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No description of principal activity
2023-09-01
Sage Accounts Production Advanced 2024 - FRS102_2024
1
xbrli:pure
xbrli:shares
iso4217:GBP
03827406
2023-09-01
2024-08-31
03827406
2024-08-31
03827406
2023-08-31
03827406
2022-09-01
2023-08-31
03827406
2023-08-31
03827406
2022-08-31
03827406
core:MotorVehicles
2023-09-01
2024-08-31
03827406
bus:Director3
2023-09-01
2024-08-31
03827406
core:PatentsTrademarksLicencesConcessionsSimilar
2023-08-31
03827406
core:PatentsTrademarksLicencesConcessionsSimilar
2024-08-31
03827406
core:PatentsTrademarksLicencesConcessionsSimilar
2023-09-01
2024-08-31
03827406
core:WithinOneYear
2024-08-31
03827406
core:WithinOneYear
2023-08-31
03827406
core:AfterOneYear
2024-08-31
03827406
core:AfterOneYear
2023-08-31
03827406
core:ShareCapital
2024-08-31
03827406
core:ShareCapital
2023-08-31
03827406
core:RevaluationReserve
2024-08-31
03827406
core:RevaluationReserve
2023-08-31
03827406
core:RetainedEarningsAccumulatedLosses
2024-08-31
03827406
core:RetainedEarningsAccumulatedLosses
2023-08-31
03827406
core:PatentsTrademarksLicencesConcessionsSimilar
2023-08-31
03827406
bus:Director1
2023-09-01
2024-08-31
03827406
bus:SmallEntities
2023-09-01
2024-08-31
03827406
bus:AuditExemptWithAccountantsReport
2023-09-01
2024-08-31
03827406
bus:SmallCompaniesRegimeForAccounts
2023-09-01
2024-08-31
03827406
bus:PrivateLimitedCompanyLtd
2023-09-01
2024-08-31
03827406
bus:FullAccounts
2023-09-01
2024-08-31
03827406
bus:OrdinaryShareClass1
2023-09-01
2024-08-31
03827406
bus:OrdinaryShareClass1
2024-08-31
03827406
bus:OrdinaryShareClass1
2023-08-31
03827406
core:CopyrightsPatentsTrademarksServiceOperatingRights
2023-09-01
2024-08-31
03827406
core:CopyrightsPatentsTrademarksServiceOperatingRights
2023-08-31
03827406
core:CopyrightsPatentsTrademarksServiceOperatingRights
2024-08-31
03827406
core:AllAssociates
2023-09-01
2024-08-31
COMPANY REGISTRATION NUMBER:
03827406
|
Filleted Unaudited Financial Statements |
|
Year Ended 31 August 2024
|
Statement of financial position |
1 |
|
|
|
Notes to the financial statements |
3 |
|
|
|
Statement of Financial Position |
|
31 August 2024
Fixed Assets
|
Intangible assets |
6 |
|
38,880 |
2,113,407 |
|
|
|
|
|
Current Assets
|
Debtors |
7 |
18,660 |
|
30,987 |
|
Cash at bank and in hand |
131 |
|
494 |
|
-------- |
|
-------- |
|
18,791 |
|
31,481 |
|
|
|
|
|
|
Creditors: amounts falling due within one year |
8 |
24,441 |
|
24,727 |
|
-------- |
|
-------- |
|
Net Current (Liabilities)/Assets |
|
(
5,650) |
6,754 |
|
|
-------- |
------------ |
|
Total Assets Less Current Liabilities |
|
33,230 |
2,120,161 |
|
|
|
|
|
|
Creditors: amounts falling due after more than one year |
9 |
|
30,369 |
36,054 |
|
|
|
|
|
Provisions
|
Taxation including deferred tax |
|
– |
517,696 |
|
|
-------- |
------------ |
|
Net Assets |
|
2,861 |
1,566,411 |
|
|
-------- |
------------ |
|
|
|
|
Capital and Reserves
|
Called up share capital |
10 |
|
2 |
2 |
|
Revaluation reserve |
|
13,020 |
1,564,030 |
|
Profit and loss account |
|
(
10,161) |
2,379 |
|
|
-------- |
------------ |
|
Shareholders Funds |
|
2,861 |
1,566,411 |
|
|
-------- |
------------ |
|
|
|
|
|
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 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
|
Statement of Financial Position (continued) |
|
31 August 2024
These financial statements were approved by the
board of directors
and authorised for issue on
22 May 2025
, and are signed on behalf of the board by:
Company registration number:
03827406
|
Notes to the Financial Statements |
|
Year Ended 31 August 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 91-97 Saltergate, Chesterfield, S40 1LA, England.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
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 measured at fair value.
Going concern
The directors consider that the company has adequate resource to continue in operational existence for the foreseeable future. Accordingly they consider that the going concern basis is appropriate.
Judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, where the revision affects only that period, or in the period of the revision and future periods, where the revision affects both current and future periods. In the directors opinion the value of the patents and licences held as intangible assets are in excess of cost. On this basis the company has departed from the accounting standard so as to show a true and fair view.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. The whole of the turnover is attributable to the principle activity of the company wholly undertaken in the United Kingdom.
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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date. In the directors opinion the value of the patents and licences held as intangible assets are in excess of cost. On this basis the company has departed from the accounting standard so as to show a true and fair view.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
|
Other intangible assets |
- |
10% straight line |
|
|
|
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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:
|
Motor vehicles |
- |
33% reducing balance |
|
|
|
|
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.
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
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in profit and loss within other administrative expenses.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
2
(2023:
2
).
5.
Turnover
Turnover for the year amounted to £4,000(2023:£6,500)
6.
Intangible assets
|
Patents, trademarks and licences |
Other intangible assets |
Total |
|
£ |
£ |
£ |
|
Cost |
|
|
|
|
At 1 September 2023 |
2,113,400 |
939 |
2,114,339 |
|
Additions |
– |
– |
– |
|
Revaluations |
(
2,074,520) |
– |
(
2,074,520) |
|
------------ |
---- |
------------ |
|
At 31 August 2024 |
38,880 |
939 |
39,819 |
|
------------ |
---- |
------------ |
|
Amortisation |
|
|
|
|
At 1 September 2023 |
– |
932 |
932 |
|
Charge for the year |
– |
7 |
7 |
|
------------ |
---- |
------------ |
|
At 31 August 2024 |
– |
939 |
939 |
|
------------ |
---- |
------------ |
|
Carrying amount |
|
|
|
|
At 31 August 2024 |
38,880 |
– |
38,880 |
|
------------ |
---- |
------------ |
|
At 31 August 2023 |
2,113,400 |
7 |
2,113,407 |
|
------------ |
---- |
------------ |
|
|
|
|
7.
Debtors
|
2024 |
2023 |
|
£ |
£ |
|
Other debtors |
18,660 |
30,987 |
|
-------- |
-------- |
|
|
|
8.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
|
Bank loans and overdrafts |
5,686 |
5,542 |
|
Trade creditors |
– |
1,249 |
|
Social security and other taxes |
400 |
– |
|
Other creditors |
18,355 |
17,936 |
|
-------- |
-------- |
|
24,441 |
24,727 |
|
-------- |
-------- |
|
|
|
9.
Creditors:
amounts falling due after more than one year
|
2024 |
2023 |
|
£ |
£ |
|
Bank loans and overdrafts |
30,369 |
36,054 |
|
-------- |
-------- |
|
|
|
10.
Called up share capital
Issued, called up and fully paid
|
2024 |
2023 |
|
No. |
£ |
No. |
£ |
|
shares of £
1 each |
2 |
2 |
2 |
2 |
|
---- |
---- |
---- |
---- |
|
|
|
|
|
11.
Events after the end of the reporting period
Subsequent to the balance sheet date, the following significant events have occurred: (a) UK Home Shopping Ltd - Administration UK Home Shopping Ltd, the sole licensee under a royalty agreement held by the company, entered administration on 27 February 2025. As a result of this event, the future royalties expected to be received by the company will no longer be forthcoming. The directors have subsequently assessed the full financial impact of this administration. This event has resulted in a significant devaluation of the Intellectual Property (IP) valuation held by the company and an appropriate impairment charge has been recognised in the balance sheet. Following the administration, the shareholder and directors injected personal funds into the company to assist the financing of the acquisition of the business and certain assets of UK Home Shopping Ltd on 28 March 2025. The company subsequently began trading under the trading name Tools To Go (b) Tools To Go Ltd - Liquidation Tools To Go Ltd, a company to which the company had an outstanding loan, entered liquidation on 14 March 2025. Consequently, the loan receivable from Tools To Go Ltd is considered irrecoverable and has been written down in the financial statements to the amount received post year end.
12.
Related party transactions
Included within other creditors at the year end is an amount of £4,910 (2023: £4,710) owed by the company to Chatsworth Industrial Ltd, a company in which M D Irwin was a director during the year. The loan is interest free and repayable on demand. Included within other creditors at the year end is an amount of £Nil (2023: £2731) owed by the company to UK Home Shopping Limited, a company in which M D Irwin was a director during the year. The loan is interest free and repayable on demand. Included within other debtors at the year end is an amount of £18,658 (2023: £30,559) owed to the company by Tools To Go Ltd, a company in which M D Irwin was a director during the year. The loan is interest free and repayable on demand. As noted in Note 12, Tools to Go Limited went into liquidation resulting in a loan write off of £4,701.