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Registration number: 06144926

Thomas Homes (Cornwall) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Thomas Homes (Cornwall) Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Thomas Homes (Cornwall) Limited

Company Information

Directors

Mr A G Thomas

Mrs S M Thomas

Company secretary

Mrs S M Thomas

Registered office

15 Alverton Street
Penzance
Cornwall
TR18 2QP

Accountants

D.J. Reynolds & Co.
Chartered Accountants
15 Alverton Street
Penzance
Cornwall
TR18 2QP

 

Thomas Homes (Cornwall) Limited

(Registration number: 06144926)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

6,018

7,764

Current assets

 

Stocks

5

584,035

265,803

Debtors

6

9,040

7,521

Cash at bank and in hand

 

51,551

369,140

 

644,626

642,464

Creditors: Amounts falling due within one year

7

(89,105)

(54,921)

Net current assets

 

555,521

587,543

Total assets less current liabilities

 

561,539

595,307

Creditors: Amounts falling due after more than one year

7

(70,500)

-

Provisions for liabilities

(1,143)

(1,475)

Net assets

 

489,896

593,832

Capital and reserves

 

Called up share capital

8

2

1

Retained earnings

489,894

593,831

Shareholders' funds

 

489,896

593,832

For the financial year ending 31 March 2024 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 3 October 2024 and signed on its behalf by:
 

.........................................
Mr A G Thomas
Director

 

Thomas Homes (Cornwall) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
15 Alverton Street
Penzance
Cornwall
TR18 2QP

These financial statements were authorised for issue by the Board on 3 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Thomas Homes (Cornwall) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Tools and equipment

15% on reducing balance

Motor vehicle

25% on reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Stocks

The cost of work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date.

 

Thomas Homes (Cornwall) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Thomas Homes (Cornwall) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

18,400

6,700

25,100

At 31 March 2024

18,400

6,700

25,100

Depreciation

At 1 April 2023

12,579

4,757

17,336

Charge for the year

1,455

291

1,746

At 31 March 2024

14,034

5,048

19,082

Carrying amount

At 31 March 2024

4,366

1,652

6,018

At 31 March 2023

5,821

1,943

7,764

5

Stocks

2024
£

2023
£

Work in progress

584,035

265,803

6

Debtors

Current

2024
£

2023
£

Trade debtors

1,051

-

Prepayments

99

78

Other debtors

7,890

7,443

 

9,040

7,521

 

Thomas Homes (Cornwall) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

44,988

2,026

Taxation and social security

1,283

279

Accruals and deferred income

1,550

1,550

Other creditors

41,284

51,066

89,105

54,921

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

70,500

-

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary share of £1 each

2

2

1

1

         

9

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

70,500

-

 

Thomas Homes (Cornwall) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

10

Related party transactions

Transactions with directors

2024

At 1 April 2023
£

Advances to directors
£

Repayments by directors
£

At 31 March 2024
£

Interest-free loan from the directors, repayable on demand.

51,066

(73,782)

64,001

41,285

         
       

 

2023

At 1 April 2022
£

Advances to directors
£

Repayments by directors
£

At 31 March 2023
£

Interest-free loan from the directors, repayable on demand.

30,277

(11,478)

32,267

51,066