Company registration number 00739257 (England and Wales)
THOMAS FOODMARKET LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
THOMAS FOODMARKET LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
THOMAS FOODMARKET LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
250,000
250,000
Investments
4
99
99
250,099
250,099
Current assets
Debtors
5
5,825
5,825
Net current assets
5,825
5,825
Total assets less current liabilities
255,924
255,924
Provisions for liabilities
(44,595)
(44,595)
Net assets
211,329
211,329
Capital and reserves
Called up share capital
11,518
11,518
Share premium account
3,000
3,000
Profit and loss reserves
196,811
196,811
Total equity
211,329
211,329

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved and signed by the director and authorised for issue on 15 October 2024
Mr D Thomas
Director
Company registration number 00739257 (England and Wales)
THOMAS FOODMARKET LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 2 -
1
Accounting policies
Company information

Thomas Foodmarket Limited is a private company limited by shares incorporated in England and Wales. The registered office is 264-268 Norton Road, Stockton-on-Tees, Cleveland, TS20 2QB.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

1.3
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors are measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

THOMAS FOODMARKET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 3 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, are recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.6
Taxation

The tax expense represents the sum of deferred tax.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences.

 

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
-
0
-
0
3
Investment property
2024
£
Fair value
At 1 February 2023 and 31 January 2024
250,000

The fair value of the investment property has been arrived at on the basis of a valuation carried by the director on an open market basis by reference to market evidence of transaction prices for similar properties.

4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
99
99
THOMAS FOODMARKET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 4 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
5,825
5,825
6
Financial commitments, guarantees and contingent liabilities

The company has given a cross guarantee to secure the liability to the bank of the company's subsidiary undertaking. At 31 January 2024 the total liability of Thomas Foodmarket (1997) Limited was £35,003 (2023 - £42,359).

7
Related party transactions

The company owns the property occupied by its subsidiary company. No rent was charged in the year (2023 - £Nil).

 

At the balance sheet date £5,825 (2023: £5,825) was outstanding from the subsidiary company and is included in other debtors.

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