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REGISTERED NUMBER: 08502555 (England and Wales)















TOOMEY LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024






TOOMEY LIMITED (REGISTERED NUMBER: 08502555)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024




Page

Company Information 1

Statement of Financial Position 2 to 3

Notes to the Financial Statements 4 to 7


TOOMEY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: K R Toomey
Mrs A Toomey





REGISTERED OFFICE: 3 Castlegate
Grantham
Lincolnshire
NG31 6SF





REGISTERED NUMBER: 08502555 (England and Wales)





ACCOUNTANTS: Duncan & Toplis Limited
14 All Saints Street
Stamford
Lincolnshire
PE9 2PA

TOOMEY LIMITED (REGISTERED NUMBER: 08502555)

STATEMENT OF FINANCIAL POSITION
30 JUNE 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - 30,625
Tangible assets 5 48,789 77,447
48,789 108,072

CURRENT ASSETS
Stocks 8,913 9,260
Debtors 6 99,980 84,425
Cash at bank - 655
108,893 94,340
CREDITORS
Amounts falling due within one year 7 242,608 152,637
NET CURRENT LIABILITIES (133,715 ) (58,297 )
TOTAL ASSETS LESS CURRENT LIABILITIES (84,926 ) 49,775

CREDITORS
Amounts falling due after more than one year 8 (55,102 ) (114,719 )

PROVISIONS FOR LIABILITIES (12,197 ) (13,650 )
NET LIABILITIES (152,225 ) (78,594 )

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings (152,325 ) (78,694 )
SHAREHOLDERS' FUNDS (152,225 ) (78,594 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

TOOMEY LIMITED (REGISTERED NUMBER: 08502555)

STATEMENT OF FINANCIAL POSITION - continued
30 JUNE 2024


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

In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 January 2025 and were signed on its behalf by:





K R Toomey - Director


TOOMEY LIMITED (REGISTERED NUMBER: 08502555)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1. STATUTORY INFORMATION

Toomey Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

At the balance sheet date the company had net current liabilities of £133,716 (2023 : £58,297) and net liabilities of £152,226 (2023 £78,594).

The directors of Toomey Limited consider the financial statements should be prepared on a going concern basis because :

- in their opinion, the company will achieve profitability in future periods.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2013, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 15% on reducing balance
Computer equipment - 33% on cost

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Stocks
Stocks are valued at the lower of cost and fair value less costs to complete and sell, after making due allowance for obsolete and slow moving items.

TOOMEY LIMITED (REGISTERED NUMBER: 08502555)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has chosen to adopt the FRS102 1A in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2023 - 22 ) .

TOOMEY LIMITED (REGISTERED NUMBER: 08502555)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 July 2023
and 30 June 2024 350,000
AMORTISATION
At 1 July 2023 319,375
Amortisation for year 30,625
At 30 June 2024 350,000
NET BOOK VALUE
At 30 June 2024 -
At 30 June 2023 30,625

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 July 2023 52,205 3,122 85,777 14,408 155,512
Additions 446 - - 530 976
Disposals (6,375 ) (182 ) (28,629 ) (6,589 ) (41,775 )
At 30 June 2024 46,276 2,940 57,148 8,349 114,713
DEPRECIATION
At 1 July 2023 33,975 1,752 30,008 12,330 78,065
Charge for year 2,526 201 5,728 1,727 10,182
Eliminated on disposal (4,541 ) (146 ) (11,047 ) (6,589 ) (22,323 )
At 30 June 2024 31,960 1,807 24,689 7,468 65,924
NET BOOK VALUE
At 30 June 2024 14,316 1,133 32,459 881 48,789
At 30 June 2023 18,230 1,370 55,769 2,078 77,447

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 22,310 36,100
Other debtors 77,670 48,325
99,980 84,425

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 69,135 63,534
Trade creditors 30,101 36,417
Taxation and social security 30,512 41,169
Other creditors 112,860 11,517
242,608 152,637

TOOMEY LIMITED (REGISTERED NUMBER: 08502555)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 55,102 114,719

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 5,067 10,493

9. SECURED DEBTS

The Funding Circle CBILS loan is secured against the assets of the business.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

11. OTHER FINANCIAL COMMITMENTS

At the balance sheet date the company had operating lease commitments over the remaining life of the leases totalling £45,764 (2023: £15,890).

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 June 2024 and 30 June 2023:

2024 2023
£    £   
K R Toomey
Balance outstanding at start of year 42,702 26,089
Amounts advanced 76,627 43,138
Amounts repaid (42,702 ) (26,525 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 76,627 42,702

Loans to directors over £10,000 are charged to interest at the HMRC official rate.

13. DIVIDENDS

At the time the dividends were paid, the directors were not aware that there were insufficient profits available for distribution and the directors acknowledge that no further distributions can be made until there are sufficient profits available for that purpose.