REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
LEIGH THOMAS & CO.LIMITED |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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 |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 8 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Share premium | 9 |
Capital redemption reserve | 9 |
Retained earnings | 9 |
SHAREHOLDERS' FUNDS |
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 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
4. | TANGIBLE FIXED ASSETS |
Investment |
property |
£ |
COST OR VALUATION |
At 1 April 2023 |
Revaluations | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
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 |
Additions |
Disposals | ( |
) |
Revaluations |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
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 |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
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 |
Fair value deferred tax | 6,299 |
Balance at 31 March 2024 |
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. |
for and on behalf of |
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. |