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REGISTERED NUMBER: 01184467 (England and Wales)















GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024

FOR

THOMPSON LLOYD & EWART LIMITED

THOMPSON LLOYD & EWART LIMITED (REGISTERED NUMBER: 01184467)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Income Statement 10

Consolidated Other Comprehensive Income 11

Consolidated Balance Sheet 12

Company Balance Sheet 13

Consolidated Statement of Changes in Equity 14

Company Statement of Changes in Equity 15

Consolidated Cash Flow Statement 16

Notes to the Consolidated Cash Flow Statement 17

Notes to the Consolidated Financial Statements 19


THOMPSON LLOYD & EWART LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTORS: R H L Harrison
D T Henderson
E K C Foster





SECRETARY: R H L Harrison





REGISTERED OFFICE: Thompson House
42-44 Dolben Street
Southwark
London
SE1 0UQ





REGISTERED NUMBER: 01184467 (England and Wales)





AUDITORS: Greenaway Chartered Accountants
and Statutory Auditors
1 Bligh's Road
Sevenoaks
Kent
TN13 1DA

THOMPSON LLOYD & EWART LIMITED (REGISTERED NUMBER: 01184467)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

The directors present their strategic report of the company and the group for the year ended 30 April 2024.

REVIEW OF BUSINESS
The Group's tea volumes grew moderately this year, but turnover in value dropped 13% to £66,039,909 (2023 £76,001,492) against a fall in prices in the tea market following an oversupply of African tea. Net profit before tax improved strongly after some administrative restructuring.

The Group's property investments in London & Mombasa continue to perform satisfactorily.

The Group made a profit before taxation for the year of £2,332,222 (2023 - £1,572,970), on which £601,100
(2023 - £314,362) in taxation has been provided.

As at 30th April 2024, shareholders' funds had increased by £157,134 to £10,820,090 (2023 - £10,662,956).

SECTION 172(1) STATEMENT
Section 172 statement
Section 172 of the Companies Act 2006 requires Directors to take into consideration the interests of stakeholders in their decision making. The Directors continue to have regard to the interests of the Company's employees and other stakeholders, including the impact of the Company's activities on the community, the environment and the Company's reputation, when making decisions. Acting in good faith and fairly between stakeholders, the Directors consider what is most likely to promote the success of the Company for its members in the long term.

S172(1) (A) The likely consequences of any decision in the long term
The company's strategy is to grow turnover and profitability through the building of long term trusted sustainable partnerships with both tea producers and tea buyers. The company aims to offer a loyal, transparent, efficient, competitive, flexible service through our committed stakeholders and unique bespoke IT Systems.

S172(1) (B) The interests of the company's employees
Our employees and colleagues are fundamental to our business. As a responsible employer we ensure all workplaces are a safe, healthy, pleasant environment from which the teams can comfortably operate. The Company complies with all the regulatory compliance requirements. We are also working with Better Bankside to help improve the environment of the surrounding area to our offices.

S172(1) (C) and (E) the need to foster the company's business relationships with suppliers, customers and others and maintain the highest standards of business conduct.
Our business is dependent on the worldwide production of tea and we are committed to minimise the effects of global warming. We work with our producers to help improve the environmental standards of our tea supply chain. The Company actively supports the Fairtrade Foundation and is the largest payer of Fair Trade premiums on tea in the UK. We strive to ensure all our suppliers are Rainforest Alliance Certified where possible. We are major importers/exporters of organic teas and are certified by the Organic Food Federation.

S172(1) (D) the impact of the company's operations on the community and the environment
We are working with Better Bankside to help improve the environment of the surrounding area to our offices.


THOMPSON LLOYD & EWART LIMITED (REGISTERED NUMBER: 01184467)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

RISK MANAGEMENT AND INTERNAL CONTROL
The Board accepts final responsibility for the risk management and internal control systems of the Company and its subsidiaries. It is the task of management to ensure that adequate internal financial and operational control systems are developed and maintained on an ongoing basis in order to provide reasonable assurance regarding:

- The effectiveness and efficiency of operations;
- The safeguarding of the assets of the Company and its subsidiaries;
- Compliance with applicable laws and regulations;
- The reliability of accounting records;
- Business sustainability under normal as well as adverse conditions; and
- Responsible behaviours towards all stakeholders.

The efficiency of any internal control system is dependent on the strict observance of prescribed measures. There is always a risk of non-compliance with such measures by employees.

Whilst no system of internal control can provide absolute assurance against misstatement or losses, the systems of the Company and its subsidiaries are designed to provide the Board with reasonable assurance that the procedures in place are operating effectively.

