Thom Micro Systems Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC075023 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

FOR

THOM MICRO SYSTEMS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

A R Lowe

G Thom

A J Thom

SECRETARY:

A J Thom

REGISTERED OFFICE:

7 Central Park Avenue

Larbert

Falkirk

FK5 4RX

REGISTERED NUMBER:

SC075023 (Scotland)

ACCOUNTANTS:

Robert J Hart & Company

Chartered Accountants

Riversleigh

9 Kilwinning Road

Irvine

Ayrshire

KA12 8RR

FIXED ASSETS

Tangible assets

4

173,316

180,590

CURRENT ASSETS

Debtors

5

793,288

936,147

Cash at bank and in hand

1,851,805

2,172,067

2,645,093

3,108,214

CREDITORS

Amounts falling due within one year

6

2,154,307

1,771,660

NET CURRENT ASSETS

490,786

1,336,554

TOTAL ASSETS LESS CURRENT LIABILITIES

664,102

1,517,144

CAPITAL AND RESERVES

Called up share capital

5,600

9,320

Share premium

13,600

13,600

Capital redemption reserve

13,000

9,280

Retained earnings

631,902

1,484,944

664,102

1,517,144

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 27 September 2021 and were signed on its behalf by:

A J Thom - Director

1.	STATUTORY INFORMATION

Thom Micro Systems Limited is a private company, limited by shares , registered in Scotland. 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.

Turnover

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

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision

of services in the ordinary course of the company’s activities. Turnover is shown net of sales/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.

Tangible fixed assets

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

Buildings - 4% straight line basis

Plant and machinery etc - 25% on reducing balance, 100% on cost, 50% on cost, and 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.

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.

Grants

Grants of a revenue nature are recognised in the income statement to match the related expenditure and when the conditions for receipt are met.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 39 (2019 - 40 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2020

385,408

193,382

578,790

Additions

-

39,357

39,357

Disposals

-

(13,411

)

(13,411

)

At 31 December 2020

385,408

219,328

604,736

DEPRECIATION

At 1 January 2020

214,802

183,398

398,200

Charge for year

12,672

30,980

43,652

Eliminated on disposal

-

(10,432

)

(10,432

)

At 31 December 2020

227,474

203,946

431,420

NET BOOK VALUE

At 31 December 2020

157,934

15,382

173,316

At 31 December 2019

170,606

9,984

180,590

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Trade debtors

767,387

751,724

Other debtors

25,901

184,423

793,288

936,147

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Trade creditors

261,583

240,111

Taxation and social security

409,189

370,424

Other creditors

1,483,535

1,161,125

2,154,307

1,771,660

7.	RELATED PARTY DISCLOSURES

Included in other creditors is a loan from a director of £100,000 (2019 - £100,000). Interest of £4,500 was paid during the year (2019 - £6,000). The loan has no fixed terms of repayment and is repayable on demand.