash equivalents at end of year
18
( 743,651)
( 245,684)
---------
---------
TOZERPLAN LIMITED
Notes to the Financial Statements
Year ended 31 March 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 Tozerplan House, Arundel Road, Uxbridge, UB8 2RP.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The 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 financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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
-
Over estimated economic life of 20 years
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:
Plant and machinery
-
20% reducing balance
Motor vehicles
-
25% reducing balance
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
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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 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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship (see hedge accounting policy Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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. Turnover
Turnover arises from:
2024
2023
£
£
Sale of goods
16,274,870
15,758,718
-------------
-------------
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Other operating income
2024
2023
£
£
Management charges receivable
76,792
32,667
Other operating income
11,250
--------
--------
88,042
32,667
--------
--------
6. Operating profit
Operating profit or loss is stated after charging:
2024
2023
£
£
Depreciation of tangible assets
154,422
182,437
Impairment of tangible assets recognised in:
Administrative expenses
13,496
13,496
Loss on disposal of tangible assets
5,498
7,985
Impairment of trade debtors
3,622
205,370
---------
---------
7. Auditor's remuneration
2024
2023
£
£
Fees payable for the audit of the financial statements
7,250
7,250
-------
-------
8. Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to:
2024
2023
No.
No.
Production staff
23
24
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
£
£
Wages and salaries
467,656
458,842
Social security costs
30,548
29,537
Other pension costs
7,486
8,287
---------
---------
505,690
496,666
---------
---------
9. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2024
2023
£
£
Remuneration
59,366
59,076
Excess retirement benefits of directors and past directors
3,600
3,600
--------
--------
62,966
62,676
--------
--------
10. Other interest receivable and similar income
2024
2023
£
£
Interest on bank deposits
16,044
--------
----
11. Interest payable and similar expenses
2024
2023
£
£
Interest on banks loans and overdrafts
102,464
57,342
Interest on obligations under finance leases and hire purchase contracts
20,042
7,980
---------
--------
122,506
65,322
---------
--------
12. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
117,993
104,629
Deferred tax:
Origination and reversal of timing differences
( 30,802)
4,501
--------
---------
Tax on profit
87,191
109,130
--------
---------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2023: higher than) the standard rate of corporation tax in the UK of 19 % (2023: 19 %).
2024
2023
£
£
Profit on ordinary activities before taxation
315,353
646,507
---------
---------
Profit on ordinary activities by rate of tax
19
19
---------
---------
13. Dividends
2024
2023
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
86,400
86,400
--------
--------
14. Intangible assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
269,916
---------
Amortisation
At 1 April 2023
157,246
Charge for the year
13,496
---------
At 31 March 2024
170,742
---------
Carrying amount
At 31 March 2024
99,174
---------
At 31 March 2023
112,670
---------
15. Tangible assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1 April 2023
161,575
1,417,472
1,579,047
Additions
1,304
1,304
Disposals
( 17,450)
( 17,450)
---------
------------
------------
At 31 March 2024
162,879
1,400,022
1,562,901
---------
------------
------------
Depreciation
At 1 April 2023
84,377
781,026
865,403
Charge for the year
13,806
140,616
154,422
Disposals
( 8,453)
( 8,453)
---------
------------
------------
At 31 March 2024
98,183
913,189
1,011,372
---------
------------
------------
Carrying amount
At 31 March 2024
64,696
486,833
551,529
---------
------------
------------
At 31 March 2023
77,198
636,446
713,644
---------
------------
------------
16. Stocks
2024
2023
£
£
Finished goods
6,233,544
5,649,652
------------
------------
17. Debtors
2024
2023
£
£
Trade debtors
2,425,082
2,058,019
Prepayments and accrued income
143,789
77,850
Other debtors
1,249,664
1,142,967
------------
------------
3,818,535
3,278,836
------------
------------
The debtors above include the following amounts falling due after more than one year:
2024
2023
£
£
Other debtors
1,191,904
1,081,506
------------
------------
18. Cash and cash equivalents
Cash and cash equivalents comprise the following:
2024
2023
£
£
Cash at bank and in hand
39,237
401,902
Bank overdrafts
( 782,888)
( 647,586)
---------
---------
( 743,651)
( 245,684)
---------
---------
19. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
805,327
679,206
Trade creditors
4,625,821
4,490,095
Accruals and deferred income
162,913
195,987
Corporation tax
222,622
255,935
Social security and other taxes
153,964
51,147
Obligations under finance leases and hire purchase contracts
145,914
157,162
Director loan accounts
494,565
396,099
Other creditors
437,853
181,467
------------
------------
7,048,979
6,407,098
------------
------------
The bank overdraft and loan are coverd by a debenture including Fixed Charge over all present freehold and leasehold property; First Fixed Charge over book and other debts, chattels, goodwill and uncalled capital, both present and future; and First Floating Charge over all assets and undertaking both present and future dated 10 December 2015. There is also a further Composite Company Unlimited Multilateral Guarantee dated 10 December 2015 given by Tozerplan Limited, Tozerplan Properties Ltd, Tozerplan Properties Uxbridge Limited.
20. Creditors: amounts falling due after more than one year
2024
2023
£
£
Obligations under finance leases and hire purchase contracts
339,733
485,667
Other creditors
21,591
---------
---------
339,733
507,258
---------
---------
21. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
2024
2023
£
£
Not later than 1 year
145,914
157,162
Later than 1 year and not later than 5 years
339,733
485,667
---------
---------
485,647
642,829
---------
---------
22. Provisions
Deferred tax (note 23)
£
At 1 April 2023
135,593
Additions
( 30,803)
---------
At 31 March 2024
104,790
---------
23. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions (note 22)
104,790
135,593
---------
---------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
106,189
137,110
---------
---------
24. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 7,486 (2023: £ 8,287 ).
25. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
10,000
10,000
10,000
10,000
--------
--------
--------
--------
26. Analysis of changes in net debt
At 1 Apr 2023
Cash flows
At 31 Mar 2024
£
£
£
Cash at bank and in hand
401,902
(362,665)
39,237
Bank overdrafts
(647,586)
(135,302)
(782,888)
Debt due within one year
(584,881)
(78,037)
(662,918)
Debt due after one year
(485,667)
145,934
(339,733)
------------
---------
------------
( 1,316,232)
( 430,070)
( 1,746,302)
------------
---------
------------
27. Directors' advances, credits and guarantees
The company was under the control of Jayant Pindolia and Vinodray Pindolia through the year. Other creditors included as amount of £494,565 (2023: £396,099) owed to above directors.
28. Related party transactions
At the Balance Sheet date the following amounts were due from/ (to) related companies which has common directors. Tozerplan Properties Ltd - Other Debtors £1,114,678(2023: £1,034,028) Tozerplan Development Ltd - Other Debtors £5,928 (2023: 5,428) Tozerplan Properties Uxbridge Ltd - Other Debtors £77,226 (2023: £47,478) Tozerplan Properties Sudbury Ltd - Other Debtors £18,467 (2023: NIL) Tozerplan Properties Grove bay Ltd - Other Creditors £22,134 (2023: £21,591)