3
01/11/2022
31/10/2023
2023-10-31
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No description of principal activities is disclosed
2022-11-01
Sage Accounts Production 23.0 - FRS102_2023
xbrli:pure
xbrli:shares
iso4217:GBP
06713940
2022-11-01
2023-10-31
06713940
2023-10-31
06713940
2022-10-31
06713940
2021-11-01
2022-10-31
06713940
2022-10-31
06713940
2021-10-31
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2022-11-01
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06713940
core:MotorVehicles
2022-11-01
2023-10-31
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06713940
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2022-10-31
06713940
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2023-10-31
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2023-10-31
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2023-10-31
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2023-10-31
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2022-10-31
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2023-10-31
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2022-10-31
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2023-10-31
06713940
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2022-10-31
06713940
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2023-10-31
06713940
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2022-10-31
06713940
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2022-10-31
06713940
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2022-10-31
06713940
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06713940
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2023-10-31
06713940
core:LeasedAssetsHeldAsLessee
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2022-10-31
06713940
core:DeferredTaxation
2022-10-31
06713940
core:DeferredTaxation
2023-10-31
06713940
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2022-10-31
06713940
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2023-10-31
06713940
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2022-10-31
06713940
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2023-10-31
06713940
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2021-10-31
06713940
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2022-10-31
06713940
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2021-10-31
06713940
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2022-10-31
06713940
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2022-10-31
06713940
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2023-10-31
Company registration number:
06713940
THORPE & KING PLASTERING CONTRACTORS LTD
Trading as
Rendermeister
Unaudited filleted financial statements
31 October 2023
THORPE & KING PLASTERING CONTRACTORS LTD
Contents
Statement of financial position
Notes to the financial statements
THORPE & KING PLASTERING CONTRACTORS LTD
Statement of financial position
31 October 2023
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Tangible assets |
|
5 |
38,841 |
|
|
|
26,202 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
38,841 |
|
|
|
26,202 |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Debtors |
|
6 |
22,076 |
|
|
|
7,070 |
|
|
Cash at bank and in hand |
|
|
107,810 |
|
|
|
90,820 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
129,886 |
|
|
|
97,890 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
7 |
(
53,130) |
|
|
|
(
39,104) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current assets |
|
|
|
|
76,756 |
|
|
|
58,786 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Total assets less current liabilities |
|
|
|
|
115,597 |
|
|
|
84,988 |
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
after more than one year |
|
8 |
|
|
(
22,243) |
|
|
|
(
16,236) |
|
|
|
|
|
|
|
|
|
|
Provisions for liabilities |
|
10 |
|
|
(
9,139) |
|
|
|
(
6,715) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
|
|
_______ |
Net assets |
|
|
|
|
84,215 |
|
|
|
62,037 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
Called up share capital |
|
|
|
|
2 |
|
|
|
2 |
Profit and loss account |
|
|
|
|
84,213 |
|
|
|
62,035 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Shareholder funds |
|
|
|
|
84,215 |
|
|
|
62,037 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
-
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
27 March 2024
, and are signed on behalf of the board by:
Mr Paul Thorpe
Director
Company registration number:
06713940
THORPE & KING PLASTERING CONTRACTORS LTD
Notes to the financial statements
Year ended 31 October 2023
1.
General information
The company is a private company limited by shares, registered in England. The address of the registered office is Thorpe & King Plastering Contractors Ltd, 18 Pastures Way, Golcar, Huddersfield, West Yorkshire, HD7 4QG.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.
When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
|
|
|
|
|
Tools and equipment |
- |
20 % |
straight line |
|
Motor vehicles |
- |
25 % |
reducing balance |
|
Office equipment |
- |
33 % |
straight line |
|
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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. 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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
3
(2022:
3
).
5.
