35 24 September 2024 false false false false false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 00031652 2023-01-01 2023-12-31 00031652 2023-12-31 00031652 2022-12-31 00031652 2022-01-01 2022-12-31 00031652 2022-12-31 00031652 2021-12-31 00031652 core:PlantMachinery 2023-01-01 2023-12-31 00031652 core:MotorVehicles 2023-01-01 2023-12-31 00031652 bus:Director3 2023-01-01 2023-12-31 00031652 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-31 00031652 core:LandBuildings core:LongLeaseholdAssets 2022-12-31 00031652 core:PlantMachinery 2022-12-31 00031652 core:MotorVehicles 2022-12-31 00031652 core:LandBuildings core:OwnedOrFreeholdAssets 2023-12-31 00031652 core:PlantMachinery 2023-12-31 00031652 core:MotorVehicles 2023-12-31 00031652 core:LandBuildings core:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 00031652 core:LandBuildings core:LongLeaseholdAssets 2023-01-01 2023-12-31 00031652 core:WithinOneYear 2023-12-31 00031652 core:WithinOneYear 2022-12-31 00031652 core:AfterOneYear 2023-12-31 00031652 core:RevaluationReserve 2023-01-01 2023-12-31 00031652 core:ShareCapital 2023-12-31 00031652 core:ShareCapital 2022-12-31 00031652 core:RevaluationReserve 2023-12-31 00031652 core:RevaluationReserve 2022-12-31 00031652 core:CapitalRedemptionReserve 2023-12-31 00031652 core:CapitalRedemptionReserve 2022-12-31 00031652 core:RetainedEarningsAccumulatedLosses 2023-12-31 00031652 core:RetainedEarningsAccumulatedLosses 2022-12-31 00031652 core:CostValuation core:Non-currentFinancialInstruments 2022-12-31 00031652 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2023-12-31 00031652 core:DisposalsRepaymentsInvestments core:Non-currentFinancialInstruments 2023-12-31 00031652 core:Non-currentFinancialInstruments core:OtherIncreaseDecreaseInInvestments 2023-12-31 00031652 core:CostValuation core:Non-currentFinancialInstruments 2023-12-31 00031652 core:Non-currentFinancialInstruments 2023-12-31 00031652 core:Non-currentFinancialInstruments 2022-12-31 00031652 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-31 00031652 core:LandBuildings core:LongLeaseholdAssets 2022-12-31 00031652 core:PlantMachinery 2022-12-31 00031652 core:MotorVehicles 2022-12-31 00031652 bus:SmallEntities 2023-01-01 2023-12-31 00031652 bus:Audited 2023-01-01 2023-12-31 00031652 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 00031652 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 00031652 bus:FullAccounts 2023-01-01 2023-12-31 00031652 core:OfficeEquipment 2023-01-01 2023-12-31 00031652 core:OfficeEquipment 2022-12-31 00031652 core:OfficeEquipment 2023-12-31
COMPANY REGISTRATION NUMBER: 00031652
Thomas Ware & Sons Limited
Filleted Financial Statements
31 December 2023
Thomas Ware & Sons Limited
Statement of Financial Position
31 December 2023
2023
2022
(restated)
Note
£
£
Fixed assets
Tangible assets
5
33,192
171,229
Investments
6
334,764
344,040
---------
---------
367,956
515,269
Current assets
Stocks
1,305,437
1,346,868
Debtors: due within one year
7
1,642,163
1,708,350
Debtors: due after more than one year
7
76,860
Cash at bank and in hand
1,265,214
888,788
------------
------------
4,289,674
3,944,006
Creditors: amounts falling due within one year
8
732,331
587,309
------------
------------
Net current assets
3,557,343
3,356,697
------------
------------
Total assets less current liabilities
3,925,299
3,871,966
Provisions
10,189
10,189
------------
------------
Net assets
3,915,110
3,861,777
------------
------------
Capital and reserves
Called up share capital
105,000
105,000
Revaluation reserve
3,517
74,160
Capital redemption reserve
24,650
24,650
Profit and loss account
3,781,943
3,657,967
------------
------------
Shareholders funds
3,915,110
3,861,777
------------
------------
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 comprehensive income has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
Thomas Ware & Sons Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 13 September 2024 , and are signed on behalf of the board by:
Mr A D P Brearley
Director
Company registration number: 00031652
Thomas Ware & Sons Limited
Notes to the Financial Statements
Year ended 31st December 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 Clift House Tannery, Coronation Road, Southville, Bristol, BS3 1RN.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The entity 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 entity and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency at an average rate. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
4% and 10% straight line
Plant and machinery
-
25% straight line
Motor vehicles
-
25% reducing balance
Equipment
-
40% straight line
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
Employee benefit trust
The company has established an employee benefit trust (Thomas Ware & Sons EBT) which is a separately administered trust. In accordance with FRS102, the assets and liabilities of the employee benefit trust have been consolidated in the results of Thomas Ware & Sons Limited
4. Employee numbers
The average number of persons employed by the company during the year amounted to 35 (2022: 32 ).
