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Registered number: 11662221
Thumwood & Co Limited
Unaudited Financial Statements
For The Year Ended 30 November 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 11662221
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 118 580
118 580
CURRENT ASSETS
Stocks 5 1,411 162
Debtors 6 100 100
Cash at bank and in hand 685 3,211
2,196 3,473
Creditors: Amounts Falling Due Within One Year 7 (28,280 ) (26,004 )
NET CURRENT ASSETS (LIABILITIES) (26,084 ) (22,531 )
TOTAL ASSETS LESS CURRENT LIABILITIES (25,966 ) (21,951 )
NET LIABILITIES (25,966 ) (21,951 )
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account (26,066 ) (22,051 )
SHAREHOLDERS' FUNDS (25,966) (21,951)
Page 1
Page 2
For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr George Thumwood
Director
29 August 2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Thumwood & Co Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11662221 . The registered office is The Mill Alderton Road, Paulerspury, Towcester, NN12 7LS.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The director has confirmed that they will continue to give financial support to the company until such time as its position improves. In addition the director has confirmed that they will not recall their loans within 12 months unless such improvement occurs. The directors consider that it is appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that would result if the financial support were withdrawn.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Computer Equipment 25% Straight line
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2022: 1)
1 1
4. Tangible Assets
Computer Equipment
£
Cost
As at 1 December 2022 1,848
As at 30 November 2023 1,848
Depreciation
As at 1 December 2022 1,268
Provided during the period 462
As at 30 November 2023 1,730
...CONTINUED
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Net Book Value
As at 30 November 2023 118
As at 1 December 2022 580
5. Stocks
2023 2022
£ £
Stock 1,411 162
6. Debtors
2023 2022
£ £
Due within one year
Other debtors 100 100
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 1,627 1
Other creditors 26,653 26,003
28,280 26,004
8. Share Capital
2023 2022
£ £
Called Up Share Capital not Paid 100 100
Amount of Allotted, Called Up Share Capital 100 100
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