Registered number
06053385
Churchman Thornhill Finch Limited
Filleted Accounts
31 March 2024
Churchman Thornhill Finch Limited
Registered number: 06053385
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 14,967 21,722
Current assets
Debtors 5 344,785 467,986
Cash at bank and in hand 388,946 590,261
733,731 1,058,247
Creditors: amounts falling due within one year 6 (228,493) (274,569)
Net current assets 505,238 783,678
Total assets less current liabilities 520,205 805,400
Provisions for liabilities (3,742) (5,431)
Net assets 516,463 799,969
Capital and reserves
Called up share capital 40 60
Capital Redemption Reserve 80 60
Purchase of own shares (335,693) (60,693)
Profit and loss account 852,036 860,542
Shareholders' funds 516,463 799,969
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
D Finch
Director
Approved by the board on 23 July 2024
Churchman Thornhill Finch Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment 33% Reducing Balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 30 31
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2023 34,000
At 31 March 2024 34,000
Amortisation
At 1 April 2023 34,000
At 31 March 2024 34,000
Net book value
At 31 March 2024 -
Goodwill has been written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023 197,979
Additions 617
At 31 March 2024 198,596
Depreciation
At 1 April 2023 176,257
Charge for the year 7,372
At 31 March 2024 183,629
Net book value
At 31 March 2024 14,967
At 31 March 2023 21,722
5 Debtors 2024 2023
£ £
Trade debtors 276,049 377,978
Other debtors 68,736 90,008
344,785 467,986
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 55,722 62,440
Corporation tax 62,508 95,112
Other taxes and social security costs 96,915 104,629
Other creditors 13,348 12,388
228,493 274,569
7 Other information
Churchman Thornhill Finch Limited is a private company limited by shares and incorporated in England. Its registered office is:
3rd Floor
14 Bowden Street
Kennington
London
SE11 4DS
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