The Board assessed the internal control systems throughout the financial year ended 30 April 2023 and is of the opinion that they met accepted criteria.

STAFF RESOURCE RISK
Staff resource is critical to the company's operation and staff retention, training and progress to leadership skills are essential aspects of management control.

LIQUIDITY RISK
The company seeks to mitigate any liquidity risk by maintaining sufficient levels of funds within the business to meet its forecast working capital requirements. The company policy has consistently been to build up its reserves to enable it to manage its resources and such risks. These risks are managed by management on a regular basis with reference to trading and cashflow forecasts.

BUSINESS CONTINUITY RISK
The company has developed appropriate, reliable IT systems to properly process its control over stock and its business and service to customers. The directors have measures in hand to manage these risks.

ON BEHALF OF THE BOARD:





R H L Harrison - Secretary


27 January 2025

THOMPSON LLOYD & EWART LIMITED (REGISTERED NUMBER: 01184467)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 APRIL 2024

The directors present their report with the financial statements of the company and the group for the year ended 30 April 2024.

DIVIDENDS
Interim dividends per share were paid as follows:
£8.00 - 23 November 2023
£8.00 - 21 December 2023
£8.00 - 18 January 2024
£8.00 - 22 February 2024
£8.00 - 21 March 2024
£8.00 - 18 April 2024
£200.00 - 24 April 2024
£248.00

The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 30 April 2024 will be £ 1,576,200 .

During the year the subsidiary paid dividends of £233,200 (Ksh 40,000,000) and proposed further dividends of £(291,500 (Ksh 50,000,000). The proposed dividends have not been provided for in these accounts.

FUTURE DEVELOPMENTS
The Group is undergoing some internal restructuring with a demerger of the Group's property & other assets. We will continue supporting our suppliers and customers against a continuing uncertain international tea market.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 May 2023 to the date of this report.

R H L Harrison
D T Henderson
E K C Foster

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures
disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

THOMPSON LLOYD & EWART LIMITED (REGISTERED NUMBER: 01184467)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 APRIL 2024


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Greenaway Chartered Accountants, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:



R H L Harrison - Secretary


27 January 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
THOMPSON LLOYD & EWART LIMITED

Opinion
We have audited the financial statements of Thompson Lloyd & Ewart Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 30 April 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
THOMPSON LLOYD & EWART LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
THOMPSON LLOYD & EWART LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management

We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations

We performed procedures including identifying journal entries to test based on risk criteria and comparing the identified entries to supporting documentation. These included those posted to unusual accounts.

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience

The potential effect of these laws and regulations on the financial statements varies considerably.

Firstly, the Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), distributable profits legislation, taxation legislation and pension legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Secondly, the Company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it.

In addition, as with any audit, there remained a higher risk of non-detection of fraud, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
THOMPSON LLOYD & EWART LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Robert Lovitt (Senior Statutory Auditor)
for and on behalf of Greenaway Chartered Accountants
and Statutory Auditors
1 Bligh's Road
Sevenoaks
Kent
TN13 1DA

27 January 2025

THOMPSON LLOYD & EWART LIMITED (REGISTERED NUMBER: 01184467)

CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024

30/4/24 30/4/23
Notes £ £ £ £

TURNOVER 3 66,039,909 76,001,492

Cost of sales 62,523,767 72,887,822
GROSS PROFIT 3,516,142 3,113,670

Administrative expenses 1,745,714 2,333,593
1,770,428 780,077

Other operating income 335,163 359,813
OPERATING PROFIT 5 2,105,591 1,139,890

Income from shares in group
undertakings

78

96
Income from interest in associated
undertakings

-

208,617
Interest receivable and similar income 921,492 819,135
921,570 1,027,848
3,027,161 2,167,738

Interest payable and similar expenses 6 694,939 594,768
PROFIT BEFORE TAXATION 2,332,222 1,572,970

Tax on profit 7 609,234 420,378
PROFIT FOR THE FINANCIAL YEAR 1,722,988 1,152,592
Profit attributable to:
Owners of the parent 1,722,988 1,152,592

THOMPSON LLOYD & EWART LIMITED (REGISTERED NUMBER: 01184467)

CONSOLIDATED OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

30/4/24 30/4/23
Notes £ £

PROFIT FOR THE YEAR 1,722,988 1,152,592


OTHER COMPREHENSIVE INCOME
Revaluation of property - (149,929 )
Revaluation of associated investments - 12,866
Revaluation of other assets (24,238 ) (12,960 )
Attributable to minority interest (63,939 ) 127,733
Exchange differences on conversion 34,584 (641,635 )
Income tax relating to components of
other comprehensive income

