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Company registration number: 00549258







ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
31 MARCH 2024


THOMPSON BROS. (ESHER) LIMITED






































img7e7f.png                        

 


THOMPSON BROS. (ESHER) LIMITED
 


 
COMPANY INFORMATION


Directors
P Thompson 
D Richardson 
I Richardson 
C James 
A Richardson 
B Thompson 




Registered number
00549258



Registered office
Garson Farm
Winterdown Road

Esher

Surrey

KT10 8LS




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

Ashcombe House

5 The Crescent

Leatherhead

Surrey

KT22 8DY





 


THOMPSON BROS. (ESHER) LIMITED
 



CONTENTS



Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditors' report
5 - 8
Statement of comprehensive income
9
Statement of financial position
10
Statement of changes in equity
11
Statement of cash flows
12 - 13
Analysis of net debt
13
Notes to the financial statements
14 - 26


 


THOMPSON BROS. (ESHER) LIMITED
 


 
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 MARCH 2024

Introduction
 
The directors present the strategic report and financial statements for the period ended 31 March 2024.
The Directors have complied with the requirements of S172 of the Companies Act 2006.
Principal Activities
The principal activity of the company continued to be that of growers and retailers of horticultural produce.  

Business Review
 
The Board were satisfied with the year end results considering the continued uncertainty within the economy. Inflation continued to rise throughout the period, and with no easing in interest rates, consumer spending was being far more considered. 
Ticketed events on the PYO farm proved to be a continued success with the October pumpkin attraction drawing in many customers who paid a modest entrance fee to enjoy the experience. The lavender fields will be open in 2024, along with a Maize Maze for customers to pay an entrance fee to explore. It is hoped these events will bring in a much-needed revenue to the PYO farm. 
The restaurant concessions enjoyed good growth in sales, well outperforming the average increase in the Garden Centre Association Barometer of Trade. All outstanding debt was paid by The Orangery and their concession fee at Esher was slightly raised for the start of 2024/25 financial year, to bring it in line with that of Titchfield. 
The cost of gas and electricity eased significantly after the second quarter, and this enabled the business to lock into more advantageous rates for a further year. 
The first quarter of 2024/25 really does remind us of how reliant our business is, on the weather. Following one of the wettest Aprils on record, May and June were not much better. Garden furniture and outdoor plants saw a large decline in sales on the previous year at Esher. Titchfield fared a bit better. 
For the forthcoming year, we will be looking at measures of how we can increase our gross margin, reducing wastage across the business will be a specific focus. We are always open to the idea of a third site and will consider the right site should the opportunity present itself. 


Key performance indicators

     2024   2023
Turnover      £18.7m         £18.3m
GP Margin%    15.2%           15.0%
Profit before tax            £901K  £774K 
Our profit figure includes a £250,000 settlement agreement paid to Thompson Bros (Esher) Ltd by GEO Hodges and son Ltd for any future works necessary to repair/replace the glass panel roof on the restaurant at Esher. This was completed in November 2015 and there have been ongoing issues with water ingress since completion. 
Cash in the bank is still at a very comfortable level. We still have money in the treasury reserve account on a short-term fix, due to the favourable interest rates. Our stock holding is down on last year, mainly due to suppliers having increased stock levels on hand. 

Page 1

 


THOMPSON BROS. (ESHER) LIMITED
 



STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024


Principal risks and uncertainties

Once again, we find ourselves in a position beyond our control regarding the import of goods from China. With there being no respite in the Middle Eastern conflict, shipping containers from the far east are still having to re-route around the cape of Africa, which has meant a 5-fold increase in the shipping price. This will have a major inflationary impact on Christmas and gift product as well as outdoor furniture, which needs to be ordered in July for the following year.  