5. Tangible assets
Freehold property
Long leasehold property
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Jan 2023 (as restated)
523,425
150,000
1,539,825
11,611
13,090
2,237,951
Additions
5,850
13,849
19,699
Disposals
( 150,000)
( 150,000)
---------
---------
------------
--------
--------
------------
At 31 Dec 2023
529,275
1,553,674
11,611
13,090
2,107,650
---------
---------
------------
--------
--------
------------
Depreciation
At 1 Jan 2023
510,454
1,538,859
5,764
11,645
2,066,722
Charge for the year
3,325
2,347
1,464
600
7,736
---------
---------
------------
--------
--------
------------
At 31 Dec 2023
513,779
1,541,206
7,228
12,245
2,074,458
---------
---------
------------
--------
--------
------------
Carrying amount
At 31 Dec 2023
15,496
12,468
4,383
845
33,192
---------
---------
------------
--------
--------
------------
At 31 Dec 2022
12,971
150,000
966
5,847
1,445
171,229
---------
---------
------------
--------
--------
------------
Included within the above is investment property as follows:
£
At 1st January 2023
150,000
Disposals
( 150,000)
---------
At 31st December 2023
---------
The investment property was disposed of during the year. The historic cost of the investment property at 31.12.22 was £80,000.
6. Investments
Shares in group undertakings
Other investments other than loans
Total
£
£
£
Cost
At 1st January 2023 as restated
200
343,840
344,040
Additions
51,171
51,171
Disposals
( 41,830)
( 41,830)
Other movements
( 18,617)
( 18,617)
----
---------
---------
At 31st December 2023
200
334,564
334,764
----
---------
---------
Impairment
At 1st January 2023 as restated and 31st December 2023
----
---------
---------
Carrying amount
At 31st December 2023
200
334,564
334,764
----
---------
---------
At 31st December 2022
200
343,840
344,040
----
---------
---------
7. Debtors
Debtors falling due within one year are as follows:
2023
2022
(restated)
£
£
Trade debtors
499,270
547,031
Amounts owed by group undertakings and undertakings in which the company has a participating interest
501,352
467,457
Other debtors
641,541
693,862
------------
------------
1,642,163
1,708,350
------------
------------
Debtors falling due after one year are as follows:
2023
2022
(restated)
£
£
Other debtors
76,860
--------
----
8. Creditors: amounts falling due within one year
2023
2022
(restated)
£
£
Bank loans and overdrafts
193,447
Trade creditors
279,322
409,834
Corporation tax
3,982
9,344
Social security and other taxes
62,207
27,634
Other creditors
193,373
140,497
---------
---------
732,331
587,309
---------
---------
9. Prior period errors
The assets and liabilities of the employee benefit trust that are consolidated into the company's accounts were overstated at 1st January 2022 by £20,224 and were overstated at 31st December 2022 by £35,719.
10. Analysis of other comprehensive income
Revaluation reserve
£
Year ended 31st December 2023
Reclassification from revaluation reserve to profit and loss account
( 70,643)
--------
11. Summary audit opinion
The auditor's report dated 24 September 2024 was unqualified .
The senior statutory auditor was Richard Jay , for and on behalf of Jay & Jay Partnership Limited .