THP Limited - Limited company accounts 23.2

REGISTERED NUMBER: 04664338 (England and Wales)

REPORT OF THE DIRECTORS AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

THP LIMITED

Page

Company Information

1

Report of the Directors

2

Income Statement

3

Balance Sheet

4

Notes to the Financial Statements

6

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)

The directors present their report with the financial statements of the company for the year ended 31 March 2023.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the provision of accounting, taxation and business advisory services.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2022 to the date of this report.

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

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

M A Boulter FCA FCCA - Director

5 October 2023

TURNOVER

3,572,459

3,310,054

Administrative expenses

3,030,353

2,803,572

542,106

506,482

Other operating income

-

1,319

OPERATING PROFIT

4

542,106

507,801

Interest payable and similar expenses

2,085

927

PROFIT BEFORE TAXATION

540,021

506,874

Tax on profit

5

131,713

117,346

PROFIT FOR THE FINANCIAL YEAR

408,308

389,528

FIXED ASSETS

Intangible assets

6

304,583

462,183

Tangible assets

7

69,463

1,092

374,046

463,275

CURRENT ASSETS

Debtors

8

887,596

866,762

Cash at bank and in hand

758,406

569,412

1,646,002

1,436,174

CREDITORS

Amounts falling due within one year

9

677,151

775,429

NET CURRENT ASSETS

968,851

660,745

TOTAL ASSETS LESS CURRENT LIABILITIES

1,342,897

1,124,020

CREDITORS

Amounts falling due after more than one year

10

(292,156

)

(316,978

)

PROVISIONS FOR LIABILITIES

(16,294

)

-

NET ASSETS

1,034,447

807,042

CAPITAL AND RESERVES

Called up share capital

12

11,580

11,580

Capital redemption reserve

13

9,583

9,583

Retained earnings

13

1,013,284

785,879

SHAREHOLDERS' FUNDS

1,034,447

807,042

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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 in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 5 October 2023 and were signed on its behalf by:

K L Demeza 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

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.

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet.

Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 48 (2022 - 45 ) .

4.	OPERATING PROFIT

The operating profit is stated after charging:

2023

2022

£

£

Depreciation - owned assets

1,092

3,008

Goodwill amortisation

157,600

108,017

5.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2023

2022

£

£

Current tax:

UK corporation tax

115,419

117,346

Deferred tax:

Transfer to/(from) deferred

tax

16,294

-

Tax on profit

131,713

117,346

UK corporation tax has been charged at 19% (2022 - 19%).

6.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2022

and 31 March 2023

3,805,161

AMORTISATION

At 1 April 2022

3,342,978

Charge for year

157,600

At 31 March 2023

3,500,578

NET BOOK VALUE

At 31 March 2023

304,583

At 31 March 2022

462,183

7.	TANGIBLE FIXED ASSETS

Improvements

Office

Fixtures

to

and IT

and

property

equipment

fittings

Totals

£

£

£

£

COST

At 1 April 2022

12,090

61,984

65,267

139,341

Additions

-

69,463

-

69,463

Disposals

-

(14,247

)

(5,631

)

(19,878

)

At 31 March 2023

12,090

117,200

59,636

188,926

DEPRECIATION

At 1 April 2022

12,090

61,624

64,535

138,249

Charge for year

-

360

732

1,092

Eliminated on disposal

-

(14,247

)

(5,631

)

(19,878

)

At 31 March 2023

12,090

47,737

59,636

119,463

NET BOOK VALUE

At 31 March 2023

-

69,463

-

69,463

At 31 March 2022

-

360

732

1,092

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.

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

532,367

462,188

Amounts recoverable on work performed

167,647

200,019

Amounts owed by participating interests

5,500

16,500

Other debtors

14,602

9,357

Prepayments and accrued income

167,480

178,698

887,596

866,762

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loan

10,648

10,648

Hire purchase contracts (see note 11)

23,154

-

Trade creditors

130,290

141,814

Corporation tax

115,419

117,303

Social security and other taxes

37,697

39,928

VAT

186,117

246,744

Other creditors

38,523

16,624

Directors' current accounts

627

451

Accruals and deferred income

134,676

201,917

677,151

775,429

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loan 1 to 5 years

22,539

32,228

Other loan 1 to 5 years

234,263

284,750

Hire purchase contracts (see note 11)

35,354

-

292,156

316,978

11.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

2023

2022

£

£

Net obligations repayable:

Within one year

23,154

-

Between one and five years

35,354

-

58,508

-

Non-cancellable

operating leases

2023

2022

£

£

Within one year

36,403

69,355

Between one and five years

1,940

39,961

38,343

109,316

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

2,575,000

B Ordinary

0.1p

2,575

2,575

Allotted and issued:

Number:

Class:

Nominal

2023

2022

value:

£

£

90,053

Ordinary

10p

9,005

9,005

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.

13.

RESERVES

Capital

Retained

redemption

earnings

reserve

Totals

£

£

£

At 1 April 2022

785,879

9,583

795,462

Profit for the year

408,308

-

408,308

Dividends

(180,903

)

-

(180,903

)

At 31 March 2023

1,013,284

9,583

1,022,867

14.	RELATED PARTY DISCLOSURES

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

2023

2022

£

£

A C Hart FCA

627

451

627

451

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

During the year £4,500 (2022 : £8,500) was charged to THP Tax Solutions LLP in respect of management fees.

During the year £1,000 (2022 : £1,000) was charged to THP Tax Solutions LLP in respect of accountancy fees.

At the end of the year £5,500 was due from THP Tax Solutions LLP (2022 : £16,500).

15.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is A C Hart FCA.