-

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

(53,593

)

(663,925

)
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,669,395

488,667

Total comprehensive income attributable to:
Owners of the parent 1,605,456 616,374
Non-controlling interests 63,939 (127,707 )
1,669,395 488,667

THOMPSON LLOYD & EWART LIMITED (REGISTERED NUMBER: 01184467)

CONSOLIDATED BALANCE SHEET
30 APRIL 2024

30/4/24 30/4/23
Notes £ £ £ £
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 3,662,644 3,598,654
Investments 12 517,155 543,435
Investment property 13 1,947,939 1,911,074
6,127,738 6,053,163

CURRENT ASSETS
Stocks 14 4,291,250 3,739,007
Debtors 15 16,304,101 14,795,679
Cash at bank and in hand 591,609 528,022
21,186,960 19,062,708
CREDITORS
Amounts falling due within one year 16 15,527,155 13,390,175
NET CURRENT ASSETS 5,659,805 5,672,533
TOTAL ASSETS LESS CURRENT
LIABILITIES

11,787,543

11,725,696

CREDITORS
Amounts falling due after more than one
year

17

-

(97,794

)

PROVISIONS FOR LIABILITIES 19 (967,453 ) (964,946 )
NET ASSETS 10,820,090 10,662,956

CAPITAL AND RESERVES
Called up share capital 20 6,000 6,000
Revaluation reserve 21 761,117 761,117
Capital redemption reserve 21 2,280 2,280
Fair value reserve 21 1,854,160 1,872,051
Retained earnings 21 6,922,745 6,811,659
SHAREHOLDERS' FUNDS 9,546,302 9,453,107

NON-CONTROLLING INTERESTS 22 1,273,788 1,209,849
TOTAL EQUITY 10,820,090 10,662,956

The financial statements were approved by the Board of Directors and authorised for issue on 27 January 2025 and were signed on its behalf by:




R H L Harrison - Director


THOMPSON LLOYD & EWART LIMITED (REGISTERED NUMBER: 01184467)

COMPANY BALANCE SHEET
30 APRIL 2024

30/4/24 30/4/23
Notes £ £ £ £
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 3,547,950 3,547,950
Investments 12 783,070 809,387
Investment property 13 - -
4,331,020 4,357,337

CURRENT ASSETS
Stocks 14 4,291,250 3,739,007
Debtors 15 10,868,332 10,354,304
Cash at bank and in hand 394,771 347,262
15,554,353 14,440,573
CREDITORS
Amounts falling due within one year 16 12,369,611 11,120,269
NET CURRENT ASSETS 3,184,742 3,320,304
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,515,762

7,677,641

CREDITORS
Amounts falling due after more than one
year

17

-

(97,794

)

PROVISIONS FOR LIABILITIES 19 (671,377 ) (679,401 )
NET ASSETS 6,844,385 6,900,446

CAPITAL AND RESERVES
Called up share capital 20 6,000 6,000
Revaluation reserve 21 870,412 870,412
Capital redemption reserve 21 2,280 2,280
Fair value reserve 21 1,108,513 1,132,751
Retained earnings 21 4,857,180 4,889,003
SHAREHOLDERS' FUNDS 6,844,385 6,900,446

Company's profit for the financial year 1,456,177 658,161

The financial statements were approved by the Board of Directors and authorised for issue on 27 January 2025 and were signed on its behalf by:





R H L Harrison - Director


THOMPSON LLOYD & EWART LIMITED (REGISTERED NUMBER: 01184467)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024

Called up Capital
share Retained Revaluation redemption
capital earnings reserve reserve
£ £ £ £
Balance at 1 May 2022 6,000 6,388,529 818,090 2,280

Changes in equity
Dividends - (339,960 ) - -
Total comprehensive income - 763,090 (56,973 ) -
Balance at 30 April 2023 6,000 6,811,659 761,117 2,280

Changes in equity
Dividends - (1,576,200 ) - -
Total comprehensive income - 1,687,286 - -
Balance at 30 April 2024 6,000 6,922,745 761,117 2,280
Fair value Non-controlling Total
reserve Total interests equity
£ £ £ £
Balance at 1 May 2022 2,089,501 9,304,400 1,337,556 10,641,956

Changes in equity
Dividends - (339,960 ) - (339,960 )
Total comprehensive income (217,450 ) 488,667 (127,707 ) 360,960
Balance at 30 April 2023 1,872,051 9,453,107 1,209,849 10,662,956

