Trout Tool Co Limited 00586358 false 2023-07-01 2024-06-30 2024-06-30 The principal activity of the company is Precision engineering Digita Accounts Production Advanced 6.30.9574.0 true true 00586358 2023-07-01 2024-06-30 00586358 2024-06-30 00586358 core:RetainedEarningsAccumulatedLosses 2024-06-30 00586358 core:ShareCapital 2024-06-30 00586358 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-06-30 00586358 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-06-30 00586358 core:CurrentFinancialInstruments 2024-06-30 00586358 core:CurrentFinancialInstruments core:WithinOneYear 2024-06-30 00586358 core:Non-currentFinancialInstruments 2024-06-30 00586358 core:Non-currentFinancialInstruments core:AfterOneYear 2024-06-30 00586358 core:Goodwill 2024-06-30 00586358 core:FurnitureFittings 2024-06-30 00586358 core:LandBuildings core:ShortLeaseholdAssets 2024-06-30 00586358 core:MotorVehicles 2024-06-30 00586358 core:PlantMachinery 2024-06-30 00586358 bus:SmallEntities 2023-07-01 2024-06-30 00586358 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 00586358 bus:FilletedAccounts 2023-07-01 2024-06-30 00586358 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 00586358 bus:RegisteredOffice 2023-07-01 2024-06-30 00586358 bus:Director1 2023-07-01 2024-06-30 00586358 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 00586358 core:Goodwill 2023-07-01 2024-06-30 00586358 core:ComputerEquipment 2023-07-01 2024-06-30 00586358 core:FurnitureFittings 2023-07-01 2024-06-30 00586358 core:LandBuildings core:ShortLeaseholdAssets 2023-07-01 2024-06-30 00586358 core:LeaseholdImprovements 2023-07-01 2024-06-30 00586358 core:MotorCars 2023-07-01 2024-06-30 00586358 core:MotorVehicles 2023-07-01 2024-06-30 00586358 core:OfficeEquipment 2023-07-01 2024-06-30 00586358 core:PlantMachinery 2023-07-01 2024-06-30 00586358 countries:EnglandWales 2023-07-01 2024-06-30 00586358 2023-06-30 00586358 core:Goodwill 2023-06-30 00586358 core:FurnitureFittings 2023-06-30 00586358 core:LandBuildings core:ShortLeaseholdAssets 2023-06-30 00586358 core:MotorVehicles 2023-06-30 00586358 core:PlantMachinery 2023-06-30 00586358 2022-07-01 2023-06-30 00586358 2023-06-30 00586358 core:RetainedEarningsAccumulatedLosses 2023-06-30 00586358 core:ShareCapital 2023-06-30 00586358 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-06-30 00586358 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-06-30 00586358 core:CurrentFinancialInstruments 2023-06-30 00586358 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 00586358 core:Non-currentFinancialInstruments 2023-06-30 00586358 core:Non-currentFinancialInstruments core:AfterOneYear 2023-06-30 00586358 core:Goodwill 2023-06-30 00586358 core:FurnitureFittings 2023-06-30 00586358 core:LandBuildings core:ShortLeaseholdAssets 2023-06-30 00586358 core:MotorVehicles 2023-06-30 00586358 core:PlantMachinery 2023-06-30 iso4217:GBP xbrli:pure

Registration number: 00586358

Trout Tool Co Limited
 

Annual Report and Unaudited Financial Statements- Companies house filing

for the Year Ended 30 June 2024

 

Trout Tool Co Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Trout Tool Co Limited

(Registration number: 00586358)
Statement of Financial Position as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

27,917

32,917

Tangible assets

5

103,807

102,323

 

131,724

135,240

Current assets

 

Stocks

6

103,100

94,713

Debtors

7

231,275

304,112

Cash at bank and in hand

 

11,947

256

 

346,322

399,081

Creditors: Amounts falling due within one year

8

(450,930)

(528,599)

Net current liabilities

 

(104,608)

(129,518)

Total assets less current liabilities

 

27,116

5,722

Creditors: Amounts falling due after more than one year

8

(32,320)

(36,981)

Provisions for liabilities

(16,063)

(15,146)

Net liabilities

 

(21,267)

(46,405)

Capital and reserves

 

Called up share capital

3,200

3,200

Profit and loss account

(24,467)

(49,605)

Shareholders' deficit

 

(21,267)

(46,405)

For the financial year ending 30 June 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 provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

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 Income Statement.

