Year Ended
Registration number:
B Thompson & Sons (Transport) Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
B Thompson & Sons (Transport) Limited
Company Information
Directors |
C M Thompson A B Thompson R B Thompson I N Thompson |
Registered office |
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Accountants |
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B Thompson & Sons (Transport) Limited
Balance Sheet
30 April 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible fixed assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
92 |
92 |
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Share premium reserve |
265,287 |
265,287 |
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Capital redemption reserve |
40 |
40 |
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Revaluation reserve |
325,065 |
326,711 |
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Profit and loss account |
4,033,511 |
3,887,192 |
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Shareholders' funds |
4,623,995 |
4,479,322 |
B Thompson & Sons (Transport) Limited
Balance Sheet
30 April 2024
For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Company Registration Number: 00876085
B Thompson & Sons (Transport) Limited
Notes to the Unaudited Financial Statements
Year Ended 30 April 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
North Road Industrial Estate
Okehampton
Devon
EX20 1BQ
These financial statements were authorised for issue by the
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
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except as stated below in tangible fixed assets.
The functional and presentational currency of this company is sterling.
Revenue recognition
Turnover represents the fair value of services provided under contracts with customers to the extent that there is a right to consideration. It is measured at the fair value of the consideration due.
Transport income is recognised when goods are collected from customers. Income from storage is recognised in the period to which it relates.
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.
B Thompson & Sons (Transport) Limited
Notes to the Unaudited Financial Statements
Year Ended 30 April 2024
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Tangible fixed assets
All fixed assets are initially recorded at cost, except for freehold properties acquired before 2016. Up to and including 30 April 2015 it was the Directors’ policy to include certain freehold properties at their open market value as at 30 April 1996. In 2016 the Directors adopted the transitional provisions of FRS 102, which provide that companies do not have to revalue tangible fixed assets. Previous valuations have been retained as deemed cost and have not been updated.
Depreciation
Depreciation on freehold property relates only to freehold buildings. No depreciation has been charged on land owned by the company.
An amount equal to the excess of the annual depreciation charge on revalued assets over the notional historic cost depreciation charge on those assets is transferred annually from the revaluation reserve to the profit and loss reserve.
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Asset class |
Depreciation method and rate |
Freehold Property |
2% straight line |
Plant and machinery |
10% to 20% straight line |
Motor vehicles |
33.3% reducing balance calculated on a quarterly basis |
Stocks
Stocks are stated at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks.
Defined contribution pension obligation
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.
B Thompson & Sons (Transport) Limited
Notes to the Unaudited Financial Statements
Year Ended 30 April 2024
Financial instruments
Classification
The company holds the following financial instruments:
• Cash and bank balances; and
• Short term trade and other debtors and creditors
All financial instruments are classified as basic.
Recognition and measurement
These instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
B Thompson & Sons (Transport) Limited
Notes to the Unaudited Financial Statements
Year Ended 30 April 2024
Tangible fixed assets |
Freehold Property |
Plant & Machinery |
Motor Vehicles |
Total |
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Cost or valuation |
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At 1 May 2023 |
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Additions |
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Disposals |
- |
( |
( |
( |
At 30 April 2024 |
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Depreciation |
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At 1 May 2023 |
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Charge for the year |
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Eliminated on disposal |
- |
( |
( |
( |
At 30 April 2024 |
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Carrying amount |
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At 30 April 2024 |
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At 30 April 2023 |
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Revaluation
Certain of the company's Freehold Property was revalued on
The company decided to take advantage of the transitional provision of FRS102 to treat this valuation as deemed cost.
Due to indexation, no liability would arise to corporation tax on the capital gain if the property included at valuation were realised at its net book value.
B Thompson & Sons (Transport) Limited
Notes to the Unaudited Financial Statements
Year Ended 30 April 2024
Debtors |
2024 |
2023 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
2024 |
2023 |
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Due within one year |
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Trade creditors |
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Social security and other taxes |
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Other creditors |
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Directors current account |
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Accruals and deferred income |
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Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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92 |
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92 |