Tangible assets
|
|
Tools and equipment |
Motor vehicles |
Office equipment |
Total |
|
|
|
|
|
£ |
£ |
£ |
£ |
|
|
|
|
Cost |
|
|
|
|
|
|
|
|
At 1 November 2022 |
21,952 |
34,731 |
2,021 |
58,704 |
|
|
|
|
Additions |
23,950 |
- |
953 |
24,903 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
At 31 October 2023 |
45,902 |
34,731 |
2,974 |
83,607 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 November 2022 |
19,628 |
11,960 |
914 |
32,502 |
|
|
|
|
Charge for the year |
5,580 |
5,693 |
991 |
12,264 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
At 31 October 2023 |
25,208 |
17,653 |
1,905 |
44,766 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 31 October 2023 |
20,694 |
17,078 |
1,069 |
38,841 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
At 31 October 2022 |
2,324 |
22,771 |
1,107 |
26,202 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
Obligations under finance leases
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
|
|
|
|
|
|
|
|
|
|
Tools and equipment |
Motor vehicles |
|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
At 31 October 2023 |
19,160 |
13,916 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
At 31 October 2022 |
- |
18,555 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
6.
Debtors
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Trade debtors |
|
22,076 |
5,930 |
|
Other debtors |
|
- |
1,140 |
|
|
|
_______ |
_______ |
|
|
|
22,076 |
7,070 |
|
|
|
_______ |
_______ |
|
|
|
|
|
7.
Creditors: amounts falling due within one year
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
- |
278 |
|
Trade creditors |
|
10,098 |
16,498 |
|
Corporation tax |
|
8,439 |
148 |
|
Social security and other taxes |
|
4,288 |
100 |
|
Other creditors |
|
30,305 |
22,080 |
|
|
|
_______ |
_______ |
|
|
|
53,130 |
39,104 |
|
|
|
_______ |
_______ |
|
|
|
|
|
8.
Creditors: amounts falling due after more than one year
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Other creditors |
|
22,243 |
16,236 |
|
|
|
_______ |
_______ |
|
|
|
|
|
Bank loans and overdraft facilities provided by Virgin Money are secured by a fixed and floating charge over the Company's assets.
9.
Obligations under finance leases
Company lessee
The total future minimum lease payments under finance lease agreements are as follows:
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Not later than 1 year |
|
11,825 |
6,400 |
|
Later than 1 year and not later than 5 years |
|
26,289 |
18,669 |
|
|
|
_______ |
_______ |
|
|
|
38,114 |
25,069 |
|
Less: future finance charges |
|
(
5,824) |
(
3,267) |
|
|
|
_______ |
_______ |
|
Present value of minimum lease payments |
|
32,290 |
21,802 |
|
|
|
_______ |
_______ |
|
|
|
|
|
Finance lease agreements entered into by the company as lessee are secured against the assets to which they relate.
10.
Provisions
|
|
Deferred tax (note 11) |
Total |
|
|
|
|
|
£ |
£ |
|
|
|
|
At 1 November 2022 |
6,715 |
6,715 |
|
|
|
|
Additions |
2,424 |
2,424 |
|
|
|
|
|
_______ |
_______ |
|
|
|
|
At 31 October 2023 |
9,139 |
9,139 |
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
11.
Deferred tax
The deferred tax included in the statement of financial position is as follows:
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Included in provisions (note 10) |
|
9,139 |
6,715 |
|
|
|
_______ |
_______ |
|
|
|
|
|
The deferred tax account consists of the tax effect of timing differences in respect of:
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Accelerated capital allowances |
|
9,139 |
6,715 |
|
|
|
_______ |
_______ |
|
|
|
|
|
12.
Directors advances, credits and guarantees
|
During the year the directors entered into the following advances and credits with the company: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2023 |
|
|
|
|
|
|
|
|
|
Balance brought forward |
Advances /(credits) to the directors |
Amounts repaid |
Balance o/standing |
|
|
|
|
£ |
£ |
£ |
£ |
|
|
|
Mr Paul Thorpe |
(
13,689) |
(
3,944) |
- |
(
17,633) |
|
|
|
Mr Michael Thorpe |
(
806) |
- |
99 |
(
707) |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
(
14,495) |
(
3,944) |
99 |
(
18,340) |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
Balance brought forward |
Advances /(credits) to the directors |
Amounts repaid |
Balance o/standing |
|
|
|
|
£ |
£ |
£ |
£ |
|
|
|
Mr Paul Thorpe |
(
15,041) |
- |
1,352 |
(
13,689) |
|
|
|
Mr Michael Thorpe |
(
877) |
- |
71 |
(
806) |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
(
15,918) |
- |
1,423 |
(
14,495) |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
Credit balances on directors' current accounts are provided to the company unsecured, interest free and are repayable on demand.