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COMPANY REGISTRATION NUMBER: 6830650
Tool Trader Direct Limited
Filleted Unaudited Financial Statements
31 July 2024
Tool Trader Direct Limited
Financial Statements
Year ended 31 July 2024
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 8
Tool Trader Direct Limited
Statement of Financial Position
31 July 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
6
462,321
511,913
Current assets
Stocks
106,567
175,210
Debtors
7
168,847
121,515
Cash at bank and in hand
28,796
18,936
---------
---------
304,210
315,661
Creditors: amounts falling due within one year
8
( 397,777)
( 343,027)
---------
---------
Net current liabilities
( 93,567)
( 27,366)
---------
---------
Total assets less current liabilities
368,754
484,547
Creditors: amounts falling due after more than one year
9
( 273,023)
( 318,396)
Provisions
Taxation including deferred tax
10
( 38,549)
( 35,516)
---------
---------
Net assets
57,182
130,635
---------
---------
Capital and reserves
Called up share capital
12
3
3
Profit and loss account
57,179
130,632
--------
---------
Shareholders funds
57,182
130,635
--------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Tool Trader Direct Limited
Statement of Financial Position (continued)
31 July 2024
These financial statements were approved by the board of directors and authorised for issue on 22 April 2025 , and are signed on behalf of the board by:
Mr A.C. Barton
Director
Company registration number: 6830650
Tool Trader Direct Limited
Notes to the Financial Statements
Year ended 31 July 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Woodfield, Withybush Industrial Estate, Haverfordwest, Pembrokeshire, SA62 4BW.
2. Statement of compliance
These financial statements have been prepared in accordance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The director has a reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future. For this reason, the director continues to adopt the going concern basis of accounting in preparing the annual financial statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold Property
-
2% straight line
Plant & Machinery
-
25% reducing balance
Fixtures & Fittings
-
25% reducing balance
Motor Vehicles
-
25% reducing balance
Office Equipment
-
25% reducing balance
Included within Freehold Land & Property is Land which is not depreciated.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2023: 7 ).
5. Tax on profit
Major components of tax expense/(income)
2024
2023
£
£
Deferred tax:
Origination and reversal of timing differences
3,032
( 1,632)
-------
-------
Tax on profit
3,032
( 1,632)
-------
-------
6. Tangible assets
Freehold Land & Property
Plant & Machinery
Fixtures & Fittings
Motor Vehicles
Office Equipment
Total
£
£
£
£
£
£
Cost
At 1 Aug 2023
241,765
509,378
7,472
243,351
26,252
1,028,218
Additions
5,923
34,000
699
40,622
Disposals
( 90,207)
( 1,470)
( 17,733)
( 7,812)
( 117,222)
---------
---------
-------
---------
--------
------------
At 31 Jul 2024
241,765
425,094
6,002
259,618
19,139
951,618
---------
---------
-------
---------
--------
------------
Depreciation
At 1 Aug 2023
13,522
334,302
7,043
141,906
19,532
516,305
Charge for the year
3,761
43,707
43
33,767
1,762
83,040
Disposals
( 84,037)
( 1,214)
( 17,356)
( 7,441)
( 110,048)
---------
---------
-------
---------
--------
------------
At 31 Jul 2024
17,283
293,972
5,872
158,317
13,853
489,297
---------
---------
-------
---------
--------
------------
Carrying amount
At 31 Jul 2024
224,482
131,122
130
101,301
5,286
462,321
---------
---------
-------
---------
--------
------------
At 31 Jul 2023
228,243
175,076
429
101,445
6,720
511,913
---------
---------
-------
---------
--------
------------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Plant & Machinery
Motor Vehicles
Total
£
£
£
At 31 July 2024
86,286
93,730
180,016
--------
--------
---------
At 31 July 2023
143,978
96,973
240,951
---------
--------
---------
7. Debtors
2024
2023
£
£
Trade debtors
85,570
84,530
Other debtors
83,277
36,985
---------
---------
168,847
121,515
---------
---------
Other debtors include an amount of £nil (2023 - £nil) falling due after more than one year.
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts (secured)
9,996
12,007
Trade creditors
61,045
62,784
Hire purchase agreements (secured)
61,638
91,920
Corporation tax
149
Social security and other taxes
32,423
6,703
Other creditors
232,675
169,464
---------
---------
397,777
343,027
---------
---------
The bank facilities are secured by legal charges held by Barclays Bank PLC over the properties of the company.
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts (secured)
152,480
158,803
Hire purchase agreements (secured)
120,543
159,593
---------
---------
273,023
318,396
---------
---------
Included within creditors: amounts falling due after more than one year is an amount of £112,497 (2023: £130,638) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
10. Provisions
Deferred tax (note 11)
£
At 1 August 2023
35,516
Additions
3,033
--------
At 31 July 2024
38,549
--------
11. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions (note 10)
38,549
35,516
--------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
40,188
53,898
Unused tax losses
( 1,639)
( 18,382)
--------
--------
38,549
35,516
--------
--------
12. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
1
1
1
1
Ordinary Class A shares of £ 1 each
1
1
1
1
Ordinary Class B shares of £ 1 each
1
1
1
1
----
----
----
----
3
3
3
3
----
----
----
----
13. Related party transactions
The company was under the control of Mr A.C. Barton , the managing director, throughout the current and previous year by virtue of his majority shareholding. On 31 March 2024 the company paid dividends totalling £74,800 (2023 - £80,000) to the shareholders of the company.