Registered number
06789958
COMMON & THOMPSON LIMITED
Filleted Accounts
31 January 2024
COMMON & THOMPSON LIMITED
Registered number: 06789958
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 519,961 515,584
Current assets
Debtors 4 97,219 7,862
Cash at bank and in hand 73,003 135,960
170,222 143,822
Creditors: amounts falling due within one year 5 (125,318) (66,665)
Net current assets 44,904 77,157
Total assets less current liabilities 564,865 592,741
Creditors: amounts falling due after more than one year 6 (157,350) (219,647)
Provisions for liabilities (3,900) (3,069)
Net assets 403,615 370,025
Capital and reserves
Called up share capital 100 100
Profit and loss account 403,515 369,925
Shareholders' funds 403,615 370,025
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mark Thompson
Director
Approved by the board on 31 October 2024
COMMON & THOMPSON LIMITED
Notes to the Accounts
for the year ended 31 January 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Vehicles over 5 years
Fixtures, fittings, tools and equipment over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 February 2023 499,435 36,762 143,390 679,587
Additions - 1,423 19,570 20,993
At 31 January 2024 499,435 38,185 162,960 700,580
Depreciation
At 1 February 2023 - 26,254 137,749 164,003
Charge for the year - 808 15,808 16,616
At 31 January 2024 - 27,062 153,557 180,619
Net book value
At 31 January 2024 499,435 11,123 9,403 519,961
At 31 January 2023 499,435 10,508 5,641 515,584
4 Debtors 2024 2023
£ £
Trade debtors 96,889 7,532
Other debtors 330 330
97,219 7,862
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 3,510 1,919
Trade creditors 24,075 5,297
Taxation and social security costs 63,620 36,904
Director's account 34,113 22,545
125,318 66,665
6 Creditors: amounts falling due after one year 2024 2023
£ £
Other creditors 157,350 219,647
7 Controlling party
The ultimate controlling parties during the period; Mark Thompson and Justin Common
Mark Thompson and Justin Common each hold 50% of the issued share capital and are deemed the ultimate controlling parties
8 Other information
COMMON & THOMPSON LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
157 Newbridge Hill
Bath
BA1 3PX
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