Company registration number 04425672 (England and Wales)
THOMPSON HEATING AND PLUMBING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
PAGES FOR FILING WITH REGISTRAR
THOMPSON HEATING AND PLUMBING LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
THOMPSON HEATING AND PLUMBING LIMITED
BALANCE SHEET
AS AT
30 APRIL 2023
30 April 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
300,781
313,847
Current assets
Stocks
4,500
5,000
Debtors
5
346,177
335,363
Cash at bank and in hand
526,174
345,336
876,851
685,699
Creditors: amounts falling due within one year
6
(241,143)
(173,369)
Net current assets
635,708
512,330
Total assets less current liabilities
936,489
826,177
Creditors: amounts falling due after more than one year
7
(3,442)
Provisions for liabilities
(25,010)
(27,574)
Net assets
911,479
795,161
Capital and reserves
Called up share capital
8
165
176
Capital redemption reserve
45
34
Profit and loss reserves
911,269
794,951
Total equity
911,479
795,161
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
THOMPSON HEATING AND PLUMBING LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2023
30 April 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 9 October 2023 and are signed on its behalf by:
Mrs A M Thompson
Mr M O Thompson
Director
Director
Company Registration No. 04425672
THOMPSON HEATING AND PLUMBING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
- 3 -
1
Accounting policies
Company information
Thompson Heating and Plumbing Limited is a private company limited by shares incorporated in England and Wales. The registered office is 9 Hanborough Business Park, Lodge Road, Long Hanborough, OX29 8LH.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Intangible fixed assets - goodwill
Acquired goodwill is written off in equal instalments over its estimated useful economic life.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Office and stores
25% Reducing balance
Plant and machinery
25% Reducing balance
Equipment
15% Reducing balance
Trailers
25% Reducing balance
Motor vehicles
25% Reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
THOMPSON HEATING AND PLUMBING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
THOMPSON HEATING AND PLUMBING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
18
18
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 May 2022
193,037
376,040
569,077
Additions
24,114
24,114
Disposals
(19,903)
(19,903)
At 30 April 2023
193,037
380,251
573,288
Depreciation and impairment
At 1 May 2022
23,226
232,004
255,230
Depreciation charged in the year
663
35,520
36,183
Eliminated in respect of disposals
(18,906)
(18,906)
At 30 April 2023
23,889
248,618
272,507
Carrying amount
At 30 April 2023
169,148
131,633
300,781
At 30 April 2022
169,811
144,036
313,847
THOMPSON HEATING AND PLUMBING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 6 -
4
Intangible fixed assets
Goodwill
£
Cost
At 1 May 2022 and 30 April 2023
40,000
Amortisation and impairment
At 1 May 2022 and 30 April 2023
40,000
Carrying amount
At 30 April 2023
At 30 April 2022
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
303,482
306,985
Other debtors
42,695
28,378
346,177
335,363
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
103,594
89,825
Taxation and social security
108,128
57,688
Other creditors
29,421
25,856
241,143
173,369
Included in other creditors are net obligations under hire purchase contracts of £14,347 (2022 - £13,659) which are secured on the assets concerned.
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
3,442
Included in other creditors are net obligations under hire purchase contracts of £nil (2022 - £3,442) which are secured on the assets concerned.
THOMPSON HEATING AND PLUMBING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 7 -
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
65
76
165
76
Ordinary B shares of £1 each
50
50
-
50
Ordinary C shares of £1 each
50
50
-
50
165
176
165
176
11 of the Ordinary shares were purchased back by the company during the year and immediately cancelled.