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Sage Accounts Production 23.0 - FRS102_2023
xbrli:pure
xbrli:shares
iso4217:GBP
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2023-12-31
00109575
2023-12-31
00109575
2022-12-31
00109575
2022-01-01
2022-12-31
00109575
2022-12-31
00109575
2021-12-31
00109575
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core:OwnedOrFreeholdAssets
2023-01-01
2023-12-31
00109575
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2023-01-01
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2023-01-01
2023-12-31
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2023-01-01
2023-12-31
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2023-12-31
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2023-12-31
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2023-12-31
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2023-12-31
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2022-12-31
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2023-12-31
00109575
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2022-12-31
00109575
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2023-12-31
00109575
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2023-12-31
00109575
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2022-12-31
00109575
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2023-12-31
00109575
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2022-12-31
00109575
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2023-12-31
00109575
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2022-12-31
00109575
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2023-12-31
00109575
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2022-12-31
00109575
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2023-12-31
00109575
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2022-12-31
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2023-12-31
00109575
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2022-12-31
00109575
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2022-12-31
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2022-12-31
00109575
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2023-12-31
Company registration number:
00109575
Thomas Howse Limited
Unaudited filleted financial statements
31 December 2023
THE BARKER PARTNERSHIP
Chartered Accountants
Thirsk
Thomas Howse Limited
Contents
Directors and other information
Directors responsibilities statement
Assurance report
Balance sheet
Notes to the financial statements
Thomas Howse Limited
Directors and other information
|
|
|
|
Directors |
Mr A A A Sheibani |
|
|
Mr Y Muhammad |
|
|
|
|
|
|
|
Secretary |
Mr Y Muhammad |
|
|
|
|
|
|
|
Company number |
00109575 |
|
|
|
|
|
|
|
Registered office |
The Paint Works |
|
|
Cakemore Road |
|
|
Rowley Regis |
|
|
West Midlands |
|
|
B65 0RD |
|
|
|
|
|
|
|
Accountants |
The Barker Partnership |
|
|
17 Central Buildings |
|
|
Market Place |
|
|
Thirsk |
|
|
North Yorkshire |
|
|
YO7 1HD |
|
|
|
Thomas Howse Limited
Directors responsibilities statement
Year ended 31 December 2023
The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgments and accounting estimates that are reasonable and prudent; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Thomas Howse Limited
Independent chartered accountants review report to the
directors, as a body, of Thomas Howse Limited
Year ended 31 December 2023
We have reviewed the financial statements of Thomas Howse Limited for the year ended 31 December 2023 which comprise Balance Sheet and the related notes on pages 7 to 11. The financial reporting framework that has been applied in their preparation is applicable law and the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Directors responsibility for the financial statements
As explained more fully in the directors responsibilities statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view.
Accountants' responsibility
Our responsibility is to express a conclusion based on our review of the financial statements. We conducted our review in accordance with International Standard on Review Engagements (ISRE) 2400 (Revised), Engagements to review historical financial statements, and ICAEW Technical Release TECH 09/13AAF. ISRE 2400 (Revised) requires us to conclude whether anything has come to our attention that causes us to believe that the financial statements, taken as a whole, are not prepared, in all material respects, in accordance with United Kingdom Accounting Standards. ISRE 2400 also requires us to comply with the ICAEW Code of Ethics.
Scope of assurance review
A review of financial statements in accordance with ISRE 2400 (Revised) is a limited assurance engagement. We have performed additional procedures to those required under a compilation engagement. These primarily consist of making enquiries of management and others within the entity, as appropriate, applying analytical procedures and evaluating the evidence obtained. The procedures performed in a review are substantially less than those performed in an audit conducted in accordance with International Standards on Auditing (UK and Ireland). Accordingly, we do not express an audit opinion on these financial statements.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe the financial statements have not been prepared:
-
so as to give a true and fair view of the state of the company's affairs as at 31 December 2023, and of its profit for the year then ended;
-
in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
in accordance with the Companies Act 2006.
Use of our report
This report is made solely to the company's directors, as a body, in accordance with the terms of our engagement letter . Our review has been undertaken so that we may state to the company's directors, as a body, those matters we have agreed with them in our engagement letter and for no other purpose. To the fullest extent permitted by law, we do not accept or assume any responsibility to anyone other than the company and the company's directors, as a body, for our work, for this report or the conclusions we have formed.
