Registered number
10662551
TOOLS TECH LTD
Filleted Accounts
31 August 2024
TOOLS TECH LTD
Registered number: 10662551
Balance Sheet
as at 31 August 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 5,000 5,000
Tangible assets 4 586 715
5,586 5,715
Current assets
Stocks 395 500
Debtors 5 25,000 25,000
Cash at bank and in hand 773 318
26,168 25,818
Creditors: amounts falling due within one year 6 (2,184) (1,921)
Net current assets 23,984 23,897
Total assets less current liabilities 29,570 29,612
Creditors: amounts falling due after more than one year 7 (48,782) (47,973)
Net liabilities (19,212) (18,361)
Capital and reserves
Called up share capital 1 1
Profit and loss account (19,213) (18,362)
Shareholder's funds (19,212) (18,361)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
___________________
Syed Rafat Masood
Director
Approved by the board on 28 August 2025
TOOLS TECH LTD
Notes to the Accounts
for the year ended 31 August 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 18% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Intangible fixed assets £
Goodwill:
Cost
At 1 September 2023 5,000
At 31 August 2024 5,000
Amortisation
At 31 August 2024 -
Net book value
At 31 August 2024 5,000
At 31 August 2023 5,000
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 September 2023 2,350
At 31 August 2024 2,350
Depreciation
At 1 September 2023 1,635
Charge for the year 129
At 31 August 2024 1,764
Net book value
At 31 August 2024 586
At 31 August 2023 715
5 Debtors 2024 2023
£ £
Other debtors 25,000 25,000
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 2,184 1,921
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 44,653 43,564
Other creditors 4,129 4,409
48,782 47,973
8 Other information
TOOLS TECH LTD is a private company limited by shares and incorporated in England. Its registered office is:
72 Hathersage Road,
Manchester,
Greater Manchester,
England,
M13 0FN.
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