Changes in equity
Dividends - (1,576,200 ) - (1,576,200 )
Total comprehensive income (17,891 ) 1,669,395 63,939 1,733,334
Balance at 30 April 2024 1,854,160 9,546,302 1,273,788 10,820,090

THOMPSON LLOYD & EWART LIMITED (REGISTERED NUMBER: 01184467)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024

Called up
share Retained Revaluation
capital earnings reserve
£ £ £
Balance at 1 May 2022 6,000 4,500,842 927,385

Changes in equity
Dividends - (270,000 ) -
Total comprehensive income - 658,161 (56,973 )
Balance at 30 April 2023 6,000 4,889,003 870,412

Changes in equity
Dividends - (1,488,000 ) -
Total comprehensive income - 1,456,177 -
Balance at 30 April 2024 6,000 4,857,180 870,412
Capital
redemption Fair value Total
reserve reserve equity
£ £ £
Balance at 1 May 2022 2,280 1,225,801 6,662,308

Changes in equity
Dividends - - (270,000 )
Total comprehensive income - (93,050 ) 508,138
Balance at 30 April 2023 2,280 1,132,751 6,900,446

Changes in equity
Dividends - - (1,488,000 )
Total comprehensive income - (24,238 ) 1,431,939
Balance at 30 April 2024 2,280 1,108,513 6,844,385

THOMPSON LLOYD & EWART LIMITED (REGISTERED NUMBER: 01184467)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024

30/4/24 30/4/23
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 299,302 (869,429 )
Interest paid (694,939 ) (594,768 )
Tax paid (317,232 ) (260,141 )
Net cash from operating activities (712,869 ) (1,724,338 )

Cash flows from investing activities
Purchase of tangible fixed assets (116,482 ) (10,706 )
Purchase of fixed asset investments (6,000 ) (18,206 )
Purchase of investment property - (8,531 )
Sale of fixed asset investments - (190,045 )
Interest received 921,492 819,135
Dividends received - 208,617
Net cash from investing activities 799,010 800,264

Cash flows from financing activities
Loan repayments in year (310,531 ) (275,199 )
Amount introduced by directors 1,200,000 -
Equity dividends paid (1,576,200 ) (339,960 )
Net cash from financing activities (686,731 ) (615,159 )

Decrease in cash and cash equivalents (600,590 ) (1,539,233 )
Cash and cash equivalents at
beginning of year

2

(5,664,942

)

(4,115,033

)
Effect of foreign exchange rate changes 114,582 (10,676 )
Cash and cash equivalents at end of
year

2

(6,150,950

)

(5,664,942

)

THOMPSON LLOYD & EWART LIMITED (REGISTERED NUMBER: 01184467)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

30/4/24 30/4/23
£ £
Profit before taxation 2,332,222 1,572,970
Depreciation charges 32,452 12,141
Loss on disposal of fixed assets - 6,344
Exchange differences on conversion (94,333 ) (423,019 )
Finance costs 694,939 594,768
Finance income (921,570 ) (1,027,848 )
2,043,710 735,356
(Increase)/decrease in stocks (552,243 ) 305,319
Increase in trade and other debtors (1,474,038 ) (1,644,358 )
Increase/(decrease) in trade and other creditors 281,873 (265,746 )
Cash generated from operations 299,302 (869,429 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 April 2024
30/4/24 1/5/23
£ £
Cash and cash equivalents 591,609 528,022
Bank overdrafts (6,742,559 ) (6,192,964 )
(6,150,950 ) (5,664,942 )
Year ended 30 April 2023
30/4/23 1/5/22
£ £
Cash and cash equivalents 528,022 346,323
Bank overdrafts (6,192,964 ) (4,461,356 )
(5,664,942 ) (4,115,033 )


THOMPSON LLOYD & EWART LIMITED (REGISTERED NUMBER: 01184467)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024

3. ANALYSIS OF CHANGES IN NET DEBT

At 1/5/23 Cash flow At 30/4/24
£ £ £
Net cash
Cash at bank and in hand 528,022 63,587 591,609
Bank overdrafts (6,192,964 ) (549,595 ) (6,742,559 )
(5,664,942 ) (486,008 ) (6,150,950 )
Debt
Debts falling due within 1 year (2,325,460 ) 212,737 (2,112,723 )
Debts falling due after 1 year (97,794 ) 97,794 -
(2,423,254 ) 310,531 (2,112,723 )
Total (8,088,196 ) (175,477 ) (8,263,673 )

THOMPSON LLOYD & EWART LIMITED (REGISTERED NUMBER: 01184467)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1. STATUTORY INFORMATION

Thompson Lloyd & Ewart Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Basis of consolidation
The financial statements are presented in Sterling (£).

