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REGISTERED NUMBER: 01048260 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2024

for

J.Newsome (Tools) Limited

J.Newsome (Tools) Limited (Registered number: 01048260)

Contents of the Financial Statements
for the Year Ended 31 December 2024










Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


J.Newsome (Tools) Limited

Company Information
for the Year Ended 31 December 2024







DIRECTORS: M J Newsome
M M Newsome
J M Newsome



REGISTERED OFFICE: Unit 1
Harleston Street
Sheffield
South Yorkshire
S4 7QB



REGISTERED NUMBER: 01048260 (England and Wales)



ACCOUNTANTS: Landin Wilcock & Co
Chartered Accountants
68 Queen Street
Sheffield
South Yorkshire
S1 1WR



BANKERS: Santander UK plc
Bridle Road
Bootle
Merseyside
L30 4GB

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
J.Newsome (Tools) Limited


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Directors' Report are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of J.Newsome (Tools) Limited for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of J.Newsome (Tools) Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of J.Newsome (Tools) Limited and state those matters that we have agreed to state to the Board of Directors of J.Newsome (Tools) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than J.Newsome (Tools) Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that J.Newsome (Tools) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of J.Newsome (Tools) Limited. You consider that J.Newsome (Tools) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of J.Newsome (Tools) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Landin Wilcock & Co
Chartered Accountants
68 Queen Street
Sheffield
South Yorkshire
S1 1WR


24 July 2025

J.Newsome (Tools) Limited (Registered number: 01048260)

Balance Sheet
31 December 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 636,035 641,765

CURRENT ASSETS
Stocks 633,279 669,522
Debtors 5 198,762 125,304
Cash at bank and in hand 7,714 5,864
839,755 800,690
CREDITORS
Amounts falling due within one year 6 (492,656 ) (547,036 )
NET CURRENT ASSETS 347,099 253,654
TOTAL ASSETS LESS CURRENT LIABILITIES 983,134 895,419

CREDITORS
Amounts falling due after more than
one year

7

(225,448

)

(111,942

)

PROVISIONS FOR LIABILITIES (56,073 ) (57,499 )
NET ASSETS 701,613 725,978

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Revaluation reserve 9 306,288 310,662
Retained earnings 394,325 414,316
701,613 725,978

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

J.Newsome (Tools) Limited (Registered number: 01048260)

Balance Sheet - continued
31 December 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 July 2025 and were signed on its behalf by:





M J Newsome - Director


J.Newsome (Tools) Limited (Registered number: 01048260)

Notes to the Financial Statements
for the Year Ended 31 December 2024


1. STATUTORY INFORMATION

J.Newsome (Tools) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on revaluation
Fixtures and fittings - 33% on cost, 15% on reducing balance and 10% on cost
Motor vehicles - 25% on reducing balance

Tangible fixed assets are initially measured at cost. Subsequently, they are measured at cost less accumulated depreciation and impairment losses.

Government grants
A government grant that becomes receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs is recognised in profit or loss of the period in which it becomes receivable.

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

Financial instruments
Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


J.Newsome (Tools) Limited (Registered number: 01048260)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 10 (2023 - 10 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold and Motor
property fittings vehicles Totals
£    £    £    £   
COST
At 1 January 2024 530,000 64,900 109,190 704,090
Additions - 19,500 24,000 43,500
Disposals - - (15,690 ) (15,690 )
At 31 December 2024 530,000 84,400 117,500 731,900
DEPRECIATION
At 1 January 2024 9,600 39,716 13,009 62,325
Charge for year 9,408 7,929 26,702 44,039
Eliminated on disposal - - (10,499 ) (10,499 )
At 31 December 2024 19,008 47,645 29,212 95,865
NET BOOK VALUE
At 31 December 2024 510,992 36,755 88,288 636,035
At 31 December 2023 520,400 25,184 96,181 641,765

J.Newsome (Tools) Limited (Registered number: 01048260)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024


4. TANGIBLE FIXED ASSETS - continued

The fair value of the company's freehold land and buildings were revalued on 21st July 2022 by an independent valuer.
The property was valued on a market value basis by Mark Jenkinson & Son, Chartered Surveyors. The directors consider that the valuation is still the fair value for the property.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £152,383 ( 2023 - £155,065).

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 January 2024 109,190
Additions 24,000
Disposals (15,690 )
At 31 December 2024 117,500
DEPRECIATION
At 1 January 2024 13,009
Charge for year 26,702
Eliminated on disposal (10,499 )
At 31 December 2024 29,212
NET BOOK VALUE
At 31 December 2024 88,288
At 31 December 2023 96,181

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 193,780 120,928
Other debtors 4,982 4,376
198,762 125,304

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,353 168,768
Hire purchase contracts 18,978 11,628
Trade creditors 125,192 87,647
Taxation and social security 38,402 33,599
Other creditors 299,731 245,394
492,656 547,036

J.Newsome (Tools) Limited (Registered number: 01048260)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 146,870 -
Hire purchase contracts 67,552 68,753
Other creditors 11,026 43,189
225,448 111,942

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 157,223 168,768
Hire purchase contracts 86,530 80,381
Other Creditors 164,861 106,827
408,614 355,976

Other creditors include a CBILS loan which is unsecured but guaranteed by the government and amounts to £43,188 (2023 - £73,978)
Other creditors £164,861 (2023 - £106,827 ) are secured against trade debtors.

9. RESERVES
Revaluatio
reserve
£   
At 1 January 2024 310,662
Other movements (4,374 )

At 31 December 2024 306,288