REGISTERED NUMBER: |
THAMESIDE FIRE PROTECTION CO. |
LIMITED |
STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2024 |
REGISTERED NUMBER: |
THAMESIDE FIRE PROTECTION CO. |
LIMITED |
STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2024 |
THAMESIDE FIRE PROTECTION CO. |
LIMITED (REGISTERED NUMBER: 03453185) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2024 |
Page |
Company Information | 1 |
Chairman's Report | 3 |
Strategic Report | 4 |
Report of the Directors | 5 |
Report of the Independent Auditors | 7 |
Statement of Income and Retained Earnings | 11 |
Statement of Financial Position | 12 |
Statement of Cash Flows | 13 |
Notes to the Statement of Cash Flows | 14 |
Notes to the Financial Statements | 16 |
THAMESIDE FIRE PROTECTION CO. |
LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 OCTOBER 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
BUSINESS ADDRESS: |
REGISTERED NUMBER: |
THAMESIDE FIRE PROTECTION CO. |
LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 OCTOBER 2024 |
AUDITORS: |
Chartered Accountants and |
Statutory Auditors |
21 Lodge Lane |
Grays |
Essex |
RM17 5RY |
THAMESIDE FIRE PROTECTION CO. |
LIMITED (REGISTERED NUMBER: 03453185) |
CHAIRMAN'S REPORT |
FOR THE YEAR ENDED 31 OCTOBER 2024 |
RESULTS FOR THE YEAR |
I am delighted to report, that we have continued see a recovery in trading and an increase in our profits for the year. Turnover has remained consistent at around £17m, but I am glad to report a net profit for the year of £1,416,396, which is one of our best ever (£80,891profit last year). |
We are now well placed to maximise efficiency and profitability, and as I write this I am pleased to say we have continued to make healthy profit since the balance sheet date. |
INVESTMENT |
We continue to invest in recruitment and training, with our latest batch of apprentices progressing to become valued service and installation engineers, and have also recruited further new staff from within the industry. |
Further investment in IT is proving beneficial in our overall efficiency. |
FUTURE |
The efficiency campaign we have undertaken over the last 2 years have proven extremely valuable, we are now leaner, faster and more reactive than ever which bodes well for our company and clients alike. Our current order book for new project work, for Sprinkler, Fire Alarm, Water Mist and Gas systems is our best ever and is full well into the second half of 2026. |
OUR CUSTOMERS |
We are totally committed to exceeding our customers expectations. We never take our customers for granted and our high level of repeat business speaks volumes for the services we provide. We have attracted a number of high profile customers this year, who have praised our customer focus. |
SUMMARY |
The global pandemic had a devastating effect on most industries, including ours, but due to the flexibility and financial strength of the company, we were able to weather this once in a generation storm and come out of it stronger than ever before. Our fantastic and loyal staff must be given praise for their commitment and performance and take this opportunity to thank every one of them. |
We can now look confidently ahead to an outstanding future for the company, employees and clients alike. |
THAMESIDE FIRE PROTECTION CO. |
LIMITED (REGISTERED NUMBER: 03453185) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31 OCTOBER 2024 |
The directors present their strategic report for the year ended 31 October 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of the installation and maintenance of fire safety equipment. |
REVIEW OF BUSINESS |
A review of the business is contained within the Chairman's Report which forms part of this Strategic Report. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The company has strong cash reserves enabling it to meet liabilities as and when they fall due and have continued to rise since the year end. The company has identified risks from price rises on both materials and labour during the year on its long term contracts and has continued to monitor these closely. |
GOING CONCERN |
Since the balance sheet date the company continued to make significant profits. |
The directors have reasonable grounds to assume that the company can continue to adopt the going concern basis of preparation in the financial statements. |
ON BEHALF OF THE BOARD: |
THAMESIDE FIRE PROTECTION CO. |
LIMITED (REGISTERED NUMBER: 03453185) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 OCTOBER 2024 |
The directors present their report with the financial statements of the company for the year ended 31 October 2024. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 October 2024. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 November 2023 to the date of this report. |
