Thomas Andrew Limited - Period Ending 2021-03-31

Thomas Andrew Limited - Period Ending 2021-03-31


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Registration number: 06469420

Thomas Andrew Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2021

 

Thomas Andrew Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Financial Statements

5 to 10

 

Thomas Andrew Limited

Company Information

Directors

P A Ford

S D Mold

Registered office

Unit 2 Whites Close
Nix's Hill Industrial Estate
Alfreton
Derbyshire
DE55 7RB

Bankers

Natwest
1 Chesterfield Road
Alfreton
Derbyshire
DE55 7ZR

Accountants

Ashgates Corporate Services Limited
5 Prospect Place
Millennium Way
Pride Park
Derby
DE24 8HG

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Thomas Andrew Limited
for the Year Ended 31 March 2021

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Thomas Andrew Limited for the year ended 31 March 2021 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/ member/professional-standards/rules-standards/acca-rulebook.html.

This report is made solely to the Board of Directors of Thomas Andrew Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Thomas Andrew Limited and state those matters that we have agreed to state to the Board of Directors of Thomas Andrew Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Thomas Andrew Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Thomas Andrew Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Thomas Andrew Limited. You consider that Thomas Andrew Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Thomas Andrew Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

............................................................

Ashgates Corporate Services Limited
5 Prospect Place
Millennium Way
Pride Park
Derby
DE24 8HG

10 November 2021

 

Thomas Andrew Limited

(Registration number: 06469420)
Balance Sheet as at 31 March 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

4

20,318

38,252

Investments

5

180,000

180,000

 

200,318

218,252

Current assets

 

Debtors

6

24,000

24,131

Cash at bank and in hand

 

103,448

190,758

 

127,448

214,889

Creditors: Amounts falling due within one year

7

(47,344)

(91,713)

Net current assets

 

80,104

123,176

Total assets less current liabilities

 

280,422

341,428

Creditors: Amounts falling due after more than one year

7

(3,058)

(9,175)

Provisions for liabilities

(3,861)

(7,268)

Net assets

 

273,503

324,985

Capital and reserves

 

Called up share capital

9

50,000

50,000

Capital redemption reserve

50,000

50,000

Profit and loss account

173,503

224,985

Total equity

 

273,503

324,985

 

Thomas Andrew Limited

(Registration number: 06469420)
Balance Sheet as at 31 March 2021

For the financial year ending 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their director acknowledges his 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 10 November 2021 and signed on its behalf by:
 

.........................................

P A Ford
Director

 

Thomas Andrew Limited

Notes to the Financial Statements for the Year Ended 31 March 2021

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of the registered office is given in the company information on page 1 of these financial statements.

2

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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 presented in Sterling (£) and rounded to the nearest £1.

Going concern

The global pandemic known as Covid-19 is causing uncertainty throughout the UK economy and the company has been affected by this. Based on the information available and using a reasonable range of assumptions, the business can continue as a going concern and the accounts have been prepared on this basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Government grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets by equal annual instalments. Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

 

Thomas Andrew Limited

Notes to the Financial Statements for the Year Ended 31 March 2021

Tax

The tax expense for the period comprises current and deferred 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 income 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.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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

Plant and machinery

33% straight line basis

Office equipment

25% straight line basis

Motor vehicles

25% straight line basis

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

Thomas Andrew Limited

Notes to the Financial Statements for the Year Ended 31 March 2021

Hire Purchase and Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation. Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2020 - 1).

 

Thomas Andrew Limited

Notes to the Financial Statements for the Year Ended 31 March 2021

4

Tangible assets

Office equipment
 £

Motor vehicles
 £

Plant and machinery
 £

Total
£

Cost or valuation

At 1 April 2020

23,440

87,430

4,995

115,865

At 31 March 2021

23,440

87,430

4,995

115,865

Depreciation

At 1 April 2020

21,214

51,404

4,995

77,613

Charge for the year

2,226

15,708

-

17,934

At 31 March 2021

23,440

67,112

4,995

95,547

Carrying amount

At 31 March 2021

-

20,318

-

20,318

At 31 March 2020

2,226

36,026

-

38,252

5

Investments

2021
£

2020
£

Investments in subsidiaries

180,000

180,000

Subsidiaries

£

Cost or valuation

At 1 April 2020

180,000

Provision

Carrying amount

At 31 March 2021

180,000

At 31 March 2020

180,000

 

Thomas Andrew Limited

Notes to the Financial Statements for the Year Ended 31 March 2021

6

Debtors

2021
£

2020
£

Trade debtors

24,000

24,000

Other debtors

-

131

24,000

24,131

7

Creditors

Note

2021
£

2020
£

Due within one year

 

Loans and borrowings

8

6,117

6,117

Trade creditors

 

75

283

Amounts owed to group undertakings

-

5

Taxation and social security

 

39,023

82,996

Other creditors

 

2,129

2,312

 

47,344

91,713

Due after one year

 

Loans and borrowings

8

3,058

9,175

8

Loans and borrowings

2021
£

2020
£

Non-current loans and borrowings

Hire purchase contracts

3,058

9,175

2021
£

2020
£

Current loans and borrowings

Hire purchase contracts

6,117

6,117

Hire purchase contracts are secured against the assets which are being financed.

 

Thomas Andrew Limited

Notes to the Financial Statements for the Year Ended 31 March 2021

9

Share capital

Allotted, called up and fully paid shares

 

2021

2020

 

No.

£

No.

£

Ordinary shares of £1 each

50,000

50,000

50,000

50,000

         

10

Non adjusting events after the financial period

After the balance sheet date, dividends of £46,000 have been voted.