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REGISTERED NUMBER: 00296008 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

LEIGH THOMAS & CO.LIMITED

LEIGH THOMAS & CO.LIMITED (REGISTERED NUMBER: 00296008)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3 to 6


LEIGH THOMAS & CO.LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: J R Harrison
C H Harrison
P V Thomas
C M Thomas
D O Willard





REGISTERED OFFICE: Northcourt
Main Road
Shorwell
Isle of Wight
PO30 3JG





REGISTERED NUMBER: 00296008 (England and Wales)





AUDITORS: Bright Brown Limited
Chartered Accountants
Statutory Auditor
Exchange House
St. Cross Lane
Newport
Isle of Wight
PO30 5BZ

LEIGH THOMAS & CO.LIMITED (REGISTERED NUMBER: 00296008)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 3,660,771 3,700,772
Investments 5 1,646,111 1,601,792
5,306,882 5,302,564

CURRENT ASSETS
Debtors 6 24,264 24,719
Cash at bank and in hand 291,128 214,127
315,392 238,846
CREDITORS
Amounts falling due within one year 7 128,748 109,739
NET CURRENT ASSETS 186,644 129,107
TOTAL ASSETS LESS CURRENT LIABILITIES 5,493,526 5,431,671

PROVISIONS FOR LIABILITIES 8 66,286 59,987
NET ASSETS 5,427,240 5,371,684

CAPITAL AND RESERVES
Called up share capital 86,931 86,931
Share premium 9 321,287 321,287
Capital redemption reserve 9 2,819 2,819
Retained earnings 9 5,016,203 4,960,647
SHAREHOLDERS' FUNDS 5,427,240 5,371,684

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4 October 2024 and were signed on its behalf by:




P V Thomas - Director



C M Thomas - Director


LEIGH THOMAS & CO.LIMITED (REGISTERED NUMBER: 00296008)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

Leigh Thomas & Co.Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents net invoiced rents, excluding value added tax.

Investment property
Investment property is carried at fair value. Revaluation surpluses are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Fair value is based on open market valuations carried out by directors and where considered necessary professional independent chartered surveyors.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Fixed asset investments
Included within income from fixed asset investments are dividends received, and profits and losses on the sales of investments on a received basis.

The fixed assets share investments are valued at fair value based on open market value. These investments are revalued annually based on reports by the professional portfolio management company based on the middle market value at the date of the balance sheet.

LEIGH THOMAS & CO.LIMITED (REGISTERED NUMBER: 00296008)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 5 ) .

4. TANGIBLE FIXED ASSETS
Investment
property
£   
COST OR VALUATION
At 1 April 2023 3,700,772
Revaluations (40,001 )
At 31 March 2024 3,660,771
NET BOOK VALUE
At 31 March 2024 3,660,771
At 31 March 2023 3,700,772

Cost or valuation at 31 March 2024 is represented by:

Investment
property
£   
Valuation in 2009 1,125,082
Valuation in 2013 (103,118 )
Valuation in 2015 162,705
Valuation in 2016 10,000
Valuation in 2018 95,000
Valuation in 2020 (313,106 )
Valuation in 2021 37,413
Valuation in 2022 40,000
Valuation in 2024 (40,001 )
Cost 2,646,796
3,660,771

Investment properties were valued on an open market basis on 31 March 2024.

The revaluation has been guided by Mr D Willard, a director, who is involved in running an estate agency and chartered surveyor firm on a day to day basis.

The market conditions and information available existing at the year end were considered in making the judgements in the valuation.

LEIGH THOMAS & CO.LIMITED (REGISTERED NUMBER: 00296008)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST OR VALUATION
At 1 April 2023 1,601,792
Additions 78,232
Disposals (74,902 )
Revaluations 40,989
At 31 March 2024 1,646,111
NET BOOK VALUE
At 31 March 2024 1,646,111
At 31 March 2023 1,601,792

The capital gain on the listed investments, were they to be sold for the revalued amounts, would give rise to a tax charge of approximately £76,815 at the standard rate of corporation tax of 25%. The company has no plans to sell these investments at present.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 19,797 24,719
Other debtors 4,467 -
24,264 24,719

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts - 2,327
Trade creditors 3,441 349
Taxation and social security 64,254 45,390
Other creditors 61,053 61,673
128,748 109,739

8. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 66,286 59,987

LEIGH THOMAS & CO.LIMITED (REGISTERED NUMBER: 00296008)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


8. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 April 2023 59,987
Fair value deferred tax 6,299
Balance at 31 March 2024 66,286

9. RESERVES

Of the retained earnings carried forward, £1,425,527 (2023 - £1,406,918) relates to fair value revaluations and is non-distributable.

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Gavin Kelly ACA, FCCA (Senior Statutory Auditor)
for and on behalf of Bright Brown Limited

11. CONTINGENT LIABILITIES

The company's bankers HSBC have given guarantees in favour of the Corporation of Lloyds in the sum of £99,975 to support the underwriting of Talisman Plc. The guarantee will be called in, in part or full, in the event of Talisman Plc incurring underwriting losses. The earliest date on which the guarantee might now be called would be expected to be 31 December 2024. At the date of signing the accounts, however, there is no indication that the guarantee will be called.

This guarantee is secured by a legal charge over an investment property owned by the company.