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REGISTERED NUMBER: SC303985 (Scotland)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023

FOR

H THOMSON & SON LIMITED

H THOMSON & SON LIMITED (REGISTERED NUMBER: SC303985)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023










Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


H THOMSON & SON LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2023







DIRECTORS: C D Thomson
Mrs C A Thomson



SECRETARY: Mrs C A Thomson



REGISTERED OFFICE: Crews Farm
Glenluce
NEWTON STEWART
DG8 0JW



REGISTERED NUMBER: SC303985 (Scotland)



ACCOUNTANTS: Bell Ogilvy
Chartered Accountants
36 King Street
Castle Douglas
Dumfries & Galloway
DG7 1AF



BANKERS: Royal Bank of Scotland
15 Bridge Street
Stranraer
DG9 7JA



SOLICITORS: Rankin & Aitken
4/6 South Strand Street
Stranraer
DG9 7JE

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
H THOMSON & SON LIMITED


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of H Thomson & Son Limited for the year ended 31 May 2023 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of H Thomson & Son Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of H Thomson & Son Limited and state those matters that we have agreed to state to the Board of Directors of H Thomson & Son Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that H Thomson & Son Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of H Thomson & Son Limited. You consider that H Thomson & Son Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of H Thomson & Son Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Bell Ogilvy
Chartered Accountants
36 King Street
Castle Douglas
Dumfries & Galloway
DG7 1AF


12 February 2024

H THOMSON & SON LIMITED (REGISTERED NUMBER: SC303985)

BALANCE SHEET
31 MAY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 1,452,641 1,323,576
1,452,641 1,323,576

CURRENT ASSETS
Stocks 37,397 67,028
Debtors 6 447,765 569,918
Investments 7 100 100
Cash at bank and in hand 128,784 62,795
614,046 699,841
CREDITORS
Amounts falling due within one year 8 952,837 835,376
NET CURRENT LIABILITIES (338,791 ) (135,535 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,113,850

1,188,041

CREDITORS
Amounts falling due after more than one
year

9

(639,266

)

(590,274

)

PROVISIONS FOR LIABILITIES (123,397 ) (153,634 )
NET ASSETS 351,187 444,133

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 351,087 444,033
SHAREHOLDERS' FUNDS 351,187 444,133

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

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

H THOMSON & SON LIMITED (REGISTERED NUMBER: SC303985)

BALANCE SHEET - continued
31 MAY 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 February 2024 and were signed on its behalf by:





C D Thomson - Director


H THOMSON & SON LIMITED (REGISTERED NUMBER: SC303985)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023


1. STATUTORY INFORMATION

H Thomson & Son Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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.

TURNOVER
Turnover represents the value of all vehicle hire sales, haulage service sales and broken stone sales invoiced to customers in the year.

GOODWILL
Goodwill, being the amount paid in connection with the acquisition of a business in 2006, is being amortised evenly over its estimated useful life of ten 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.

The assets are reviewed for impairment if there are any factors that indicate that the carrying amount may be impaired.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 20% on reducing balance and 10% on reducing balance

The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period.

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

H THOMSON & SON LIMITED (REGISTERED NUMBER: SC303985)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023


2. ACCOUNTING POLICIES - continued

FINANCIAL INSTRUMENTS
Cash

Cash and cash equivalents comprise cash on hand and call deposits, and other short term high liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade Debtors

Trade debtors are amounts due from customers for the sale of goods and services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price and represent the full value of the goods and services charged to customers, including any amounts charged on for third parties.

Trade Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Accounts payable are classified as current liabilities if the company does not have conditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date they are represented as non current liabilities.

Borrowings

Interest bearing borrowings are initially recorded at fair value, net of transaction costs. Interest bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of financial activities over the period of the relevant borrowing.

Provisions and contingencies

Provisions are recognised when the organisation has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.


H THOMSON & SON LIMITED (REGISTERED NUMBER: SC303985)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023


2. 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.

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.

REVENUE RECOGNITION
In accordance with the principle of revenue recognition, income is recognised as the right to consideration through performance of contractual obligations and is included in the financial statements when the company is legally entitled to the income.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2022 - 24 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 June 2022
and 31 May 2023 18,500
AMORTISATION
At 1 June 2022
and 31 May 2023 18,500
NET BOOK VALUE
At 31 May 2023 -
At 31 May 2022 -

H THOMSON & SON LIMITED (REGISTERED NUMBER: SC303985)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023


5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 June 2022 2,399,113
Additions 482,076
Disposals (235,470 )
At 31 May 2023 2,645,719
DEPRECIATION
At 1 June 2022 1,075,537
Charge for year 256,463
Eliminated on disposal (138,922 )
At 31 May 2023 1,193,078
NET BOOK VALUE
At 31 May 2023 1,452,641
At 31 May 2022 1,323,576


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 447,765 569,918

7. CURRENT ASSET INVESTMENTS
2023 2022
£    £   
Unlisted investments 100 100

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 10) 286,987 255,701
Trade creditors 306,168 261,750
Taxation and social security 74,847 85,389
Other creditors 284,835 232,536
952,837 835,376

Other creditors include interest free loans from the directors of £273,163 (2022: £209,409).

The directors have provided personal guarantees as security for the bank overdraft facility.

H THOMSON & SON LIMITED (REGISTERED NUMBER: SC303985)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023


9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts (see note 10) 617,620 558,908
Other creditors 21,646 31,366
639,266 590,274

10. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 286,987 255,701
Between one and five years 617,620 558,908
904,607 814,609

At the year end the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £41,578 (2022 - £62,367).

11. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 904,607 814,609
Other loans 31,404 41,087
936,011 855,696

Hire purchase creditors are secured over the assets to which they relate.
The bank loan is secured by way of a floating charge over the company's assets.

12. RELATED PARTY DISCLOSURES

At the balance sheet date the company owed £273,163 (2022: £209,409) to the directors in respect of loans made to the company. No interest is charged on these loans, they are repayable on demand.