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REGISTERED NUMBER: NI028930 (Northern Ireland)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

FOR

THOMPSON AUTOMOBILES LIMITED

THOMPSON AUTOMOBILES LIMITED (REGISTERED NUMBER: NI028930)

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










Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 9


THOMPSON AUTOMOBILES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTORS: G Wall
Mrs H Wall





REGISTERED OFFICE: 17 Clarendon Road
Clarendon Dock
Belfast
BT1 3BG





REGISTERED NUMBER: NI028930 (Northern Ireland)





ACCOUNTANTS: Baker Tilly Mooney Moore
17 Clarendon Road
Clarendon Dock
Belfast
BT1 3BG

THOMPSON AUTOMOBILES LIMITED (REGISTERED NUMBER: NI028930)

BALANCE SHEET
30 APRIL 2024

30.4.24 30.4.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 351,060 270,523
Investments 6 - 10
Investment property 7 382,214 382,214
733,274 652,747

CURRENT ASSETS
Stocks 94,901 86,544
Debtors 8 1,992,392 1,121,722
Cash at bank and in hand 95,329 356,763
2,182,622 1,565,029
CREDITORS
Amounts falling due within one year 9 1,376,073 1,305,513
NET CURRENT ASSETS 806,549 259,516
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,539,823

912,263

CREDITORS
Amounts falling due after more than one
year

10

(651,277

)

(693,129

)

PROVISIONS FOR LIABILITIES (23,144 ) (1,162 )
NET ASSETS 865,402 217,972

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 865,400 217,970
SHAREHOLDERS' FUNDS 865,402 217,972

THOMPSON AUTOMOBILES LIMITED (REGISTERED NUMBER: NI028930)

BALANCE SHEET - continued
30 APRIL 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were authorised for issue by the Board of Directors and authorised for issue on 29 January 2025 and were signed on its behalf by:





Mrs H Wall - Director


THOMPSON AUTOMOBILES LIMITED (REGISTERED NUMBER: NI028930)

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


1. STATUTORY INFORMATION

Thompson Automobiles Limited is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


The address of the company's place of business is 27-31 Ardoyne Road, Belfast BT14 7HX.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates
In preparing these financial statements the directors have made the following judgements:

Determine whether there are indicators of impairment of the company's intangible assets, tangible assets and investment property. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the assets and the business in general.

Consider the valuation of stock and the requirement for write down provisions. These considerations are undertaken regularly by the directors, and especially at the year end date. Factors taken into account include historical experience and knowledge of the sector. Stock identified as impaired will be written down in value in the relevant period.

The directors also consider the depreciation and amortisation rates on an annual basis to ensure there is sufficient evidence to support these and that the estimates remains reasonable.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2009, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Fixtures, fittings & equipment - 20% on cost

Investments in subsidiaries
Investments in subsidiaries are measured at cost less accumulated impairment.

Investment property
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the profit and loss.

THOMPSON AUTOMOBILES LIMITED (REGISTERED NUMBER: NI028930)

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


2. ACCOUNTING POLICIES - continued

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

Financial instruments
All financial instruments of the company are considered to meet the definition of basic financial instruments.

- Short term debtors and creditors
Debtors and creditors with no stated interest rate and are receivable or payable on demand are recognised at transaction price, and subject to annual impairment reviews. Any losses arising on impairment are recognised in the profit and loss account.

- Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand.

- Loans and borrowings
All loans and borrowings are initially recorded at the present value of cash payable to the lender in settlement of the liability discounted at the market interest rate. Subsequently loans and borrowings are stated at amortised cost using the effective interest rate method. The computation of amortised cost includes any issue costs, transaction costs and fees, and any discount or premium on settlement, and the effect of this is to amortise these amounts over the expected borrowing period. Loans with no stated interest rate and repayable within one period or on demand are not amortised. Loans and borrowings are classified as current liabilities unless the borrower has an unconditional right to defer settlement of the liability for at least 12 months after the financial period end date.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 29 (2023 - 32 ) .

