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Company registration number: 07704430
J T Thomas & Co Limited
Trading as J T Thomas & Co Limited
Unaudited filleted financial statements
31 December 2021
J T Thomas & Co Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
J T Thomas & Co Limited
Directors and other information
Director M I T Thomas BA FCA
M I T Thomas BA FCA
Company number 07704430
Registered office 70 High Street
Criccieth
Gwynedd
LL52 0HB
Business address 70 High Street
Criccieth
Gwynedd
LL52 0HB
J T Thomas & Co Limited
Statement of financial position
31 December 2021
2021 2020
Note £ £ £ £
Fixed assets
Intangible assets 5 337,323 362,080
Tangible assets 6 22,206 13,043
_______ _______
359,529 375,123
Current assets
Debtors 7 162,511 183,243
Cash at bank and in hand 53,047 77,419
_______ _______
215,558 260,662
Creditors: amounts falling due
within one year 8 ( 198,802) ( 182,852)
_______ _______
Net current assets 16,756 77,810
_______ _______
Total assets less current liabilities 376,285 452,933
Creditors: amounts falling due
after more than one year 9 ( 316,757) ( 316,757)
_______ _______
Net assets 59,528 136,176
_______ _______
Capital and reserves
Called up share capital 104 104
Profit and loss account 16,791 29,565
_______ _______
Shareholders funds 16,895 29,669
_______ _______
For the year ending 31 December 2021 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 financial statements for the year in question in accordance with section 476;
- The director acknowledges 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 05 September 2022 , and are signed on behalf of the board by:
M I T Thomas BA FCA
Director
Company registration number: 07704430
J T Thomas & Co Limited
Notes to the financial statements
Year ended 31 December 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 70 High Street, Criccieth, Gwynedd, LL52 0HB.
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'.
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 is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); 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 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 10% % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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:
Fittings fixtures and equipment - 25 % straight line
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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2020: 20 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 January 2021 and 31 December 2021 495,135 495,135
_______ _______
Amortisation
At 1 January 2021 133,055 133,055
Charge for the year 24,757 24,757
_______ _______
At 31 December 2021 157,812 157,812
_______ _______
Carrying amount
At 31 December 2021 337,323 337,323
_______ _______
At 31 December 2020 362,080 362,080
_______ _______
6. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 January 2021 32,745 32,745
Additions 17,940 17,940
_______ _______
At 31 December 2021 50,685 50,685
_______ _______
Depreciation
At 1 January 2021 19,701 19,701
Charge for the year 8,778 8,778
_______ _______
At 31 December 2021 28,479 28,479
_______ _______
Carrying amount
At 31 December 2021 22,206 22,206
_______ _______
At 31 December 2020 13,044 13,044
_______ _______
7. Debtors
2021 2020
£ £
Trade debtors 108,772 121,490
Other debtors 53,739 61,753
_______ _______
162,511 183,243
_______ _______
8. Creditors: amounts falling due within one year
2021 2020
£ £
Bank loans and overdrafts 41,851 21,696
Trade creditors 28,799 15,390
Corporation tax 34,276 33,882
Social security and other taxes 93,422 111,576
Other creditors 454 308
_______ _______
198,802 182,852
_______ _______
9. Creditors: amounts falling due after more than one year
2021 2020
£ £
Bank loans and overdrafts 160,180 160,180
Other creditors 156,577 156,577
_______ _______
316,757 316,757
_______ _______
10. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2021
Balance brought forward Amounts repaid Balance o/standing
£ £ £
M I T Thomas BA FCA - - -
_______ _______ _______
2020
Balance brought forward Amounts repaid Balance o/standing
£ £ £
M I T Thomas BA FCA 2,042 ( 2,042) -
_______ _______ _______
11. Controlling party
The company is controlled by Mr J T Thomas by virtue of the fact that he owns the majority share of the voting share capital.