247TOOLS LTD
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Notes to the Accounts |
for the year ended 31 October 2018
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1 |
Accounting policies |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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Stocks |
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Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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Foreign currency translation |
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Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
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2 |
Tangible fixed assets |
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Plant and machinery etc |
£ |
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Cost |
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At 1 November 2017 |
539 |
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At 31 October 2018 |
539 |
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Depreciation |
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At 1 November 2017 |
263 |
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Charge for the year |
55 |
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At 31 October 2018 |
318 |
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Net book value |
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At 31 October 2018 |
221 |
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At 31 October 2017 |
276 |
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3 |
Debtors |
2018 |
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2017 |
£ |
£ |
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Other debtors |
4,720 |
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11,463 |
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4 |
Creditors: amounts falling due within one year |
2018 |
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2017 |
£ |
£ |
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Bank loans and overdrafts |
43,892 |
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52,549 |
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Trade creditors |
- |
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- |
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Corporation tax |
648 |
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2,756 |
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Other taxes and social security costs |
- |
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3,748 |
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Other creditors |
250 |
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550 |
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44,790 |
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59,603 |
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5 |
Other information |
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247TOOLS LTD is a private company limited by shares and incorporated in England. Its registered office is: |
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Unit 11 Gill & Russell Trading Estate |
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Pleck Road |
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Walsall |
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West Midlands |
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WS2-9ES |