Approved and authorised by the Board on 30 January 2025 and signed on its behalf by:
 

 

Trout Tool Co Limited

(Registration number: 00586358)
Statement of Financial Position as at 30 June 2024

.........................................
D Burton
Director

 

Trout Tool Co Limited

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

1

General information

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

The address of its registered office is: Knoll House, Knoll Road, Camberley, Surrey, GU15 3SY. England.

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.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

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

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 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

Grants are accounted for under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in “other income” within profit or loss in the same period as the related expenditure.

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.

 

Trout Tool Co Limited

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

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.

Tangible assets

Tangible assets are stated in the statement of financial position 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% straight line

Plant and machinery

5% reducing balance

Fitting, fixtures and equipment

25% straight line

Motor vehicles

25% reducing balance

Computer equipment

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 seven years

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.

 

Trout Tool Co Limited

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

Trade debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and bank deposits.

Trade creditors

Short term creditors are measured at the transaction price.

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 income statement 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.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the income statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Employee benefits

Short-term employee benefits are recognised as an expense in the period which they are incurred.

 

Trout Tool Co Limited

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

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2023 - 7).

 

Trout Tool Co Limited

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 July 2023

35,000

35,000

At 30 June 2024

35,000

35,000

Amortisation

At 1 July 2023

2,083

2,083

Amortisation charge

5,000

5,000

At 30 June 2024

7,083

7,083

Carrying amount

At 30 June 2024

27,917

27,917

At 30 June 2023

32,917

32,917

5

Tangible assets

Short leasehold land and buildings
£

Fixtures, fittings and equipment
£

Plant and machinery
£

Motor vehicles
 £

Cost or valuation

At 1 July 2023

16,540

10,020

383,751

12,120

Additions

-

-

-

11,100

At 30 June 2024

16,540

10,020

383,751

23,220

Depreciation

At 1 July 2023

3,308

10,020

298,335

8,445

Charge for the year

1,654

-

4,268

3,694

At 30 June 2024

4,962

10,020

302,603

12,139

Carrying amount

At 30 June 2024

11,578

-

81,148

11,081

At 30 June 2023

13,232

-

85,416

3,675

 

Trout Tool Co Limited

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

Total
£

Cost or valuation

At 1 July 2023

422,431

Additions

11,100

At 30 June 2024

433,531

Depreciation

At 1 July 2023

320,108

Charge for the year

9,616

At 30 June 2024

329,724

Carrying amount

At 30 June 2024

103,807

At 30 June 2023

102,323

Included within the net book value of land and buildings above is £11,578 (2023 - £13,232) in respect of short leasehold land and buildings.
 

 

Trout Tool Co Limited

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

6

Stocks

2024
£

2023
£

Raw materials and consumables

62,400

60,813

Work in progress

40,700

33,900

103,100

94,713

7

Debtors

2024
£

2023
£

Trade debtors

149,102

214,082

Other debtors

28,035

41,810

Prepayments

54,138

48,220

231,275

304,112

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Bank loans and overdrafts

9

20,439

26,073

Trade creditors

 

137,625

165,455

Taxation and social security

 

48,614

53,714

Accruals and deferred income

 

7,268

13,695

Other creditors

 

236,984

269,662

 

450,930

528,599


The bank overdraft is secured by a charge over leasehold land. The finance lease liabilities are secured by a charge over the specific asset to which each agreement relates to.

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Loans and borrowings

9

32,320

36,981


Creditors include bank loans repayable by instalments of £3,565 (2023 - £7,454) due after more than five years.

 

Trout Tool Co Limited

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

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

19,120

23,009

Hire purchase contracts

13,200

13,972

32,320

36,981

Current loans and borrowings

2024
£

2023
£

Bank borrowings

3,889

3,889

Bank overdrafts

5,929

11,861

Hire purchase contracts

10,621

10,323

20,439

26,073

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the statement of financial position

The total amount of financial commitments not included in the statement of financial position is £216,750 (2023 - £293,250).

11

Related party transactions

At the year end date the company owed its director R M Woodroofe £14,320 (2023: £26,320). Additionally the company owed its director D Burton £46,206 (2023: £1,665). The loan accounts are non-interest bearing.

12

Going concern

The financial statements have been prepared on a going concern basis due to the continuing support of the company's bank, the company's directors and a company under common control.