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Registration number: 02939377

J. B. Toolgrinders Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2024

 

J. B. Toolgrinders Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

J. B. Toolgrinders Limited

Company Information

Directors

Mr M Bridges

Mr P Bridges

Company secretary

Mr P Bridges

Registered & trading
office

Unit 2 Northway Lane
Newtown Trading Estate
Tewkesbury
Gloucestershire
GL20 8JG

Accountants

Regulatory Accounting Ltd
Vicarage Court
160 Ermin Street
Swindon
Wiltshire
SN3 4NE

 

J. B. Toolgrinders Limited

(Registration number: 02939377)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

6,199

8,186

Current assets

 

Stocks

5

49,215

49,215

Debtors

6

58,206

68,350

Cash at bank and in hand

 

118,048

145,528

 

225,469

263,093

Creditors: Amounts falling due within one year

7

(30,580)

(34,726)

Net current assets

 

194,889

228,367

Total assets less current liabilities

 

201,088

236,553

Provisions for liabilities

-

(1,555)

Net assets

 

201,088

234,998

Capital and reserves

 

Called up share capital

100

100

Share premium reserve

107,220

107,220

Retained earnings

93,768

127,678

Shareholders' funds

 

201,088

234,998

 

J. B. Toolgrinders Limited

(Registration number: 02939377)
Balance Sheet as at 31 October 2024

For the financial year ending 31 October 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 14 July 2025 and signed on its behalf by:
 

.........................................
Mr M Bridges
Director

.........................................
Mr P Bridges
Company secretary and director

 

J. B. Toolgrinders Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales .

The principal place of business is:
Unit 2 Northway Lane
Newtown Trading Estate
Tewkesbury
Gloucestershire
GL20 8JG
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Basis of preparation

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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

Going concern

These accounts have been prepared on a going concern basis. The directors see no material uncertainties about the company being able to operate for the forseeable future.

Revenue recognition

Turnover represents the total invoice value, excluding value added tax, of net sales. Revenue is recognised on completion of the tool processing and delivery to the customer.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

J. B. Toolgrinders Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & Machinery

15% on cost

Fixtures & Fittings

33% on cost

Leasehold Property

10% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

J. B. Toolgrinders Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Provisions

Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in settlement that can be estimated reliably. Where material, provisions are calculated on a discounted basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2023 - 5).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 November 2023

20,094

7,233

362,512

389,839

At 31 October 2024

20,094

7,233

362,512

389,839

Depreciation

At 1 November 2023

20,094

7,233

354,326

381,653

Charge for the year

-

-

1,987

1,987

At 31 October 2024

20,094

7,233

356,313

383,640

Carrying amount

At 31 October 2024

-

-

6,199

6,199

At 31 October 2023

-

-

8,186

8,186

Included within the net book value of land and buildings above is £Nil (2023 - £Nil) in respect of long leasehold land and buildings.
 

 

J. B. Toolgrinders Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

5

stocks

2024
£

2023
£

Other inventories

49,215

49,215

6

Debtors

Current

2024
£

2023
£

Trade debtors

58,206

61,586

Other debtors

-

6,764

 

58,206

68,350

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

13,754

11,936

Taxation and social security

12,454

16,242

Accruals and deferred income

-

1,300

Other creditors

4,372

5,248

30,580

34,726

 

J. B. Toolgrinders Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

8

Related party transactions

Transactions with directors

2024

At 1 November 2023
£

Advances to director
£

Repayments by director
£

At 31 October 2024
£

Mr M Bridges

Director loan account

(2,624)

500

(812)

(2,936)

Mr P Bridges

Director loan account

(2,624)

2,000

(812)

(1,436)

2023

At 1 November 2022
£

Advances to director
£

Repayments by director
£

At 31 October 2023
£

Mr M Bridges

Director loan account

(6,991)

6,679

(2,312)

(2,624)

Mr P Bridges

Director loan account

(7,474)

7,162

(2,312)

(2,624)