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REGISTERED NUMBER: 04715053 (England and Wales)









GEOFF THOMAS LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 26 JUNE 2023






GEOFF THOMAS LIMITED (REGISTERED NUMBER: 04715053)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 JUNE 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GEOFF THOMAS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 26 JUNE 2023







DIRECTORS: G J Thomas
Mrs L E Thomas





REGISTERED OFFICE: t/a Malpas Pharmacy
361 Malpas Road
Newport
Gwent
NP20 6WB





REGISTERED NUMBER: 04715053 (England and Wales)

GEOFF THOMAS LIMITED (REGISTERED NUMBER: 04715053)

BALANCE SHEET
26 JUNE 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - 14,500
Tangible assets 5 321,403 332,018
Investment property 6 190,000 190,000
511,403 536,518

CURRENT ASSETS
Stocks 7 375,000 375,236
Debtors 8 692,614 862,053
Cash at bank and in hand 35,081 35,495
1,102,695 1,272,784
CREDITORS
Amounts falling due within one year 9 792,109 931,449
NET CURRENT ASSETS 310,586 341,335
TOTAL ASSETS LESS CURRENT
LIABILITIES

821,989

877,853

CREDITORS
Amounts falling due after more than one
year

10

(664,834

)

(741,954

)

PROVISIONS FOR LIABILITIES 12 (45,652 ) (47,666 )
NET ASSETS 111,503 88,233

GEOFF THOMAS LIMITED (REGISTERED NUMBER: 04715053)

BALANCE SHEET - continued
26 JUNE 2023

2023 2022
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 13 100 100
Non distributable revaluation
of investment property 47,639 47,639
Retained earnings 63,764 40,494
SHAREHOLDERS' FUNDS 111,503 88,233

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 26 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 26 June 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.

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 26 November 2023 and were signed on its behalf by:





G J Thomas - Director


GEOFF THOMAS LIMITED (REGISTERED NUMBER: 04715053)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 JUNE 2023

1. STATUTORY INFORMATION

Geoff Thomas Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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


2. ACCOUNTING POLICIES

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

Going concern
The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. In making their assessment, the directors have reviewed the balance sheet, the likely future cashflows of the business and have considered the facilities that are available to the company along with their continued support.

At the date of approving the financial statements the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and that the going concern basis of accounting remains appropriate. The directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Significant judgements and estimates
In the application of the company's accounting policies, which are described in note 2, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Useful economic lives of tangible assets - The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect the current estimate based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See notes for the carrying amount of the tangible fixed assets and accounting policies in note 1 for the useful economic lives of each class of asset.

GEOFF THOMAS LIMITED (REGISTERED NUMBER: 04715053)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 26 JUNE 2023

2. ACCOUNTING POLICIES - continued

Turnover
Turnover is measured at fair value of the consideration received or receivable net of VAT and discounts. The policies adopted for the recognition of turnover are as follows:

Sale of goods:

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the customer. The amount where revenue can be measured reliably, it is probable that the economic benefit associated with the transaction.

NHS income:

NHS income is recognised in the period which it relates.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2003, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 2% on cost
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

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.

Stocks
Stocks are valued at the lower of cost and estimated selling price less cost to sell after making due allowance for obsolete and slow moving items.


GEOFF THOMAS LIMITED (REGISTERED NUMBER: 04715053)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 26 JUNE 2023

2. ACCOUNTING POLICIES - continued
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.

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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

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.

Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefit will be required in settlement and the amount can be reliable estimated.

GEOFF THOMAS LIMITED (REGISTERED NUMBER: 04715053)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 26 JUNE 2023

2. ACCOUNTING POLICIES - continued

Cash & cash equivalents
Cash and cash equivalents are basic financial instruments and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Financial instruments
The company has elected to apply the provisions of Section 11 "Basic Financial Instruments".
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Financial assets are 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 trade and other debtors, loans to related companies 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 financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

Basic financial liabilities
Basic financial liabilities, including trade and other creditors, loans to related companies and bank loans are initially recognised at transaction price unless the arrangement constitutes a financial transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the assets cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit and loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 32 (2022 - 31 ) .

