Company registration number: 07107278
Unaudited financial statements
for the year ended 31 December 2023
for
Thompsons Food Service Ltd
Pages for filing with the Registrar
Company registration number: 07107278
Thompsons Food Service Ltd
Balance sheet
as at 31 December 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 4 12,000 14,000
Tangible assets 5 749,467 754,841
761,467 768,841
Current assets
Stocks 350,500 540,500
Debtors 549,371 461,204
Cash at bank and in hand 839,312 434,246
1,739,183 1,435,950
Creditors: amounts falling due within
one year
(548,870) (772,668)
Net current assets 1,190,313 663,282
Total assets less current liabilities 1,951,780 1,432,123
Creditors: Amounts falling due after
more than one year
6 (386,688) (417,515)
Provisions for liabilities (46,166) (46,452)
NET ASSETS 1,518,926 968,156
Capital and reserves
Called up share capital 103 103
Profit and loss account 1,518,823 968,053
TOTAL EQUITY 1,518,926 968,156
The company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies for the year ended 31 December 2023.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities to comply with the Companies Act 2006 in respect to accounting records and the preparation of financial statements.
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Company registration number: 07107278
Thompsons Food Service Ltd
Balance sheet - continued
as at 31 December 2023
The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered to the Registrar.
These financial statements were approved by the Board of directors and authorised for issue on 18 September 2024 and signed on its behalf by:
Mr R Thompson, Director
18 September 2024
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Thompsons Food Service Ltd
Notes to the financial statements
for the year ended 31 December 2023
1 Company information
The company is registered in England and Wales. Its registered number is 07107278. The company is limited by shares. Its registered office is Nelsons Yard, South Denes Road, Great Yarmouth, NR30 3PR.
2 Accounting policies
Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” including the provisions of Section 1A “Small Entities” and the Companies Act 2006. The financial statements have been prepared under the historic cost convention.
Going concern
In preparing these financial statements, the directors have assessed whether there are any material uncertainties related to events or conditions that cast significant doubt upon the company's ability to continue as a going concern. In making this assessment, the directors take into account all available information about the future which is at least 12 months from the date that the financial statements are authorised for issue.
The directors consider that the company has adequate resources to continue in business for the foreseeable future and that it is appropriate to adopt the going concern basis in preparing the financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, Value Added Tax and other sales taxes.
Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Amortisation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Goodwill - 5% straight line
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Thompsons Food Service Ltd
Notes to the financial statements - continued
for the year ended 31 December 2023
2 Accounting policies - continued
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings:
Freehold property - 0% straight line
Plant and machinery etc.:
Improvements to property - 0% straight line
Plant and machinery - 25% reducing balance
Fixtures & fittings - 25% reducing balance
Motor vehicles - 25% reducing balance
Computer equipment - 25% straight line
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Taxation
Taxation for the year comprises current and deferred taxation. Tax is recognised in the Profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that been enacted or substantively enacted by the balance sheet date and that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probably that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
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Thompsons Food Service Ltd
Notes to the financial statements - continued
for the year ended 31 December 2023
2 Accounting policies - continued
Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.
The interest element of these obligations is charged to profit or lossover the relevant period. The capital element of the future payments is treated as a liability.
Retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit and loss in the period to which they relate.
3 Average number of employees
During the year the average number of employees was 22 (2022 - 20).
4 Intangible assets
Goodwill
£
Cost
At 1 January 2023 40,000
At 31 December 2023 40,000
Amortisation
At 1 January 2023 26,000
Charge for year 2,000
At 31 December 2023 28,000
Net book value
At 31 December 2023 12,000
At 31 December 2022 14,000
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Thompsons Food Service Ltd
Notes to the financial statements - continued
for the year ended 31 December 2023
5 Tangible fixed assets
Land and
buildings
Plant and
machinery
etc.
Totals
£ £ £
Cost
At 1 January 2023 282,370 809,229 1,091,599
Additions - 87,302 87,302
At 31 December 2023 282,370 896,531 1,178,901
Depreciation
At 1 January 2023 - 336,758 336,758
Charge for year - 92,676 92,676
At 31 December 2023 - 429,434 429,434
Net book value
At 31 December 2023 282,370 467,097 749,467
At 31 December 2022 282,370 472,471 754,841
6 Creditors: amounts falling due after more than five years
2023 2022
£ £
Repayable by instalments
Bank loans 326,098 371,081
Hire purchase and finance leases 60,590 46,434
386,688 417,515
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