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Company registration number: 03313092
S. J. Thompson (Builders) Limited
Unaudited filleted financial statements
31 December 2023
S. J. Thompson (Builders) Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
S. J. Thompson (Builders) Limited
Directors and other information
Directors Mr S Webb (Resigned 7 December 2023)
Mr A Harris
Mrs C Harris (Appointed 7 December 2023)
Company number 03313092
Hitchin
Hertfordshire
SG5 1RT
Accountants Hicks and Company
Chartered Accountants
First Floor
99 Bancroft
Hitchin
Hertfordshire
SG5 1NQ
Bankers HSBC
1 Market Place
Hitchin
Hertfordshire
SG5 1DR
S. J. Thompson (Builders) Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of S. J. Thompson (Builders) Limited
Year ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of S. J. Thompson (Builders) Limited for the year ended 31 December 2023 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of S. J. Thompson (Builders) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of S. J. Thompson (Builders) Limited and state those matters that we have agreed to state to the board of directors of S. J. Thompson (Builders) Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than S. J. Thompson (Builders) Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that S. J. Thompson (Builders) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of S. J. Thompson (Builders) Limited. You consider that S. J. Thompson (Builders) Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of S. J. Thompson (Builders) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Hicks and Company
Chartered Accountants
First Floor
99 Bancroft
Hitchin
Hertfordshire
SG5 1NQ
25 July 2024
S. J. Thompson (Builders) Limited
Statement of financial position
31 December 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 151,248 164,269
_______ _______
151,248 164,269
Current assets
Stocks 708,515 835,523
Debtors 6 135,625 780,425
Cash at bank and in hand 359,403 483,472
_______ _______
1,203,543 2,099,420
Creditors: amounts falling due
within one year 7 ( 284,179) ( 873,368)
_______ _______
Net current assets 919,364 1,226,052
_______ _______
Total assets less current liabilities 1,070,612 1,390,321
Provisions for liabilities ( 6,585) ( 6,679)
_______ _______
Net assets 1,064,027 1,383,642
_______ _______
Capital and reserves
Called up share capital 108 153
Capital redemption reserve 45 -
Profit and loss account 1,063,874 1,383,489
_______ _______
Shareholders funds 1,064,027 1,383,642
_______ _______
For the year ending 31 December 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 25 July 2024 , and are signed on behalf of the board by:
Mr A Harris
Director
Company registration number: 03313092
S. J. Thompson (Builders) Limited
Statement of changes in equity
Year ended 31 December 2023
Called up share capital Capital redemption reserve Profit and loss account Total
£ £ £ £
At 1 January 2022 153 - 1,108,129 1,108,282
Profit for the year 275,360 275,360
_______ _______ _______ _______
Total comprehensive income for the year - - 275,360 275,360
_______ _______ _______ _______
At 31 December 2022 and 1 January 2023 153 - 1,383,489 1,383,642
Profit for the year 120,619 120,619
_______ _______ _______ _______
Total comprehensive income for the year - - 120,619 120,619
Redemption of shares ( 45) 45 ( 440,234) ( 440,234)
_______ _______ _______ _______
Total investments by and distributions to owners ( 45) 45 ( 440,234) ( 440,234)
_______ _______ _______ _______
At 31 December 2023 108 45 1,063,874 1,064,027
_______ _______ _______ _______
S. J. Thompson (Builders) Limited
Notes to the financial statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 5 Bury Mead Road, Hitchin, Hertfordshire, SG5 1RT.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property - Over the lease term
Plant and machinery - 25 % reducing balance
Computer Equipment - Over 2 years
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 14 (2022: 14 ).
5. Tangible assets
Short leasehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Computer equipment Total
£ £ £ £ £ £
Cost
At 1 January 2023 208,116 8,813 13,097 211,253 7,589 448,868
Disposals - - ( 13,097) - ( 7,589) ( 20,686)
_______ _______ _______ _______ _______ _______
At 31 December 2023 208,116 8,813 - 211,253 - 428,182
_______ _______ _______ _______ _______ _______
Depreciation
At 1 January 2023 78,996 8,731 13,057 176,226 7,589 284,599
Charge for the year 4,211 13 - 8,757 - 12,981
Disposals - - ( 13,057) - ( 7,589) ( 20,646)
_______ _______ _______ _______ _______ _______
At 31 December 2023 83,207 8,744 - 184,983 - 276,934
_______ _______ _______ _______ _______ _______
Carrying amount
At 31 December 2023 124,909 69 - 26,270 - 151,248
_______ _______ _______ _______ _______ _______
At 31 December 2022 129,120 82 40 35,027 - 164,269
_______ _______ _______ _______ _______ _______
6. Debtors
2023 2022
£ £
Trade debtors 121,767 764,793
Other debtors 13,858 15,632
_______ _______
135,625 780,425
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 69,229 269,092
Corporation tax 42,182 72,076
Social security and other taxes 42,212 227,987
Other creditors 130,556 304,213
_______ _______
284,179 873,368
_______ _______
8. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 35 35
Later than 1 year and not later than 5 years 140 140
Later than 5 years 828 863
_______ _______
1,003 1,038
_______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr S Webb ( 115,347) ( 3,403) 118,750 -
Mr A Harris ( 113,850) ( 5,014) 13,503 ( 105,361)
_______ _______ _______ _______
( 229,197) ( 8,417) 132,253 ( 105,361)
_______ _______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr S Webb - ( 115,347) - ( 115,347)
Mr A Harris 1,232 ( 113,850) ( 1,232) ( 113,850)
_______ _______ _______ _______
1,232 ( 229,197) ( 1,232) ( 229,197)
_______ _______ _______ _______
The above existing loans are repayable on demand. Interest is charged at 6%.
10. Share capital
The company repurchased 45 Ordinary £1 shares from Mr S Webb and Mrs L Webb on 6 December 2023 for the total sum of £440,234. The company purchased a further 31 of its ordinary shares in January 2024 at a cost of £303,273