GEOFF THOMAS LIMITED (REGISTERED NUMBER: 04715053)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 26 JUNE 2023

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 27 June 2022
and 26 June 2023 290,000
AMORTISATION
At 27 June 2022 275,500
Amortisation for year 14,500
At 26 June 2023 290,000
NET BOOK VALUE
At 26 June 2023 -
At 26 June 2022 14,500

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 27 June 2022 257,653 19,185 285,091
Additions 2,864 910 8,647
At 26 June 2023 260,517 20,095 293,738
DEPRECIATION
At 27 June 2022 53,932 12,810 181,350
Charge for year 5,211 1,093 16,858
At 26 June 2023 59,143 13,903 198,208
NET BOOK VALUE
At 26 June 2023 201,374 6,192 95,530
At 26 June 2022 203,721 6,375 103,741

GEOFF THOMAS LIMITED (REGISTERED NUMBER: 04715053)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 26 JUNE 2023

5. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 27 June 2022 19,093 53,411 634,433
Additions - 6,228 18,649
At 26 June 2023 19,093 59,639 653,082
DEPRECIATION
At 27 June 2022 11,038 43,285 302,415
Charge for year 2,013 4,089 29,264
At 26 June 2023 13,051 47,374 331,679
NET BOOK VALUE
At 26 June 2023 6,042 12,265 321,403
At 26 June 2022 8,055 10,126 332,018

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 27 June 2022
and 26 June 2023 10,300
DEPRECIATION
At 27 June 2022 5,955
Charge for year 1,086
At 26 June 2023 7,041
NET BOOK VALUE
At 26 June 2023 3,259
At 26 June 2022 4,345

GEOFF THOMAS LIMITED (REGISTERED NUMBER: 04715053)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 26 JUNE 2023

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 27 June 2022
and 26 June 2023 190,000
NET BOOK VALUE
At 26 June 2023 190,000
At 26 June 2022 190,000

Fair value at 26 June 2023 is represented by:
£   
Valuation in 2022 63,518
Cost 126,482
190,000

7. STOCKS
2023 2022
£    £   
Stock of goods for resale 375,000 375,236

8. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 324,528 489,359
Other debtors 333,893 313,501
658,421 802,860

Amounts falling due after more than one year:
Other debtors 34,193 59,193

Aggregate amounts 692,614 862,053

GEOFF THOMAS LIMITED (REGISTERED NUMBER: 04715053)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 26 JUNE 2023

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 47,116 53,321
Hire purchase contracts (see note 11) 2,060 2,060
Trade creditors 609,794 506,547
Taxation and social security 76,987 76,983
Other creditors 56,152 292,538
792,109 931,449

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 590,215 631,126
Hire purchase contracts (see note 11) 858 2,918
Other creditors 73,761 107,910
664,834 741,954

11. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 2,060 2,060
Between one and five years 858 2,918
2,918 4,978

Non-cancellable operating leases
2023 2022
£    £   
Within one year 35,000 35,000
Between one and five years 140,000 140,000
In more than five years 202,500 237,500
377,500 412,500

GEOFF THOMAS LIMITED (REGISTERED NUMBER: 04715053)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 26 JUNE 2023

12. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 45,652 47,666

Deferred
tax
£   
Balance at 27 June 2022 47,666
Decelerated capital allowances (2,014 )
Balance at 26 June 2023 45,652

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

14. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 26 June 2023 and 26 June 2022:

2023 2022
£    £   
G J Thomas
Balance outstanding at start of year (191,329 ) (189,838 )
Amounts advanced (12,965 ) (7,840 )
Amounts repaid 56,000 6,349
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (148,294 ) (191,329 )

The director's loan is interest free and repayable on demand and is included within debtors amounts falling due within one year.

GEOFF THOMAS LIMITED (REGISTERED NUMBER: 04715053)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 26 JUNE 2023

15. RELATED PARTY DISCLOSURES

The company has paid rent amounting to £35,000 (2022 - £35,000), to a pension fund in which a director has a beneficial interest.

Part of the rent, as it falls due, is set against a debt owed by the pension fund to the company until the debt has been fully discharged. The amount owed at the Balance Sheet date was £59,193 (2022 - £84,193).