The Barker Partnership
Chartered Accountants
17 Central Buildings
Market Place
Thirsk
North Yorkshire
YO7 1HD
23 September 2024
Thomas Howse Limited
Balance sheet
31 December 2023
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Tangible assets |
|
5 |
669,313 |
|
|
|
650,436 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
669,313 |
|
|
|
650,436 |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Stocks |
|
|
956,415 |
|
|
|
1,078,491 |
|
|
Debtors |
|
6 |
1,884,073 |
|
|
|
1,025,337 |
|
|
Cash at bank and in hand |
|
|
551,407 |
|
|
|
1,753,521 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
3,391,895 |
|
|
|
3,857,349 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
7 |
(
740,106) |
|
|
|
(
1,364,463) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current assets |
|
|
|
|
2,651,789 |
|
|
|
2,492,886 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Total assets less current liabilities |
|
|
|
|
3,321,102 |
|
|
|
3,143,322 |
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
after more than one year |
|
8 |
|
|
(
26,734) |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
Provisions for liabilities |
|
|
|
|
(
96,000) |
|
|
|
(
87,894) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
|
|
_______ |
Net assets |
|
|
|
|
3,198,368 |
|
|
|
3,055,428 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
Called up share capital |
|
|
|
|
6,175 |
|
|
|
6,175 |
Share premium account |
|
|
|
|
29,266 |
|
|
|
29,266 |
Revaluation reserve |
|
|
|
|
271,985 |
|
|
|
284,841 |
Capital redemption reserve |
|
|
|
|
39,960 |
|
|
|
39,960 |
Profit and loss account |
|
|
|
|
2,850,982 |
|
|
|
2,695,186 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Shareholders funds |
|
|
|
|
3,198,368 |
|
|
|
3,055,428 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 Profit and loss account has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
23 September 2024
, and are signed on behalf of the board by:
Mr A A A Sheibani
Director
Company registration number:
00109575
Thomas Howse Limited
Notes to the financial statements
Year ended 31 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 The Paint Works, Cakemore Road, Rowley Regis, West Midlands, B65 0RD.
The principal activity of the company is that of manufacturing industrial powders and paints.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.Revenue from the sale of goods is recognised when the goods are delivered and legal title has passed.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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 |
- |
2 % |
straight line |
|
Plant and machinery |
- |
10 % |
straight line |
|
Motor vehicles |
- |
25 % |
reducing balance |
|
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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.
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stock are recognised as an expense in the period in which the write-down or loss occurs.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.Basic financial assetsBasic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.Classification of financial liabilitiesFinancial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.Basic financial liabilitiesBasic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
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.
Operating leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
52
(2022:
59
).
5.
Tangible assets
|
|
Freehold property |
Plant and machinery |
Fixtures, fittings and equipment |
Motor vehicles |
Total |
|
|
|
|
£ |
£ |
£ |
£ |
£ |
|
|
|
Cost |
|
|
|
|
|
|
|
|
At 1 January 2023 |
677,404 |
867,499 |
132,216 |
225,999 |
1,903,118 |
|
|
|
Additions |
- |
83,679 |
7,108 |
- |
90,787 |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
|
At 31 December 2023 |
677,404 |
951,178 |
139,324 |
225,999 |
1,993,905 |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 January 2023 |
378,544 |
587,630 |
123,820 |
162,688 |
1,252,682 |
|
|
|
Charge for the year |
13,548 |
38,263 |
4,271 |
15,828 |
71,910 |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
|
At 31 December 2023 |
392,092 |
625,893 |
128,091 |
178,516 |
1,324,592 |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 31 December 2023 |
285,312 |
325,285 |
11,233 |
47,483 |
669,313 |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
|
At 31 December 2022 |
298,860 |
279,869 |
8,396 |
63,311 |
650,436 |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
|
|
|
|
|
|
|
|
|
|
|
Freehold property |
Total |
|
|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
|
At 31 December 2023 |
|
|
|
|
|
|
|
|
Aggregate cost |
335,388 |
335,388 |
|
|
|
|
|
|
Aggregate depreciation |
(234,507) |
(234,507) |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
Carrying amount |
100,881 |
100,881 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 31 December 2022 |
|
|
|
|
|
|
|
|
Aggregate cost |
335,388 |
335,388 |
|
|
|
|
|
|
Aggregate depreciation |
(227,799) |
(227,799) |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
Carrying amount |
107,589 |
107,589 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The freehold land and buildings were revalued at open market value by M Shephard ARICS Allsop Cottons on 15 May 1990.The value was adopted as deemed costs of the assets concerned on transition to FRS 102.
6.
Debtors
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Trade debtors |
|
847,871 |
962,798 |
|
Amounts owed by group undertakings |
|
6,335 |
6,335 |
|
Other debtors |
|
1,029,867 |
56,204 |
|
|
|
_______ |
_______ |
|
|
|
1,884,073 |
1,025,337 |
|
|
|
_______ |
_______ |
|
|
|
|
|
7.
Creditors: amounts falling due within one year
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Trade creditors |
|
431,201 |
374,860 |
|
Corporation tax |
|
16,535 |
- |
|
Social security and other taxes |
|
169,882 |
192,974 |
|
Other creditors |
|
122,488 |
796,629 |
|
|
|
_______ |
_______ |
|
|
|
740,106 |
1,364,463 |
|
|
|
_______ |
_______ |
|
|
|
|
|
8.
Creditors: amounts falling due after more than one year
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Other creditors |
|
26,734 |
- |
|
|
|
_______ |
_______ |
|
|
|
|
|
9.
Related party transactions
Management and consultancy charges and recharges payable of £196,839 (2022: £198,347) have been paid to Altakamol Gulf DMCC, a connected company. Technical consultancy fees of £135,797 (2022: £211,915) have been made to an associated company. As at 31 December 2023, the company was owed £997,987 (2022: £6,335) by connected companies.As at 31 December 2023, the company owed £100,567 (2022: £669,078) to connected companies.