Company registration number 06964816 (England and Wales)
A J THOMPSON & SONS LTD
Unaudited Financial Statements
For The Year Ended 5 April 2024
Pages For Filing With Registrar
A J Thompson & Sons Ltd
A J THOMPSON & SONS LTD
Contents
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
A J Thompson & Sons Ltd
A J THOMPSON & SONS LTD
Accountants' Report To The Board Of Directors On The Preparation Of The Unaudited Statutory Financial Statements Of A J Thompson & Sons Ltd For The Year Ended 5 April 2024
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of A J Thompson & Sons Ltd for the year ended 5 April 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the board of directors of A J Thompson & Sons Ltd, as a body, in accordance with the terms of our engagement letter dated 13 December 2023. Our work has been undertaken solely to prepare for your approval the financial statements of A J Thompson & Sons Ltd and state those matters that we have agreed to state to the board of directors of A J Thompson & Sons Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than A J Thompson & Sons Ltd and its board of directors as a body, for our work or for this report.

It is your duty to ensure that A J Thompson & Sons Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of A J Thompson & Sons Ltd. You consider that A J Thompson & Sons Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of A J Thompson & Sons Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Chavereys Limited
4 April 2025
Chartered Accountants
The Goods Shed
Jubilee Way
Faversham
Kent
England
ME13 8GD
A J Thompson & Sons Ltd
A J THOMPSON & SONS LTD
Balance Sheet
As At 5 April 2024
05 April 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
638,711
766,918
Investments
5
4,957,972
4,628,625
5,596,683
5,395,543
Current assets
Debtors
6
9,289
17,031
Cash at bank and in hand
100,380
72,941
109,669
89,972
Creditors: amounts falling due within one year
7
(455,361)
(422,880)
Net current liabilities
(345,692)
(332,908)
Total assets less current liabilities
5,250,991
5,062,635
Provisions for liabilities
(151,485)
(188,862)
Net assets
5,099,506
4,873,773
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
5,099,406
4,873,673
Total equity
5,099,506
4,873,773
A J Thompson & Sons Ltd
A J THOMPSON & SONS LTD
Balance Sheet (Continued)
As At 5 April 2024
05 April 2024
- 3 -

For the financial year ended 5 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 4 April 2025 and are signed on its behalf by:
Mr PW Thompson
Director
Company registration number 06964816 (England and Wales)
A J Thompson & Sons Ltd
A J THOMPSON & SONS LTD
Notes To The Financial Statements
For The Year Ended 5 April 2024
- 4 -
1
Accounting policies
Company information

A J Thompson & Sons Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Chavereys Limited, The Goods Shed, Jubilee Way, Faversham, Kent, England, ME13 8GD.

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. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

1.3
Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

 

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is provided on the following basis:

Plant and machinery
20% reducing balance
1.4
Fixed asset investments

This represents the balance on the company's current account in A J Thompson & Sons, an unincorporated partnership.

 

The company's interest in the partnership is dealt with in the financial statements using the equity method of accounting. That is, the profit and loss accounts includes (in turnover) the company's share of partnership profits, and the company's share of profits less any drawings are added to the capital account asset on the balance sheet.

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, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

A J Thompson & Sons Ltd
A J THOMPSON & SONS LTD
Notes To The Financial Statements (Continued)
For The Year Ended 5 April 2024
1
Accounting policies
(Continued)
- 5 -
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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
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.

A J Thompson & Sons Ltd
A J THOMPSON & SONS LTD
Notes To The Financial Statements (Continued)
For The Year Ended 5 April 2024
1
Accounting policies
(Continued)
- 6 -
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.

1.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
6
6
3
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
114,341
71,685
Adjustments in respect of prior periods
(239)
(51,878)
Total current tax
114,102
19,807
Deferred tax
Origination and reversal of timing differences
(37,377)
(4,394)
Total tax charge
76,725
15,413
A J Thompson & Sons Ltd
A J THOMPSON & SONS LTD
Notes To The Financial Statements (Continued)
For The Year Ended 5 April 2024
- 7 -
4
Tangible fixed assets
Plant and machinery
£
Cost
At 6 April 2023
1,913,395
Additions
31,470
At 5 April 2024
1,944,865
Depreciation and impairment
At 6 April 2023
1,146,477
Depreciation charged in the year
159,677
At 5 April 2024
1,306,154
Carrying amount
At 5 April 2024
638,711
At 5 April 2023
766,918
5
Fixed asset investments
2024
2023
£
£
Other investments other than loans
4,957,972
4,628,625
Movements in fixed asset investments
Investments
£
Cost or valuation
At 6 April 2023
4,628,625
Additions
203,268
Share of profit from A J Thompson
126,079
At 5 April 2024
4,957,972
Carrying amount
At 5 April 2024
4,957,972
At 5 April 2023
4,628,625
A J Thompson & Sons Ltd
A J THOMPSON & SONS LTD
Notes To The Financial Statements (Continued)
For The Year Ended 5 April 2024
- 8 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
6,058
15,034
Prepayments and accrued income
3,231
1,997
9,289
17,031
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,942
7,965
Corporation tax
114,341
71,591
Other taxation and social security
30,964
32,730
Other creditors
305,114
305,114
Accruals and deferred income
3,000
5,480
455,361
422,880
8
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
151,485
188,862
2024
Movements in the year:
£
Liability at 6 April 2023
188,862
Credit to profit or loss
(37,377)
Liability at 5 April 2024
151,485
9
Related party transactions
2024
2023
Amounts due to related parties
£
£
Jacks Court Farm Limited
305,114
305,114
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