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Registration number: 4925389

THC (Midlands) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

THC (Midlands) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

THC (Midlands) Limited

Company Information

Directors

Michael Trevor Fairey

Trevor Bernard Fairey

Matthew Thomas Fairey

Registered office

Unit 1 Goods Wharf
Goods Road Industrial Estate
Belper
Derbyshire
DE56 1UU

Accountants

David Lissimore ACMA CGMA
AIMS Accountants for Business
3 Clayton Close
Morton
Alfreton
Derbyshire
DE55 6LN

 

THC (Midlands) Limited

(Registration number: 4925389)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

6

17,575

22,822

Current assets

 

Debtors

7

89,067

50,208

Cash at bank and in hand

 

169,329

233,109

 

258,396

283,317

Creditors: Amounts falling due within one year

8

(118,803)

(88,065)

Net current assets

 

139,593

195,252

Net assets

 

157,168

218,074

Capital and reserves

 

Called up share capital

9

70

70

Share premium reserve

(18,320)

(38,070)

Retained earnings

175,418

256,074

Shareholders' funds

 

157,168

218,074

For the financial year ending 31 March 2024 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 15 August 2024 and signed on its behalf by:
 

 

THC (Midlands) Limited

(Registration number: 4925389)
Balance Sheet as at 31 March 2024

.........................................
Matthew Thomas Fairey
Director

 

THC (Midlands) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Unit 1 Goods Wharf
Goods Road Industrial Estate
Belper
Derbyshire
DE56 1UU

These financial statements were authorised for issue by the Board on 15 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

The financial statements have been prepared under the historical cost convention and in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities Regime'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

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

 

THC (Midlands) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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 taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & machinery

25% reducing balance

Motor vehicles

25% reducing balance

Office equipment

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

over 20 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

THC (Midlands) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2023 - 7).

4

Profit before tax

Arrived at after charging/(crediting)

 

THC (Midlands) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

2024
£

2023
£

Depreciation expense

5,859

7,607

Amortisation expense

-

5,000

 

THC (Midlands) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

100,000

100,000

At 31 March 2024

100,000

100,000

Amortisation

At 1 April 2023

100,000

100,000

At 31 March 2024

100,000

100,000

Carrying amount

At 31 March 2024

-

-

6

Tangible assets

Fixtures and fittings
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

4,538

43,976

48,514

Additions

611

-

611

At 31 March 2024

5,149

43,976

49,125

Depreciation

At 1 April 2023

3,210

22,482

25,692

Charge for the year

485

5,373

5,858

At 31 March 2024

3,695

27,855

31,550

Carrying amount

At 31 March 2024

1,454

16,121

17,575

At 31 March 2023

1,328

21,494

22,822

Included within the net book value of land and buildings above is £Nil (2023 - £Nil) in respect of freehold land and buildings.
 

 

THC (Midlands) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Debtors

Current

2024
£

2023
£

Trade debtors

83,946

40,924

Prepayments

4,121

9,284

Other debtors

1,000

-

 

89,067

50,208

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

35,664

21,504

Taxation and social security

37,301

22,029

Accruals and deferred income

292

283

Other creditors

45,546

44,249

118,803

88,065

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100