The group financial statements consolidate the financial statements of the Thompson Lloyd & Ewart Limited and all its subsidiary undertakings made up to 30 April each year. All intra-group transactions, balances, income and expenses are eliminated on consolidation.

The parent company has taken advantage of section 408 of the Companies Act 2006 and has not included its own Profit and Loss Account in these financial statements. The parent company's profit for the year was £1,342,407 (2023: £652,165).

The difference between the cost of shares in subsidiaries and the fair value of the separable net assets acquired is amortised through the profit and loss account in equal instalments over its estimated useful life.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Purchased goodwill
Goodwill representing the shortfall of the purchase price compared with the fair value of net assets acquired is capitalised and written off evenly over 10 years as in the opinion of the directors this represents the period over which the goodwill is effective.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 20% on cost
Fixtures and fittings - 20% on cost

Investments in associates
Investments in associate undertakings are recognised at cost.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


THOMPSON LLOYD & EWART LIMITED (REGISTERED NUMBER: 01184467)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Foreign currencies
Functional currency and presentation currency
The individual financial statements of each group entity are presented in the currency of the primary economic environment in which the entity operates (its functional currency). For the purpose of the consolidated financial statements, the results and financial position are presented in Sterling (£).


Transactions and balances
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Translation of group companies
Financial statements of overseas subsidiaries are translated from their functional currency to sterling (£) at the rate ruling at the balance sheet date. Exchange differences arising are dealt with through reserves.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
After reviewing the group's forecasts, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. The group therefore continues to adopt the going concern basis in preparing its consolidated financial statements.

THOMPSON LLOYD & EWART LIMITED (REGISTERED NUMBER: 01184467)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by geographical market is given below:

30/4/24 30/4/23
£ £
United Kingdom 24,447,490 23,941,277
Europe 12,471,550 15,286,529
Rest of the world 29,120,869 36,773,686
66,039,909 76,001,492

4. EMPLOYEES AND DIRECTORS
30/4/24 30/4/23
£ £
Wages and salaries 853,627 1,363,899
Social security costs 91,218 164,695
Other pension costs 67,774 62,474
1,012,619 1,591,068

The average number of employees during the year was as follows:
30/4/24 30/4/23

Office and management 34 32

The average number of employees by undertakings that were proportionately consolidated during the year was 21 (2023 - 21 ) .

30/4/24 30/4/23
£ £
Directors' remuneration 305,129 486,765

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 3 3

Information regarding the highest paid director is as follows:
30/4/24 30/4/23
£ £
Emoluments etc 100,000 186,000

THOMPSON LLOYD & EWART LIMITED (REGISTERED NUMBER: 01184467)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

30/4/24 30/4/23
£ £
Other operating leases 64,329 63,935
Depreciation - owned assets 32,452 12,141
Loss on disposal of fixed assets - 6,344
Auditors' remuneration 18,856 19,792
Auditors' remuneration for non audit work 11,600 5,985
Foreign exchange differences (19,150 ) 171,579

6. INTEREST PAYABLE AND SIMILAR EXPENSES
30/4/24 30/4/23
£ £
Bank interest 558,776 485,797
Bank loan interest 95,872 64,301
Mortgage interest 4,225 8,670
Interest on Directors loans 36,066 36,000
694,939 594,768

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
30/4/24 30/4/23
£ £
Current tax:
UK corporation tax 446,927 131,446
Overseas Taxation 154,170 182,916
Total current tax 601,097 314,362

Deferred tax 8,137 106,016
Tax on profit 609,234 420,378

UK corporation tax has been charged at 25 % (2023 - 19.49 %).

THOMPSON LLOYD & EWART LIMITED (REGISTERED NUMBER: 01184467)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

30/4/24 30/4/23
£ £
Profit before tax 2,332,222 1,572,970
Profit multiplied by the standard rate of corporation tax in the UK of
25 % (2023 - 19.493 %)

583,056

306,619

Effects of:
Capital allowances in excess of depreciation (55 ) -
Depreciation in excess of capital allowances - 1,184
Expenses not deductible for tax purposes 16,357 12,838
Income not subject to tax - (40,666 )
Deferred tax movement 8,137 106,016

Non taxable overseas income (152,431 ) (148,529 )
Overseas tax 154,170 182,916
Total tax charge 609,234 420,378

Tax effects relating to effects of other comprehensive income

30/4/24
Gross Tax Net
£ £ £
Revaluation of property
Revaluation of associated investments
Revaluation of other assets (24,238 ) - (24,238 )
Attributable to minority interest (63,939 ) - (63,939 )
Exchange differences on conversion 34,584 - 34,584
(53,593 ) - (53,593 )

30/4/23
Gross Tax Net
£ £ £
Revaluation of property (149,929 ) - (149,929 )
Revaluation of associated investments 12,866 - 12,866
Revaluation of other assets (12,960 ) - (12,960 )
Attributable to minority interest 127,733 - 127,733
Exchange differences on conversion (641,635 ) - (641,635 )
(663,925 ) - (663,925 )

Included in UK Corporation Tax charge is an amount of £154,170 (2023: £182,916) relating to taxation charges from Combrok Limited.

