Company registration number SC052990 (Scotland)
THOMPSON P.E.G.S. LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
THOMPSON P.E.G.S. LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
THOMPSON P.E.G.S. LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
150,522
150,679
Investment property
4
640,000
640,000
790,522
790,679
Current assets
Debtors
5
4,903
5,905
Cash at bank and in hand
326,740
249,062
331,643
254,967
Creditors: amounts falling due within one year
6
(60,908)
(56,684)
Net current assets
270,735
198,283
Total assets less current liabilities
1,061,257
988,962
Provisions for liabilities
(41,229)
(41,229)
Net assets
1,020,028
947,733
Capital and reserves
Called up share capital
7
38,000
38,000
Revaluation reserve
8
103,000
103,000
Capital redemption reserve
122,000
122,000
Fair value reserve
9
522,086
522,086
Distributable profit and loss reserves
234,942
162,647
Total equity
1,020,028
947,733

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 30 April 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 members have 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.

THOMPSON P.E.G.S. LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2024
30 April 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 4 October 2024
D F West
Director
Company Registration No. SC052990
THOMPSON P.E.G.S. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information

Thompson P.E.G.S. Limited is a private company limited by shares incorporated in Scotland. The registered office is Titanium 1, King's Inch Place, Renfrew, Scotland, PA4 8WF.

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 land and to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Freehold Land
not depreciated
Computers
33% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.3
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. Changes in fair value are recognised in profit or loss.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, and other short-term liquid investments with original maturities of three months or less.

THOMPSON P.E.G.S. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
1.6
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.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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. 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, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in the period in which it arises.

1.9
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

THOMPSON P.E.G.S. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
1.10

Interest income

Interest income is recognised in profit or loss using the effective interest method.

1.11

Other income

Other income is recognised in the profit and loss in the period to which it relates.

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
Tangible fixed assets
Freehold Land
Computers
Total
£
£
£
Cost
At 1 May 2023
150,000
1,629
151,629
Additions
-
0
479
479
At 30 April 2024
150,000
2,108
152,108
Depreciation and impairment
At 1 May 2023
-
0
950
950
Depreciation charged in the year
-
0
636
636
At 30 April 2024
-
0
1,586
1,586
Carrying amount
At 30 April 2024
150,000
522
150,522
At 30 April 2023
150,000
679
150,679

Land with a carrying amount of £150,000 was revalued at 26 July 2021 by CKD Galbraith LLP, independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar assets.

 

Land is carried at valuation. If land was measured using the cost model, the carrying amounts would have been approximately £47,000 (2023 - £47,000), being cost £47,000 (2023 - £47,000) and depreciation £nil (2023 - £nil).

THOMPSON P.E.G.S. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
4
Investment property
2024
£
Fair value
At 1 May 2023 and 30 April 2024
640,000

Based on the director's assessment of the property there is not deemed to be a change in fair value as at 30 April 2024.

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
4,903
5,905
6
Creditors: amounts falling due within one year
2024
2023
£
£
Taxation and social security
21,821
16,610
Other creditors
39,087
40,074
60,908
56,684
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
38,000
38,000
38,000
38,000
8
Revaluation reserve
2024
2023
£
£
At the beginning and end of the year
103,000
103,000

The revaluation reserve arises on the revaluation of land. Distributions from this reserve are not permitted as the balance does not represent a realised profit.

THOMPSON P.E.G.S. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
9
Fair value reserve
2024
2023
£
£
At the beginning and end of the year
522,086
522,086

The fair value reserve arises on the transfer of the revaluation reserve on transition to FRS 102 and the changes in fair value of the investment property. Distributions from this reserve are not permitted as the balance does not represent a realised profit.

10
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Loan
-
(1,864)
2,186
322
(1,864)
2,186
322
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