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Registration number: 14359671

Thomas Turf Wales Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2024

 

Thomas Turf Wales Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 9

 

Thomas Turf Wales Limited

Company Information

Director

Mr S Thomas

Registered office

Victoria Depository
Waterston Industrial Estate Main Road
Waterston
Milford Haven
Pembrokeshire
SA73 1DP

 

Thomas Turf Wales Limited

(Registration number: 14359671)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

119,749

101,551

Current assets

 

Stocks

6

5,000

5,000

Debtors

7

18,789

12,974

Cash at bank and in hand

 

2,597

16,790

 

26,386

34,764

Creditors: Amounts falling due within one year

8

(101,702)

(101,985)

Net current liabilities

 

(75,316)

(67,221)

Total assets less current liabilities

 

44,433

34,330

Creditors: Amounts falling due after more than one year

8

(53,944)

(24,913)

Net (liabilities)/assets

 

(9,511)

9,417

Capital and reserves

 

Called up share capital

1

1

Profit and loss account

(9,512)

9,416

Total equity

 

(9,511)

9,417

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

Thomas Turf Wales Limited

(Registration number: 14359671)
Balance Sheet as at 30 September 2024

Approved and authorised by the director on 26 June 2025
 

.........................................
Mr S Thomas
Director

   
     
 

Thomas Turf Wales Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

1

General information

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

The address of its registered office is:
Victoria Depository
Waterston Industrial Estate Main Road
Waterston
Milford Haven
Pembrokeshire
SA73 1DP

These financial statements were authorised for issue by the director on 26 June 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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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 Turf Wales Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

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

Plant and machinery

25% reducing balance

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.

Debtors

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

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Thomas Turf Wales Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

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 in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

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 the director) during the year, was 1 (2023 - 2).

4

Loss/profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

23,752

20,822

 

Thomas Turf Wales Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

5

Tangible assets

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2023

105,168

17,205

122,373

Additions

41,950

-

41,950

At 30 September 2024

147,118

17,205

164,323

Depreciation

At 1 October 2023

16,521

4,301

20,822

Charge for the year

20,526

3,226

23,752

At 30 September 2024

37,047

7,527

44,574

Carrying amount

At 30 September 2024

110,071

9,678

119,749

At 30 September 2023

88,647

12,904

101,551

6

Stocks

2024
£

2023
£

Other inventories

5,000

5,000

7

Debtors

2024
£

2023
£

Trade debtors

18,018

11,202

Other debtors

771

1,772

18,789

12,974

 

Thomas Turf Wales Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

693

6,980

Taxation and social security

 

10,043

3,566

Other related parties

11

(29,653)

82,396

Directors' loan accounts

11

117,039

5,938

Outstanding defined contribution pension costs

 

84

59

Corporation tax liability

 

487

487

Other creditors

 

3,009

2,559

 

101,702

101,985

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

53,944

24,913

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary Share of £1 each

1

1

1

1

         

10

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

HP and finance lease liabilities

53,944

24,913

 

Thomas Turf Wales Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

11

Related party transactions

Transactions with directors

2024

At 1 October 2023
£

At 30 September 2024
£

Mr S Thomas

Interest free loan repayable on demand

5,939

5,939

     
   

 

2023

At 15 September 2022
£

Advances to director
£

Repayments by director
£

At 30 September 2023
£

Mr S Thomas

Interest free loan repayable on demand

-

(19,126)

25,065

5,939