Company No:
Contents
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 |
2023 | 2022 | |||
£ | £ | |||
Restated - note 2 | ||||
Current assets | ||||
Stocks |
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Debtors | 4 |
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Cash at bank and in hand |
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4,800 | 56,828 | |||
Creditors: amounts falling due within one year | 5 | (
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Net current assets | 271 | 33,093 | ||
Total assets less current liabilities | 271 | 33,093 | ||
Net assets |
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Capital and reserves | ||||
Called-up share capital | 6 |
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Share premium account |
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Profit and loss account | (
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Thomas Somerset Ltd (registered number:
Mr A Turner
Director |
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.
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 £.
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.
The nature and effects of a prior year error are disclosed in note 2 of the financial statements.
Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.
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.
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) |
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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2023 | 2022 | ||
£ | £ | ||
VAT recoverable |
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Other debtors |
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2023 | 2022 | ||
£ | £ | ||
Trade creditors |
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Amounts owed to directors |
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Accruals |
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Other creditors |
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2023 | 2022 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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Creditors due within one year include an interest free loan from the director totalling £3,171 (2022: £3,171).