Toby Engineering Ltd 30/09/2020 iXBRL

Toby Engineering Ltd 30/09/2020 iXBRL

TOBY ENGINEERING LTD - Company Information

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Company registration number: 10371471
Toby Engineering Ltd
Unaudited filleted financial statements
30 September 2020
Toby Engineering Ltd
Contents
Statement of financial position
Notes to the financial statements
Toby Engineering Ltd
Statement of financial position
30 September 2020
2020 2019
Note £ £ £ £
Fixed assets
Tangible assets 5 774 1,033
_______ _______
774 1,033
Current assets
Debtors 6 7,406 2,921
Cash at bank and in hand 2,971 17,884
_______ _______
10,377 20,805
Creditors: amounts falling due
within one year 7 ( 10,951) ( 22,204)
_______ _______
Net current liabilities ( 574) ( 1,399)
_______ _______
Total assets less current liabilities 200 ( 366)
Provisions for liabilities ( 147) ( 196)
_______ _______
Net assets/(liabilities) 53 ( 562)
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 51 ( 564)
_______ _______
Shareholders' funds/(deficit) 53 ( 562)
_______ _______
For the year ending 30 September 2020 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
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 26 June 2021 , and are signed on behalf of the board by:
Mr T Lodge
Director
Company registration number: 10371471
Toby Engineering Ltd
Notes to the financial statements
Year ended 30 September 2020
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
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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 - 25% reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Government grants are recognised using the accrual model.
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
Classification
The company holds the following financial instruments:
Short term trade and other debtors and creditors, and
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.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2019: 2 ).
5. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 October 2019 and 30 September 2020 1,860 1,860
_______ _______
Depreciation
At 1 October 2019 827 827
Charge for the year 259 259
_______ _______
At 30 September 2020 1,086 1,086
_______ _______
Carrying amount
At 30 September 2020 774 774
_______ _______
At 30 September 2019 1,033 1,033
_______ _______
6. Debtors
2020 2019
£ £
Trade debtors 1,578 2,921
Other debtors 5,828 -
_______ _______
7,406 2,921
_______ _______
7. Creditors: amounts falling due within one year
2020 2019
£ £
Social security and other taxes 3,417 7,058
Other creditors 7,534 15,146
_______ _______
10,951 22,204
_______ _______
8. Events during and after the end of the reporting period
Like many businesses, during the year and since the balance sheet date, the company has experienced a reduction in income due to the coronavirus pandemic. However, it is considered that the support of the company directors is more than adequate to enable the company to continue as a going concern.
9. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2020
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Director 1 ( 5,428) ( 17,846) 18,860 ( 4,414)
Director 2 (3,120) (7,001) 15,000 4,879
_______ _______ _______ _______
( 8,548) ( 24,847) 33,860 465
_______ _______ _______ _______
2019
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Director 1 ( 5,345) ( 3,366) 3,283 (5,428)
Director 2 (1,120) (2,000) - (3,120)
_______ _______ _______ _______
( 6,465) ( 5,366) 3,283 ( 8,548)
_______ _______ _______ _______