Exeter Tool Shop Ltd

Contents

Statement of Financial Position	1
Notes to the Unaudited Financial Statements	2 to 8

Exeter Tool Shop Ltd

(Registration number: 06265968)
Statement of Financial Position as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	5	3,882	6,195
Other financial assets	6	2,500	-
		6,382	6,195
Current assets
Stocks		217,034	187,928
Debtors	7	45,500	52,510
Cash at bank and in hand		222,363	248,888
		484,897	489,326
Creditors: Amounts falling due within one year	8	(176,685)	(160,504)
Net current assets		308,212	328,822
Total assets less current liabilities		314,594	335,017
Provisions for liabilities		(971)	(1,549)
Net assets		313,623	333,468
Capital and reserves
Called up share capital		100	100
Profit and loss account		313,523	333,368
Shareholders' funds		313,623	333,468

For the financial year ending 31 December 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 and 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 Statement of Comprehensive Income.

Approved and authorised by the Board on 12 August 2025 and signed on its behalf by:
 

Mr M R Nott Director

Exeter Tool Shop Ltd

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

1	General information

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

The address of its registered office is:
Thurlow Road
Mount Pleasant
Exeter
Devon
EX4 7AA

Principal activity

The principal activity of the company is tools and accessories retail

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Exeter Tool Shop Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

2	Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises 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.

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 statement of financial position 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
Office equipment	25% straight line
Fittings, fixtures, and equipment	10% straight line

Exeter Tool Shop Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

2	Accounting policies (continued)

Motor vehicles

20% straight line

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Goodwill	20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Exeter Tool Shop Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

2	Accounting policies (continued)

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3	Staff numbers

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

Exeter Tool Shop Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 January 2024	34,125	34,125
At 31 December 2024	34,125	34,125
Amortisation
At 1 January 2024	34,125	34,125
At 31 December 2024	34,125	34,125
Carrying amount
At 31 December 2024	-	-

5	Tangible assets

	Fixtures and fittings £	Office equipment £	Motor vehicles  £	Total £
Cost or valuation
At 1 January 2024	4,055	6,236	12,589	22,880
Additions	-	1,344	-	1,344
At 31 December 2024	4,055	7,580	12,589	24,224
Depreciation
At 1 January 2024	3,536	4,965	8,184	16,685
Charge for the year	129	1,010	2,518	3,657
At 31 December 2024	3,665	5,975	10,702	20,342
Carrying amount
At 31 December 2024	390	1,605	1,887	3,882
At 31 December 2023	519	1,271	4,405	6,195

Exeter Tool Shop Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

6	Other financial assets (current and non-current)

	Financial assets at cost less impairment £	Total £
Non-current financial assets
Cost or valuation
Additions	2,500	2,500
At 31 December 2024	2,500	2,500
Impairment
Carrying amount
At 31 December 2024	2,500	2,500

7

Debtors

	Note	2024 £	2023 £
Trade debtors		39,981	47,538
Other debtors		-	2,009
Prepayments		2,599	2,052
Income tax asset		2,920	911
		45,500	52,510

Exeter Tool Shop Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

8

Creditors

Creditors: amounts falling due within one year

	2024 £	2023 £
Due within one year
Trade creditors	49,127	26,783
Taxation and social security	10,749	16,973
Accruals and deferred income	2,550	2,630
Other creditors	114,259	114,118
	176,685	160,504

9

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

10	Related party transactions

Transactions with directors

2024	At 1 January 2024 £	Advances to director £	Repayments by director £	At 31 December 2024 £
Director	(57,538)	16,763	(13,650)	(54,425)
Director	(56,580)	997	(4,250)	(59,833)
	(114,118)	17,760	(17,900)	(114,258)

2023	At 1 January 2023 £	Advances to director £	Repayments by director £	At 31 December 2023 £
Director	(2,704)	17,563	(72,397)	(57,538)
Director	1,482	4,935	(62,997)	(56,580)
	(1,222)	22,498	(135,394)	(114,118)