Registration number:
Thomas Exchange UK Limited
for the Year Ended 31 December 2024
Thomas Exchange UK Limited
Contents
|
Balance Sheet |
|
|
Notes to the Unaudited Financial Statements |
Thomas Exchange UK Limited
(Registration number: 04237922)
Balance Sheet as at 31 December 2024
|
Note |
2024 |
(As restated) |
|
|
Fixed assets |
|||
|
Tangible assets |
|
|
|
|
Current assets |
|||
|
Stocks |
|
|
|
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current assets |
|
|
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
53,500 |
53,500 |
|
|
Profit and loss account |
7,783,046 |
7,349,754 |
|
|
Shareholders' funds |
7,836,546 |
7,403,254 |
Thomas Exchange UK Limited
(Registration number: 04237922)
Balance Sheet as at 31 December 2024
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 directors acknowledge their 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
|
......................................... |
|
......................................... |
Thomas Exchange UK Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
|
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
These financial statements were authorised for issue by the
|
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.
The financial statements are prepared in sterling, which is the functional currency of the company.Monetary amounts in these financial statements are rounded to the nearest £.
Going concern
The directors have assessed a period of 12 months from the date of approving the financial statements with regard to the appropriateness of the going concern assumption in preparing the financial statements. The company has continued to trade and the directors have formed the view that it is appropriate to prepare the accounts on a going concern basis.
The financial statements have been prepared under the going concern basis, on the understanding that the directors will continue to financially support the company for the foreseeable future.
Revenue recognition
Turnover represents amounts receivable for services provided.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
Government grants
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.
Thomas Exchange UK Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
Tax
The tax expense for the period comprises current 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 corporation 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.
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 |
|
Long-term leasehold |
15% |
|
Furniture and Fittings |
20% |
|
Computer equipment |
33% |
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.
Trade 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 in currency and stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase.
Trade 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 Exchange UK Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
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.
|
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
|
Tangible assets |
|
Land and buildings |
Furniture, fittings and equipment |
Total |
|
|
Cost or valuation |
|||
|
At 1 January 2024 |
|
|
|
|
Additions |
- |
|
|
|
At 31 December 2024 |
|
|
|
|
Depreciation |
|||
|
At 1 January 2024 |
|
|
|
|
Charge for the year |
|
|
|
|
At 31 December 2024 |
|
|
|
|
Carrying amount |
|||
|
At 31 December 2024 |
|
|
|
|
At 31 December 2023 |
|
|
|
Included within the net book value of land and buildings above is £32,641 (2023 - £53,591) in respect of long leasehold land and buildings.
Thomas Exchange UK Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
|
Stocks |
|
2024 |
2023 |
|
|
Other inventories |
|
|
|
Debtors |
|
Current |
Note |
2024 |
(As restated) |
|
Trade debtors |
|
|
|
|
Amounts owed by related parties |
|
|
|
|
Prepayments |
|
- |
|
|
Other debtors |
|
|
|
|
|
|
Thomas Exchange UK Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
|
Creditors |
Creditors: amounts falling due within one year
|
2024 |
2023 |
|
|
Due within one year |
||
|
Taxation and social security |
|
|
|
Accruals and deferred income |
|
|
|
Other creditors |
|
|
|
|
|
|
Share capital |
Allotted, called up and fully paid shares
|
2024 |
2023 |
|||
|
No. |
£ |
No. |
£ |
|
|
Ordinary of £1 each |
53,500 |
53,500 |
53,500 |
53,500 |
|
Reserves |
During the preparation of the financial statements for the year ended 31 December 2024, it was identified that an amount of £847,730, incorrectly treated as a dividend to Intercompany company in the 2023 accounts, should have been recorded as a holding company loan. To correct this misstatement, the prior year figures have been restated by reclassifying the amount from Retained Earnings to Intercompany Loans in the Statement of Financial Position, with the corresponding reversal of the dividend expense in the Statement of Changes in Equity.
Opening total shareholder's funds were originally showing a total of £6,555,524 before adding a prior year adjustment of £847,730 as noted above. The adjustment has been made to correct this error and all comparatives have been adjusted and restated where applicable.
Thomas Exchange UK Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
|
Related party transactions |
The company has taken advantage of the exemption available in FRS102 Section 33.1A "Related party disclosures" whereby it has not disclosed transactions with its parent undertaking as it is a wholly owned subsidiary.
|
Lease obligations |
The total of future minimum lease payments amounted to £2,069,904 (2023: £1,849,986).