During the period, the company made further cash advances to a director of £1,600. The aggregate net amount so advanced to the directors at the end of the year therefore increased to £13,870. There were no set terms for this arrangement and therefore no interest has been charged on the balances advanced. The above amount due to the company at the end of the period is included within the total of debtors due within one year.
Creditors falling due within one year includes an amount of £12,209 (2023: £12,334), which is due to a subsidiary company, Reality Estate Agents Limited.
Reality Estate Agents Limited is a trading company in which 51% of the share capital is held by Thompson-Carne Limited.
Funds have been advanced by Reality Estate Agents Limited by way of loan. Net of amounts repaid, the above balance represents the amount remaining due to Reality Estate Agents Limited at the end of the period.
There are no set terms for this loan.
The average number of persons, including directors, employed by the company during the year was as follows:
The directors who held office during the period, both passed away during the year and were:
Mr A N Thompson (deceased 10/10/23)
Mrs L A Thompson (Deceased 19/06/23)
Mr C R Thompson, as Executor of the deceased directors, was appointed as a director of the company on 30 January 2025 in order to undertake the administrative tasks of bringing company affairs up to date following the death of the two serving directors and shareholders.
The company's investment in the subsidiary company, which was previously included under fixed assets at its cost of £20,400, has been written down to nil at the end of the financial year.
The holding comprises 20,400 £1 shares in Reality Estate Agents Limited, which represents a 51% holding of the share capital of that company.
Reality Estate Agents Limited is a trading company registered in UK.
However, due to the adverse financial position of the subsidiary following the impact upon it of the death of the two directors, recovery of any value from this investment is considered doubtful.
Provision has therefore been made against this investment through the charge to the profit and loss account of a provision for diminution in value of the investment of £20,400.
Thompson-Carne Limited is a private company limited by shares incorporated in England and Wales. The registered office is 46 King Street, Norwich, Norfolk, NR1 1PD.