Interest of employees

We will continue to review the staff structure following the impact of the 10% rise in the national living wage. We reward colleagues who perform above and beyond expectation, offering opportunity to those who wish to progress. The HR and the management team are always on hand to ensure staff wellbeing. Our health and safety policy remains clearly laid out and was updated and communicated effectively throughout the year. 
The environment 
We continue to review our “green credentials”. Our company focus group, made up of colleagues; meet during the year to discuss ongoing projects and set realistic targets for improvement. We continue to grow our Planet Mark credentials, which recognises improvement and encourages further actions. The solar panel installation at Titchfield was completed in quarter 3 and now both sites will be producing approximately one third of the total power they use. We continue to work with and try to source local food suppliers at both our sites. 


This report was approved by the board and signed on its behalf.





................................................
I Richardson
Director

Date: 18 July 2024

Page 2

 


THOMPSON BROS. (ESHER) LIMITED
 


 
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 MARCH 2024

The directors present their report and the financial statements for the period ended 31 March 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the period, after taxation, amounted to £611,194 (2023 - £542,995).

The results for the period are set out on page 9.
An ordinary final dividend was paid amounting to £180,000 (
2023 - £180,000).

Directors

The directors who served during the period were:

P Thompson 
D Richardson 
I Richardson 
C James 
A Richardson 
B Thompson 

Matters covered in the Strategic Report

The Company has chosen, in accordance with Section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013, to set out within the Company's Strategic Report Information Required by Schedule 7 of the Large and Medium Sized Companies and Groups (Accounts and Reports) Regulation 2008. This includes information that would have been included in the business review and details of the principal risks and uncertainties.

Page 3

 


THOMPSON BROS. (ESHER) LIMITED
 


 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:

so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and
the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

Under section 487(2) of the Companies Act 2006Menzies LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board and signed on its behalf.
 





................................................
I Richardson
Director

Date: 18 July 2024

Page 4

 


THOMPSON BROS. (ESHER) LIMITED
 

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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THOMPSON BROS. (ESHER) LIMITED

Opinion


We have audited the financial statements of Thompson Bros. (Esher) Limited (the 'Company') for the period ended 31 March 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the Company's affairs as at 31 March 2024 and of its profit for the period then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. 



Other information


The directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' Report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 5

 


THOMPSON BROS. (ESHER) LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THOMPSON BROS. (ESHER) LIMITED (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 


THOMPSON BROS. (ESHER) LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THOMPSON BROS. (ESHER) LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were the most significant:

The Companies Act 2006;
Financial Reporting Standard 102;
UK employment legislation;
General Data Protection Regulations; and
UK tax legislation.

We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

We understood how the Company is complying with those legal and regulatory frameworks by making enquiries to management and those responsible for legal and compliance procedures.

The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with those legal and regulatory frameworks by, making inquiries to management and those responsible for legal and compliance procedures. We corroborated our inquiries through our review of relevant documentation.

We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:

Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
Challenging assumptions and judgements made by management in its significant accounting estimates; and
Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.

As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:

The application of inappropriate judgements or estimation to manipulate the Company's financial position;
Posting of unusual journals and complex transactions; and
The use of management override of controls to manipulate results, or to cause the Company to enter into transactions not in its best interests.
 
Page 7

 


THOMPSON BROS. (ESHER) LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THOMPSON BROS. (ESHER) LIMITED (CONTINUED)

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Anna Johnston ACA (Senior Statutory Auditor)
for and on behalf of
Menzies LLP
Chartered Accountants
Statutory Auditor
Ashcombe House
5 The Crescent
Leatherhead
Surrey
KT22 8DY

18 July 2024
Page 8

 


THOMPSON BROS. (ESHER) LIMITED
 


 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 MARCH 2024

Period ended 31 March 2024
Period ended 2 April 2023
Note
£
£

  

Turnover
 4 
18,728,942
18,313,896

Cost of sales
  
(15,879,551)
(15,572,893)

Gross profit
  
2,849,391
2,741,003

Distribution costs
  
(67,946)
(86,681)

Administrative expenses
  
(2,051,096)
(1,803,842)

Other operating income
 5 
250,000
-

Operating profit
 6 
980,349
850,480

Interest receivable and similar income
  
67,945
16,132

Interest payable and expenses
 9 
(123,487)
(91,868)

Profit before tax
  
924,807
774,744

Tax on profit
 10 
(313,613)
(231,749)

Profit for the financial period
  
611,194
542,995

The notes on pages 14 to 26 form part of these financial statements.

