Acorah Software Products - Accounts Production 15.0.600 false true 31 December 2022 1 January 2022 false 1 January 2023 31 December 2023 31 December 2023 01050493 Miss Lisa Thomas Mr Marc William Thomas Mr William Thomas Mrs Susanne Blanche Thomas iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 01050493 2022-12-31 01050493 2023-12-31 01050493 2023-01-01 2023-12-31 01050493 frs-core:CurrentFinancialInstruments 2023-12-31 01050493 frs-core:ComputerEquipment 2023-01-01 2023-12-31 01050493 frs-core:FurnitureFittings 2023-01-01 2023-12-31 01050493 frs-core:NetGoodwill 2023-12-31 01050493 frs-core:NetGoodwill 2023-01-01 2023-12-31 01050493 frs-core:NetGoodwill 2022-12-31 01050493 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 01050493 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-12-31 01050493 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01050493 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2022-12-31 01050493 frs-core:MotorVehicles 2023-12-31 01050493 frs-core:MotorVehicles 2023-01-01 2023-12-31 01050493 frs-core:MotorVehicles 2022-12-31 01050493 frs-core:PlantMachinery 2023-12-31 01050493 frs-core:PlantMachinery 2023-01-01 2023-12-31 01050493 frs-core:PlantMachinery 2022-12-31 01050493 frs-core:RevaluationReserve 2023-01-01 2023-12-31 01050493 frs-core:RevaluationReserve 2022-12-31 01050493 frs-core:RevaluationReserve 2023-12-31 01050493 frs-core:ShareCapital 2023-12-31 01050493 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 01050493 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 01050493 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 01050493 frs-bus:SmallEntities 2023-01-01 2023-12-31 01050493 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 01050493 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 01050493 frs-bus:Director1 2023-01-01 2023-12-31 01050493 frs-bus:Director2 2023-01-01 2023-12-31 01050493 frs-bus:Director3 2023-01-01 2023-12-31 01050493 frs-bus:CompanySecretary1 2023-01-01 2023-12-31 01050493 frs-core:CurrentFinancialInstruments 1 2023-12-31 01050493 frs-countries:EnglandWales 2023-01-01 2023-12-31 01050493 2021-12-31 01050493 2022-12-31 01050493 2022-01-01 2022-12-31 01050493 frs-core:CurrentFinancialInstruments 2022-12-31 01050493 frs-core:RevaluationReserve 2022-12-31 01050493 frs-core:ShareCapital 2022-12-31 01050493 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31 01050493 frs-core:CurrentFinancialInstruments 1 2022-12-31
Registered number: 01050493
W.Thomas (Construction) Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 01050493
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 2,674,034 2,082,492
2,674,034 2,082,492
CURRENT ASSETS
Stocks 6 868,025 840,536
Debtors 7 20,939 216,399
Cash at bank and in hand 323,724 310,972
1,212,688 1,367,907
Creditors: Amounts Falling Due Within One Year 8 (259,143 ) (404,634 )
NET CURRENT ASSETS (LIABILITIES) 953,545 963,273
TOTAL ASSETS LESS CURRENT LIABILITIES 3,627,579 3,045,765
NET ASSETS 3,627,579 3,045,765
CAPITAL AND RESERVES
Called up share capital 9 200 200
Revaluation reserve 10 1,080,931 620,793
Profit and Loss Account 2,546,448 2,424,772
SHAREHOLDERS' FUNDS 3,627,579 3,045,765
Page 1
Page 2
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.
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 for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr William Thomas
Director
2nd September 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
W.Thomas (Construction) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 01050493 . The registered office is Boscundle Nurseries, St.Austell, PL25 3RJ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold Not depreciated
Leasehold Over the lease term
Plant & Machinery 25% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 10% - 20% straight line
Computer Equipment 25% straight line
2.5. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 21 (2022: 21)
21 21
4. Intangible Assets
Goodwill
£
Cost
As at 1 January 2023 125,000
As at 31 December 2023 125,000
Amortisation
As at 1 January 2023 125,000
As at 31 December 2023 125,000
Net Book Value
As at 31 December 2023 -
As at 1 January 2023 -
5. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Total
£ £ £ £
Cost or Valuation
As at 1 January 2023 2,016,583 308,028 198,971 2,523,582
Additions - 155,634 59,924 215,558
Disposals - - (33,315 ) (33,315 )
Revaluation 460,138 - - 460,138
As at 31 December 2023 2,476,721 463,662 225,580 3,165,963
...CONTINUED
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Page 5
Depreciation
As at 1 January 2023 71,841 238,614 130,635 441,090
Provided during the period 534 43,959 29,120 73,613
Disposals - - (22,774 ) (22,774 )
As at 31 December 2023 72,375 282,573 136,981 491,929
Net Book Value
As at 31 December 2023 2,404,346 181,089 88,599 2,674,034
As at 1 January 2023 1,944,742 69,414 68,336 2,082,492
6. Stocks
2023 2022
£ £
Stock 868,025 840,536
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 5,223 203,327
Other debtors 15,716 13,072
20,939 216,399
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 38,132 117,729
Corporation tax 16,763 75,623
Other taxes and social security 29,038 59,218
Other creditors 113,907 35,909
Shareholders current account 3,829 21,097
Directors' loan accounts 57,474 95,058
259,143 404,634
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 200 200
10. Reserves
Revaluation Reserve
£
As at 1 January 2023 620,793
Surplus on revaluation 460,138
As at 31 December 2023 1,080,931
Page 5