Caseware UK (AP4) 2023.0.135 2023.0.135 2024-04-302024-04-302023-05-01falseNo description of principal activity78truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 05368339 2023-05-01 2024-04-30 05368339 2022-05-01 2023-04-30 05368339 2024-04-30 05368339 2023-04-30 05368339 c:Director1 2023-05-01 2024-04-30 05368339 d:Buildings 2023-05-01 2024-04-30 05368339 d:Buildings 2024-04-30 05368339 d:Buildings 2023-04-30 05368339 d:Buildings d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 05368339 d:FurnitureFittings 2023-05-01 2024-04-30 05368339 d:FurnitureFittings 2024-04-30 05368339 d:FurnitureFittings 2023-04-30 05368339 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 05368339 d:OfficeEquipment 2023-05-01 2024-04-30 05368339 d:OfficeEquipment 2024-04-30 05368339 d:OfficeEquipment 2023-04-30 05368339 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 05368339 d:ComputerEquipment 2023-05-01 2024-04-30 05368339 d:ComputerEquipment 2024-04-30 05368339 d:ComputerEquipment 2023-04-30 05368339 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 05368339 d:OtherPropertyPlantEquipment 2023-05-01 2024-04-30 05368339 d:OtherPropertyPlantEquipment 2024-04-30 05368339 d:OtherPropertyPlantEquipment 2023-04-30 05368339 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 05368339 d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 05368339 d:CurrentFinancialInstruments 2024-04-30 05368339 d:CurrentFinancialInstruments 2023-04-30 05368339 d:Non-currentFinancialInstruments 2024-04-30 05368339 d:Non-currentFinancialInstruments 2023-04-30 05368339 d:CurrentFinancialInstruments d:WithinOneYear 2024-04-30 05368339 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 05368339 d:Non-currentFinancialInstruments d:AfterOneYear 2024-04-30 05368339 d:Non-currentFinancialInstruments d:AfterOneYear 2023-04-30 05368339 d:ShareCapital 2024-04-30 05368339 d:ShareCapital 2023-04-30 05368339 d:RetainedEarningsAccumulatedLosses 2023-05-01 2024-04-30 05368339 d:RetainedEarningsAccumulatedLosses 2024-04-30 05368339 d:RetainedEarningsAccumulatedLosses 2023-04-30 05368339 c:OrdinaryShareClass1 2023-05-01 2024-04-30 05368339 c:OrdinaryShareClass1 2024-04-30 05368339 c:OrdinaryShareClass1 2023-04-30 05368339 c:FRS102 2023-05-01 2024-04-30 05368339 c:AuditExempt-NoAccountantsReport 2023-05-01 2024-04-30 05368339 c:FullAccounts 2023-05-01 2024-04-30 05368339 c:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 05368339 e:PoundSterling 2023-05-01 2024-04-30 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 05368339











________________________________________________________________________________________


THOMAS DEL MAR LIMITED

________________________________________________________________________________________



UNAUDITED

ANNUAL REPORT

INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 
30 APRIL 2024

 
THOMAS DEL MAR LIMITED
REGISTERED NUMBER:05368339

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
407,744
431,600

  
407,744
431,600

Current assets
  

Stocks
 5 
68,688
74,077

Debtors: amounts falling due within one year
 6 
358,898
335,307

Cash at bank and in hand
  
2,802
2,018

  
430,388
411,402

Creditors: amounts falling due within one year
 7 
(776,847)
(549,704)

Net current liabilities
  
 
 
(346,459)
 
 
(138,302)

Total assets less current liabilities
  
61,285
293,298

Creditors: amounts falling due after more than one year
 8 
(278,353)
(291,047)

  

Net (liabilities)/assets
  
(217,068)
2,251


Capital and reserves
  

Called up share capital 
 9 
1
1

Profit and loss account
 10 
(217,069)
2,250

  
(217,068)
2,251


Page 1

 
THOMAS DEL MAR LIMITED
REGISTERED NUMBER:05368339
    
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements on pages 1 to 10 were approved and authorised for issue by the board on 15 January 2025 and were signed on its behalf by:




T Del Mar
Director

Page 2

 
THOMAS DEL MAR LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.Accounting policies

 
1.1

Statement of compliance

The Company is a firm of auctioneers, specialising in the sale of antique arms, armour and militaria.
Thomas Del Mar Limited is a company registered in England and Wales and its registered number is 05368339. The Company is a private company limited by shares. Its registered office is 15 Whitehall, London, SW1A 2DD.

 
1.2

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 2).

  
1.3

Going concern

The director has reviewed the financial position of the Company and considers that the Company is able to meet its obligations as they fall due for a period of at least 12 months from the date of signing of these financial statements. These financial statements have, therefore, been prepared on a going concern basis.

  
1.4

Revenue

Revenue is recognised to the extent that the Company obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of consideration received or receivable, net of discounts, rebates and value added tax. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, usually on delivery of the goods, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 3

 
THOMAS DEL MAR LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.Accounting policies (continued)

  
1.5

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.  Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use and dismantling and restoration costs.
 
Depreciation is calculated, using the straight line method, to allocate the cost of assets less their residual value over their estimated useful lives, as follows:
                Freehold property             -  20 years
                Leasehold improvements   -  10 years
                Fixtures & fittings             -  5 years
                Office & IT equipment       -  3 to 5 years
The assets’ residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period.  The effect of any change is accounted for prospectively.
Subsequent costs are included in the assets’ carrying amount or recognised as a separate asset, as appropriate, only when it is probable that economic benefits associated with the item will flow to the Company and the cost can be measured reliably.  Repairs and maintenance costs are expensed as incurred.
Tangible fixed assets are derecognised on disposal or when no future economic benefits are expected.  On disposal, the difference between the net disposal proceeds and the carrying amount is recognised in the Profit and Loss Account and included in ‘administrative expenses’.

