2 4 Thomas Wallis Limited 07711083 false 2023-08-01 2024-07-31 2024-07-31 The principal activity of the company is tree surgery. Digita Accounts Production Advanced 6.30.9574.0 true true 07711083 2023-08-01 2024-07-31 07711083 2024-07-31 07711083 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-07-31 07711083 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-07-31 07711083 core:CurrentFinancialInstruments 2024-07-31 07711083 core:CurrentFinancialInstruments core:WithinOneYear 2024-07-31 07711083 core:Non-currentFinancialInstruments 2024-07-31 07711083 core:Non-currentFinancialInstruments core:AfterOneYear 2024-07-31 07711083 core:Goodwill 2024-07-31 07711083 core:LandBuildings core:LongLeaseholdAssets 2024-07-31 07711083 core:LandBuildings core:OwnedOrFreeholdAssets 2024-07-31 07711083 core:MotorVehicles 2024-07-31 07711083 core:OfficeEquipment 2024-07-31 07711083 core:PlantMachinery 2024-07-31 07711083 bus:SmallEntities 2023-08-01 2024-07-31 07711083 bus:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 07711083 bus:FilletedAccounts 2023-08-01 2024-07-31 07711083 bus:SmallCompaniesRegimeForAccounts 2023-08-01 2024-07-31 07711083 bus:RegisteredOffice 2023-08-01 2024-07-31 07711083 bus:Director1 2023-08-01 2024-07-31 07711083 bus:Director2 2023-08-01 2024-07-31 07711083 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 07711083 bus:Agent1 2023-08-01 2024-07-31 07711083 core:Goodwill 2023-08-01 2024-07-31 07711083 core:Buildings 2023-08-01 2024-07-31 07711083 core:ComputerEquipment 2023-08-01 2024-07-31 07711083 core:Land 2023-08-01 2024-07-31 07711083 core:LandBuildings core:LongLeaseholdAssets 2023-08-01 2024-07-31 07711083 core:LandBuildings core:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 07711083 core:MotorVehicles 2023-08-01 2024-07-31 07711083 core:OfficeEquipment 2023-08-01 2024-07-31 07711083 core:PlantMachinery 2023-08-01 2024-07-31 07711083 countries:EnglandWales 2023-08-01 2024-07-31 07711083 2023-07-31 07711083 core:Goodwill 2023-07-31 07711083 core:LandBuildings core:LongLeaseholdAssets 2023-07-31 07711083 core:LandBuildings core:OwnedOrFreeholdAssets 2023-07-31 07711083 core:MotorVehicles 2023-07-31 07711083 core:OfficeEquipment 2023-07-31 07711083 core:PlantMachinery 2023-07-31 07711083 2022-08-01 2023-07-31 07711083 2023-07-31 07711083 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-07-31 07711083 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-07-31 07711083 core:CurrentFinancialInstruments 2023-07-31 07711083 core:CurrentFinancialInstruments core:WithinOneYear 2023-07-31 07711083 core:Non-currentFinancialInstruments 2023-07-31 07711083 core:Non-currentFinancialInstruments core:AfterOneYear 2023-07-31 07711083 core:Goodwill 2023-07-31 07711083 core:LandBuildings core:LongLeaseholdAssets 2023-07-31 07711083 core:LandBuildings core:OwnedOrFreeholdAssets 2023-07-31 07711083 core:MotorVehicles 2023-07-31 07711083 core:OfficeEquipment 2023-07-31 07711083 core:PlantMachinery 2023-07-31 xbrli:pure iso4217:GBP

Registration number: 07711083

Thomas Wallis Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

Thomas Wallis Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Thomas Wallis Limited

Company Information

Directors

Mr T Wallis

Mrs L A Wallis

Registered office

Little Wood Farm
Winforton
Hereford
Herefordshire
HR3 6EB

Bankers

Lloyds Bank
47 Milsom Street
Bath
BA1 1DN

Accountants

W J James & Co
Chartered Accountants Bishop House
10 Wheat Street
Brecon
Powys
LD3 7DG

 