THOMPSON LLOYD & EWART LIMITED (REGISTERED NUMBER: 01184467)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


9. DIVIDENDS
30/4/24 30/4/23
£ £
Ordinary shares of 1 each
Interim 1,576,200 339,960

10. INTANGIBLE FIXED ASSETS

Group
Goodwill
£
COST
At 1 May 2023
and 30 April 2024 (108,663 )
AMORTISATION
At 1 May 2023
and 30 April 2024 (108,663 )
NET BOOK VALUE
At 30 April 2024 -
At 30 April 2023 -

11. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold Improvements and Motor
property to property fittings vehicles Totals
£ £ £ £ £
COST OR VALUATION
At 1 May 2023 3,500,000 107,806 234,075 49,263 3,891,144
Additions - - 19,261 76,746 96,007
Exchange differences - - 1,192 423 1,615
At 30 April 2024 3,500,000 107,806 254,528 126,432 3,988,766
DEPRECIATION
At 1 May 2023 - 107,806 144,377 40,307 292,490
Charge for year - - 11,007 21,445 32,452
Exchange differences - - 835 345 1,180
At 30 April 2024 - 107,806 156,219 62,097 326,122
NET BOOK VALUE
At 30 April 2024 3,500,000 - 98,309 64,335 3,662,644
At 30 April 2023 3,500,000 - 89,698 8,956 3,598,654

THOMPSON LLOYD & EWART LIMITED (REGISTERED NUMBER: 01184467)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

11. TANGIBLE FIXED ASSETS - continued

Group

Cost or valuation at 30 April 2024 is represented by:

Fixtures
Freehold Improvements and Motor
property to property fittings vehicles Totals
£ £ £ £ £
Valuation in 2005 193,075 - - - 193,075
Valuation in 2010 298,800 - - - 298,800
Valuation in 2014 529,200 - - - 529,200
Valuation in 2016 41,400 - - - 41,400
Valuation in 2019 1,896,218 - - - 1,896,218
Valuation in 2022 (696,218 ) - - - (696,218 )
Valuation in 2023 - - (21,577 ) (8,282 ) (29,859 )
Cost 1,237,525 107,806 276,105 134,714 1,756,150
3,500,000 107,806 254,528 126,432 3,988,766

Company
Fixtures
Freehold Improvements and
property to property fittings Totals
£ £ £ £
COST OR VALUATION
At 1 May 2023
and 30 April 2024 3,500,000 107,806 95,005 3,702,811
DEPRECIATION
At 1 May 2023
and 30 April 2024 - 107,806 47,055 154,861
NET BOOK VALUE
At 30 April 2024 3,500,000 - 47,950 3,547,950
At 30 April 2023 3,500,000 - 47,950 3,547,950

Included in fixtures, fittings and equipment is an amount of £47,950 (2023: £47,950) in respect of paintings which have not been depreciated. On a historical cost basis these would be included at £450 (2023: £450)

THOMPSON LLOYD & EWART LIMITED (REGISTERED NUMBER: 01184467)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

11. TANGIBLE FIXED ASSETS - continued

Company

Cost or valuation at 30 April 2024 is represented by:

Fixtures
Freehold Improvements and
property to property fittings Totals
£ £ £ £
Valuation in 2005 193,075 - 47,950 241,025
Valuation in 2010 298,800 - - 298,800
Valuation in 2014 529,200 - - 529,200
Valuation in 2016 41,400 - - 41,400
Valuation in 2019 1,896,218 - - 1,896,218
Valuation in 2022 (696,218 ) - - (696,218 )
Cost 1,237,525 107,806 47,055 1,392,386
3,500,000 107,806 95,005 3,702,811

If freehold property had not been revalued they would have been included at the following historical cost:

30/4/24 30/4/23
£ £
Cost 1,237,525 1,237,525
Aggregate depreciation 252,090 252,090

Freehold property was valued on an open market basis basis on 22 November 2022 by Crossland Otter Hunt .

