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

REGISTERED NUMBER: 04664338 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

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

217,800

311,400

Tangible assets

5

7,522

10,660

225,322

322,060

CURRENT ASSETS

Debtors

6

1,029,310

1,201,760

Cash at bank and in hand

184,256

16,804

1,213,566

1,218,564

CREDITORS

Amounts falling due within one year

7

836,746

993,739

NET CURRENT ASSETS

376,820

224,825

TOTAL ASSETS LESS CURRENT LIABILITIES

602,142

546,885

CREDITORS

Amounts falling due after more than one year

8

-

42,616

NET ASSETS

602,142

504,269

CAPITAL AND RESERVES

Called up share capital

11

11,637

11,723

Capital redemption reserve

12

9,526

9,440

Retained earnings

12

580,979

483,106

SHAREHOLDERS' FUNDS

602,142

504,269

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 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 and authorised for issue on 23 February 2021 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.

Going concern

The financial statements are prepared on the going concern basis, the company can continue its activities for the foreseeable future, being a period of not less than twelve months from the approval of these financial statements.

Coronavirus (COVID-19)

As with most businesses, the company has been affected by the global Coronavirus pandemic. There is considerable uncertainty as to the size, nature and duration of the impact that will result from the pandemic and the subsequent national response. The directors have considered all the information available to them and have a reasonable expectation that the company has sufficient reserves and resources to continue its operational activities for the foreseeable future.

Accordingly, the directors are satisfied that the going concern basis continues to be appropriate for the preparation of the annual financial statements.

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.

Goodwill

Goodwill relates to the amount paid in connection with business acquisitions, amortised over its useful economic life and assessed annually for indications of impairment. See note 5 for the net carrying value of intangible fixed assets.

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 48 (2019 - 47 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2019

and 31 March 2020

3,380,161

AMORTISATION

At 1 April 2019

3,068,761

Charge for year

93,600

At 31 March 2020

3,162,361

NET BOOK VALUE

At 31 March 2020

217,800

At 31 March 2019

311,400

5.	TANGIBLE FIXED ASSETS

Improvements

Office

Fixtures

to

and IT

and

property

equipment

fittings

Totals

£

£

£

£

COST

At 1 April 2019

12,090

69,083

71,763

152,936

Additions

-

2,156

-

2,156

Disposals

-

(9,255

)

(6,496

)

(15,751

)

At 31 March 2020

12,090

61,984

65,267

139,341

DEPRECIATION

At 1 April 2019

12,090

64,950

65,236

142,276

Charge for year

-

2,917

2,377

5,294

Eliminated on disposal

-

(9,255

)

(6,496

)

(15,751

)

At 31 March 2020

12,090

58,612

61,117

131,819

NET BOOK VALUE

At 31 March 2020

-

3,372

4,150

7,522

At 31 March 2019

-

4,133

6,527

10,660

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

2020

2019

£

£

Trade debtors

561,964

764,456

Amounts recoverable on work performed

183,581

227,511

Amounts owed by participating interests

45,732

-

Other debtors

17,627

13,982

Prepayments and accrued income

220,406

195,811

1,029,310

1,201,760

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

18,445

31,787

Directors' loans due within 1 year

24,522

-

Other loans due within 1 year

-

60,406

Trade creditors

176,892

121,254

Corporation tax

85,142

85,745

Social security and other taxes

38,896

39,189

VAT

243,832

272,840

Other creditors

29,329

35,725

Directors' current accounts

-

1,150

Accruals and deferred income

219,688

345,643

836,746

993,739

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans 1 to 5 years

-

17,616

Directors' loans 1 to 5 years

-

25,000

-

42,616

9.	LEASING AGREEMENTS

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

2020

2019

£

£

Within one year

88,609

106,801

Between one and five years

28,659

75,773

117,268

182,574

10.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank loans

18,445

49,403

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

2020

2019

value:

£

£

2,575,000

B Ordinary

0.1p

2,575

2,575

Allotted and issued:

Number:

Class:

Nominal

2020

2019

value:

£

£

90,619

Ordinary

10p

9,062

9,148

(2019 - 91,476 )

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 2019

483,106

9,440

492,546

Profit for the year

285,850

-

285,850

Dividends

(163,981

)

-

(163,981

)

Purchase of own shares

(23,996

)

86

(23,910

)

At 31 March 2020

580,979

9,526

590,505

13.	RELATED PARTY DISCLOSURES

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

2020

2019

£

£

A C Hart

24,522

26,150

24,522

26,150

THP Limited is a corporate member and holds a participating interest in THP Tax Solutions LLP.

During the year £30,000 (2019 : £nil) was received from THP Tax Solutions LLP in respect of management fees.

During the year £5,000 (2019 : £nil) was received from THP Tax Solutions LLP in respect of accountancy fees.

At the end of the year £45,732 was due from THP Tax Solutions LLP (2019 : £nil).

14.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is A C Hart FCA.

15.	POST BALANCE SHEET EVENTS

The impact of the Coronavirus (COVID-19) pandemic is considered and set out within the accounting policies.