Company registration number 00958642 (England and Wales)
Lawton Tools Limited
Unaudited financial statements
For the year ended 31 October 2024
Lawton Tools Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 5
Lawton Tools Limited
Balance sheet
As at 31 October 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
2,364
Tangible assets
4
20,698
28,233
20,698
30,597
Current assets
Stocks
120,371
121,718
Debtors
5
380,975
460,999
Cash at bank and in hand
124
846
501,470
583,563
Creditors: amounts falling due within one year
6
(373,173)
(536,253)
Net current assets
128,297
47,310
Net assets
148,995
77,907
Capital and reserves
Called up share capital
7
10
10
Profit and loss reserves
148,985
77,897
Total equity
148,995
77,907
For the financial year ended 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 14 May 2025 and are signed on its behalf by:
Mr J L Horsley
Director
Company registration number 00958642 (England and Wales)
Lawton Tools Limited
Notes to the financial statements
For the year ended 31 October 2024
- 2 -
1
Accounting policies
Company information
Lawton Tools Limited is a private company limited by shares incorporated in England and Wales. The registered office is 72 Newcastle Road, Sandbach, Cheshire, CW11 1LT.
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.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:
1.3
Intangible fixed assets other than goodwill
Amortisation 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:
Computer software
25% straight line
1.4
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 machinery
25% straight line
Fixtures, fittings & equipment
15% straight line
Motor vehicles
25% straight line
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.
1.5
Stocks
Stock is valued at the lower of cost and net realisable value.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Lawton Tools Limited
Notes to the financial statements (continued)
For the year ended 31 October 2024
1
Accounting policies
(Continued)
- 3 -
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.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
7
9
3
Intangible fixed assets
Other
£
Cost
At 1 November 2023 and 31 October 2024
21,371
Amortisation and impairment
At 1 November 2023
19,007
Amortisation charged for the year
2,364
At 31 October 2024
21,371
Carrying amount
At 31 October 2024
At 31 October 2023
2,364
Lawton Tools Limited
Notes to the financial statements (continued)
For the year ended 31 October 2024
- 4 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2023
179,308
Additions
4,345
Disposals
(9,200)
At 31 October 2024
174,453
Depreciation and impairment
At 1 November 2023
151,075
Depreciation charged in the year
11,130
Eliminated in respect of disposals
(8,450)
At 31 October 2024
153,755
Carrying amount
At 31 October 2024
20,698
At 31 October 2023
28,233
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
332,158
413,397
Other debtors
1,496
1,600
Prepayments and accrued income
15,921
7,230
349,575
422,227
Deferred tax asset
31,400
38,772
380,975
460,999
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
48,372
35,710
Trade creditors
131,194
190,934
Taxation and social security
19,350
24,867
Other creditors
174,257
284,742
373,173
536,253
Lawton Tools Limited
Notes to the financial statements (continued)
For the year ended 31 October 2024
- 5 -
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
10
10
10
10
8
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Mr E M Horsley and Mrs J A Horsley (Directors) are materially interested as shareholders in Lawton Tools (Rail Products) Limited.
Transactions in the year with Lawton Tools (Rail Products) Ltd were as follows:
Sales £40,337 (2023 £31,450)
Purchases £67,675 (2023 £51,675)
The year end balances with Lawton Tools (Rail Products) Ltd were as follows:
Trade debtors £3,088 (2023 £1,927)
Trade creditors £10,808 (2023 £6,265)
Other creditors £146,143 (2023 £251,188)
During the year the company rented its trading premises from Mr E M Horsley and Mrs J A Horsley at an amount of £9,600 (2023 £9,600).