Company Registration No. 07692926 (England and Wales)
WILLIAM THOMPSON HOMES LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
PAGES FOR FILING WITH REGISTRAR
LB GROUP
Swift House
Ground Floor
18 Hoffmanns Way
Chelmsford
Essex
UK
CM1 1GU
WILLIAM THOMPSON HOMES LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
WILLIAM THOMPSON HOMES LTD
BALANCE SHEET
AS AT 28 FEBRUARY 2023
28 February 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
5
146
146
Current assets
Debtors
8
6,150,478
3,431,789
Cash at bank and in hand
1,250
1,921,726
6,151,728
5,353,515
Creditors: amounts falling due within one year
9
(2,480,374)
(2,065,295)
Net current assets
3,671,354
3,288,220
Net assets
3,671,500
3,288,366
Capital and reserves
Called up share capital
10
100
100
Profit and loss reserves
3,671,400
3,288,266
Total equity
3,671,500
3,288,366

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 19 October 2023 and are signed on its behalf by:
Mr G Thompson
Director
Company Registration No. 07692926
WILLIAM THOMPSON HOMES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 2 -
1
Accounting policies
Company information

William Thompson Homes Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Swift House, Ground Floor, 18 Hoffmanns Way, Chelmsford, Essex, UK, CM1 1GU.

1.1
Reporting period

The reporting period of the previous set of financial statements is shorter than one year, due to the company shortening the accounting reference date, thus the figures in these financial statements are not entirely comparable with the prior period.

1.2
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.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

- Section 4 ‘Statement of Financial Position’: Reconciliation of the opening and closing number of shares;

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

 

William Thompson Homes Ltd is a wholly owned subsidiary of Moralis Group Limited and the results of William Thompson Homes Ltd are included in the consolidated financial statements of Moralis Group Limited which are available from its registered office.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of properties is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (upon the exchange of contract), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

WILLIAM THOMPSON HOMES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 3 -
1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.5
Cash and cash equivalents

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.

1.6
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.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

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.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

WILLIAM THOMPSON HOMES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 4 -
1.7
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.

1.8
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.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Exceptional item
2023
2022
£
£
Intercompany loan write off
240,338
-
0

During the year, the company wrote off a loan from a fellow group subsidiary company. The amount is deemed material to the extent that it is disclosed separately on the face of the profit and loss account.

4
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
6
6
WILLIAM THOMPSON HOMES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 5 -
5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
146
146
Movements in fixed asset investments
Shares in subsidiaries and joint ventures
£
Cost or valuation
At 1 March 2022
146
Additions
85
Disposals
(85)
At 28 February 2023
146
Carrying amount
At 28 February 2023
146
At 28 February 2022
146
6
Subsidiaries

Details of the company's subsidiaries at 28 February 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
William Thompson Homes (Meadow Views) Limited
UK
Ordinary
85.00
Landvest Crews Hill Limited
UK
Ordinary
60.00
7
Joint ventures

Details of the company's joint ventures at 28 February 2023 are as follows:

Name of undertaking
Registered office
Interest
% Held
held
Direct
Ashridge Grange Limited
UK
Ordinary
50.00
WILLIAM THOMPSON HOMES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 6 -
8
Debtors
2023
2022
Amounts falling due within one year:
£
£
Corporation tax recoverable
2,709
2,709
Amounts owed by group undertakings and undertakings in which the company has a participating interest
1,043,309
3,083,554
Other debtors
5,104,460
345,526
6,150,478
3,431,789
9
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
30,406
20,853
Amounts owed to group undertakings
2,406,981
2,028,186
Other creditors
42,987
16,256
2,480,374
2,065,295

Bank loan is secured by a composite fixed and floating charge with regards to all of the property or undertaking of the company.

10
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
11
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Michael Warman
Statutory Auditor:
LB Group Limited (Chelmsford)
WILLIAM THOMPSON HOMES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 7 -
12
Related party transactions
Balances with related parties

The following amounts were outstanding at the reporting end date:

Amounts owed by
Amounts owed to
related parties
related parties
2023
2022
2023
2022
£
£
£
£
Other related parties
3,769,464
3,016,088
-
0
-
0

The company has taken advantage of the exemption in FRS 102 from the requirement to disclose transactions with group companies that are wholly owned on the grounds that consolidated financial statements are prepared by the ultimate parent company.

13
Parent company

The company's immediate parent company is Moralis Group Limited.

 

The company's ultimate parent company is Moralis Group Limited, a company incorporated in England and Wales. This is the smallest and largest group for which consolidated accounts are made up. The accounts are available from its registered office, Swift House, Ground Floor, 18 Hoffmanns Way, Chelmsford, Essex, CM1 1GU.

 

Moralis Group Limited prepares the consolidated financial statements, incorporating the results of the company, which are available to the public and may be obtained from Companies house.

 

The ultimate controlling party is the Trustees of David Thompson Homes No. 1 Discretionary Settlement.

2023-02-282022-03-01false19 October 2023CCH SoftwareCCH Accounts Production 2023.300No description of principal activityThis audit opinion is unqualifiedMr D ThompsonMr G ThompsonMr D CrogerMr G HobsonMr R HarrisMr S Motalafalse076929262022-03-012023-02-28076929262023-02-28076929262022-02-2807692926core:CurrentFinancialInstrumentscore:WithinOneYear2023-02-2807692926core:CurrentFinancialInstrumentscore:WithinOneYear2022-02-2807692926core:CurrentFinancialInstruments2023-02-2807692926core:CurrentFinancialInstruments2022-02-2807692926core:ShareCapital2023-02-2807692926core:ShareCapital2022-02-2807692926core:RetainedEarningsAccumulatedLosses2023-02-2807692926core:RetainedEarningsAccumulatedLosses2022-02-2807692926bus:Director22022-03-012023-02-280769292612022-03-012023-02-280769292612021-04-012022-02-28076929262021-04-012022-02-2807692926core:Subsidiary12022-03-012023-02-2807692926core:Subsidiary22022-03-012023-02-2807692926core:Subsidiary112022-03-012023-02-2807692926core:Subsidiary212022-03-012023-02-2807692926core:Subsidiary122022-03-012023-02-2807692926core:Subsidiary222022-03-012023-02-2807692926core:JointVenture12022-03-012023-02-2807692926core:JointVenture112022-03-012023-02-2807692926core:JointVenture122022-03-012023-02-2807692926core:WithinOneYear2023-02-2807692926core:WithinOneYear2022-02-2807692926bus:PrivateLimitedCompanyLtd2022-03-012023-02-2807692926bus:SmallCompaniesRegimeForAccounts2022-03-012023-02-2807692926bus:FRS1022022-03-012023-02-2807692926bus:Audited2022-03-012023-02-2807692926bus:Director12022-03-012023-02-2807692926bus:Director32022-03-012023-02-2807692926bus:Director42022-03-012023-02-2807692926bus:Director52022-03-012023-02-2807692926bus:Director62022-03-012023-02-2807692926bus:FullAccounts2022-03-012023-02-28xbrli:purexbrli:sharesiso4217:GBP