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Registration number: 05522390

Tooling Services Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

Tooling Services Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 6

 

Tooling Services Limited

(Registration number: 05522390)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

84,229

120,779

Current assets

 

Stocks

5

61,177

64,565

Debtors

6

81,181

63,077

Cash at bank and in hand

 

37,714

102,722

 

180,072

230,364

Creditors: Amounts falling due within one year

7

(38,839)

(64,902)

Net current assets

 

141,233

165,462

Total assets less current liabilities

 

225,462

286,241

Provisions for liabilities

(21,058)

(30,195)

Net assets

 

204,404

256,046

Capital and reserves

 

Called up share capital

100

100

Retained earnings

204,304

255,946

Shareholders' funds

 

204,404

256,046

For the financial year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 23 January 2025
 

.........................................
K Pollitt
Director

   
     
 

Tooling Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

1

General information

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

The address of its registered office is:
Suite 2 Healey House
Dene Road
Andover
Hampshire
SP10 2AA

These financial statements were authorised for issue by the director on 23 January 2025.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Government grants in relation to tangible fixed asset are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.

Tax

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.

 

Tooling Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 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

Plant and machinery

10% - 20% straight line

Office equipment

20% straight line

Furniture and fixtures

20% straight line

Motor vehicles

20% straight line

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 5 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Tooling Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

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.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Financial instruments


Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
 

 

Tooling Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 5 (2023 - 4).

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 September 2023

8,819

6,795

371,604

387,218

At 31 August 2024

8,819

6,795

371,604

387,218

Depreciation

At 1 September 2023

8,261

2,945

255,235

266,441

Charge for the year

168

1,359

35,021

36,548

At 31 August 2024

8,429

4,304

290,256

302,989

Carrying amount

At 31 August 2024

390

2,491

81,348

84,229

At 31 August 2023

559

3,850

116,370

120,779

5

Stocks

2024
£

2023
£

Work in progress

6,177

9,565

Other inventories

55,000

55,000

61,177

64,565

6

Debtors

Current

2024
£

2023
£

Trade debtors

76,299

58,710

Prepayments

4,882

4,367

 

81,181

63,077

 

Tooling Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

490

485

Trade creditors

 

15,668

15,721

Taxation and social security

 

19,904

45,807

Accruals and deferred income

 

2,520

2,438

Other creditors

 

257

451

 

38,839

64,902

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Other borrowings

490

485

9

Financial commitments, guarantees and contingencies

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

15,000

15,000

Later than one year and not later than five years

60,000

60,000

Later than five years

17,500

6,250

92,500

81,250

The amount of non-cancellable operating lease payments recognised as an expense during the year was £15,000 (2023 - £15,000).