Other changes in directors holding office are as follows: |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Annual Report 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 of the profit or loss of the company 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; |
- | 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
THAMESIDE FIRE PROTECTION CO. |
LIMITED (REGISTERED NUMBER: 03453185) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 OCTOBER 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 company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
THAMESIDE FIRE PROTECTION CO. |
LIMITED |
Opinion |
We have audited the financial statements of Thameside Fire Protection Co. Limited (the 'company') for the year ended 31 October 2024 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 company's affairs as at 31 October 2024 and of its 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 company 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 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
THAMESIDE FIRE PROTECTION CO. |
LIMITED |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Annual Report, 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 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 Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the 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 five, 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 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 company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
THAMESIDE FIRE PROTECTION CO. |
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: |
- We have reviewed whether there were areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience through discussion with the officers and other management (as required by auditing standards). |
- We had regard to laws and regulations in areas that directly affect the financial statements including financial reporting and taxation legislation. We considered that extent of compliance with those laws and regulations as part of our procedures on the related financial statement items. |
- With the exception of any known or possible non-compliance, and as required by auditing standards, our work in respect of these was limited to enquiry of the officers. |
- We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. |
- We addressed the risk of fraud through management override of controls, by testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that 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, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. |
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 |
THAMESIDE FIRE PROTECTION CO. |
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. |
for and on behalf of |
Chartered Accountants and |
Statutory Auditors |
21 Lodge Lane |
Grays |
Essex |
RM17 5RY |
THAMESIDE FIRE PROTECTION CO. |
LIMITED (REGISTERED NUMBER: 03453185) |
STATEMENT OF INCOME AND |
RETAINED EARNINGS |
FOR THE YEAR ENDED 31 OCTOBER 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Distribution costs |
Administrative expenses |
3,086,602 | 2,563,010 |
OPERATING PROFIT | 5 |
Interest receivable and similar income |
1,425,129 | 92,505 |
Interest payable and similar expenses | 6 |
PROFIT BEFORE TAXATION |
Tax on profit | 7 | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
Retained earnings at beginning of year |
RETAINED EARNINGS AT END OF YEAR |
THAMESIDE FIRE PROTECTION CO. |
LIMITED (REGISTERED NUMBER: 03453185) |
STATEMENT OF FINANCIAL POSITION |
31 OCTOBER 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 8 |
Tangible assets | 9 |
Investments | 10 |
CURRENT ASSETS |
Stocks | 11 |
Debtors | 12 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 13 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
14 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 18 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
THAMESIDE FIRE PROTECTION CO. |
LIMITED (REGISTERED NUMBER: 03453185) |
STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 31 OCTOBER 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | ( |
) |
Interest paid | ( |
) | ( |
) |
Tax paid |
Net cash from operating activities | ( |
) |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Loan repayments in year | ( |
) | ( |
) |
Amount introduced by directors | - | 1,155,100 |
Amount withdrawn by directors | (48,507 | ) | (115,121 | ) |
Share issue |
Net cash from financing activities | ( |
) |
Increase in cash and cash equivalents |
Cash and cash equivalents at beginning of year |
2 |
1,201,210 |
908,301 |
Cash and cash equivalents at end of year |
2 |
3,162,467 |
THAMESIDE FIRE PROTECTION CO. |
LIMITED (REGISTERED NUMBER: 03453185) |
NOTES TO THE STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 31 OCTOBER 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation |
Depreciation charges |
Loss on disposal of fixed assets |
Finance costs | 8,733 | 11,614 |
Finance income | (1,019 | ) | - |
1,526,165 | 195,323 |
Decrease/(increase) in stocks | ( |