  
1.6

Interest income

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

  
1.7

Stock

Stock is stated at the lower of cost and estimated selling price less costs to sell. Stock is recognised as an expense in the period in which the related revenue is recognised. 
Cost includes all costs incurred in bringing the stock to its present location and condition. 
At the end of each reporting period stock is assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the Profit and Loss Account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the Profit and Loss Account.

Page 4

 
THOMAS DEL MAR LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.Accounting policies (continued)

  
1.8

Financial instruments

The Company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.
Short term debtors and creditors
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price.  Any losses arising from impairment are recognised in the Profit and Loss Account in ‘administrative expenses’.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand.
Bank loans
Loan notes which are basic financial instruments are initially recorded at the present value of future payments discounted at a market rate of interest for a similar loan.  Subsequently, they are measured at amortised cost using the effective interest method.  Loan notes that are payable within one year are not discounted.
Offsetting
Financial assets and liabilities are offset and 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.

  
1.9

Operating leases: lessee

At inception the Company assesses agreements that transfer the right to use assets.  The assessment considers whether the arrangement is, or contains, a lease based on the substance of the arrangement.
Leases that do not transfer all the risks and rewards of ownership are classified as operating leases.  Rentals payable under operating leases are charged to the Profit and Loss Account on a straight line basis over the period of the lease.  Lease incentives are recognised over the lease term on a straight line basis.

Page 5

 
THOMAS DEL MAR LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.Accounting policies (continued)

  
1.10

Foreign currency translation

Functional and presentation currency
The company's functional and presentation currency is the pound sterling.
 
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.  At each period end foreign currency monetary items are translated using the closing rate. Non monetary items measured at historical cost are translated using the exchange rate at the date of the transaction.  Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Profit and Loss Account.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Profit and Loss Account under the heading to which they relate.

  
1.11

Taxation

Taxation expense for the period comprises current and deferred tax recognised in the reporting period. Tax is recognised in the Profit and Loss Account. Current or deferred taxation assets and liabilities are not discounted.
Current tax
Current tax is the amount of corporation tax payable in respect of the taxable profit for the year or prior years. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the period end.
Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.
 
Deferred tax
Deferred tax arises from timing differences that are differences between taxable profits and profit on ordinary activities before taxation as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.
Deferred tax is recognised on all timing differences at the reporting date except for certain exceptions. Unrelieved tax losses and other deferred tax assets are only recognised when 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 tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Page 6

 
THOMAS DEL MAR LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.Accounting policies (continued)

  
1.12

Share capital

Ordinary shares are classified as equity.

  
1.13

Related party transactions

The Company discloses transactions with related parties which are not wholly owned within the same group. It does not disclose transactions with members of the same group that are wholly owned. Where appropriate, transactions of a similar nature are aggregated unless, in the opinion of the directors separate disclosure is necessary to understand the effect of the transactions on the Company’s financial statements.

  
1.14

Distributions to equity holders

Final dividends to the Company’s shareholder are recognised as a liability in the financial statements in the period in which the dividends are approved by the shareholder.  These amounts are recognised in the Statement of Income and Retained Earnings.  Interim dividends are recognised in the Statement of Income and Retained Earnings as paid.


2.


Judgements in applying accounting policies and key sources of estimation uncertainty

In preparing the financial statements management are required to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year.  However, the nature of estimation means that actual outcomes could differ from these estimates.  Whilst management have made judgments, estimates and assumptions in preparing the financial statements, they consider that these have not had a significant effect on amounts recognised.


3.


Employees

The average monthly number of employees, including directors, during the year was 7 (2023 - 8).

Page 7

 

THOMAS DEL MAR LIMITED
 
 
 

 
NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024




4.


Tangible fixed assets






Freehold property
Fixtures & fittings
Office equipment
Computer equipment
Building improvements
Total

£
£
£
£
£
£



Cost or valuation


At 1 May 2023
428,370
58,562
35,956
31,948
50,380
605,216


Additions
-
4,690
1,662
8,037
-
14,389



At 30 April 2024

428,370
63,252
37,618
39,985
50,380
619,605



Depreciation


At 1 May 2023
38,893
38,376
32,882
26,638
36,827
173,616


Charge for the year
21,418
7,089
2,892
5,152
1,694
38,245



At 30 April 2024

60,311
45,465
35,774
31,790
38,521
211,861



Net book value



At 30 April 2024
368,059
17,787
1,844
8,195
11,859
407,744



At 30 April 2023
389,477
20,186
3,074
5,310
13,553
431,600

Page 8

 
THOMAS DEL MAR LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

5.


Stocks

2024
2023
£
£

Finished goods and goods for resale
68,688
74,077



6.


Debtors

2024
2023
£
£


Trade debtors
11,690
109,351

Other debtors
244,891
126,783

Prepayments and accrued income
59,342
57,736

Tax recoverable
42,975
41,437

358,898
335,307



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
122,853
89,655

Bank loans (see note 10)
25,344
28,210

Trade creditors
180,440
66,134

Corporation tax
13,588
18,629

Other taxation and social security
40,451
44,236

Other creditors
346,087
207,427

Accruals and deferred income
48,084
95,413

776,847
549,704



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
278,353
291,047


Page 9

 
THOMAS DEL MAR LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

9.


Share capital

2024
2023
£
£
Authorised, allotted, called up and fully paid



1 (2023 - 1) Ordinary share of £1.00
1
1



10.


Reserves

Profit & loss account

The profit and loss account is a distributable reserve.

 
Page 10