12. FIXED ASSET INVESTMENTS

Group
Listed
investments
£
COST OR VALUATION
At 1 May 2023 543,435
Additions 6,000
Revaluations (32,317 )
Exchange differences 37
At 30 April 2024 517,155
NET BOOK VALUE
At 30 April 2024 517,155
At 30 April 2023 543,435

THOMPSON LLOYD & EWART LIMITED (REGISTERED NUMBER: 01184467)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

12. FIXED ASSET INVESTMENTS - continued

Group

Cost or valuation at 30 April 2024 is represented by:

Listed
investments
£
Valuation in 2014 (267,337 )
Valuation in 2018 (16,938 )
Valuation in 2019 (11,728 )
Valuation in 2020 196,500
Valuation in 2021 162,000
Valuation in 2022 (16,500 )
Valuation in 2023 3,000
Valuation in 2024 (32,317 )
Cost 500,475
517,155
Company
Shares in
group Listed
undertakings investments Totals
£ £ £
COST OR VALUATION
At 1 May 2023 270,255 539,132 809,387
Additions - 6,000 6,000
Revaluations - (32,317 ) (32,317 )
At 30 April 2024 270,255 512,815 783,070
NET BOOK VALUE
At 30 April 2024 270,255 512,815 783,070
At 30 April 2023 270,255 539,132 809,387

Cost or valuation at 30 April 2024 is represented by:

Shares in
group Listed
undertakings investments Totals
£ £ £
Valuation in 2014 - (267,337 ) (267,337 )
Valuation in 2018 - (16,938 ) (16,938 )
Valuation in 2019 - (11,728 ) (11,728 )
Valuation in 2020 - 196,500 196,500
Valuation in 2021 - 162,000 162,000
Valuation in 2022 - (16,500 ) (16,500 )
Valuation in 2023 - (3,000 ) (3,000 )
Valuation in 2024 - (32,317 ) (32,317 )
Cost 270,255 502,135 772,390
270,255 512,815 783,070

THOMPSON LLOYD & EWART LIMITED (REGISTERED NUMBER: 01184467)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

12. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Browne Rosenheim and Company Limited
Registered office: Thompson House, 42-44 Dolben Street, London, SE1 0UQ
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

Combrok Limited
Registered office: Plot No XXA/559, 4th Floor, Tea House, Off Nyerere Avenue, P.O. Box 87411 - 80100, Mombasa, Kenya
Nature of business: Tea Brokerage
%
Class of shares: holding
Ordinary 70.00


13. INVESTMENT PROPERTY

Group
Total
£
FAIR VALUE
At 1 May 2023 1,911,074
Additions 20,475
Exchange differences 16,390
At 30 April 2024 1,947,939
NET BOOK VALUE
At 30 April 2024 1,947,939
At 30 April 2023 1,911,074

Fair value at 30 April 2024 is represented by:
£
Valuation in 2019 762,841
Valuation in 2023 77,753
Cost 1,107,345
1,947,939

14. STOCKS

Group Company
30/4/24 30/4/23 30/4/24 30/4/23
£ £ £ £
Finished goods 4,291,250 3,739,007 4,291,250 3,739,007

THOMPSON LLOYD & EWART LIMITED (REGISTERED NUMBER: 01184467)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30/4/24 30/4/23 30/4/24 30/4/23
£ £ £ £
Trade debtors 14,227,983 12,771,334 10,587,932 10,121,242
Other debtors 1,281,863 1,296,764 - 133
Tax 99,037 64,653 - -
VAT 15,805 8,597 15,805 8,597
Prepayments and accrued income 679,413 654,331 264,595 224,332
16,304,101 14,795,679 10,868,332 10,354,304

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30/4/24 30/4/23 30/4/24 30/4/23
£ £ £ £
Bank loans and overdrafts (see note 18) 8,855,282 8,518,424 7,996,870 7,656,018
Trade creditors 3,137,026 2,264,164 973,572 1,044,366
Tax 411,441 93,192 411,441 93,192
Social security and other taxes 92,826 162,767 92,826 162,767
Other creditors 166,297 217,473 55,334 54,357
Directors' loan accounts 1,800,000 600,000 1,800,000 600,000
Accruals and deferred income 1,064,283 1,534,155 1,039,568 1,509,569
15,527,155 13,390,175 12,369,611 11,120,269

A specific equitable charge in favour of National Westminster Bank plc incorporating a fixed and floating charge over all the current and future assets of the company dated 15 April 1996.

A Third Party Legal Charge over the Freehold Property in favour of National Westminster Bank Plc dated 1 April 2005.

