Toolshack (UK) Limited 06923526 false 2023-12-27 2024-12-31 2024-12-31 The principal activity of the company is that of dealers in tools and fasteners Digita Accounts Production Advanced 6.30.9574.0 true true 06923526 2023-12-27 2024-12-31 06923526 2024-12-31 06923526 bus:OrdinaryShareClass1 2024-12-31 06923526 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-12-31 06923526 core:CurrentFinancialInstruments 2024-12-31 06923526 core:CurrentFinancialInstruments core:WithinOneYear 2024-12-31 06923526 core:Non-currentFinancialInstruments 2024-12-31 06923526 core:Non-currentFinancialInstruments core:AfterOneYear 2024-12-31 06923526 core:FurnitureFittingsToolsEquipment 2024-12-31 06923526 core:MotorVehicles 2024-12-31 06923526 bus:SmallEntities 2023-12-27 2024-12-31 06923526 bus:AuditExemptWithAccountantsReport 2023-12-27 2024-12-31 06923526 bus:FullAccounts 2023-12-27 2024-12-31 06923526 bus:SmallCompaniesRegimeForAccounts 2023-12-27 2024-12-31 06923526 bus:RegisteredOffice 2023-12-27 2024-12-31 06923526 bus:Director2 2023-12-27 2024-12-31 06923526 bus:OrdinaryShareClass1 2023-12-27 2024-12-31 06923526 bus:PrivateLimitedCompanyLtd 2023-12-27 2024-12-31 06923526 core:FurnitureFittingsToolsEquipment 2023-12-27 2024-12-31 06923526 core:MotorVehicles 2023-12-27 2024-12-31 06923526 core:OfficeEquipment 2023-12-27 2024-12-31 06923526 countries:EnglandWales 2023-12-27 2024-12-31 06923526 2023-12-26 06923526 core:FurnitureFittingsToolsEquipment 2023-12-26 06923526 core:MotorVehicles 2023-12-26 06923526 2022-12-28 2023-12-26 06923526 2023-12-26 06923526 bus:OrdinaryShareClass1 2023-12-26 06923526 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-12-26 06923526 core:CurrentFinancialInstruments 2023-12-26 06923526 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-26 06923526 core:Non-currentFinancialInstruments 2023-12-26 06923526 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-26 06923526 core:FurnitureFittingsToolsEquipment 2023-12-26 06923526 core:MotorVehicles 2023-12-26 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 06923526

Toolshack (UK) Limited
Annual Report and Unaudited Financial Statements
for the Period from 27 December 2023 to 31 December 2024

Toolshack (UK) Limited

Contents

Balance Sheet | 1 to 2
Notes to the Unaudited Financial Statements | 3 to 8

Toolshack (UK) Limited

(Registration number: 06923526)
Balance Sheet as at 31 December 2024

| Note | 2024 £ | 2023 £
Fixed assets |  |  |
Tangible assets | 4 | 9,276 | 11,548
Current assets |  |  |
Stocks | 5 | 195,140 | 289,127
Debtors | 6 | 96,460 | 101,042
Cash at bank and in hand |  | 300 | 2,715
|  | 291,900 | 392,884
Creditors: Amounts falling due within one year | 7 | (238,919) | (355,592)
Net current assets |  | 52,981 | 37,292
Total assets less current liabilities |  | 62,257 | 48,840
Creditors: Amounts falling due after more than one year | 7 | (10,417) | (23,740)
Provisions for liabilities |  | (1,762) | (2,194)
Net assets |  | 50,078 | 22,906
Capital and reserves |  |  |
Called up share capital | 9 | 200 | 200
Retained earnings |  | 49,878 | 22,706
Shareholders' funds |  | 50,078 | 22,906

Toolshack (UK) Limited

(Registration number: 06923526)
Balance Sheet as at 31 December 2024

For the financial period ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

• | The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and
• | The director acknowledges his 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account and director’s report have not been delivered in accordance with the special provisions applicable to companies subject to the small companies regime.

