Registered number
08881203
Toshel Limited
Filleted Accounts
31 August 2024
Toshel Limited
Registered number: 08881203
Balance Sheet
as at 31 August 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 498,394 527,194
Tangible assets 4 46,155 49,279
544,549 576,473
Current assets
Stocks 45,743 32,547
Debtors 5 162,135 59,512
Cash at bank and in hand 299,667 69,778
507,545 161,837
Creditors: amounts falling due within one year 6 (379,922) (375,041)
Net current assets/(liabilities) 127,623 (213,204)
Total assets less current liabilities 672,172 363,269
Creditors: amounts falling due after more than one year 7 (276,038) (27,255)
Provisions for liabilities (1,397) (1,397)
Net assets 394,737 334,617
Capital and reserves
Called up share capital 2 2
Profit and loss account 394,735 334,615
Shareholder's funds 394,737 334,617
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr O T Akintolu
Director
Approved by the board on 15 January 2025
Toshel Limited
Notes to the Accounts
for the year ended 31 August 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 4 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 14 15
3 Intangible fixed assets £
Goodwill:
Cost
At 1 September 2023 719,994
At 31 August 2024 719,994
Amortisation
At 1 September 2023 192,800
Provided during the year 28,800
At 31 August 2024 221,600
Net book value
At 31 August 2024 498,394
At 31 August 2023 527,194
Goodwill is being written off in equal annual instalments over its estimated economic life of 25 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 September 2023 9,198 59,636 68,834
Additions 1,257 9,339 10,596
Disposals - (4,546) (4,546)
At 31 August 2024 10,455 64,429 74,884
Depreciation
At 1 September 2023 6,173 13,382 19,555
Charge for the year 856 10,682 11,538
On disposals - (2,364) (2,364)
At 31 August 2024 7,029 21,700 28,729
Net book value
At 31 August 2024 3,426 42,729 46,155
At 31 August 2023 3,025 46,254 49,279
5 Debtors 2024 2023
£ £
Other debtors 162,135 59,512
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 56,902 134,265
Trade creditors 246,806 193,601
Corporation tax 48,244 11,157
Other taxes and social security costs 1,141 1,791
Other creditors 18,594 25,992
Deferred income 8,235 8,235
379,922 375,041
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 276,038 27,255
8 Other information
Toshel Limited is a private company limited by shares and incorporated in England. Its registered office is:
12 Frazier Avenue
Wakefield
WF2 9BJ
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