Company registration number 04425672 (England and Wales)
THOMPSON HEATING AND PLUMBING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
THOMPSON HEATING AND PLUMBING LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
THOMPSON HEATING AND PLUMBING LIMITED
BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
334,213
300,781
Current assets
Stocks
4,500
4,500
Debtors
5
365,777
346,177
Cash at bank and in hand
356,453
526,174
726,730
876,851
Creditors: amounts falling due within one year
6
(228,295)
(241,143)
Net current assets
498,435
635,708
Total assets less current liabilities
832,648
936,489
Provisions for liabilities
(41,390)
(25,010)
Net assets
791,258
911,479
Capital and reserves
Called up share capital
7
165
165
Capital redemption reserve
45
45
Profit and loss reserves
791,048
911,269
Total equity
791,258
911,479
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
THOMPSON HEATING AND PLUMBING LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024
30 April 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 25 September 2024 and are signed on its behalf by:
Mrs A M Thompson
Mr M O Thompson
Director
Director
Company registration number 04425672 (England and Wales)
THOMPSON HEATING AND PLUMBING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information
Thompson Heating and Plumbing Limited is a private company limited by shares incorporated in England and Wales. The registered office is Shepherds Dean Farm, Banbury Road, Chipping Norton, Oxon, OX7 5TD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Intangible fixed assets - goodwill
Acquired goodwill is written off in equal instalments over its estimated useful economic life.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Office and stores
25% Reducing balance
Plant and machinery
25% Reducing balance
Equipment
15% Reducing balance
Trailers
25% Reducing balance
Motor vehicles
25% Reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
THOMPSON HEATING AND PLUMBING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
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 assets
Basic 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.
Basic financial liabilities
Basic 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.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
THOMPSON HEATING AND PLUMBING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
17
18
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 May 2023
193,037
380,251
573,288
Additions
75,295
75,295
Disposals
(37,594)
(37,594)
At 30 April 2024
193,037
417,952
610,989
Depreciation and impairment
At 1 May 2023
23,889
248,618
272,507
Depreciation charged in the year
497
37,503
38,000
Eliminated in respect of disposals
(33,731)
(33,731)
At 30 April 2024
24,386
252,390
276,776
Carrying amount
At 30 April 2024
168,651
165,562
334,213
At 30 April 2023
169,148
131,633
300,781
THOMPSON HEATING AND PLUMBING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
4
Intangible fixed assets
Goodwill
£
Cost
At 1 May 2023 and 30 April 2024
40,000
Amortisation and impairment
At 1 May 2023 and 30 April 2024
40,000
Carrying amount
At 30 April 2024
At 30 April 2023
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
327,727
303,482
Other debtors
38,050
42,695
365,777
346,177
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
92,860
103,594
Taxation and social security
123,098
108,128
Other creditors
12,337
29,421
228,295
241,143
Included in other creditors are net obligations under hire purchase contracts of £nil (2023 - £3,442) which are secured on the assets concerned.
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
17
17
165
165
Ordinary A shares of £1 each
48
48
-
-
Ordinary B shares of £1 each
50
50
-
-
Ordinary C shares of £1 each
50
50
-
-
THOMPSON HEATING AND PLUMBING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
8
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
27,000