Company registration number 00259332 (England and Wales)
G.B.THOMPSON & CO. LIMITED
ANNUAL REPORT AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 SEPTEMBER 2023
PAGES FOR FILING WITH REGISTRAR
G.B.THOMPSON & CO. LIMITED
COMPANY INFORMATION
Directors
A B Thompson
R W Thompson
Secretary
A B Thompson
Company number
00259332
Registered office
16 Mandervell Road
Oadby Industrial Estate
Oadby
Leicester
LE2 5LQ
Accountants
Newby Castleman LLP
West Walk Building
110 Regent Road
Leicester
LE1 7LT
Business address
16 Mandervell Road
Oadby Industrial Estate
Oadby
Leicester
LE2 5LQ
G.B.THOMPSON & CO. LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
G.B.THOMPSON & CO. LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2023
30 September 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
181,696
172,346
Current assets
Stocks
54,364
66,851
Debtors
235,913
236,454
Cash at bank and in hand
679,044
685,578
969,321
988,883
Creditors: amounts falling due within one year
(92,922)
(173,121)
Net current assets
876,399
815,762
Total assets less current liabilities
1,058,095
988,108
Creditors: amounts falling due after more than one year
(9,000)
(9,000)
Provisions for liabilities
(8,810)
Net assets
1,040,285
979,108
Capital and reserves
Called up share capital
5
11,928
11,928
Capital redemption reserve
13,830
13,830
Profit and loss reserves
1,014,527
953,350
Total equity
1,040,285
979,108
In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
G.B.THOMPSON & CO. LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2023
30 September 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 28 February 2024 and are signed on its behalf by:
R W Thompson
Director
Company Registration No. 00259332
G.B.THOMPSON & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 3 -
1
Accounting policies
Company information
G.B.Thompson & Co. Limited is a private company limited by shares incorporated in England and Wales. The registered office is 16 Mandervell Road, Oadby Industrial Estate, Oadby, Leicester, LE2 5LQ.
1.1
Basis of preparation
These financial statements have been prepared in accordance with applicable accounting standards including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Tangible fixed assets
Tangible fixed assets are measured at cost net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Land and buildings Freehold
No depreciation
Plant and machinery
18% per annum of cost
Fixtures, fittings & equipment
15% per annum of net book value
Motor vehicles
25% per annum of cost
No depreciation is provided on freehold buildings. The company's practice is to maintain these assets in a continual state of sound repair. The directors consider the lives of these assets as so long and residual values are so high, that their depreciation is insignificant.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials. Provision is made for damaged, obsolete and slow-moving stock where appropriate.
1.5
Financial instruments
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Debtors and creditors with no stated interest rate and receivable or payable within one year are measured at transaction price. Any losses arising from impairment are recognised in the profit and loss account.
G.B.THOMPSON & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.
1.7
Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
3
G.B.THOMPSON & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 5 -
3
Intangible fixed assets
Total
£
Cost
At 1 October 2022 and 30 September 2023
10,000
Amortisation and impairment
At 1 October 2022 and 30 September 2023
10,000
Carrying amount
At 30 September 2023
At 30 September 2022
4
Tangible fixed assets
Total
£
Cost
At 1 October 2022
229,474
Additions
35,917
Disposals
(40,057)
At 30 September 2023
225,334
Depreciation and impairment
At 1 October 2022
57,128
Depreciation charged in the year
16,632
Eliminated in respect of disposals
(30,122)
At 30 September 2023
43,638
Carrying amount
At 30 September 2023
181,696
At 30 September 2022
172,346
5
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
11,928
11,928
11,928
11,928