) |
(Increase)/decrease in trade and other debtors | ( |
) |
Decrease in trade and other creditors | ( |
) | ( |
) |
Cash generated from operations | ( |
) |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
Year ended 31 October 2024 |
31.10.24 | 1.11.23 |
£ | £ |
Cash and cash equivalents | 3,162,467 | 1,201,216 |
Bank overdrafts | ( |
) |
3,162,467 | 1,201,210 |
Year ended 31 October 2023 |
31.10.23 | 1.11.22 |
£ | £ |
Cash and cash equivalents | 1,201,216 | 908,301 |
Bank overdrafts | ( |
) |
1,201,210 | 908,301 |
THAMESIDE FIRE PROTECTION CO. |
LIMITED (REGISTERED NUMBER: 03453185) |
NOTES TO THE STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 31 OCTOBER 2024 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.11.23 | Cash flow | At 31.10.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 1,201,216 | 1,961,251 | 3,162,467 |
Bank overdrafts | (6 | ) | 6 | - |
1,201,210 | 3,162,467 |
Debt |
Debts falling due within 1 year | (172,727 | ) | - | (172,727 | ) |
Debts falling due after 1 year | (287,878 | ) | 172,727 | (115,151 | ) |
(460,605 | ) | 172,727 | (287,878 | ) |
Total | 740,605 | 2,133,984 | 2,874,589 |
THAMESIDE FIRE PROTECTION CO. |
LIMITED (REGISTERED NUMBER: 03453185) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2024 |
1. | STATUTORY INFORMATION |
Thameside Fire Protection Co. Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Critical accounting judgements and key sources of estimation uncertainty |
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, where the revision affects only that period, or in the period of the revision and future periods where the revision affects both the current and future periods. |
Key sources of estimation uncertainty |
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows: |
Stock provisions: |
These are estimated based on historic usage data. |
Bad debt provisions: |
These are considered on a case by case basis with reference to historical experience of each customer. |
Recognition of profit and provisions relating to long term contracts: |
Assessment of whether revenue can be recongnised for each project requires judgement in relation to the expected margins for the project and any foreseeable losses. |
THAMESIDE FIRE PROTECTION CO. |
LIMITED (REGISTERED NUMBER: 03453185) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2024 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
Turnover is measured at the fair value of the consideration receivable either on invoice date for goods sold or date an application is agreed for long term contracts, excluding discounts and value added tax. |
Goodwill |
Goodwill arising on the acquisition of a business is being amortised over the directors estimate of its economic life of five years. |
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 |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Stocks and work in progress |
Stocks are valued at the lower of cost on a first in, first out basis or estimated selling price less costs to complete and sell after making due allowance for obsolete and slow moving items. |
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 statement of financial position date. |
THAMESIDE FIRE PROTECTION CO. |
LIMITED (REGISTERED NUMBER: 03453185) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet and depreciated over their estimated useful lives. The interest element of these obligations is charged to the profit and loss over the relevant period. The capital element of the future payments is treated as a liability. |
Pension costs and other post-retirement benefits |
The company contributes to the personal pension schemes of the directors and employees. |
The company also operates a defined contribution pension scheme. Contributions payable for the year are charged to the profit and loss account. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
THAMESIDE FIRE PROTECTION CO. |
LIMITED (REGISTERED NUMBER: 03453185) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2024 |
4. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2024 | 2023 |
Engineers, management and administrative |
2024 | 2023 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
Information regarding the highest paid director is as follows: |
2024 | 2023 |
£ | £ |
Emoluments etc |
Pension contributions to money purchase schemes |
5. | OPERATING PROFIT |
The operating profit is stated after charging: |
2024 | 2023 |
£ | £ |
Hire of plant and machinery |
Other operating leases |
Depreciation - owned assets |
Loss on disposal of fixed assets |
Auditors' remuneration |
THAMESIDE FIRE PROTECTION CO. |
LIMITED (REGISTERED NUMBER: 03453185) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2024 |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Bank loan interest |
7. | TAXATION |
Analysis of the tax credit |
The tax credit on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
