General Information
Tomo Prestige Limited is a private company, limited by shares, registered in England and Wales, registration number 07519653, registration address Unit 1 Tomo Industrial Estate, Packet Boat Lane, Uxbridge, UB8 2JP.
The presentation currency is £ sterling.
| 1. |
Accounting policies
Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102(1A) The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting
Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. Turnover includes revenue earned from the sale of goods and from the rendering of service, the policies adopted are as follows:
Sale of goods revenue is recognised at the point of sale, which is usually where the customer has taken delivery of the goods, the risks and rewards are transferred to the customer and there is a valid sales contract. Amounts disclosed as revenue are net of sales returns and trade discounts.
Rendering of servicesOther revenue is recognised when it is received or when the right to receive payment is established.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the income statement.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date 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.
Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
| Motor Vehicles |
33% Reducing Balance
|
| Fixtures and Fittings |
25% Reducing Balance
|
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items.
Factored debts
The company includes factored debts within trade debtors since most of the risks and rewards of ownership of the factored debts have not passed to the factors. A corresponding liability is included in liabilities in respect of the proceeds received from the factor.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.Provisions are measured using the best estimate of amounts required to settle the obligation at the end of the reporting period. - Provisions - credit notes
The provision for credit notes is in respect of potential credits granted to customers for previous period sales. This is estimated based on historical credit notes issued. - Provisions - annual leave
The company recognises a provision for annual leave accrued by employees as a result of services rendered in the current period, and which employees are entitled to carry forward and use within the next 12 months. The provision is measured at the salary cost payable for the period of absence.
Significant Judgements and Estimates
Preparation of the financial statements requires management to make significant judgements and estimates. The following are significant management judgements in applying the accounting policies of the group that have the most significant effect on the financial statements.
Stock represents a large amount on the company's balance sheet, the directors ensure that the stock is valued at the lower of cost and net realisable value. Management ensure this is reviewed and duly considered at regular intervals and have installed robust software and systems to maintain the correct valuation.
The company is indebted by other members of the group, management have concluded that these debts are fully recoverable and the other entities have the ability to repay the debts if recalled.
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
|
| 2. |
Average number of employees
Average number of employees during the year was 7 (2024 : 7).
|
| 3. |
Tangible fixed assets
| Cost or valuation |
Motor Vehicles |
|
Fixtures and Fittings |
|
Total |
| |
£ |
|
£ |
|
£ |
| At 01 April 2024 |
9,232 |
|
41,532 |
|
50,764 |
| Additions |
- |
|
- |
|
- |
| Disposals |
(9,232) |
|
- |
|
(9,232) |
| At 31 March 2025 |
- |
|
41,532 |
|
41,532 |
| Depreciation |
| At 01 April 2024 |
8,715 |
|
37,098 |
|
45,813 |
| Charge for year |
- |
|
1,109 |
|
1,109 |
| On disposals |
(8,715) |
|
- |
|
(8,715) |
| At 31 March 2025 |
- |
|
38,207 |
|
38,207 |
| Net book values |
| Closing balance as at 31 March 2025 |
- |
|
3,325 |
|
3,325 |
| Opening balance as at 01 April 2024 |
517 |
|
4,434 |
|
4,951 |
|
| 4. |
Share Capital
Allotted, called up and fully paid
|
2025
£ |
|
2024
£ |
|
75,000
Ordinary shares of £1.00 each |
75,000 |
|
75,000 |
|
75,000 |
|
75,000 |
|
3
|