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Toast Developments Ltd

Registered Number
10066248
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2024

Toast Developments Ltd
Company Information
for the year from 1 April 2023 to 31 March 2024

Directors

Mr Stephen Cohen
Mr Thomas Grout

Registered Address

3 Coldbath Square
London
EC1R 5HL

Place of Business

The Old Forge

Rickmansworth Road

Northwood

HA6 2QN


Registered Number

10066248 (England and Wales)
Toast Developments Ltd
Balance Sheet as at
31 March 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets37,5609,767
7,5609,767
Current assets
Stocks45,891,8472,707,598
Debtors584,41059,003
Cash at bank and on hand26,313105,163
6,002,5702,871,764
Creditors amounts falling due within one year6(4,453,948)(1,190,128)
Net current assets (liabilities)1,548,6221,681,636
Total assets less current liabilities1,556,1821,691,403
Net assets1,556,1821,691,403
Capital and reserves
Called up share capital100100
Profit and loss account1,556,0821,691,303
Shareholders' funds1,556,1821,691,403
The financial statements were approved and authorised for issue by the Board of Directors on 27 March 2025, and are signed on its behalf by:
Mr Stephen Cohen
Director
Registered Company No. 10066248
Toast Developments Ltd
Notes to the Financial Statements
for the year ended 31 March 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page. The financial statements report the financial results only of the company and are presented in Sterling (£).
Statement of compliance
The financial statements have been prepared in compliance with Section 1A of Financial Reporting Standard 102 and Companies Act 2006 as these apply to the financial statements for the period and there were no material departures from the reporting standard.
Going concern
After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Revenue from sale of goods
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Revenue from construction and sale of property Where the company provides services together with construction materials in order to perform its contractual obligation to deliver real estate to the buyer, revenue is recognised, as sales of goods, on delivery of the completed real estate to the buyer.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Current taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.
Deferred tax
Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: - The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and - Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Tangible fixed assets and depreciation
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on all tangible fixed assets as follows:

Straight line (years)
Plant and machinery5
Office Equipment3
Stocks and work in progress
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Work in progress and finished goods include labour and attributable overheads. At each balance sheet date, stocks are assessed for impairment. If stock is 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.
Financial instruments
Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Basic financial assets, including trade and other debtors, and cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment. Basic financial liabilities, including trade and other creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently carried at amortised cost, using the effective interest method. Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of impairment. If evidence of impairment is found, an impairment loss is recognised in the profit and loss account. Financial assets are derecognised when (i) the contractual rights to the cashflows from the asset expire or are settled, or (ii) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (iii) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
2.Average number of employees
The average number of employees during the year include directors.

20242023
Average number of employees during the year99
3.Tangible fixed assets

Plant & machinery

Office Equipment

Total

£££
Cost or valuation
At 01 April 2310,5498,19518,744
At 31 March 2410,5498,19518,744
Depreciation and impairment
At 01 April 238798,0988,977
Charge for year2,110972,207
At 31 March 242,9898,19511,184
Net book value
At 31 March 247,560-7,560
At 31 March 239,670979,767
4.Stocks

2024

2023

££
Work in progress5,891,8472,707,598
Total5,891,8472,707,598
5.Debtors: amounts due within one year

2024

2023

££
Other debtors71,00659,003
Prepayments and accrued income13,404-
Total84,41059,003
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables186,69010,210
Taxation and social security23,20542,134
Other creditors4,180,6461,087,177
Accrued liabilities and deferred income63,40750,607
Total4,453,9481,190,128
At the balance sheet the company owed the directors £4,160,187 (2023 - £1,073,377). These loans are interest free, unsecured and repayable on demand.