Company registration number 03765315 (England and Wales)
TONECOURT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
TONECOURT LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
TONECOURT LIMITED
BALANCE SHEET
AS AT
31 MAY 2024
31 May 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
198,148
136,494
Current assets
Stocks
220,200
237,350
Debtors
5
402,217
313,259
Cash at bank and in hand
41,954
93,231
664,371
643,840
Creditors: amounts falling due within one year
6
(499,494)
(447,479)
Net current assets
164,877
196,361
Total assets less current liabilities
363,025
332,855
Creditors: amounts falling due after more than one year
7
(32,466)
(25,833)
Provisions for liabilities
(29,500)
(25,950)
Net assets
301,059
281,072
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
301,057
281,070
Total equity
301,059
281,072

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

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

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

TONECOURT LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MAY 2024
31 May 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 8 April 2025
M James
Director
Company Registration No. 03765315
TONECOURT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 3 -
1
Accounting policies
Company information

Tonecourt Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 1 Thorneybank Industrial Estate, Hapton, Burnley, Lancashire, United Kingdom, BB11 5QR.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
15% per annum reducing balance
Motor vehicles
25% per annum reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

TONECOURT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 4 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Leases

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

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

TONECOURT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 5 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
10
10
3
Intangible fixed assets
Goodwill
£
Cost
At 1 June 2023 and 31 May 2024
5,000
Amortisation and impairment
At 1 June 2023 and 31 May 2024
5,000
Carrying amount
At 31 May 2024
-
0
At 31 May 2023
-
0
4
Tangible fixed assets
Plant and equipment
Motor vehicles
Total
£
£
£
Cost
At 1 June 2023
181,415
195,470
376,885
Additions
16,650
88,390
105,040
Disposals
-
0
(38,820)
(38,820)
At 31 May 2024
198,065
245,040
443,105
Depreciation and impairment
At 1 June 2023
140,053
100,338
240,391
Depreciation charged in the year
4,137
9,862
13,999
Eliminated in respect of disposals
-
0
(9,433)
(9,433)
At 31 May 2024
144,190
100,767
244,957
Carrying amount
At 31 May 2024
53,875
144,273
198,148
At 31 May 2023
41,362
95,132
136,494
TONECOURT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 6 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
315,094
264,439
Other debtors
87,123
48,820
402,217
313,259
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loan
10,000
10,000
Trade creditors
388,537
319,467
Taxation and social security
44,179
80,774
Hire purchase (secured)
12,990
10,400
Other creditors
43,788
26,838
499,494
447,479
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loan
10,833
20,833
Hire purchase (secured)
21,633
5,000
32,466
25,833
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