Toby Engineering Ltd 30/09/2019 iXBRL
Toby Engineering Ltd 30/09/2019 iXBRL
Company registration number:
10371471
Contents
Statement of financial position
Notes to the financial statements
Statement of financial position
30 September 2019
2019 | 2018 | ||||||||
Note | £ | £ | £ | £ | |||||
Fixed assets | |||||||||
Tangible assets | 4 |
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_______ | _______ | ||||||||
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Current assets | |||||||||
Debtors | 5 |
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Cash at bank and in hand |
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Creditors: amounts falling due | |||||||||
within one year | 6 |
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Net current (liabilities)/assets |
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_______ | _______ | ||||||||
Total assets less current liabilities |
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Provisions for liabilities |
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Net (liabilities)/assets |
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Capital and reserves | |||||||||
Called up share capital |
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Profit and loss account |
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_______ | _______ | ||||||||
Shareholders' (deficit)/funds |
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_______ | _______ | ||||||||
Directors' responsibilities:
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The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
01 June 2020
, and are signed on behalf of the board by:
Director
Company registration number:
10371471
Notes to the financial statements
Year ended 30 September 2019
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 11 Oakford, Kingsteignton, Newton Abbot, Devon, TQ12 3EQ.
2.
Statement of compliance
3.
Accounting policies
Basis of preparation
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods and the provision of services is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods or on supply of the services), the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively.
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax the company is expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and equipment | - |
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Impairment
Provisions
Financial instruments
Classification
The company holds the following financial instruments:
Short term trade and other debtors and creditors,
Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS 102.
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company's obligations are discharged, expire or are cancelled.
Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Bank loans are initially measured at transaction price, including transaction costs, and are subequently carried at amortised cost using the effective interest method.
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Going Concern
The company's balance sheet was in deficit at the year-end, however the company continues to be supported by way of loans from the directors and therefore it is considered appropriate to use the going concern basis of accounting.
4.
Tangible assets
Fixtures, fittings and equipment | Total | ||
£ | £ | ||
Cost | |||
At 1 October 2018 |
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Additions |
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At 30 September 2019 |
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Depreciation | |||
At 1 October 2018 |
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Charge for the year |
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At 30 September 2019 |
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Carrying amount | |||
At 30 September 2019 |
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At 30 September 2018 |
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5.
Debtors
2019 | 2018 | |||
£ | £ | |||
Trade debtors |
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Other debtors | - |
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6.
Creditors: amounts falling due within one year
2019 | 2018 | |||
£ | £ | |||
Social security and other taxes |
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Other creditors |
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_______ | _______ | |||
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7.
Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company: | |||||
2019 | |||||
Balance brought forward | Advances /(credits) to the directors | Amounts repaid | Balance o/standing | ||
£ | £ | £ | £ | ||
Director 1 |
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Director 2 | (1,120) | - | (2,000) | (3,120) | |
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2018 | |||||
Balance brought forward | Advances /(credits) to the directors | Amounts repaid | Balance o/standing | ||
£ | £ | £ | £ | ||
Director 1 |
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Director 2 | 5,270 | 6,110 | (12,500) | (1,120) | |
_______ | _______ | _______ | _______ | ||
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_______ | _______ | _______ | _______ | ||
The above loans are interest free and repayable on demand.