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Company No: 10365701 (England and Wales)

THOMAS SOMERSET LTD

Unaudited Financial Statements
For the financial year ended 31 December 2024
Pages for filing with the registrar

THOMAS SOMERSET LTD

Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

THOMAS SOMERSET LTD

BALANCE SHEET

As at 31 December 2024
THOMAS SOMERSET LTD

BALANCE SHEET (continued)

As at 31 December 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 541 0
541 0
Current assets
Debtors 4 160 29
Cash at bank and in hand 9,935 4,771
10,095 4,800
Creditors: amounts falling due within one year 5 ( 9,699) ( 4,529)
Net current assets 396 271
Total assets less current liabilities 937 271
Net assets 937 271
Capital and reserves
Called-up share capital 6 3 3
Share premium account 99,999 99,999
Profit and loss account ( 99,065 ) ( 99,731 )
Total shareholders' funds 937 271

For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Thomas Somerset Ltd (registered number: 10365701) were approved and authorised for issue by the Board of Directors on 07 August 2025. They were signed on its behalf by:

Mr A Turner
Director
THOMAS SOMERSET LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
THOMAS SOMERSET LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Thomas Somerset Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office and principal place of business is 3 Greenways Business Park, Chippenham, SN15 1BN, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.

Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Trademarks, patents and licences 10 years straight line
Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 0 0

3. Intangible assets

Trademarks, patents
and licences
Total
£ £
Cost
At 01 January 2024 0 0
Additions 570 570
At 31 December 2024 570 570
Accumulated amortisation
At 01 January 2024 0 0
Charge for the financial year 29 29
At 31 December 2024 29 29
Net book value
At 31 December 2024 541 541
At 31 December 2023 0 0

4. Debtors

2024 2023
£ £
VAT recoverable 158 26
Other debtors 2 3
160 29

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 328 158
Amounts owed to directors 3,171 3,171
Accruals 1,200 1,200
Other creditors 5,000 0
9,699 4,529

6. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
2,858 Ordinary shares of £ 0.001 each 3 3

7. Related party transactions

Creditors due within one year include an interest free loan from the director totalling £3,171 (2023: £3,171).