Thermal Acoustic Products Limited
Unaudited Financial Statements
For the year ended 30 June 2023
Pages for Filing with Registrar
Company Registration No. 03191800 (England and Wales)
Thermal Acoustic Products Limited
Company Information
Director
A J Jackson
Secretary
A J Jackson
Company number
03191800
Registered office
Orbital House
20 Eastern Road
Romford
Essex
RM1 3PJ
Accountants
Moore Kingston Smith LLP
Orbital House
20 Eastern Road
Romford
Essex
RM1 3PJ
Thermal Acoustic Products Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
Thermal Acoustic Products Limited
Balance Sheet
As at 30 June 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
6,320
8,426
Current assets
Stock
70,691
76,728
Debtors
5
149,158
206,236
Cash at bank and in hand
19,453
10,029
239,302
292,993
Creditors: amounts falling due within one year
6
(173,508)
(220,252)
Net current assets
65,794
72,741
Total assets less current liabilities
72,114
81,167
Creditors: amounts falling due after more than one year
7
(19,908)
(29,923)
Provisions for liabilities
(748)
(5,517)
Net assets
51,458
45,727
Capital and reserves
Called up share capital
8
2
2
Profit and loss reserves
51,456
45,725
Total equity
51,458
45,727

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

Thermal Acoustic Products Limited
Balance Sheet (Continued)
As at 30 June 2023
Page 2

For the financial year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges her 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.

The financial statements were approved and signed by the director and authorised for issue on 8 March 2024
A J Jackson
Director
Company Registration No. 03191800
Thermal Acoustic Products Limited
Notes to the Financial Statements
For the year ended 30 June 2023
Page 3
1
Accounting policies
Company information

Thermal Acoustic Products Limited is a private company limited by shares incorporated in England and Wales. The registered office is Orbital House, 20 Eastern Road, Romford, Essex, RM1 3PJ and the business address is 5 Brindley Road, Gorse Lane Industrial Estate, Clacton-on-sea, Essex, CO15 4XL.

1.1
Accounting convention

These financial statements have been prepared in accordance with Section 1A of 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 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 pound.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
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. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
25% reducing balance
Fixtures, fittings & equipment
25% reducing balance
Motor vehicles
25% reducing balance
1.5
Stock

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stock to their present location and condition.

1.6
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.

Thermal Acoustic Products Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2023
1
Accounting policies
(Continued)
Page 4
1.7
Financial instruments

All of the company's financial assets and liabilities are basic and measured at amortised cost.

 

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.9
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. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. 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.

1.10
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Thermal Acoustic Products Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2023
1
Accounting policies
(Continued)
Page 5
1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 8 (2022: 9).

3
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
374
-
0
Adjustments in respect of prior periods
1,568
(6,237)
Total current tax
1,942
(6,237)
Deferred tax
Origination and reversal of timing differences
(4,769)
4,109
Total tax credit
(2,827)
(2,128)
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2022 and 30 June 2023
80,419
Depreciation and impairment
At 1 July 2022
71,993
Depreciation charged in the year
2,106
At 30 June 2023
74,099
Carrying amount
At 30 June 2023
6,320
At 30 June 2022
8,426
Thermal Acoustic Products Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2023
Page 6
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
142,161
199,610
Corporation tax recoverable
4,247
1,476
Other debtors
2,750
5,150
149,158
206,236
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,015
15,554
Trade creditors
125,666
149,550
Taxation and social security
28,123
36,460
Other creditors
879
9,863
Accruals and deferred income
8,825
8,825
173,508
220,252
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
19,908
29,923
8
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary shares of £1 each
2
2
Thermal Acoustic Products Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2023
Page 7
9
Related party transactions

At the year end an amount of £879 (2022: £9,863) was due to the director and is included within other creditors.

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