THP Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04664338 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

FOR

THP LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A C Hart FCA

M A Boulter ACA FCCA

K L Demeza ACA

A Green FCA

L M Daley ACA FCCA

K Brasser FCCA

M Ingle ACA

SECRETARY:

M A Boulter ACA FCCA

REGISTERED OFFICE:

34-40 High Street

Wanstead

London

E11 2RJ

REGISTERED NUMBER:

04664338 (England and Wales)

FIXED ASSETS

Intangible assets

4

311,400

459,335

Tangible assets

5

10,660

18,663

322,060

477,998

CURRENT ASSETS

Debtors

6

1,201,760

1,090,169

Cash at bank and in hand

16,804

221

1,218,564

1,090,390

CREDITORS

Amounts falling due within one year

7

993,739

1,081,333

NET CURRENT ASSETS

224,825

9,057

TOTAL ASSETS LESS CURRENT LIABILITIES

546,885

487,055

CREDITORS

Amounts falling due after more than one year

8

42,616

82,205

NET ASSETS

504,269

404,850

CAPITAL AND RESERVES

Called up share capital

11

11,723

11,823

Capital redemption reserve

12

9,440

9,340

Retained earnings

12

483,106

383,687

SHAREHOLDERS' FUNDS

504,269

404,850

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 18 December 2019 and were signed on its behalf by:

A C Hart FCA - Director

M A Boulter ACA FCCA - Director

1.	STATUTORY INFORMATION

THP Limited is a private company, limited by shares , registered in England and Wales. The company's registered number

and registered office address can be found on the Company Information page.

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including

expectations of future events that are believed to be reasonable under the circumstances.

a) Critical judgements in applying the entity's accounting policies

There are no specific judgements, apart from those involving estimates as detailed below, that management has made in the

process of applying the entity’s accounting policies that have a significant effect on the amounts recognised in the financial

statements.

b) Critical accounting estimates and assumptions

The company makes estimates and assumptions concerning the future. The resulting accounting estimates can differ from

the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the

carrying amounts of assets and liabilities within the next financial year are addressed below.

(i) Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful lives and residual values of

the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to

reflect current estimates based on technological advancements, future investments, economic utilisation and the physical

condition of the assets. See note 6 for the carrying amount of tangible assets and note 2 for the depreciation policy in

respect of each class of asset.

(ii) Impairment of debtors

The company makes an estimate of the recoverable value of trade and other debtors. When assessing their impairment, the

management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical

experience. See note 7 for the net carrying amount of debtors.

(iii) Useful economic live of intangible assets

Goodwill and intangible assets are amortised over their useful economic lives and are assessed annually for indications of

impairment. See note 5 for the net carrying amount of intangible assets.

Revenue recognition

Turnover represents net invoiced sales of services excluding value added tax, as adjusted for the movement in the amount

recoverable, valued at selling price and recognised in the period in which the work is performed.

Tangible fixed assets

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

Improvements to property

-

20% on cost

Office and IT equipment

-

20% - 33% on cost

Fixtures and fittings

-

20% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 47 (2018 - 52 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2018

and 31 March 2019

3,380,161

AMORTISATION

At 1 April 2018

2,920,826

Charge for year

147,935

At 31 March 2019

3,068,761

NET BOOK VALUE

At 31 March 2019

311,400

At 31 March 2018

459,335

5.	TANGIBLE FIXED ASSETS

Improvements

Office

Fixtures

to

and IT

and

property

equipment

fittings

Totals

£

£

£

£

COST

At 1 April 2018

12,090

72,924

71,763

156,777

Additions

-

2,983

-

2,983

Disposals

-

(6,824

)

-

(6,824

)

At 31 March 2019

12,090

69,083

71,763

152,936

DEPRECIATION

At 1 April 2018

12,090

63,165

62,859

138,114

Charge for year

-

8,259

2,377

10,636

Eliminated on disposal

-

(6,474

)

-

(6,474

)

At 31 March 2019

12,090

64,950

65,236

142,276

NET BOOK VALUE

At 31 March 2019

-

4,133

6,527

10,660

At 31 March 2018

-

9,759

8,904

18,663

The depreciation policy has been applied to the original cost of the assets which for the most part were acquired from

predecessor firms, rather than the net book values brought forward on acquisition, which are deemed to be the cost to the

company.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

764,456

714,987

Amounts recoverable on work performed

227,511

156,122

Other debtors

13,982

18,305

Corporation tax recoverable

-

2,800

Prepayments and accrued income

195,811

197,955

1,201,760

1,090,169

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

31,787

53,745

Directors' loans due within 1 year

-

49,794

Other loans due within 1 year

60,406

92,841

Trade creditors

121,254

127,352

Corporation tax

85,745

94,146

Social security and other taxes

39,189

40,767

VAT

272,840

257,458

Other creditors

35,725

42,574

Directors' current accounts

1,150

20,559

Accruals and deferred income

345,643

302,097

993,739

1,081,333

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Bank loans 1 to 5 years

17,616

47,705

Directors' loans 1 to 5 years

25,000

25,000

Other loans 1 to 5 years

-

9,500

42,616

82,205

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2019

2018

£

£

Within one year

106,801

106,801

Between one and five years

75,773

98,613

182,574

205,414

10.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Bank overdraft

-

21,852

Bank loans

49,403

79,598

49,403

101,450

The Natwest Bank loan is secured by a personal guarantee from Mr AC Hart, a director of the company. All of the remaining

company's liabilities with Natwest Bank are secured by a fixed and floating charge over the company's assets.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

91,476

A Ordinary

10p

9,148

9,248

(2018 - 92,476 )

2,575,000

B Ordinary

0.1p

2,575

2,575

11,723

11,823

The holders of the B Ordinary Shares are not entitled to receive notice of, or attend, or vote at any General Meeting of the

Company.

The Directors may at any time resolve to declare a dividend on one or more classes of share and not one or other classes.

On dissolution of the Company, the surplus assets of the company, after settling its liabilities, shall be distributed in the

following order :-

1. Paying the A Ordinary Shares an amount per share equal to the sum paid up or credited as paid up.

2. Paying the B Ordinary Shares an amount per share equal to the sum paid up or credited as paid up.

3. Paying the balance of the remaining assets to the A Ordinary Shares in proportion to the amounts

paid up or credited as paid.

12.

RESERVES

Capital

Retained

redemption

earnings

reserve

Totals

£

£

£

At 1 April 2018

383,687

9,340

393,027

Profit for the year

282,178

-

282,178

Dividends

(158,759

)

-

(158,759

)

Purchase of own shares

(24,000

)

100

(23,900

)

At 31 March 2019

483,106

9,440

492,546

13.	RELATED PARTY DISCLOSURES

The Directors were owed the following amounts by the company at the end of the year:

2019

2018

£

£

A C Hart

26,150

45,559

P G Conway retired 31 March 2018

-

49,794

26,150

95,353

The controlling party is A C Hart FCA.

The ultimate controlling party is A C Hart FCA.