THOMPSON AUTOMOBILES LIMITED (REGISTERED NUMBER: NI028930)

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


4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 May 2023
and 30 April 2024 410,799
AMORTISATION
At 1 May 2023
and 30 April 2024 410,799
NET BOOK VALUE
At 30 April 2024 -
At 30 April 2023 -

5. TANGIBLE FIXED ASSETS
Fixtures,
Freehold fittings
property & equipment Totals
£    £    £   
COST
At 1 May 2023 363,123 299,213 662,336
Additions - 103,785 103,785
At 30 April 2024 363,123 402,998 766,121
DEPRECIATION
At 1 May 2023 97,943 293,870 391,813
Charge for year 7,263 15,985 23,248
At 30 April 2024 105,206 309,855 415,061
NET BOOK VALUE
At 30 April 2024 257,917 93,143 351,060
At 30 April 2023 265,180 5,343 270,523

THOMPSON AUTOMOBILES LIMITED (REGISTERED NUMBER: NI028930)

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


6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 May 2023 10
Disposals (10 )
At 30 April 2024 -
NET BOOK VALUE
At 30 April 2024 -
At 30 April 2023 10

7. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 May 2023
and 30 April 2024 382,214
NET BOOK VALUE
At 30 April 2024 382,214
At 30 April 2023 382,214

Fair value at 30 April 2024 is represented by:
£   
Valuation in 2016 58,532
Cost 323,682
382,214

If the investment properties had not been revalued they would have been included at the following historical cost:

30.4.24 30.4.23
£    £   
Cost 323,682 323,682

The investment properties were valued on an open market basis on 27 January 2016 by CBRE, Chartered Surveyors .

The director has considered the carrying value of the investment property and is satisfied that there has been no significant change in fair value since the last formal valuation.

THOMPSON AUTOMOBILES LIMITED (REGISTERED NUMBER: NI028930)

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


8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Amounts owed by related parties 1,694,241 785,792
Other debtors 271,416 302,566
Prepayments 26,735 33,364
1,992,392 1,121,722

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Bank loans and overdrafts 72,832 72,832
Trade creditors 159,937 115,876
Amounts owed to related parties 1,039,592 1,021,251
Taxation and social security 60,321 52,169
Other creditors 43,391 43,385
1,376,073 1,305,513

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.4.24 30.4.23
£    £   
Bank loans 651,277 693,129

Amounts falling due in more than five years:

Repayable by instalments
Bank loans due after 5 years by installment 359,949 401,801

11. SECURED DEBTS

The following secured debts are included within creditors:

30.4.24 30.4.23
£    £   
Bank loans 724,109 765,961

The loan from Barclays Bank is secured on leasehold properties at 21 Ardoyne Road, 23 Ardoyne Road and 27-31 Ardoyne Road Belfast.

The Loan from AIB is secured on all property know as 21 Ardoyne Road, Belfast.

The loan from Henderson Wholesale has been secured by way of a fixed and floating charge over the assets of the business including fixed assets, investments, book debt and bank deposits. The loan is also secured on all lands and premises situate and known as 21,23 and 27/31 Ardoyne Road Belfast.

THOMPSON AUTOMOBILES LIMITED (REGISTERED NUMBER: NI028930)

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


12. CONTINGENT LIABILITIES

A contingent liability may exist in respect of a repayment of grant income to HM Revenue and Customs should the conditions under which a grant was awarded to the company not be met. Due to the nature of these contingencies, it is not currently possible to estimate the likelihood of this occurring, nor quantify the financial effect or provide an indication of timing as to the potential liability that may arise.

13. ULTIMATE CONTROLLING PARTY

The ultimate parent undertaking is Eirsise Limited, a company incorporated in Northern Ireland.

The ultimate controlling parties are Mr G Wall and Mrs H Wall by virtue of their shareholding.