Page 9

 


THOMPSON BROS. (ESHER) LIMITED
REGISTERED NUMBER:00549258



STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 12 
15,449,761
14,995,027

  
15,449,761
14,995,027

Current assets
  

Stocks
 13 
3,716,086
4,024,918

Debtors: amounts falling due within one year
 14 
154,320
434,482

Cash at bank and in hand
  
3,763,684
3,194,246

  
7,634,090
7,653,646

Creditors: amounts falling due within one year
 15 
(2,667,803)
(2,393,621)

Net current assets
  
 
 
4,966,287
 
 
5,260,025

Total assets less current liabilities
  
20,416,048
20,255,052

Creditors: amounts falling due after more than one year
 16 
(1,876,765)
(2,831,796)

Provisions for liabilities
  

Deferred tax
 18 
(1,322,866)
(1,110,082)

  
 
 
(1,322,866)
 
 
(1,110,082)

Net assets
  
17,216,417
16,313,174


Capital and reserves
  

Called up share capital 
 19 
30,000
30,000

Revaluation reserve
 20 
4,304,733
3,920,754

Profit and loss account
 20 
12,881,684
12,362,420

  
17,216,417
16,313,174


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
I Richardson
Director

Date: 18 July 2024

The notes on pages 14 to 26 form part of these financial statements.

Page 10

 


THOMPSON BROS. (ESHER) LIMITED
 



STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2024


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 April 2023
30,000
3,920,754
12,362,420
16,313,174


Comprehensive income for the period

Profit for the period
-
-
611,194
611,194

Surplus on revaluation of freehold property
-
523,300
-
523,300

Deferred tax
-
(51,251)
-
(51,251)


Other comprehensive income for the period
-
472,049
-
472,049


Total comprehensive income for the period
-
472,049
611,194
1,083,243


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(180,000)
(180,000)

Transfer to/from profit and loss account
-
(88,070)
88,070
-


Total transactions with owners
-
(88,070)
(91,930)
(180,000)


At 31 March 2024
30,000
4,304,733
12,881,684
17,216,417

The notes on pages 14 to 26 form part of these financial statements.


STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 2 APRIL 2023


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 April 2022
30,000
4,008,127
11,912,052
15,950,179


Comprehensive income for the period

Profit for the period
-
-
542,995
542,995


Other comprehensive income for the period
-
-
-
-


Total comprehensive income for the period
-
-
542,995
542,995


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(180,000)
(180,000)

Transfer to/from profit and loss account
-
(87,373)
87,373
-


Total transactions with owners
-
(87,373)
(92,627)
(180,000)


At 31 March 2023
30,000
3,920,754
12,362,420
16,313,174

The notes on pages 14 to 26 form part of these financial statements.

Page 11

 


THOMPSON BROS. (ESHER) LIMITED
 



STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 MARCH 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial period
611,194
542,995

Adjustments for:

Depreciation of tangible assets
778,323
709,243

Interest paid
123,487
91,868

Interest received
(67,945)
(16,132)

Taxation charge
313,613
651,037

Decrease in stocks
308,832
98,965

Decrease/(increase) in debtors
213,914
(9,765)

Increase/(decrease) in creditors
230,119
(1,767,762)

Corporation tax received/(paid)
63,984
(683,173)

Net cash generated from operating activities

2,575,521
(382,724)


Cash flows from investing activities

Purchase of tangible fixed assets
(767,383)
(43,940)

Sale of tangible fixed assets
57,626
(629,094)

