1 August 2023 v2025.21.1 limited_company_frs_102_section_1a_v1_1_2 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP081355732023-08-012024-07-31081355732024-07-31081355732023-07-3108135573core:WithinOneYear2024-07-3108135573core:WithinOneYear2023-07-3108135573core:AfterOneYear2024-07-3108135573core:AfterOneYear2023-07-3108135573core:ShareCapital2024-07-3108135573core:ShareCapital2023-07-3108135573core:RetainedEarningsAccumulatedLosses2024-07-3108135573core:RetainedEarningsAccumulatedLosses2023-07-3108135573bus:Director12023-08-012024-07-3108135573bus:RegisteredOffice2023-08-012024-07-3108135573core:OtherResidualIntangibleAssets2023-08-012024-07-3108135573core:FurnitureFittings2023-08-012024-07-3108135573core:OfficeEquipment2023-08-012024-07-3108135573core:MotorVehicles2023-08-012024-07-31081355732022-08-012023-07-3108135573core:IntangibleAssetsOtherThanGoodwill2023-08-012024-07-3108135573core:IntangibleAssetsOtherThanGoodwill2024-07-3108135573core:PlantMachinery2023-08-0108135573core:PlantMachinery2023-08-012024-07-3108135573core:PlantMachinery2024-07-3108135573core:PlantMachinery2023-07-310813557312023-08-012024-07-3108135573countries:EnglandWales2023-08-012024-07-3108135573bus:AuditExemptWithAccountantsReport2023-08-012024-07-3108135573bus:PrivateLimitedCompanyLtd2023-08-012024-07-3108135573bus:SmallEntities2023-08-012024-07-3108135573bus:FullAccounts2023-08-012024-07-31
Company registration number:
08135573
ThePes Limited
Unaudited Filleted Financial Statements for the year ended
31 July 2024
ThePes Limited
Statement of Financial Position
31 July 2024
20242023
Note££
Fixed assets    
Intangible assets 5
5,682
  -  
Tangible assets 6
53,551
 
13,129
 
59,233
 
13,129
 
Current assets    
Debtors 7
714,821
 
775,486
 
Cash at bank and in hand
220,683
 
245,224
 
935,504
 
1,020,710
 
Creditors: amounts falling due within one year 8
(238,817
)
(254,746
)
Net current assets
696,687
 
765,964
 
Total assets less current liabilities 755,920   779,093  
Creditors: amounts falling due after more than one year 9
(104,022
)
(117,139
)
Provisions for liabilities
(1,682
)
(3,282
)
Net assets
650,216
 
658,672
 
Capital and reserves    
Called up share capital
1,000
 
1,000
 
Profit and loss account
649,216
 
657,672
 
Shareholders funds
650,216
 
658,672
 
For the 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 financial statements for the year in question in accordance with section 476;
  • The directors acknowledge their responsibilities for complying with the requirements of the Act 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.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
25 April 2025
, and are signed on behalf of the board by:
Mr N Ingham
Director
Company registration number:
08135573
ThePes Limited
Notes to the Financial Statements
Year ended
31 July 2024

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
Unit 8 Laceby Business Park
,
Grimsby Road
,
Laceby
,
North East Lincolnshire
,
DN37 7DP
, United Kingdom.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax.

Current tax

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Intangible assets

Intangible assets are initially measured at cost and are subsequently measured at cost less any accumulated amortisation and accumulated impairment losses or at a revalued amount. However, Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Any intangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Other intangible assets
Straight line over 20 years

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
20% straight line
Office equipment
25% straight line
Motor vehicles
25% reducing balance

Finance leases and hire purchase contracts

Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.
Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Government grants

Government grants relate to monies received from the government to assist the business with the impact of Covid 19.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured on an undiscounted basis at the tax rates that would apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted at the statement of financial position date.

Defined contribution pension plan

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4 Average number of employees

The average number of persons employed by the company during the year was
8
(2023:
8
).

5 Intangible assets

Other intangible assets
£
Cost  
At
1 August 2023
-  
Additions
5,929
 
At
31 July 2024
5,929
 
Amortisation  
At
1 August 2023
-  
Charge
247
 
At
31 July 2024
247
 
Carrying amount  
At
31 July 2024
5,682
 
At 31 July 2023 -  

6 Tangible assets

Plant and machinery etc.
£
Cost  
At
1 August 2023
43,142
 
Additions
64,696
 
Disposals
(24,229
)
At
31 July 2024
83,609
 
Depreciation  
At
1 August 2023
30,013
 
Charge
13,892
 
Disposals
(13,847
)
At
31 July 2024
30,058
 
Carrying amount  
At
31 July 2024
53,551
 
At 31 July 2023
13,129
 

7 Debtors

20242023
££
Trade debtors
292,328
 
351,098
 
Amounts owed by group undertakings and undertakings in which the company has a participating interest
416,796
 
415,800
 
Other debtors
5,697
 
8,588
 
714,821
 
775,486
 

8 Creditors: amounts falling due within one year

20242023
££
Bank loans and overdrafts
13,000
 
10,000
 
Trade creditors
23,400
 
24,453
 
Taxation and social security
185,579
 
215,173
 
Other creditors
16,838
 
5,120
 
238,817
 
254,746
 
There is a fixed and floating charge over the company's assets by Barclays Bank PLC in relation to the outstanding loan.

9 Creditors: amounts falling due after more than one year

20242023
££
Bank loans and overdrafts
101,272
 
117,139
 
Other creditors
2,750
  -  
104,022
 
117,139
 
There is a fixed and floating charge over the company's assets by Barclays Bank PLC in relation to the outstanding loan.