A.F. Thomas & Sons Limited
A.F. Thomas & Sons Limited
Registered number: 00650450
Unaudited Financial Statements
For The Year Ended
31 March 2021
Ellis Lloyd Jones LLP
A.F. Thomas & Sons Limited
Unaudited Financial Statements
For The Year Ended
31 March 2021
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Accountant's Report | 1 |
| Balance Sheet | 2—3 |
| Notes to the Financial Statements | 4—8 |
A.F. Thomas & Sons Limited
Accountant's Report
For The Year Ended
31 March 2021
Accountant's Report
Chartered Accountant's report to the director on the preparation of the unaudited statutory accounts of
A.F. Thomas & Sons Limited
For The Year Ended 31 March 2021
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the accounts of
A.F. Thomas & Sons Limited
For The Year Ended 31 March 2021 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given to us.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/membership/regulations-standards-and-guidance.
This report is made solely to the director of
A.F. Thomas & Sons 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
A.F. Thomas & Sons Limited
and state those matters that we have agreed to state to the director of
A.F. Thomas & Sons Limited
, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than
A.F. Thomas & Sons Limited
and its director, as a body, for our work or for this report.
It is your duty to ensure that
A.F. Thomas & Sons 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 or loss of
A.F. Thomas & Sons Limited
. You consider that
A.F. Thomas & Sons Limited
is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit of the accounts of
A.F. Thomas & Sons 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 financial statements.
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Chartered Accountants
11 Park Square
Newport
NP20 4EL
Page 1
A.F. Thomas & Sons Limited
Balance Sheet
As at
31 March 2021
Balance Sheet
Registered number:
00650450
For the 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.
| 2021 | 2020 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 4 |
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| Investments | 5 |
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| CURRENT ASSETS | |||||
| Stocks | 6 |
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| Debtors | 7 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 8 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 9 |
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| PROVISIONS FOR LIABILITIES | |||||
| Deferred Taxation |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 11 |
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| Revaluation reserve | 12 |
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| Capital redemption reserve |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 351,581 | 302,022 | |||
Page 2
A.F. Thomas & Sons Limited
Balance Sheet (continued)
As at
31 March 2021
Director's responsibilities
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The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
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Director
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The notes on pages 4 to 8 form part of these financial statements.
Page 3
A.F. Thomas & Sons Limited
Notes to the Financial Statements
For The Year Ended
31 March 2021
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
The presentational currency of the financial statements is pound sterling and the figures are rounded to the nearest pound.
1.2.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
1.3.
Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets includes trademarks and licences. Intangible assets are amortised to profit and loss account over their estimated economic life of 4 years.
1.4.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Freehold |
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| Leasehold |
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| Plant & Machinery |
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| Motor Vehicles |
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| Fixtures & Fittings |
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1.5.
Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
1.6.
Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
1.7.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
Page 4
A.F. Thomas & Sons Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2021
1.8.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 16 (2020: 16)
3.
Intangible Assets
| Other | |||
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| £ | |||
| Cost | |||
| As at
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| Amortisation | |||
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| Net Book Value | |||
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Page 5
A.F. Thomas & Sons Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2021
4.
Tangible Assets
| Land & Property | ||||
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| Freehold | Leasehold | Investment Properties | Plant & Machinery | |
| £ | £ | £ | £ | |
| Cost | ||||
| As at
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| Additions |
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| Disposals |
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| As at
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| Depreciation | ||||
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| Provided during the period |
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| Net Book Value | ||||
| As at
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| Motor Vehicles | Total | |
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| £ | £ | |
| Cost | ||
| As at
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| Additions |
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| Disposals |
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( |
| As at
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| Depreciation | ||
| As at
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| Provided during the period |
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| As at
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| Net Book Value | ||
| As at
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Page 6
A.F. Thomas & Sons Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2021
5.
Investments
| Unlisted | |
|---|---|
| £ | |
| Cost | |
| As at
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43,129 |
| Additions | 1,455 |
| As at
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44,584 |
| Provision | |
| As at
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- |
| As at
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| Net Book Value | |
| As at
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44,584 |
| As at
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43,129 |
6.
Stocks
| 2021 | 2020 | ||
|---|---|---|---|
| £ | £ | ||
| Stock - finished goods |
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7.
Debtors
| 2021 | 2020 | ||
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| £ | £ | ||
| Due within one year | |||
| Prepayments and accrued income |
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| Other debtors |
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8.
Creditors: Amounts Falling Due Within One Year
| 2021 | 2020 | ||
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| £ | £ | ||
| Net obligations under finance lease and hire purchase contracts |
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| Trade creditors |
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| Bank loans and overdrafts |
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| Corporation tax |
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| Other taxes and social security |
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| VAT |
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| Other creditors |
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| Accruals and deferred income |
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| Director's loan account |
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Page 7
A.F. Thomas & Sons Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2021
9.
Creditors: Amounts Falling Due After More Than One Year
| 2021 | 2020 | ||
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| £ | £ | ||
| Bank loans |
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| Other creditors |
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10.
Obligations Under Finance Leases and Hire Purchase
| 2021 | 2020 | ||
|---|---|---|---|
| £ | £ | ||
| The maturity of these amounts is as follows: | |||
| Amounts Payable: | |||
| Within one year |
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12.
Reserves
| Revaluation Reserve | |
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| £ | |
| As at
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| Transfer to profit and loss |
( |
| As at
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13.
General Information
A.F. Thomas & Sons Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
00650450
. The registered office is Unit (H) 1c Mendalgief Retail Park, Docks Way, Newport, Gwent, NP20 2NY.
Page 8