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Registered number: 10315095
Thatchers Motor Company Ltd
Financial Statements
For The Year Ended 30 September 2024
Heelan Associates Ltd
1 The Briars
Waterberry Drive
Waterlooville
Hampshire
PO7 7YH
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 10315095
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 2,159 3,130
Tangible Assets 5 86,068 100,731
Investments 6 23,880 -
112,107 103,861
CURRENT ASSETS
Stocks 7 1,869,228 1,900,574
Debtors 8 447,577 336,686
Cash at bank and in hand 277,967 147,668
2,594,772 2,384,928
Creditors: Amounts Falling Due Within One Year 9 (2,090,357 ) (1,965,085 )
NET CURRENT ASSETS (LIABILITIES) 504,415 419,843
TOTAL ASSETS LESS CURRENT LIABILITIES 616,522 523,704
Creditors: Amounts Falling Due After More Than One Year 10 (195,552 ) (296,784 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (19,630 ) (2,920 )
NET ASSETS 401,340 224,000
CAPITAL AND RESERVES
Called up share capital 11 2 2
Profit and Loss Account 401,338 223,998
SHAREHOLDERS' FUNDS 401,340 224,000
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For the 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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr G Thatcher
Director
11 April 2025
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Thatchers Motor Company Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 10315095 . The registered office is 1 The Briars , Waterberry Drive, Waterlooville, Hampshire , PO7 7YH.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are Goodwill and Trademarks. They are amortised to profit and loss account over its estimated economic life of 10 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 20% Straight Line
Plant & Machinery 20% Straight Line
Motor Vehicles 20% Straight Line
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 16 (2023: 14)
16 14
4. Intangible Assets
Other
£
Cost
As at 1 October 2023 9,706
As at 30 September 2024 9,706
Amortisation
As at 1 October 2023 6,576
Provided during the period 971
As at 30 September 2024 7,547
Net Book Value
As at 30 September 2024 2,159
As at 1 October 2023 3,130
5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Total
£ £ £ £
Cost
As at 1 October 2023 3,340 43,296 97,730 144,366
Additions - 21,449 - 21,449
Disposals - (27,606 ) - (27,606 )
As at 30 September 2024 3,340 37,139 97,730 138,209
Depreciation
As at 1 October 2023 2,671 21,818 19,146 43,635
Provided during the period 668 7,377 19,146 27,191
Disposals - (18,685 ) - (18,685 )
As at 30 September 2024 3,339 10,510 38,292 52,141
Net Book Value
As at 30 September 2024 1 26,629 59,438 86,068
As at 1 October 2023 669 21,478 78,584 100,731
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6. Investments
Unlisted
£
Cost
As at 1 October 2023 -
Additions 23,880
As at 30 September 2024 23,880
Provision
As at 1 October 2023 -
As at 30 September 2024 -
Net Book Value
As at 30 September 2024 23,880
As at 1 October 2023 -
7. Stocks
2024 2023
£ £
Stock 1,869,228 1,900,574
8. Debtors
2024 2023
£ £
Due within one year
Trade debtors 87,423 205,013
Other debtors 360,154 131,673
447,577 336,686
9. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 231,429 164,127
Bank loans and overdrafts 106,893 468,110
Stocking facilities 1,359,264 988,849
Other creditors 145,151 124,281
Taxation and social security 247,620 219,718
2,090,357 1,965,085
10. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 195,552 296,784
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11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
12. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 October 2023 Amounts advanced Amounts repaid Amounts written off As at 30 September 2024
£ £ £ £ £
Mr Gerard Thatcher 319 123,879 (319 ) - 123,879
The above loan is unsecured, interest free and repayable on demand.
13. Related Party Transactions
Loan paid to shareholder Mrs M Thatcher of £123,879 (£2023: £318) included in other
debtors. Repayable on demand.
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