Thompsons Accountancy Services Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 10721380 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2022

for

Thompsons Accountancy Services Limited

Page

Statement of Financial Position

1

Notes to the Financial Statements

3

FIXED ASSETS

Intangible assets

5

-

-

Tangible assets

6

-

994

-

994

CURRENT ASSETS

Debtors

7

395,756

467,289

Cash at bank and in hand

234,916

265,979

630,672

733,268

CREDITORS

Amounts falling due within one year

8

337,546

392,104

NET CURRENT ASSETS

293,126

341,164

TOTAL ASSETS LESS CURRENT LIABILITIES

293,126

342,158

CREDITORS

Amounts falling due after more than one year

9

60,000

78,000

NET ASSETS

233,126

264,158

CAPITAL AND RESERVES

Called up share capital

199

199

Retained earnings

232,927

263,959

233,126

264,158

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 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 23 September 2022 and were signed on its behalf by:

T Wiseman FCA - Director

K J Barrett FCCA - Director

1.	STATUTORY INFORMATION

Thompsons Accountancy Services 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:

10721380

Registered office:

Grove House

1 Grove Place

Bedford

Bedfordshire

MK40 3JJ

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.

Revenue recognition

Turnover represents the fair value of the consideration receivable in respect of professional services provided during the period, inclusive of direct expenses incurred on client assignments but excluding value added tax.

Where the outcome of a transaction can be estimated reliably, revenue associated with the transaction is recognised in the profit and loss account by reference to the stage of completion at the balance sheet date, provided that a right to consideration has been obtained through performance. Consideration accrues as contract activity progresses by reference to the value of work performed. Hence turnover in respect of service contracts represents the cost appropriate to the stage of completion of each contract plus attributable profits, less amounts recognised in previous periods where relevant.

Where the outcome of a transaction cannot be estimated reliably, revenue is recognised only to the extent that the cost of providing the service are recoverable. No revenue is recognised where there are significant uncertainties regarding the recovery of the consideration due. Expected losses are recognised as soon as they become probable based on latest estimates of revenue and costs.

Unbilled revenue is included in trade debtors as 'Amounts recoverable on contracts'. Amounts received on account, in excess of the amounts recognised as revenue are included in Creditors falling due within one year.

Goodwill

Goodwill represents payments made for the acquisition of a block of clients in 2017. Goodwill is being amortised evenly over its estimated useful life of three years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Office equipment and furniture

-

at varying rates on cost

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2021 - 19 ) .

5.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2021

and 31 March 2022

35,000

AMORTISATION

At 1 April 2021

and 31 March 2022

35,000

NET BOOK VALUE

At 31 March 2022

-

At 31 March 2021

-

6.	TANGIBLE FIXED ASSETS

Office

equipment

and

furniture

£

COST

At 1 April 2021

and 31 March 2022

27,895

DEPRECIATION

At 1 April 2021

26,901

Charge for year

994

At 31 March 2022

27,895

NET BOOK VALUE

At 31 March 2022

-

At 31 March 2021

994

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.22

31.3.21

£

£

Trade debtors

245,010

305,972

Amounts recoverable on contracts

132,362

145,625

Other debtors

412

3,078

Prepayments and accrued income

17,972

12,614

395,756

467,289

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.22

31.3.21

£

£

Bank loans and overdrafts

18,000

12,000

Payments on account

105,025

89,636

Amounts owed to associates

7,708

17,279

Tax

36,177

34,590

Social security and other taxes

18,317

22,564

VAT

106,485

138,214

Other creditors

14,066

14,331

Directors' current accounts

1,990

26,095

Accruals and deferred income

29,778

37,395

337,546

392,104

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.22

31.3.21

£

£

Bank loans - 1-2 years

18,000

18,000

Bank loans - 2-5 years

42,000

54,000

Bank loans more 5 yr by instal

-

6,000

60,000

78,000

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

-

6,000

10.	RELATED PARTY DISCLOSURES

At 31st March 2022 £7,708 was owed by the Company to Thompsons Accountants & Advisors Limited which is payable upon demand and is interest free. The balance at 30th March 2021 was £17,279 owed to the Company by Thompsons Accountants & Advisors Limited.