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REGISTERED NUMBER: SC286094















TOOLTIME (UK) LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024






TOOLTIME (UK) LIMITED (REGISTERED NUMBER: SC286094)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024




Page

Balance Sheet 1

Notes to the Financial Statements 3


TOOLTIME (UK) LIMITED (REGISTERED NUMBER: SC286094)

BALANCE SHEET
30 JUNE 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 472,781 488,320

CURRENT ASSETS
Stocks 351,103 560,843
Debtors 5 102,048 13,546
Cash at bank 62,279 47,722
515,430 622,111
CREDITORS
Amounts falling due within one year 6 843,257 671,795
NET CURRENT LIABILITIES (327,827 ) (49,684 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

144,954

438,636

CREDITORS
Amounts falling due after more than one
year

7

(53,867

)

(120,486

)

PROVISIONS FOR LIABILITIES (2,218 ) (4,154 )
NET ASSETS 88,869 313,996

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 88,867 313,994
88,869 313,996

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

TOOLTIME (UK) LIMITED (REGISTERED NUMBER: SC286094)

BALANCE SHEET - continued
30 JUNE 2024


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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 April 2025 and were signed on its behalf by:





D Younger - Director


TOOLTIME (UK) LIMITED (REGISTERED NUMBER: SC286094)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1. STATUTORY INFORMATION

Tooltime (UK) Ltd is a private company, limited by shares, registered in Scotland. The company's registered office address is 45 James Watt Place, East Kilbride, Glasgow, Scotland, G74 5HG.

The presentation currency of the financial statements is Sterling (£).

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. There were no material departures from this standard.

Judgements
The company considers on an annual basis the judgements that are made by management when applying its
significant accounting policies that would have the most significant effect on amounts that are recognised in the financial statements. The directors consider there are no such significant judgements.

Provisions
Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

Turnover
Turnover represents net invoiced sales of goods, excluding value added tax. The company's policy is to recognise revenue when substantively all risks and rewards in connection with the goods have been passed to the buyer.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Land and buildings - 2% on cost
Plant and machinery etc - 25% on reducing balance and 20% on reducing balance

Tangible fixed assets are included at cost less accumulated depreciation and accumulated impairment losses.

Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like plant and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible
impairment, the recoverable amount which is the higher of value in use and the fair value less cost to sell, is
estimated and compared with the carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit and loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

TOOLTIME (UK) LIMITED (REGISTERED NUMBER: SC286094)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

2. ACCOUNTING POLICIES - continued

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 accounts receivable and payable and loans to and from related parties.

Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and trade creditors, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received.

Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of impairment and if found, an impairment loss is recognised in profit or loss.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities

Taxation
Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

With the exception of changes arising on the initial recognition of a business combination, the tax expense is
presented either in profit or loss, other comprehensive income or statement of changes in equity depending on the transaction that resulted in the tax expense.

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2023 - 13 ) .

TOOLTIME (UK) LIMITED (REGISTERED NUMBER: SC286094)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 July 2023
and 30 June 2024 603,350 79,091 682,441
DEPRECIATION
At 1 July 2023 131,645 62,476 194,121
Charge for year 12,067 3,472 15,539
At 30 June 2024 143,712 65,948 209,660
NET BOOK VALUE
At 30 June 2024 459,638 13,143 472,781
At 30 June 2023 471,705 16,615 488,320

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 102,048 13,546

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 79,318 168,750
Trade creditors 194,910 328,757
Taxation and social security 162,294 2,317
Other creditors 406,735 171,971
843,257 671,795

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 53,867 120,486