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REGISTERED NUMBER: 01203605 (England and Wales)















Unaudited Financial Statements for the Year Ended 31st March 2023

for

R.H. Thaxter Limited

R.H. Thaxter Limited (Registered number: 01203605)

Contents of the Financial Statements
for the Year Ended 31st March 2023










Page

Balance Sheet 1

Notes to the Financial Statements 3


R.H. Thaxter Limited (Registered number: 01203605)

Balance Sheet
31st March 2023

2023 2022
Notes £ £ £ £
Fixed assets
Tangible assets 5 762,824 783,690
Investment property 6 471,223 150,000
1,234,047 933,690

Current assets
Stocks 7 401,275 380,435
Debtors 8 50,135 60,069
Cash at bank and in hand 43,045 106,046
494,455 546,550
Creditors
Amounts falling due within one year 9 415,334 394,325
Net current assets 79,121 152,225
Total assets less current liabilities 1,313,168 1,085,915

Creditors
Amounts falling due after more than one year 10 (420,647 ) (150,016 )

Provisions for liabilities (67,783 ) (68,576 )
Net assets 824,738 867,323

Capital and reserves
Called up share capital 7,501 7,501
Fair value reserve 11 106,754 106,754
Retained earnings 11 710,483 753,068
Shareholders' funds 824,738 867,323

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2023 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.

R.H. Thaxter Limited (Registered number: 01203605)

Balance Sheet - continued
31st March 2023


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13th November 2023 and were signed on its behalf by:





Mr R R Thaxter - Director


R.H. Thaxter Limited (Registered number: 01203605)

Notes to the Financial Statements
for the Year Ended 31st March 2023


1. Statutory information

R.H. Thaxter Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 01203605

Registered office: 49 Hunstanton Road
Dersingham
King's Lynn
Norfolk
PE31 6NA

The presentation currency of the financial statements is the Pound Sterling (£).


2. Statement of compliance

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.

3. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Critical accounting judgements and key sources of estimation uncertainty
The preparation of the financial statements in conformity with FRS 102 requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Given the straightforward operations and financial position of the company, there are not considered to be any key sources of judgement or estimation uncertainty within these financial statements.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Freehold property - 2% on cost
Fixtures and fittings - 15% p.a. reducing balance
Motor vehicles - 25% p.a. reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

R.H. Thaxter Limited (Registered number: 01203605)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2023


3. Accounting policies - continued

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
A financial asset or a financial liability is recognised only when the entity 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.

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 are 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. 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 entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

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.


R.H. Thaxter Limited (Registered number: 01203605)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2023


3. 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
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the 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.

4. Employees and directors

The average number of employees during the year was 60 (2022 - 57 ) .

R.H. Thaxter Limited (Registered number: 01203605)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2023


5. Tangible fixed assets
Fixtures
Freehold and Motor
property fittings vehicles Totals
£ £ £ £
Cost
At 1st April 2022 821,968 484,334 46,906 1,353,208
Additions - 22,954 - 22,954
Disposals - (18,421 ) - (18,421 )
At 31st March 2023 821,968 488,867 46,906 1,357,741
Depreciation
At 1st April 2022 205,089 328,340 36,089 569,518
Charge for year 13,436 27,679 2,705 43,820
Eliminated on disposal - (18,421 ) - (18,421 )
At 31st March 2023 218,525 337,598 38,794 594,917
Net book value
At 31st March 2023 603,443 151,269 8,112 762,824
At 31st March 2022 616,879 155,994 10,817 783,690

Included in cost of land and buildings is freehold land of £ 150,164 (2022 - £ 150,164 ) which is not depreciated.

6. Investment property
Total
£
Fair value
At 1st April 2022 150,000
Additions 321,223
At 31st March 2023 471,223
Net book value
At 31st March 2023 471,223
At 31st March 2022 150,000

Investment property was valued by the directors in March 2018.at £150,000 the historic cost of the property is £14,730.

Property acquired this year is carried at cost plus improvements.

R.H. Thaxter Limited (Registered number: 01203605)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2023


6. Investment property - continued

Fair value at 31st March 2023 is represented by:
£
Valuation in 2018 135,270
Cost 335,953
471,223

7. Stocks
2023 2022
£ £
Stocks 401,275 380,435

8. Debtors: amounts falling due within one year
2023 2022
£ £
Trade debtors 15,777 15,068
Prepayments and accrued income 34,358 45,001
50,135 60,069

9. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 18,000 24,800
Hire purchase contracts 4,599 4,599
Trade creditors 241,692 271,266
Corporation tax 27,824 49,509
Social security and other taxes 61,023 15,627
Other creditors 8,434 3,483
Directors' current accounts 38,477 17,759
Accrued expenses 15,285 7,282
415,334 394,325

10. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans - 1-2 years - 99,200
Bank loans - 2-5 years 72,000 -
Bank loans more 5 yr by instal 348,647 46,217
Hire purchase contracts - 4,599
420,647 150,016

R.H. Thaxter Limited (Registered number: 01203605)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2023


10. Creditors: amounts falling due after more than one year - continued
2023 2022
£ £
Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 348,647 46,217

11. Reserves
Retained Fair value
earnings reserve Totals
£ £ £

At 1st April 2022 753,068 106,754 859,822
Profit for the year 105,978 105,978
Dividends (148,563 ) (148,563 )
At 31st March 2023 710,483 106,754 817,237

Profit and loss account - This reserve records distributable retained earnings and accumulated losses.