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Company No: 11410161 (England and Wales)

THARP ARMS (2018) LIMITED

Unaudited Financial Statements
For the financial year ended 30 June 2024
Pages for filing with the registrar

THARP ARMS (2018) LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

THARP ARMS (2018) LIMITED

COMPANY INFORMATION

For the financial year ended 30 June 2024
THARP ARMS (2018) LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 30 June 2024
DIRECTOR Mrs B.E Seaton
REGISTERED OFFICE The Tharp Arms
46 High Street
Chippenham
Ely
CB7 5PR
United Kingdom
BUSINESS ADDRESS The Tharp Arms
46 High Street
Chippenham
Cambridgeshire
CB7 5PR
COMPANY NUMBER 11410161 (England and Wales)
ACCOUNTANT Corbett Accountants Limited
Bakersfield
82 Station Road
Soham
Ely
Cambridgeshire
CB7 5DZ
THARP ARMS (2018) LIMITED

BALANCE SHEET

As at 30 June 2024
THARP ARMS (2018) LIMITED

BALANCE SHEET (continued)

As at 30 June 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 632 789
632 789
Current assets
Stocks 3,300 3,350
Debtors 4 266 242
Cash at bank and in hand 24,924 21,393
28,490 24,985
Creditors: amounts falling due within one year 5 ( 26,327) ( 21,028)
Net current assets 2,163 3,957
Total assets less current liabilities 2,795 4,746
Provision for liabilities 6 ( 120) ( 150)
Net assets 2,675 4,596
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account 2,575 4,496
Total shareholder's funds 2,675 4,596

For the financial year ending 30 June 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Tharp Arms (2018) Limited (registered number: 11410161) were approved and authorised for issue by the Director on 23 July 2024. They were signed on its behalf by:

Mrs B.E Seaton
Director
THARP ARMS (2018) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
THARP ARMS (2018) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Tharp Arms (2018) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The Tharp Arms, 46 High Street, Chippenham, Ely, CB7 5PR, United Kingdom. The principal place of business is The Tharp Arms, 46 High Street, Chippenham, Cambridgeshire, CB7 5PR.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 2 2

3. Tangible assets

Plant and machinery Total
£ £
Cost
At 01 July 2023 986 986
At 30 June 2024 986 986
Accumulated depreciation
At 01 July 2023 197 197
Charge for the financial year 157 157
At 30 June 2024 354 354
Net book value
At 30 June 2024 632 632
At 30 June 2023 789 789

4. Debtors

2024 2023
£ £
Other debtors 266 242

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 2,200 2,233
Amounts owed to director 13,599 10,551
Corporation tax 5,443 2,711
Other taxation and social security 2,585 3,133
Other creditors 2,500 2,400
26,327 21,028

6. Provision for liabilities

2024 2023
£ £
Deferred tax 120 150

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

8. Related party transactions

Transactions with the entity's director

2024 2023
£ £
Included in creditors is a director's loan owing to Mrs B E Seaton. The loan is interest free and there are no repayment terms. 13,599 10,551
Dividends were paid in the year in respect of the shares held by the company's director. 25,000 27,500