Approved and authorised by the director on 14 April 2026

......................................... Mr AJ Williamson Director

Toolshack (UK) Limited

Notes to the Unaudited Financial Statements for the Period from 27 December 2023 to 31 December 2024

1 | General information

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

The address of its registered office is:
4-5 Thomas Street
Blackburn
Lancashire
BB2 2HZ

These financial statements were authorised for issue by the director on 14 April 2026.

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 presented in sterling, which is the functional currency of the company and the accounts are rounded to the nearest pound.

Going concern

The financial statements have been prepared on a going concern basis.

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 sales/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 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.

Toolshack (UK) Limited

Notes to the Unaudited Financial Statements for the Period from 27 December 2023 to 31 December 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
Motor vehicles | 25% reducing balance basis
Office equipment | 15% reducing balance basis

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.

Toolshack (UK) Limited

Notes to the Unaudited Financial Statements for the Period from 27 December 2023 to 31 December 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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Toolshack (UK) Limited

Notes to the Unaudited Financial Statements for the Period from 27 December 2023 to 31 December 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Employee Benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

3 | Staff numbers

The average number of persons employed by the company (including the director) during the period, was 4 (2023 - 6).

4 | Tangible assets

| Office equipment £ | Motor vehicles £ | Total £
Cost or valuation
At 27 December 2023 | 63,232 | 6,294 | 69,526
Additions | - | 1,200 | 1,200
Disposals | - | (6,294) | (6,294)
At 31 December 2024 | 63,232 | 1,200 | 64,432
Depreciation
At 27 December 2023 | 53,177 | 4,801 | 57,978
Charge for the period | 1,679 | 300 | 1,979
Eliminated on disposal | - | (4,801) | (4,801)
At 31 December 2024 | 54,856 | 300 | 55,156
Carrying amount
At 31 December 2024 | 8,376 | 900 | 9,276
At 26 December 2023 | 10,055 | 1,493 | 11,548

Hire Purchase Contracts

Included within the net book value of tangible fixed assets is £Nil (2023 - £1,493) in respect of assets held under hire purchase contracts. Depreciation for the period on these assets was £Nil (2023 - £498).

Toolshack (UK) Limited

Notes to the Unaudited Financial Statements for the Period from 27 December 2023 to 31 December 2024

5 | Stocks

| 2024 £ | 2023 £
Other inventories | 195,140 | 289,127

6 | Debtors

Current | 2024 £ | 2023 £
Trade debtors | 94,035 | 97,675
Prepayments | 1,354 | 1,848
Other debtors | 1,071 | 1,519
| 96,460 | 101,042

7 | Creditors

Creditors: amounts falling due within one year

| Note | 2024 £ | 2023 £
Due within one year |  |  |
Loans and borrowings | 8 | 10,959 | 15,946
Trade creditors |  | 64,521 | 80,545
Taxation and social security |  | 33,217 | 22,184
Accruals and deferred income |  | 9,018 | 11,106
Other creditors |  | 121,204 | 225,811
|  | 238,919 | 355,592

Creditors include a bank overdraft and invoice discount finance which are secured of £68,706 (2023 - £72,414).

Creditors: amounts falling due after more than one year

| Note | 2024 £ | 2023 £
Due after one year |  |  |
Loans and borrowings | 8 | 10,417 | 23,740

Toolshack (UK) Limited

Notes to the Unaudited Financial Statements for the Period from 27 December 2023 to 31 December 2024

8 | Loans and borrowings

Non-current loans and borrowings

| 2024 £ | 2023 £
Bank borrowings | 10,417 | 23,740

Current loans and borrowings

| 2024 £ | 2023 £
Bank borrowings | 9,342 | 9,536
Bank overdrafts | 1,617 | 4,273
Hire purchase contracts | - | 2,137
| 10,959 | 15,946

9 | Share capital

Allotted, called up and fully paid shares

| 2024 | 2023
| No. | £ | No. | £
Ordinary share of £1 each | 200 | 200 | 200 | 200