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Thompson's News 'N' Food Limited
Unaudited Financial Statements
For The Year Ended 31 January 2024
Walji & Co Private Clients Ltd
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 09902361
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 114,991 129,365
Tangible Assets 5 191,742 50,409
306,733 179,774
CURRENT ASSETS
Stocks 6 88,189 75,644
Debtors 7 387,487 219,541
Cash at bank and in hand 108,159 293,895
583,835 589,080
Creditors: Amounts Falling Due Within One Year 8 (293,794 ) (202,101 )
NET CURRENT ASSETS (LIABILITIES) 290,041 386,979
TOTAL ASSETS LESS CURRENT LIABILITIES 596,774 566,753
Creditors: Amounts Falling Due After More Than One Year 9 (108,760 ) (80,449 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (27,936 ) (9,326 )
NET ASSETS 460,078 476,978
CAPITAL AND RESERVES
Called up share capital 10 1 1
Profit and Loss Account 460,077 476,977
SHAREHOLDERS' FUNDS 460,078 476,978
Page 1
Page 2
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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 J A Thompson
Director
03/10/2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Thompson's News 'N' Food Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09902361 . The registered office is Prospect House, 50 Leigh Road, Eastleigh, Hampshire, SO50 9DT.
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 the profit and loss account evenly over its estimated economic life of 15 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 provided
Leasehold not provided
Motor Vehicles 25% Reducing balance
Fixtures & Fittings 25% Reducing balance
Computer Equipment 33% Straight line
2.5. 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.
2.6. 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 years 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.
...CONTINUED
Page 3
Page 4
2.6. Taxation - continued
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 assets reflect 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: 30 (2023: 36)
30 36
4. Intangible Assets
Goodwill
£
Cost
As at 1 February 2023 215,608
As at 31 January 2024 215,608
Amortisation
As at 1 February 2023 86,243
Provided during the period 14,374
As at 31 January 2024 100,617
Net Book Value
As at 31 January 2024 114,991
As at 1 February 2023 129,365
5. Tangible Assets
Land & Property
Freehold Leasehold Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 February 2023 34,113 100 953 95,930
Additions 44,700 - - 105,421
As at 31 January 2024 78,813 100 953 201,351
Depreciation
As at 1 February 2023 - - 816 80,121
Provided during the period - - 34 30,308
As at 31 January 2024 - - 850 110,429
Net Book Value
As at 31 January 2024 78,813 100 103 90,922
As at 1 February 2023 34,113 100 137 15,809
Page 4
Page 5
Computer Equipment Total
£ £
Cost
As at 1 February 2023 1,185 132,281
Additions 32,544 182,665
As at 31 January 2024 33,729 314,946
Depreciation
As at 1 February 2023 935 81,872
Provided during the period 10,990 41,332
As at 31 January 2024 11,925 123,204
Net Book Value
As at 31 January 2024 21,804 191,742
As at 1 February 2023 250 50,409
6. Stocks
2024 2023
£ £
Finished goods 88,189 75,644
7. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 11,291 9,541
Other debtors 353,000 210,000
VAT 23,196 -
387,487 219,541
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 270,126 141,303
Bank loans and overdrafts 17,482 9,478
Corporation tax - 27,967
Other taxes and social security 1,666 7,572
VAT - 11,881
Other creditors 2,312 1,797
Accruals and deferred income - 1,411
Director's loan account 2,208 692
293,794 202,101
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 108,760 80,449
Page 5
Page 6
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
Page 6