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THOMPSON BROS GARAGE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31ST MARCH 2022






THOMPSON BROS GARAGE LIMITED (REGISTERED NUMBER: 10070405)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Accountants' Report 8

THOMPSON BROS GARAGE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MARCH 2022







DIRECTORS: G N Thompson
Mrs C M Thompson





REGISTERED OFFICE: 19- 21 Duncombe Street
Kempston
Bedfordshire
MK42 8ED





REGISTERED NUMBER: 10070405 (England and Wales)





ACCOUNTANTS: Haines Watts
First Floor, Woburn Court
2 Railton Road
Woburn Rd Ind Est
Kempston
Bedfordshire
MK42 7PN

THOMPSON BROS GARAGE LIMITED (REGISTERED NUMBER: 10070405)

BALANCE SHEET
31ST MARCH 2022

31/3/22 31/3/21
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 16,000 20,000
Tangible assets 5 10,620 12,916
26,620 32,916

CURRENT ASSETS
Stocks 3,000 3,000
Debtors 6 28,592 25,841
Cash at bank 176,965 141,220
208,557 170,061
CREDITORS
Amounts falling due within one year 7 119,998 96,348
NET CURRENT ASSETS 88,559 73,713
TOTAL ASSETS LESS CURRENT
LIABILITIES

115,179

106,629

CREDITORS
Amounts falling due after more than one
year

8

(19,960

)

(30,000

)

PROVISIONS FOR LIABILITIES (1,758 ) (2,199 )
NET ASSETS 93,461 74,430

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 93,361 74,330
SHAREHOLDERS' FUNDS 93,461 74,430

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

THOMPSON BROS GARAGE LIMITED (REGISTERED NUMBER: 10070405)

BALANCE SHEET - continued
31ST MARCH 2022


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25th August 2022 and were signed on its behalf by:





G N Thompson - Director


THOMPSON BROS GARAGE LIMITED (REGISTERED NUMBER: 10070405)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2022

1. STATUTORY INFORMATION

Thompson Bros Garage Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

The significant accounting policies applied in the presentation of these financial statements are set out below. These policies have been consistently applied to al periods presented unless otherwise stated.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2017, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


THOMPSON BROS GARAGE LIMITED (REGISTERED NUMBER: 10070405)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2022

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
In preparing the financial statements, the directors have considered the current financial position of the company and its likely future cash flows.

The directors have assessed the risks facing the business from Covid-19 and implemented measures to address these risks, including obtaining government backed financial assistance.

Although the situation continues to remain uncertain, in the directors' opinion, the ongoing challenges presented by Covid-19 will not adversely affect the ability of the company to continue trading for the foreseeable future.

At the date of approving these financial statements the directors are satisfied that the company will have adequate resources to continue operations for the foreseeable future.

Accordingly, they continues to adopt the going concern basis in the preparation of the financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2021 - 9 ) .

THOMPSON BROS GARAGE LIMITED (REGISTERED NUMBER: 10070405)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2022

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st April 2021
and 31st March 2022 40,000
AMORTISATION
At 1st April 2021 20,000
Amortisation for year 4,000
At 31st March 2022 24,000
NET BOOK VALUE
At 31st March 2022 16,000
At 31st March 2021 20,000

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1st April 2021 20,595 2,319 9,500 750 33,164
Additions - - 1,300 - 1,300
Disposals - - (1,000 ) - (1,000 )
At 31st March 2022 20,595 2,319 9,800 750 33,464
DEPRECIATION
At 1st April 2021 15,405 1,474 2,619 750 20,248
Charge for year 1,297 211 1,851 - 3,359
Eliminated on disposal - - (763 ) - (763 )
At 31st March 2022 16,702 1,685 3,707 750 22,844
NET BOOK VALUE
At 31st March 2022 3,893 634 6,093 - 10,620
At 31st March 2021 5,190 845 6,881 - 12,916

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/22 31/3/21
£    £   
Trade debtors 3,727 1,436
Amounts owed by group undertakings 20,000 20,000
Other debtors - 450
Prepayments 4,865 3,955
28,592 25,841

THOMPSON BROS GARAGE LIMITED (REGISTERED NUMBER: 10070405)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2022

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/22 31/3/21
£    £   
Bank loans and overdrafts 5,952 -
Trade creditors 45,557 42,533
Corporation tax 17,796 19,982
Social security and other taxes 2,200 2,397
VAT 5,910 5,432
Other creditors 197 343
Directors' current accounts 39,937 23,207
Accrued expenses 2,449 2,454
119,998 96,348

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31/3/22 31/3/21
£    £   
Bank loans 19,960 30,000

9. SECURED DEBTS

The following secured debts are included within creditors:

31/3/22 31/3/21
£    £   
Bank loans 25,912 30,000

10. CALLED UP SHARE CAPITAL


Allotted and issued:
Number: Class: Nominal 31/3/22 31/3/21
value: £    £   
100 Ordinary shares £1 100 100

11. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is G N Thompson.

ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
THOMPSON BROS GARAGE LIMITED

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Thompson Bros Garage Limited for the year ended 31st March 2022 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Thompson Bros Garage Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Thompson Bros Garage Limited and state those matters that we have agreed to state to the Board of Directors of Thompson Bros Garage Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Thompson Bros Garage Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Thompson Bros Garage Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Thompson Bros Garage Limited. You consider that Thompson Bros Garage Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Thompson Bros Garage Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Haines Watts
First Floor, Woburn Court
2 Railton Road
Woburn Rd Ind Est
Kempston
Bedfordshire
MK42 7PN


5th September 2022