W & H Thomas Ltd Filleted accounts for Companies House (small and micro)

W & H THOMAS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04839984

W & H Thomas Ltd

Filleted Unaudited Financial Statements

31 March 2021

W & H Thomas Ltd

Directors' Report

Year ended 31 March 2021

The directors present their report and the unaudited financial statements of the company for the year ended 31 March 2021 .

Directors

The directors who served the company during the year were as follows:

J W I Thomas
S E H Thomas

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 15 December 2021 and signed on behalf of the board by:

J W I Thomas	S E H Thomas
Director	Director

Registered office:

6 Swn Yr Efail

Pennant

Ceredigion

SY23 5AJ

W & H Thomas Ltd

Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of W & H Thomas Ltd

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 financial statements of W & H Thomas Ltd for the year ended 31 March 2021, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm 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 www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of W & H Thomas Ltd, as a body, in accordance with the terms of our engagement letter dated 15 May 2008. Our work has been undertaken solely to prepare for your approval the financial statements of W & H Thomas Ltd and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than W & H Thomas Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that W & H Thomas Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of W & H Thomas Ltd. You consider that W & H Thomas Ltd 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 financial statements of W & H Thomas Ltd. 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 financial statements.

FRANCIS GRAY Chartered accountants

Ty Madog 32 Queens Road Aberystwyth Ceredigion SY23 2HN

15 December 2021

W & H Thomas Ltd

Statement of Financial Position

31 March 2021

	2021		2020
Note	£	£	£

Fixed assets

Intangible assets	5	136,000	170,000
Tangible assets	6	1,227,772	793,583
		------------	---------
		1,363,772	963,583

Current assets

Stocks		30,250	34,500
Debtors	7	100,278	165,962
Cash at bank and in hand		1,132,566	341,778
		------------	---------
		1,263,094	542,240

Creditors: amounts falling due within one year	8	764,643		168,275
		------------		---------
Net current assets			498,451	373,965
			------------	------------
Total assets less current liabilities			1,862,223	1,337,548

Provisions

Taxation including deferred tax	33,085	24,214
	------------	------------
Net assets	1,829,138	1,313,334
	------------	------------

Capital and reserves

Called up share capital	1	1
Profit and loss account	1,829,137	1,313,333
	------------	------------
Shareholders funds	1,829,138	1,313,334
	------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

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.

Directors' responsibilities:

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

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

W & H Thomas Ltd

Statement of Financial Position (continued)

31 March 2021

These financial statements were approved by the board of directors and authorised for issue on 15 December 2021 , and are signed on behalf of the board by:

J W I Thomas	S E H Thomas
Director	Director

Company registration number: 04839984

W & H Thomas Ltd

Notes to the Financial Statements

Year ended 31 March 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 6 Swn Yr Efail, Pennant, Ceredigion, SY23 5AJ.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	5% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	20% straight line
Motor vehicles	-	20% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 30 (2020: 28 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 April 2020 and 31 March 2021	680,000
	---------
Amortisation
At 1 April 2020	510,000
Charge for the year	34,000
	---------
At 31 March 2021	544,000
	---------
Carrying amount
At 31 March 2021	136,000
	---------
At 31 March 2020	170,000
	---------

6. Tangible assets

	Land and buildings	Plant and machinery	Motor vehicles	Total
	£	£	£	£
Cost
At 1 April 2020	666,149	484,681	51,189	1,202,019
Additions	628,025	116,307	–	744,332
Disposals	( 240,536)	–	–	( 240,536)
	------------	---------	--------	------------
At 31 March 2021	1,053,638	600,988	51,189	1,705,815
	------------	---------	--------	------------
Depreciation
At 1 April 2020	–	387,508	20,928	408,436
Charge for the year	–	62,042	7,565	69,607
	------------	---------	--------	------------
At 31 March 2021	–	449,550	28,493	478,043
	------------	---------	--------	------------
Carrying amount
At 31 March 2021	1,053,638	151,438	22,696	1,227,772
	------------	---------	--------	------------
At 31 March 2020	666,149	97,173	30,261	793,583
	------------	---------	--------	------------

Freehold property comprises of the following:

	2021	2020
	£	£
Investment property	321,251	477,528
Non-investment property	732,387	188,621
	------------	---------
Total	1,053,638	666,149
	------------	---------

7. Debtors

	2021	2020
	£	£
Trade debtors	19,709	5,000
Other debtors	80,569	160,962
	---------	---------
	100,278	165,962
	---------	---------

Other debtors are made up as follows:

	2021	2020
	£	£
Loan to staff	22,428	75,428

8. Creditors: amounts falling due within one year

	2021	2020
	£	£
Bank loans and overdrafts	640,529	50,908
Trade creditors	29,629	45,581
Corporation tax	89,600	45,849
Social security and other taxes	4,885	25,937
	---------	---------
	764,643	168,275
	---------	---------

9. Directors' advances, credits and guarantees

The movements on the Directors' loan account in the year were as follows:

	2021	2020
	£	£
Directors' loan brought forward	85,534	85,335
Advances made to Directors in year	65,606	85,199
Repayments made by Directors in year	(93,000)	(85,000)
	--------	--------
Directors' loan carried forward	58,140	85,534
	--------	--------

10. Related party transactions

The company was under the control of the directors throughout the current and previous year. The company paid no rent during the year in previous year the company has paid what it considered to be fair market rent to the directors during the year (£40,200:2020). No other transactions with related parties were undertaken such as are required to be disclosed under FRS 102.