REGISTERED NUMBER: 01203605 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2025

for

R.H. Thaxter Limited

Page

Balance Sheet

1

Notes to the Financial Statements

3

Fixed assets

Tangible assets

5

738,692

731,347

Investment property

6

471,223

471,223

1,209,915

1,202,570

Current assets

Stocks

7

394,992

411,299

Debtors

8

49,049

91,972

Cash at bank and in hand

84,340

44,542

528,381

547,813

Creditors

Amounts falling due within one year

9

(426,778

)

(443,197

)

Net current assets

101,603

104,616

Total assets less current liabilities

1,311,518

1,307,186

Creditors

Amounts falling due after more than one year

10

(410,599

)

(403,267

)

Provisions for liabilities

(68,144

)

(64,174

)

Net assets

832,775

839,745

Capital and reserves

Called up share capital

7,151

7,501

Fair value reserve

12

106,754

106,754

Retained earnings

12

718,870

725,490

Shareholders' funds

832,775

839,745

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 October 2025 and were signed on its behalf by:

Mr R R Thaxter - Director

1.	Statutory information

R.H. Thaxter Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

01203605

Registered office:

49 Hunstanton Road

Dersingham

King's Lynn

Norfolk

PE31 6NA

The presentation currency of the financial statements is the Pound Sterling (£).

2.	Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	Accounting policies

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Critical accounting judgements and key sources of estimation uncertainty

The preparation of the financial statements in conformity with FRS 102 requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Investment property valuations are a source of uncertainty and have been assessed by the directors during the year.

Other than investment property, the straightforward operations and financial position of the company means that there is not considered to be any other key sources of judgement or estimation uncertainty within these financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Freehold property

-

2% on cost

Fixtures and fittings

-

15% p.a. reducing balance

Motor vehicles

-

25% p.a. reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items. Net realisable value is calculated at the lower of cost or selling price less cost to complete.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. 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 entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4.	Employees and directors

The average number of employees during the year was 64 (2024 - 62 ) .

5.	Tangible fixed assets

Fixtures

Freehold

and

Motor

property

fittings

vehicles

Totals

£

£

£

£

Cost

At 1 April 2024

821,968

484,254

46,906

1,353,128

Additions

7,951

2,864

42,710

53,525

Disposals

-

(17,381

)

-

(17,381

)

At 31 March 2025

829,919

469,737

89,616

1,389,272

Depreciation

At 1 April 2024

231,961

348,998

40,822

621,781

Charge for year

13,436

23,215

9,529

46,180

Eliminated on disposal

-

(17,381

)

-

(17,381

)

At 31 March 2025

245,397

354,832

50,351

650,580

Net book value

At 31 March 2025

584,522

114,905

39,265

738,692

At 31 March 2024

590,007

135,256

6,084

731,347

Included in cost of land and buildings is freehold land of £ 150,164 (2024 - £ 150,164 ) which is not depreciated.

6.	Investment property

Total

£

Fair value

At 1 April 2024

and 31 March 2025

471,223

Net book value

At 31 March 2025

471,223

At 31 March 2024

471,223

Investment property was valued by the directors in March 2025.at £150,000 the historic cost of the property is £14,730.

Investment property acquired in 2022 is carried at cost plus improvements, amounting to £321,223. The directors consider this valuation to be accurate.

Fair value at 31 March 2025 is represented by:

£

Valuation in 2018

135,270

Cost

335,953

471,223

7.

Stocks

31.3.25

31.3.24

£

£

Stocks

394,992

411,299

8.

Debtors: amounts falling due within one year

31.3.25

31.3.24

£

£

Trade debtors

15,486

14,495

Other debtors

756

-

Prepayments and accrued income

32,807

77,477

49,049

91,972

9.

Creditors: amounts falling due within one year

31.3.25

31.3.24

£

£

Bank loans and overdrafts

19,000

18,000

Hire purchase contracts

6,797

-

Trade creditors

223,657

251,036

Corporation tax

38,802

50,970

Social security and other taxes

75,897

70,867

Other creditors

16,342

12,203

Directors' current accounts

29,122

21,967

Accrued expenses

17,161

18,154

426,778

443,197

10.

Creditors: amounts falling due after more than one year

31.3.25

31.3.24

£

£

Bank loans - 2-5 years

80,000

72,000

Bank loans more 5 yr by instal

303,326

331,267

Hire purchase contracts

27,273

-

410,599

403,267

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

303,326

331,267

11.	Secured debts

Bank loans are secured against the assets of the company. The balance at the year enid amounted to £402,326.

12.

Reserves

Retained

Fair value

earnings

reserve

Totals

£

£

£

At 1 April 2024

725,490

106,754

832,244

Profit for the year

117,563

117,563

Dividends

(124,183

)

(124,183

)

At 31 March 2025

718,870

106,754

825,624

Profit and loss account - This reserve records distributable retained earnings and accumulated losses.

The fair value reserve represents revaluation of investment property, less deferred tax.