Adjustment to prior year corporation tax | - | (53,093 | ) |
Tax on profit | ( |
) |
UK corporation tax has been charged at 25% . |
Reconciliation of total tax credit included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Depreciation in excess of capital allowances |
Utilisation of tax losses | ( |
) | ( |
) |
Research and development claim | - | (53,093 | ) |
forward |
Total tax credit | - | (53,093 | ) |
THAMESIDE FIRE PROTECTION CO. |
LIMITED (REGISTERED NUMBER: 03453185) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2024 |
8. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 November 2023 |
and 31 October 2024 |
AMORTISATION |
At 1 November 2023 |
and 31 October 2024 |
NET BOOK VALUE |
At 31 October 2024 |
At 31 October 2023 |
Goodwill arising on the acquisition of Fire Tech Safety Management, Kent Safety Services and Defence Fire has been fully amortised over the directors estimate of its useful economic life of five years. |
9. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 1 November 2023 |
Additions |
Disposals | ( |
) |
At 31 October 2024 |
DEPRECIATION |
At 1 November 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 October 2024 |
NET BOOK VALUE |
At 31 October 2024 |
At 31 October 2023 |
THAMESIDE FIRE PROTECTION CO. |
LIMITED (REGISTERED NUMBER: 03453185) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2024 |
9. | TANGIBLE FIXED ASSETS - continued |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 November 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 October 2024 |
DEPRECIATION |
At 1 November 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 October 2024 |
NET BOOK VALUE |
At 31 October 2024 |
At 31 October 2023 |
10. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 November 2023 |
and 31 October 2024 |
NET BOOK VALUE |
At 31 October 2024 |
At 31 October 2023 |
THAMESIDE FIRE PROTECTION CO. |
LIMITED (REGISTERED NUMBER: 03453185) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2024 |
10. | FIXED ASSET INVESTMENTS - continued |
The company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
Registered office: 21 Lodge Lane, Grays, Essex, RM17 5RY. |
Nature of business: |
% |
Class of shares: | holding |
The company was Incorporated on 18 October 2013 and has yet to commence trading. |
11. | STOCKS |
2024 | 2023 |
£ | £ |
Stocks and work in progress |
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Debts factored with recourse | 324,302 | 815,350 |
Amounts recoverable on contract |
Other debtors |
Directors' current accounts | 3,000 | - |
Tax |
VAT |
Prepayments |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts (see note 15) |
Trade creditors |
Social security and other taxes |
Other creditors |
Directors' current accounts | 150,000 | 42,629 |
Accruals |
THAMESIDE FIRE PROTECTION CO. |
LIMITED (REGISTERED NUMBER: 03453185) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2024 |
14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans (see note 15) |
Directors loan |
15. | LOANS |
An analysis of the maturity of loans is given below: |
2024 | 2023 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
The company has a CBIL which is repayable by June 2026 with interest being charged at 2.15%. |
16. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
THAMESIDE FIRE PROTECTION CO. |
LIMITED (REGISTERED NUMBER: 03453185) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2024 |
17. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
The CBIL is secured by way of a floating charge over the company's assets. |
The invoice finance company has a fixed and floating charge over the assets of the company, there was no liability due at the year end. |
18. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 1,000 | 1,000 |
Preference | £1 | 750,000 | 750,000 |
751,000 | 751,000 |
Ordinary shares confer their holders the following rights: |
Each share is entitled to one vote in any circumstances, right to receive a dividend at a rate declared by the directors or any other distributions. |
Preference shares confer their holders the following rights: |
The right to a return of capital in priority to any payment to the holders of any ordinary shares in the event of the winding up of the company. |
19. | PENSION COMMITMENTS |
The company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension charge for the year was £60,807 (2023 - £64,716).There were unpaid employers contributions at the year end of £7,864 (2023 - £4,387). |
THAMESIDE FIRE PROTECTION CO. |
LIMITED (REGISTERED NUMBER: 03453185) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2024 |
20. | RELATED PARTY DISCLOSURES |
2024 | 2023 |
£ | £ |
Received rent | - | 24,750 |
Amount due to related party |
2024 | 2023 |
£ | £ |
Purchases |
Amount due from related party |
During the year, a total of key management personnel compensation of £ |
21. | ULTIMATE CONTROLLING PARTY |
The controlling party is J. G. Allen. |