Interest received
67,945
16,132

Net cash from investing activities

(641,812)
(656,902)
Page 12

 


THOMPSON BROS. (ESHER) LIMITED
 



STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024


2024
2023

£
£



Cash flows from financing activities

Repayment of loans
(1,047,305)
(325,334)

Repayment of/new finance leases
(13,477)
(13,477)

Dividends paid
(180,000)
(180,000)

Interest paid
(123,489)
(91,868)

Net cash used in financing activities
(1,364,271)
(610,679)

Net increase/(decrease) in cash and cash equivalents
569,438
(1,650,305)

Cash and cash equivalents at beginning of period
3,194,246
4,844,551

Cash and cash equivalents at the end of period
3,763,684
3,194,246


Cash and cash equivalents at the end of period comprise:

Cash at bank and in hand
3,763,684
3,194,246

3,763,684
3,194,246



ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 31 MARCH 2024




At 1 April 2023
Cash flows
At 31 March 2024
£

£

£

Cash at bank and in hand

3,194,246

569,438

3,763,684

Debt due after 1 year

(2,831,796)

955,031

(1,876,765)

Debt due within 1 year

(374,544)

146,824

(227,720)

Finance leases

(47,157)

13,477

(33,680)


(59,251)
1,684,770
1,625,519

The notes on pages 14 to 26 form part of these financial statements.

Page 13

 


THOMPSON BROS. (ESHER) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

1.


General information

Thompson Bros. (Esher) Limited is a private company limited by shares and incorporated in England and Wales. The address of the registered office is disclosed on the company information page. The principal place of business is Garson Farm, Winterdown Road, Esher, Surrey, KT10 8LS.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue represents amounts receivable for goods and services net of VAT and trade discounts. Income is recognised when the customer takes ownership of the goods.
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.
Rental income is recognised over the period for which the property is let and to the extent that it is probable
that the economic benefits associated with the transaction will flow to the entity.
Commission fee income is recognised over the period for which the services are delivered and to the extent that it is probable that the economic benefits associated with the transaction will flow to the entity. 

 
2.3

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets and depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the Company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Statement of Comprehensive Income so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 14

 


THOMPSON BROS. (ESHER) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

The Company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the period they are payable. 

 
2.6

Current and deferred taxation

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

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 15

 


THOMPSON BROS. (ESHER) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Other freehold property
-
Buildings with a life less than 50 years - 2.5% Straight line
Freehold dwellings
-
Buildings with life of more than 50 years - 2% Reducing balance
Plant and machinery
-
12.5% - 25% reducing balance
Assets under construction
-
No depreciation

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

No depreciation is provided on assets under construction as these comprise capital expenditure on assets which are not yet in the location or condition necessary for use.

 
2.8

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

Page 16

 


THOMPSON BROS. (ESHER) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.9

Stocks

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 stocks to their present location and condition.
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. 
The work in progress in relation to crops is valued to include the cost of plants and sprays required to grow and is estimated based on cost per hectare. Once the crop is harvested, depreciation begins for the life of the crop, estimated based on prior knowledge of the crop. Any annual cultivation costs are added, again based on average requirement per hectare based on prior knowledge. 

 
2.10

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the Company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
A key item in the accounts requiring judgement is in the calculation of work in progress (WIP) in relation to crops. The investment in the crops, including cost of plants and sprays required to grow, are estimated based on cost per hectare. Then once the crop is harvested depreciation starts over the life of the crop, estimated based on prior knowledge of the crop. Any annual cultivation costs are added on, again based on average requirement per hectare based on prior knowledge. 
The directors use judgement in determining the fair value of the Company's properties, which are carried at fair value determined annually by internal valuers, and external valuers on occasion. Each year the directors assess the condition of each property and the context of the wider property market to determine whether an external valuation is required. Where an external valuation is not required, the directors complete their own valuation based on their understanding of the property market and other relevant factors.

