COMPANY REGISTRATION NUMBER:
12271127
Thomas Group (Newport) Limited |
|
Filleted Unaudited Financial Statements |
|
Thomas Group (Newport) Limited |
|
Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of
Thomas Group (Newport) Limited |
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Year ended 30 September 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 Thomas Group (Newport) Limited for the year ended 30 September 2023, which comprise the statement of financial position and the 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 www.icaew.com/en/membership/regulations-standards-and-guidance. Our work has been undertaken in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation.
CLAY SHAW THOMAS LTD
2 Oldfield Road
Bocam Park
Bridgend
CF35 5LJ
12 August 2024
Thomas Group (Newport) Limited |
|
Statement of Financial Position |
|
30 September 2023
Fixed assets
Investments |
5 |
|
1,086,349 |
1,086,349 |
|
|
|
|
|
Current assets
Debtors |
6 |
29,858 |
|
14,072 |
Cash at bank and in hand |
10,918 |
|
12,235 |
|
-------- |
|
-------- |
|
40,776 |
|
26,307 |
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
23,434 |
|
46,240 |
|
-------- |
|
-------- |
Net current assets/(liabilities) |
|
17,342 |
(
19,933) |
|
|
------------ |
------------ |
Total assets less current liabilities |
|
1,103,691 |
1,066,416 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
8 |
|
1,100,802 |
1,041,027 |
|
|
------------ |
------------ |
Net assets |
|
2,889 |
25,389 |
|
|
------------ |
------------ |
|
|
|
|
|
Capital and reserves
Called up share capital |
|
200 |
200 |
Profit and loss account |
9 |
|
2,689 |
25,189 |
|
|
------- |
-------- |
Shareholders funds |
|
2,889 |
25,389 |
|
|
------- |
-------- |
|
|
|
|
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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 income and retained earnings has not been delivered.
For the year ending 30 September 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
.
Thomas Group (Newport) Limited |
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Statement of Financial Position (continued) |
|
30 September 2023
These financial statements were approved by the
board of directors
and authorised for issue on
10 August 2024
, and are signed on behalf of the board by:
Company registration number:
12271127
Thomas Group (Newport) Limited |
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Notes to the Financial Statements |
|
Year ended 30 September 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Waterways, Lisvane Road, Cardiff, CF14 0SF.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover is measured at the fair value of the consideration received and represents amounts receivable services rendered, stated net of discounts and of Value Added Tax. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets.
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.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
2
(2022:
2
).
5.
Investments
|
Shares in group undertaking |
|
£ |
Cost |
|
At 1 October 2022 and 30 September 2023 |
1,086,349 |
|
------------ |
Impairment |
|
At 1 October 2022 and 30 September 2023 |
– |
|
------------ |
|
|
Carrying amount |
|
At 30 September 2023 |
1,086,349 |
|
------------ |
At 30 September 2022 |
1,086,349 |
|
------------ |
|
|
6.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Other debtors |
29,858 |
14,072 |
|
-------- |
-------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
18,513 |
24,666 |
Trade creditors |
– |
72 |
Social security and other taxes |
3,536 |
13,965 |
Other creditors |
1,385 |
7,537 |
|
-------- |
-------- |
|
23,434 |
46,240 |
|
-------- |
-------- |
|
|
|
8.
Creditors:
amounts falling due after more than one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
269,226 |
418,082 |
Amounts owed to group undertakings |
831,576 |
622,945 |
|
------------ |
------------ |
|
1,100,802 |
1,041,027 |
|
------------ |
------------ |
|
|
|
Included within creditors: amounts falling due after more than one year is an amount of £203,415 (2022: £333,810) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
Bank loans are secured by cross guarantee by LT Chemist Limited, a company under common control.
9.
Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses.
10.
Directors' advances, credit and guarantees
Included within debtors are amounts owed by the Company Directors as follows:
|
|
2023 |
|
|
£ |
|
Balance owed to directors 1 October 2022 |
(6,152) |
|
Net advances |
22,992 |
|
|
-------- |
|
Balance owed by directors 30 September 2023 |
16,840 |
|
|
-------- |
|
|
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There are no fixed terms of repayment or interest charged.
11.
Related party transactions
During the year the company recharged expenses of £60,000 (2022: £114,000) to LT Chemist Limited. At the year end the company owed £430,943 (2022: £216,312). LT Chemist Limited is a company under common control. At the year end the company owed £400,633 (2022: £406,633) to LT Chemist Holdings Limited, a company under common control.
12.
Ultimate controlling party
In the opinion of the directors, there is no ultimate controlling party.