Company registration number 02721027 (England and Wales)
Lawton Tools (Rail Products) Ltd
Unaudited financial statements
For the year ended 31 October 2024
Lawton Tools (Rail Products) Ltd
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 5
Lawton Tools (Rail Products) Ltd
Balance sheet
As at 31 October 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
-
0
842
Tangible assets
4
16,053
7,859
16,053
8,701
Current assets
Stocks
244,657
205,263
Debtors
5
286,482
380,816
Cash at bank and in hand
293,920
259,400
825,059
845,479
Creditors: amounts falling due within one year
6
(115,419)
(157,342)
Net current assets
709,640
688,137
Net assets
725,693
696,838
Capital and reserves
Called up share capital
7
10
10
Profit and loss reserves
725,683
696,828
Total equity
725,693
696,838

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 02721027 (England and Wales)
Lawton Tools (Rail Products) Ltd
Notes to the financial statements
For the year ended 31 October 2024
- 2 -
1
Accounting policies
Company information

Lawton Tools (Rail Products) Ltd 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

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

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:

Leasehold improvements
5% straight line
Fixtures, fittings & equipment
25% 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 tax currently payable.

Lawton Tools (Rail Products) Ltd
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.

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
4
4
3
Intangible fixed assets
Other
£
Cost
At 1 November 2023 and 31 October 2024
8,954
Amortisation and impairment
At 1 November 2023
8,112
Amortisation charged for the year
842
At 31 October 2024
8,954
Carrying amount
At 31 October 2024
-
0
At 31 October 2023
842
Lawton Tools (Rail Products) Ltd
Notes to the financial statements (continued)
For the year ended 31 October 2024
- 4 -
4
Tangible fixed assets
Leasehold improvements
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 November 2023
38,098
88,082
38,768
164,948
Additions
-
0
-
0
11,325
11,325
Disposals
-
0
-
0
(9,500)
(9,500)
At 31 October 2024
38,098
88,082
40,593
166,773
Depreciation and impairment
At 1 November 2023
30,727
87,594
38,768
157,089
Depreciation charged in the year
369
403
2,359
3,131
Eliminated in respect of disposals
-
0
-
0
(9,500)
(9,500)
At 31 October 2024
31,096
87,997
31,627
150,720
Carrying amount
At 31 October 2024
7,002
85
8,966
16,053
At 31 October 2023
7,371
488
-
0
7,859
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
120,954
97,589
Other debtors
165,528
283,227
286,482
380,816
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
56,137
39,394
Taxation and social security
24,627
40,227
Other creditors
34,655
77,721
115,419
157,342
Lawton Tools (Rail Products) Ltd
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 Limited.

 

Transactions in the year with Lawton Tools Limited were as follows:

 

The year end balances with Lawton Tools Limited were as follows:

 

The company operates from premises owned by the directors and rent of £8,400 (2023 £8,400) was paid to them for the year.

 

At the end of the year there was an amount due from James Horsley (son of the shareholders) of £Nil (2023 £1,520) and no interest was charged.

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