Page 17

 


THOMPSON BROS. (ESHER) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Sale of goods
17,855,406
17,542,734

Rental income
123,876
122,858

Commission fee income
749,660
648,304

18,728,942
18,313,896


All turnover arose within the United Kingdom.


5.


Other operating income

2024
2023
£
£

Sundry income
250,000
-

250,000
-



6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Profit on disposal of tangible assets
57,626
(12,241)

Inventory write offs from obsoletion and wastages
-
400,710

Depreciation of tangible assets
778,323
723,025

Fees payable to the Company's auditor and its associates for the audit of the Company's annual financial statements
27,750
27,680

Page 18

 


THOMPSON BROS. (ESHER) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

7.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
4,884,429
4,526,334

Social security costs
411,009
424,058

Cost of defined contribution scheme
74,139
72,554

5,369,577
5,022,946


The average monthly number of employees, including the directors, during the period was as follows:


        2024
        2023
            No.
            No.







Directors
6
6



Management
13
13



Administration
13
13



Production
5
3



Sales
192
201

229
236


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
826,437
746,018

826,437
746,018


The highest paid director received remuneration of £244,618 (2023 - £185,615).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £NIL (2023 -£NIL).


9.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
123,487
91,868

123,487
91,868

Page 19

 


THOMPSON BROS. (ESHER) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the period
149,816
106,356

Adjustments in respect of previous periods
2,264
(95,267)


152,080
11,089


Total current tax
152,080
11,089

Deferred tax


Origination and reversal of timing differences
163,512
112,201

Short term timing differences
(1,979)
-

Adjustments in respect of prior periods
-
108,459

Total deferred tax
161,533
220,660


Taxation on profit on ordinary activities
313,613
231,749

Factors affecting tax charge for the period/year

The tax assessed for the period is higher than (2023 -higher than) the standard rate of corporation tax in the UK of 25% (2023:19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
924,807
774,744


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 -19%)
231,202
147,201

Effects of:


Depreciation on assets not qualifying for tax allowances
89,077
44,059

Adjustments to tax charge in respect of previous periods
2,264
(95,267)

Remeasurement of deferred tax for changes in tax rates
-
26,928

Expenses not deductible for tax purposes
-
369

Adjustments to tax charge in respect of previous periods - deferred tax
-
108,459

Income not taxable for tax purposes
(8,930)
-

Total tax charge for the period/year
313,613
231,749


Factors that may affect future tax charges

The main rate of UK corporation tax increased from 19% to 25% from 1 April 2023.

Page 20

 


THOMPSON BROS. (ESHER) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

11.


Dividends

2024
2023
£
£


Dividends paid
180,000
180,000

180,000
180,000


12.


Tangible fixed assets





Other freehold property
Freehold Dwellings
Plant and machinery
Assets under construction
Total

£
£
£
£
£



Cost or valuation


At 1 April 2023
13,219,702
5,305,000
3,827,945
246,843
22,599,490


Additions
-
-
767,383
-
767,383


Disposals
-
-
(95,232)
-
(95,232)


Transfers between classes
-
-
246,843
(246,843)
-


Revaluations
-
205,000
-
-
205,000



At 31 March 2024

13,219,702
5,510,000
4,746,939
-
23,476,641



Depreciation


At 1 April 2023
4,273,531
212,200
3,118,732
-
7,604,463


Charge for the period on owned assets
306,111
106,100
366,112
-
778,323


Disposals
-
-
(37,606)
-
(37,606)


On revalued assets
-
(318,300)
-
-
(318,300)



At 31 March 2024

4,579,642
-
3,447,238
-
8,026,880



Net book value



At 31 March 2024
8,640,060
5,510,000
1,299,701
-
15,449,761



At 31 March 2023
8,946,171
5,092,800
709,213
246,843
14,995,027

Page 21

 


THOMPSON BROS. (ESHER) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

           12.Tangible fixed assets (continued)

Certain freehold properties have legal mortgages over them as disclosed in further notes.
Freehold dwellings are stated at valuation. On the historical cost basis these would have been included at an original cost of £999,749 (
2023 - £999,479) with accumulated depreciation of £153,795 (2023 - £134,549).
The Freehold dwellings were revalued by Wallakers, external valuers, in September 2023 on the basis of open market value.
The directors consider this valuation to be appropriate for the current period.
Included within the net book value of Plant and machinery above is £24,464 (
2023 - £40,141) which relates to assets held under a Hire Purchase Agreement.


