REGISTERED NUMBER: |
GEOFF THOMAS LIMITED |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 26 JUNE 2023 |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
GEOFF THOMAS LIMITED (REGISTERED NUMBER: 04715053) |
BALANCE SHEET |
26 JUNE 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Investment property | 6 |
CURRENT ASSETS |
Stocks | 7 |
Debtors | 8 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
10 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 12 | ( |
) | ( |
) |
NET ASSETS |
GEOFF THOMAS LIMITED (REGISTERED NUMBER: 04715053) |
BALANCE SHEET - continued |
26 JUNE 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 13 |
Non distributable revaluation |
of investment property |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
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 |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
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 |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
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 |
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 |
AMORTISATION |
At 27 June 2022 |
Amortisation for year |
At 26 June 2023 |
NET BOOK VALUE |
At 26 June 2023 |
At 26 June 2022 |
5. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 27 June 2022 |
Additions |
At 26 June 2023 |
DEPRECIATION |
At 27 June 2022 |
Charge for year |
At 26 June 2023 |
NET BOOK VALUE |
At 26 June 2023 |
At 26 June 2022 |
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 |
Additions |
At 26 June 2023 |
DEPRECIATION |
At 27 June 2022 |
Charge for year |
At 26 June 2023 |
NET BOOK VALUE |
At 26 June 2023 |
At 26 June 2022 |
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 |
DEPRECIATION |
At 27 June 2022 |
Charge for year |
At 26 June 2023 |
NET BOOK VALUE |
At 26 June 2023 |
At 26 June 2022 |
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 |
NET BOOK VALUE |
At 26 June 2023 |
At 26 June 2022 |
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 |
8. | DEBTORS |
2023 | 2022 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
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 |
Hire purchase contracts (see note 11) |
Trade creditors |
Taxation and social security |
Other creditors |
10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans |
Hire purchase contracts (see note 11) |
Other creditors |
11. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable | operating leases |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
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 |
Decelerated capital allowances | (2,014 | ) |
Balance at 26 June 2023 |
13. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
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 |
£ | £ |
Balance outstanding at start of year | ( |
) | ( |
) |
Amounts advanced | ( |
) | ( |
) |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) | ( |
) |
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). |