Thomas Wallis Limited

(Registration number: 07711083)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

8,000

12,000

Tangible assets

5

39,807

134,030

 

47,807

146,030

Current assets

 

Debtors

6

11

534

Cash at bank and in hand

 

2,204

-

 

2,215

534

Creditors: Amounts falling due within one year

7

(54,512)

(37,030)

Net current liabilities

 

(52,297)

(36,496)

Total assets less current liabilities

 

(4,490)

109,534

Creditors: Amounts falling due after more than one year

7

(5,774)

(122,337)

Net liabilities

 

(10,264)

(12,803)

Capital and reserves

 

Called up share capital

2

2

Retained earnings

(10,266)

(12,805)

Shareholders' deficit

 

(10,264)

(12,803)

For the financial year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 8 April 2025 and signed on its behalf by:
 

.........................................
Mr T Wallis
Director

 

Thomas Wallis Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Little Wood Farm
Winforton
Hereford
Herefordshire
HR3 6EB

These financial statements were authorised for issue by the Board on 8 April 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in sterling, which is the functional currency of the company, and rounded up to the nearest £1.

Going concern

The financial statements have been prepared on a going concern basis.The company has net laibilities at the balance sheet date. The directors are committed to only drawing their directors' loan account when the company is financially able to do so. Accordingly the accounts have been drawn up on a going concern basis.

Revenue recognition

Turnover represents the net amount of services invoiced for the year excluding VAT.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Thomas Wallis Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are 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 the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold land

Nil

Improvements to long leasehold

Nil

Plant and machinery

20% on reducing balance

Computer equipment

25% on reducing balance

Motor vehicles

33% on reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which is estimated to be 5 years.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

 

Thomas Wallis Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 4).

 

Thomas Wallis Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 August 2023

20,000

20,000

At 31 July 2024

20,000

20,000

Amortisation

At 1 August 2023

8,000

8,000

Amortisation charge

4,000

4,000

At 31 July 2024

12,000

12,000

Carrying amount

At 31 July 2024

8,000

8,000

At 31 July 2023

12,000

12,000

5

Tangible assets

Land and buildings
£

Long leasehold land and buildings
£

Plant and machinery
£

Office equipment
£

Cost or valuation

At 1 August 2023

100,000

4,453

40,503

562

Additions

-

-

15,940

-

Disposals

(100,000)

-

(1,247)

-

At 31 July 2024

-

4,453

55,196

562

Depreciation

At 1 August 2023

-

-

19,171

245

Charge for the year

-

-

7,442

79

Eliminated on disposal

-

-

(1,186)

-

At 31 July 2024

-

-

25,427

324

Carrying amount

At 31 July 2024

-

4,453

29,769

238

At 31 July 2023

100,000

4,453

21,332

317

 

Thomas Wallis Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2023

29,300

174,818

Additions

-

15,940

Disposals

(1,530)

(102,777)

At 31 July 2024

27,770

87,981

Depreciation

At 1 August 2023

21,372

40,788

Charge for the year

1,783

9,304

Eliminated on disposal

(732)

(1,918)

At 31 July 2024

22,423

48,174

Carrying amount

At 31 July 2024

5,347

39,807

At 31 July 2023

7,928

134,030

Included within the net book value of land and buildings above is £Nil (2023 - £100,000) in respect of freehold land and buildings and £4,453 (2023 - £4,453) in respect of long leasehold land and buildings.
 

6

Debtors

Current

2024
£

2023
£

Prepayments

-

534

Other debtors

11

-

 

11

534

 

Thomas Wallis Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

-

14,937

Trade creditors

 

-

71

Taxation and social security

 

569

7,343

Accruals and deferred income

 

1,186

1,294

Other creditors

 

52,757

13,385

 

54,512

37,030

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

5,774

122,337

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

-

12,962

Hire purchase contracts

-

6,455

Other borrowings

5,774

102,920

5,774

122,337

Current loans and borrowings

2024
£

2023
£

Bank borrowings

-

2,222

Bank overdrafts

-

5,921

Hire purchase contracts

-

6,794

-

14,937