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B Thompson & Sons (Transport) Limited
Annual Report and Unaudited Financial Statements
Year Ended 30 April 2023

Registration number: 00876085

B Thompson & Sons (Transport) Limited

Contents

Company Information | 1
Balance Sheet | 2 to 3
Notes to the Unaudited Financial Statements | 4 to 8

B Thompson & Sons (Transport) Limited

Company Information

Directors | C M Thompson A B Thompson R B Thompson I N Thompson

Registered office | Sigma House Oak View Close Edginswell Park Torquay Devon TQ2 7FF

Accountants | Francis Clark LLP Sigma House Oak View Close Edginswell Park Torquay Devon TQ2 7FF

B Thompson & Sons (Transport) Limited

Balance Sheet

30 April 2023

| Note | 2023 £ | 2022 £
Fixed assets |  |  |
Tangible fixed assets | 4 | 2,731,924 | 1,998,816
Current assets |  |  |
Stocks |  | 95,290 | 65,792
Debtors | 5 | 1,133,709 | 959,653
Cash at bank and in hand |  | 1,094,057 | 2,038,331
|  | 2,323,056 | 3,063,776
Creditors: Amounts falling due within one year | 6 | (421,068) | (497,542)
Net current assets |  | 1,901,988 | 2,566,234
Total assets less current liabilities |  | 4,633,912 | 4,565,050
Provisions for liabilities |  | (154,590) | (166,379)
Net assets |  | 4,479,322 | 4,398,671
Capital and reserves |  |  |
Called up share capital | 7 | 92 | 92
Share premium reserve |  | 265,287 | 265,287
Capital redemption reserve |  | 40 | 40
Revaluation reserve |  | 326,711 | 328,357
Profit and loss account |  | 3,887,192 | 3,804,895
Shareholders' funds |  | 4,479,322 | 4,398,671

B Thompson & Sons (Transport) Limited

Balance Sheet

30 April 2023

For the financial year ending 30 April 2023 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 accounts for the year in question in accordance with section 476; and
• | The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 27 September 2023 and signed on its behalf by:

......................................... C M Thompson Director

Company Registration Number: 00876085

B Thompson & Sons (Transport) Limited

Notes to the Unaudited Financial Statements

Year Ended 30 April 2023

1 | General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Sigma House
Oak View Close
Edginswell Park
Torquay
Devon
TQ2 7FF

The principal place of business is:
North Road Industrial Estate
Okehampton
Devon
EX20 1BQ

These financial statements were authorised for issue by the Board on 27 September 2023.

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except as stated below in tangible fixed assets.
The functional and presentational currency of this company is sterling.

Revenue recognition

Turnover represents the fair value of services provided under contracts with customers to the extent that there is a right to consideration. It is measured at the fair value of the consideration due.
Transport income is recognised when goods are collected from customers. Income from storage is recognised in the period to which it relates.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

B Thompson & Sons (Transport) Limited

Notes to the Unaudited Financial Statements

Year Ended 30 April 2023

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible fixed assets

All fixed assets are initially recorded at cost, except for freehold properties acquired before 2016. Up to and including 30 April 2015 it was the Directors’ policy to include certain freehold properties at their open market value as at 30 April 1996. In 2016 the Directors adopted the transitional provisions of FRS 102, which provide that companies do not have to revalue tangible fixed assets. Previous valuations have been retained as deemed cost and have not been updated.

Depreciation

Depreciation on freehold property relates only to freehold buildings. No depreciation has been charged on land owned by the company.
An amount equal to the excess of the annual depreciation charge on revalued assets over the notional historic cost depreciation charge on those assets is transferred annually from the revaluation reserve to the profit and loss reserve.
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class | Depreciation method and rate
Freehold Property | 2% straight line
Plant and machinery | 10% to 20% straight line
Motor vehicles | 33.3% reducing balance calculated on a quarterly basis

Stocks

Stocks are stated at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks.

Defined contribution pension obligation

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

B Thompson & Sons (Transport) Limited

Notes to the Unaudited Financial Statements

Year Ended 30 April 2023

Financial instruments

Classification
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 holds the following financial instruments:
• Cash and bank balances; and
• Short term trade and other debtors and creditors
All financial instruments are classified as basic.
Recognition and measurement
Basic financial assets comprise short term trade and other debtors and cash and bank balances. Basic financial liabilities comprise short term trade and other creditors.
These 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.

3 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was 58 (2022 - 56).

B Thompson & Sons (Transport) Limited

Notes to the Unaudited Financial Statements

Year Ended 30 April 2023

4 | Tangible fixed assets

| Freehold Property £ | Plant & Machinery £ | Motor Vehicles £ | Total £
Cost or valuation
At 1 May 2022 | 1,365,574 | 219,199 | 1,963,234 | 3,548,007
Additions | - | 40,560 | 1,165,741 | 1,206,301
Disposals | - | (4,900) | (543,174) | (548,074)
At 30 April 2023 | 1,365,574 | 254,859 | 2,585,801 | 4,206,234
Depreciation
At 1 May 2022 | 157,688 | 83,621 | 1,307,882 | 1,549,191
Charge for the year | 8,284 | 35,992 | 392,679 | 436,955
Eliminated on disposal | - | (4,900) | (506,936) | (511,836)
At 30 April 2023 | 165,972 | 114,713 | 1,193,625 | 1,474,310
Carrying amount
At 30 April 2023 | 1,199,602 | 140,146 | 1,392,176 | 2,731,924
At 30 April 2022 | 1,207,886 | 135,578 | 655,352 | 1,998,816

Revaluation

Certain of the company's Freehold Property was revalued on 30 April 1996 by an independent valuer. The basis of this valuation was at open market value. The surplus on the revaluation was credited to the Revaluation Reserve. This class of asset has a carrying amount at historical cost of £568,489 (2022 - £568,489). The depreciation on this historical cost is £73,296 (2022 - £70,242).
The company decided to take advantage of the transitional provision of FRS102 to treat this valuation as deemed cost.
Due to indexation, no liability would arise to corporation tax on the capital gain if the property included at valuation were realised at its net book value.

B Thompson & Sons (Transport) Limited

Notes to the Unaudited Financial Statements

Year Ended 30 April 2023

5 | Debtors

| 2023 £ | 2022 £
Trade debtors | 1,033,911 | 847,249
Prepayments | 97,230 | 83,491
Other debtors | 2,568 | 28,913
| 1,133,709 | 959,653

6 | Creditors

Creditors: amounts falling due within one year

| 2023 £ | 2022 £
Due within one year |  |
Trade creditors | 238,573 | 326,638
Social security and other taxes | 137,813 | 106,521
Other creditors | 36,395 | 30,507
Directors current account | 3,837 | 29,676
Accruals and deferred income | 4,450 | 4,200
| 421,068 | 497,542

7 | Share capital

Allotted, called up and fully paid shares

| 2023 | 2022
| No. | £ | No. | £
Ordinary shares of £1 each | 92 | 92 | 92 | 92