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Company No: 10365701 (England and Wales)

THOMAS SOMERSET LTD

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

THOMAS SOMERSET LTD

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

THOMAS SOMERSET LTD

COMPANY INFORMATION

For the financial year ended 31 December 2023
THOMAS SOMERSET LTD

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2023
DIRECTORS Mr J Dormer
Mr A Turner (Appointed 18 March 2024)
REGISTERED OFFICE 3 Greenways Business Park
Chippenham
SN15 1BN
United Kingdom
COMPANY NUMBER 10365701 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Centenary House
Peninsula Park
Rydon Lane
Exeter
Devon EX2 7XE
THOMAS SOMERSET LTD

BALANCE SHEET

As at 31 December 2023
THOMAS SOMERSET LTD

BALANCE SHEET (continued)

As at 31 December 2023
2023 2022
£ £
Restated - note 2
Current assets
Stocks 0 10,729
Debtors 4 29 215
Cash at bank and in hand 4,771 45,884
4,800 56,828
Creditors: amounts falling due within one year 5 ( 4,529) ( 23,735)
Net current assets 271 33,093
Total assets less current liabilities 271 33,093
Net assets 271 33,093
Capital and reserves
Called-up share capital 6 3 3
Share premium account 99,999 99,999
Profit and loss account ( 99,731 ) ( 66,909 )
Total shareholders' funds 271 33,093

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Thomas Somerset Ltd (registered number: 10365701) were approved and authorised for issue by the Board of Directors on 25 November 2024. They were signed on its behalf by:

Mr A Turner
Director
THOMAS SOMERSET LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
THOMAS SOMERSET LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Thomas Somerset Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 3 Greenways Business Park, Chippenham, SN15 1BN, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Prior year adjustment

The nature and effects of a prior year error are disclosed in note 2 of the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.

Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

2. Prior year adjustment

These accounts have been amended to display additional costs of a material size that were received late.

As previously reported Adjustment As restated
Year ended 31 December 2022 £ £ £
Cost of sales (300) (4,000) (4,300)
Administrative expenses (3,204) (16,000) (19,204)
Other debtors 2 (2) 0
Other creditors 0 (19,998) (19,998)
Retained earnings (46,909) (20,000) (66,909)

3. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 0 0

4. Debtors

2023 2022
£ £
VAT recoverable 26 215
Other debtors 3 0
29 215

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 158 566
Amounts owed to directors 3,171 3,171
Accruals 1,200 0
Other creditors 0 19,998
4,529 23,735

6. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
2,858 Ordinary shares of £ 0.001 each 3 3

7. Related party transactions

Creditors due within one year include an interest free loan from the director totalling £3,171 (2022: £3,171).