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Registration number: 07711083

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Thomas Wallis Limited

Annual Report and

Unaudited Financial Statements


for the Year Ended 31 July 2023

 

Thomas Wallis Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 10

 

Thomas Wallis Limited

Company Information

Directors

Mr T Wallis

Mrs L A Wallis

Registered office



Little Wood Farm
Winforton
Hereford
Herefordshire
HR3 6EB

 

Bankers

Lloyds Bank
47 Milsom Street
Bath
BA1 1DN

Accountants



W J James & Co
Chartered Accountants
Bishop House
10 Wheat Street
Brecon
Powys
LD3 7DG

 

Thomas Wallis Limited

(Registration number: 07711083)

Balance Sheet
as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

12,000

16,000

Tangible assets

5

134,030

136,831

 

146,030

152,831

Current assets

 

Debtors

6

534

4,291

Creditors: Amounts falling due within one year

7

(37,030)

(41,179)

Net current liabilities

 

(36,496)

(36,888)

Total assets less current liabilities

 

109,534

115,943

Creditors: Amounts falling due after more than one year

7

(122,337)

(118,416)

Net liabilities

 

(12,803)

(2,473)

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

(12,805)

(2,475)

Total equity

 

(12,803)

(2,473)

For the financial year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

The profit and loss account and directors' report have not been delivered to the Registrar of Companies in accordance with the special provisions applicable to companies subject to the small companies regime.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

Thomas Wallis Limited

(Registration number: 07711083)

Balance Sheet
as at 31 July 2023

Approved and authorised by the Board on 13 February 2024 and signed on its behalf by:
 

.........................................

Mr T Wallis

Director

 

Thomas Wallis Limited

Notes to the Financial Statements
for the Year Ended 31 July 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Little Wood Farm
Winforton
Hereford
Herefordshire
HR3 6EB

These financial statements were authorised for issue by the Board on 13 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in sterling, which is the functional currency of the company, and rounded up to the nearest £1.

Going concern

The financial statements have been prepared on a going concern basis.The company has net laibilities at the balance sheet date. The directors are committed to only drawing their directors' loan account when the company is financially able to do so. Accordingly the accounts have been drawn up on a going concern basis.

Revenue recognition

Turnover represents the net amount of services invoiced for the year excluding VAT.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Thomas Wallis Limited

Notes to the Financial Statements
for the Year Ended 31 July 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold land

Nil

Improvements to long leasehold

Nil

Plant and machinery

20% on reducing balance

Computer equipment

25% on reducing balance

Motor vehicles

33% on reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which is estimated to be 5 years.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly 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 merchandise sold or services performed in the ordinary course of business.

Trade creditors

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

 

Thomas Wallis Limited

Notes to the Financial Statements
for the Year Ended 31 July 2023

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 profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 4).

 

Thomas Wallis Limited

Notes to the Financial Statements
for the Year Ended 31 July 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 August 2022

20,000

20,000

At 31 July 2023

20,000

20,000

Amortisation

At 1 August 2022

4,000

4,000

Amortisation charge

4,000

4,000

At 31 July 2023

8,000

8,000

Carrying amount

At 31 July 2023

12,000

12,000

At 31 July 2022

16,000

16,000

5

Tangible assets

Freehold land
£

Long leasehold land and buildings
£

Plant and machinery
£

Computer equipment
£

Cost or valuation

At 1 August 2022

100,000

-

42,372

562

Additions

-

4,453

1,120

-

Disposals

-

-

(2,989)

-

At 31 July 2023

100,000

4,453

40,503

562

Depreciation

At 1 August 2022

-

-

16,534

139

Charge for the year

-

-

5,333

106

Eliminated on disposal

-

-

(2,696)

-

At 31 July 2023

-

-

19,171

245

Carrying amount

At 31 July 2023

100,000

4,453

21,332

317

At 31 July 2022

100,000

-

25,838

423

 

Thomas Wallis Limited

Notes to the Financial Statements
for the Year Ended 31 July 2023

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2022

29,300

172,234

Additions

-

5,573

Disposals

-

(2,989)

At 31 July 2023

29,300

174,818

Depreciation

At 1 August 2022

18,730

35,403

Charge for the year

2,642

8,081

Eliminated on disposal

-

(2,696)

At 31 July 2023

21,372

40,788

Carrying amount

At 31 July 2023

7,928

134,030

At 31 July 2022

10,570

136,831

 

Thomas Wallis Limited

Notes to the Financial Statements
for the Year Ended 31 July 2023

6

Debtors

2023
£

2022
£

Trade debtors

-

3,327

Prepayments

534

964

534

4,291

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

8

14,937

15,579

Trade creditors

 

71

823

Taxation and social security

 

2,387

4,649

Accruals and deferred income

 

1,294

1,856

Other creditors

 

18,341

18,272

 

37,030

41,179

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

122,337

118,416

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

12,962

15,167

HP and finance lease liabilities

6,455

13,249

Other borrowings

102,920

90,000

122,337

118,416

 

Thomas Wallis Limited

Notes to the Financial Statements
for the Year Ended 31 July 2023

2023
£

2022
£

Current loans and borrowings

Bank borrowings

2,222

2,240

Bank overdrafts

5,921

6,545

HP and finance lease liabilities

6,794

6,794

14,937

15,579

9

Reserves

The directors acknowledge that unlawful distributions were made during the year as there were insufficent retained profits available.

These distributions may be repayable to the company if it is unable to meet it's liabilities to third parties under Section 247 (2) of the Companies Act 2006.