13.


Stocks

2024
2023
£
£

Raw materials and consumables
73,088
63,814

Work in progress (goods to be sold)
191,594
223,771

Finished goods and goods for resale
3,451,404
3,737,333

3,716,086
4,024,918



14.


Debtors

2024
2023
£
£


Trade debtors
142,206
244,549

Other debtors
12,114
91,353

Prepayments and accrued income
-
98,580

154,320
434,482


Page 22

 


THOMPSON BROS. (ESHER) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

15.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
227,720
319,996

Trade creditors
1,805,299
1,632,084

Corporation tax
149,816
-

Other taxation and social security
138,844
90,709

Obligations under finance lease and hire purchase contracts
33,680
47,157

Other creditors
55,003
54,548

Accruals and deferred income
257,441
249,127

2,667,803
2,393,621


Bank loans are secured by legal mortgage over a portion of the land and freehold property and repayable by quarterly installments.


16.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
1,876,765
2,831,796

1,876,765
2,831,796


Page 23

 


THOMPSON BROS. (ESHER) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

17.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
227,720
319,996


227,720
319,996

Amounts falling due 1-2 years

Bank loans
985,373
1,377,024


985,373
1,377,024


Amounts falling due after more than 5 years

Bank loans
891,392
1,454,772

891,392
1,454,772

2,104,485
3,151,792


Loans are secured by legal mortgage over a portion of the land and freehold property and repayable by quarterly installments.
The interest rates on these loans range from 1.80% - 3.08% per annum.

Page 24

 


THOMPSON BROS. (ESHER) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

18.


Deferred taxation




3 April  2022


£






At beginning of year
(1,110,082)


Charged to profit or loss
(161,533)


Charged to revaluation reserve
(51,251)



At end of year
(1,322,866)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Fixed asset timing differences
890,102
726,590

Deferred tax on property revaluation
436,350
385,100

Short term timing differences
(3,586)
(1,608)

1,322,866
1,110,082


19.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



6,000 (2023 -6,000) Ordinary shares of £1.00 each
6,000
6,000
24,000 (2023 -24,000) A shares of £1.00 each
24,000
24,000

30,000

30,000


Both categories of share entitles the holders to any dividend and rank equally in any winding up of the Company. 'A' shares, however, do not carry any rights to attend or vote at any general meeting of the Company.



20.


Reserves

Revaluation reserve

The revaluation reserve consists of the gains and losses on the revaluation of freehold property held for the Company's own use, less the provision for the associated deferred tax and depreciation charged.

Profit and loss account

The profit and loss account consists of retained earnings or losses to date.

Page 25

 


THOMPSON BROS. (ESHER) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

21.


Capital commitments

As at 2 April 2024, the Company had capital commitments of £NIL (2023 - £394,320).


22.


Pension commitments

The Company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.


23.


Commitments under operating leases

At 31 March 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
15,537
16,305

Later than 1 year and not later than 5 years
9,454
18,975

24,991
35,280


24.


Related party transactions

At 31 March 2024, the Company owed a total of £40,659 (2023 - £40,384) to its directors and was owed a total of £12,114 (2023 - £6,126) from its directors. These balances are included within other creditors and other debtors respectively.
During the year purchases were made by directors at favourable terms below market value to the sum of £17,502 (
2023: £14,475).


25.


Controlling party

The directors are of the opinion there is no one controlling party. 

 
Page 26