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

REGISTERED NUMBER: 04664338 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

FOR

THP LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A C Hart FCA

M A Boulter FCA FCCA

K L Demeza FCA

A Green FCA

L M Daley ACA FCCA

K Brasser FCCA

M Ingle FCA

SECRETARY:

M A Boulter FCA FCCA

REGISTERED OFFICE:

34-40 High Street

Wanstead

London

E11 2RJ

REGISTERED NUMBER:

04664338 (England and Wales)

FIXED ASSETS

Intangible assets

4

145,200

217,800

Tangible assets

5

4,100

7,522

149,300

225,322

CURRENT ASSETS

Debtors

6

796,888

1,029,310

Cash at bank and in hand

604,845

184,256

1,401,733

1,213,566

CREDITORS

Amounts falling due within one year

7

916,901

836,746

NET CURRENT ASSETS

484,832

376,820

TOTAL ASSETS LESS CURRENT LIABILITIES

634,132

602,142

CREDITORS

Amounts falling due after more than one year

8

42,014

-

NET ASSETS

592,118

602,142

CAPITAL AND RESERVES

Called up share capital

11

11,597

11,637

Capital redemption reserve

12

9,566

9,526

Retained earnings

12

570,955

580,979

SHAREHOLDERS' FUNDS

592,118

602,142

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 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 2 December 2021 and were signed on its behalf by:

A C Hart FCA - Director

M A Boulter FCA 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.

Preparation of consolidated financial statements

The financial statements contain information about THP Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated 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

Government grants

Government grants are accounted for on an accruals basis.

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 43 (2020 - 48 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2020

and 31 March 2021

3,380,161

AMORTISATION

At 1 April 2020

3,162,361

Charge for year

72,600

At 31 March 2021

3,234,961

NET BOOK VALUE

At 31 March 2021

145,200

At 31 March 2020

217,800

5.	TANGIBLE FIXED ASSETS

Improvements

Office

Fixtures

to

and IT

and

property

equipment

fittings

Totals

£

£

£

£

COST

At 1 April 2020

and 31 March 2021

12,090

61,984

65,267

139,341

DEPRECIATION

At 1 April 2020

12,090

58,612

61,117

131,819

Charge for year

-

1,713

1,709

3,422

At 31 March 2021

12,090

60,325

62,826

135,241

NET BOOK VALUE

At 31 March 2021

-

1,659

2,441

4,100

At 31 March 2020

-

3,372

4,150

7,522

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

2021

2020

£

£

Trade debtors

482,195

561,964

Amounts recoverable on work performed

126,077

183,581

Amounts owed by participating interests

14,000

45,732

Other debtors

8,484

17,627

Prepayments and accrued income

166,132

220,406

796,888

1,029,310

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

7,986

18,445

Other loans due within 1 year

133,310

-

Trade creditors

138,104

176,892

Corporation tax

57,914

85,142

Social security and other taxes

36,326

38,896

VAT

215,163

243,832

Other creditors

51,178

29,329

Directors' current accounts

837

24,522

Accruals and deferred income

276,083

219,688

916,901

836,746

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans 1 to 5 years

42,014

-

9.	LEASING AGREEMENTS

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

2021

2020

£

£

Within one year

69,355

79,234

Between one and five years

109,316

6,159

178,671

85,393

10.	SECURED DEBTS

The company's overdraft with Natwest Bank is 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

2021

2020

value:

£

£

2,575,000

B Ordinary

0.1p

2,575

2,575

Allotted and issued:

Number:

Class:

Nominal

2021

2020

value:

£

£

90,219

Ordinary

10p

9,022

9,062

(2020 - 90,619 )

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 2020

580,979

9,526

590,505

Profit for the year

172,426

-

172,426

Dividends

(170,450

)

-

(170,450

)

Purchase of own shares

(12,000

)

40

(11,960

)

At 31 March 2021

570,955

9,566

580,521

13.	RELATED PARTY DISCLOSURES

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

2021

2020

£

£

A C Hart FCA

837

24,522

837

24,522

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

During the year £13,522 (2020 : £30,000) was charged to THP Tax Solutions LLP in respect of management fees.

During the year £2,000 (2020 : £5,000) was charged to THP Tax Solutions LLP in respect of accountancy fees.

At the end of the year £14,000 was due from THP Tax Solutions LLP (2020 : £45,732).

14.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is A C Hart FCA.