There is a General Letter of Pledge in favour of National Westminster Bank Plc dated 15 September 1983.

A personal guarantee for £500,000 from Edward Foster, Robin Harrison and David Henderson is held by National Westminster Bank Plc.

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
30/4/24 30/4/23 30/4/24 30/4/23
£ £ £ £
Bank loans (see note 18) - 97,794 - 97,794

THOMPSON LLOYD & EWART LIMITED (REGISTERED NUMBER: 01184467)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

18. LOANS

An analysis of the maturity of loans is given below:

Group Company
30/4/24 30/4/23 30/4/24 30/4/23
£ £ £ £
Amounts falling due within one year or on demand:
Bank overdrafts 6,742,559 6,192,964 5,884,147 5,330,558
Bank loans 2,112,723 2,325,460 2,112,723 2,325,460
8,855,282 8,518,424 7,996,870 7,656,018
Amounts falling due between one and two years:
Bank loans - 1-2 years - 58,246 - 58,246
Amounts falling due between two and five years:
Bank loans - 2-5 years - 39,548 - 39,548

There is a legal charge over the subsidiary company's property on Plot L.R No. MSA/Block XXX1/559 for US$1,600,000 and a fixed deposit totalling 22,000,000 kenyan shillings (approximately £161,700) under lien in the name of the subsidiary company.

19. PROVISIONS FOR LIABILITIES

Group Company
30/4/24 30/4/23 30/4/24 30/4/23
£ £ £ £
Deferred tax
Accelerated capital allowances 55 2,855 55 2,855
Deferred tax 967,398 962,091 671,322 676,546
967,453 964,946 671,377 679,401

Group
Deferred tax
£
Balance at 1 May 2023 964,946
Provided during year 10,586
Charge to fair value reserve (8,079 )
Charge to revaluation reserve
Balance at 30 April 2024 967,453

Company
Deferred tax
£
Balance at 1 May 2023 679,401
Charge to Income Statement during year 55
Charge to fair value reserve (8,079 )
Balance at 30 April 2024 671,377

THOMPSON LLOYD & EWART LIMITED (REGISTERED NUMBER: 01184467)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30/4/24 30/4/23
value: £ £
6,000 Ordinary 1 6,000 6,000

21. RESERVES

Group
Capital
Retained Revaluation redemption Fair value
earnings reserve reserve reserve Totals
£ £ £ £ £

At 1 May 2023 6,811,659 761,117 2,280 1,872,051 9,447,107
Profit for the year 1,722,988 1,722,988
Dividends (1,576,200 ) (1,576,200 )
Revaluation of investments - - - (32,317 ) (32,317 )
Deferred tax on revaluations - - - 8,079 8,079
Exchange differences 28,237 - - 6,347 34,584
Minority Interest (63,939 ) - - - (63,939 )
At 30 April 2024 6,922,745 761,117 2,280 1,854,160 9,540,302

Company
Capital
Retained Revaluation redemption Fair value
earnings reserve reserve reserve Totals
£ £ £ £ £

At 1 May 2023 4,889,003 870,412 2,280 1,132,751 6,894,446
Profit for the year 1,456,177 1,456,177
Dividends (1,488,000 ) (1,488,000 )
Revaluation of investments - - - (32,317 ) (32,317 )
Deferred tax on revaluations - - - 8,079 8,079
At 30 April 2024 4,857,180 870,412 2,280 1,108,513 6,838,385

Called-up share capital - represents the nominal value of shares that have been issued.

Revaluation reserve - This represents the cumulative revaluation gains and losses on revaluation of land and buildings held as tangible assets and fixed asset investments.

Capital redemption reserve - non distributable reserve arising on the purchase of the company's own shares.

Retained earnings - includes all current and prior period retained profits and losses.

22. NON-CONTROLLING INTERESTS

Thompson Lloyd and Ewart Limited own 70% of Combrok Limited.

Included in the share capital of Combrok Limited is 15,000 ordinary shares of 20 kenyan shillings each which rank pari pasu with other shares in issue.

THOMPSON LLOYD & EWART LIMITED (REGISTERED NUMBER: 01184467)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

23. ULTIMATE PARENT COMPANY

Dolben Street Limited is regarded by the directors as being the company's ultimate parent company.

24. ULTIMATE CONTROLLING PARTY

The company was controlled throughout the previous year by the directors, who between them held 100% of the issued share capital of the company. On 25 April 2024 there was an issue of shares in Dolben Street Limited in exchange for 100% of the issued share capital of the Company. The directors continue to be considered the ultimate controlling party through their ownership of 100% of the issued shares in Dolben Street limited.