THP Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 04664338 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

FOR

THP LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

A C Hart FCA

M A Boulter ACA FCCA

T M Housden ATT

K L Demeza ACA

A Green FCA

L M Daley ACA FCCA

N P Reynolds FCA

P G Conway FCA

K Brasser FCCA

M Ingle ACA

SECRETARY:

M A Boulter ACA FCCA

REGISTERED OFFICE:

34-40 High Street

Wanstead

London

E11 2RJ

REGISTERED NUMBER:

04664338 (England and Wales)

FIXED ASSETS

Intangible assets

4

623,935

788,535

Tangible assets

5

21,570

33,897

645,505

822,432

CURRENT ASSETS

Debtors

6

1,113,314

1,277,631

Cash at bank and in hand

234,161

58,081

1,347,475

1,335,712

CREDITORS

Amounts falling due within one year

7

1,058,800

1,156,618

NET CURRENT ASSETS

288,675

179,094

TOTAL ASSETS LESS CURRENT LIABILITIES

934,180

1,001,526

CREDITORS

Amounts falling due after more than one year

8

316,372

487,128

NET ASSETS

617,808

514,398

CAPITAL AND RESERVES

Called up share capital

11

13,566

14,326

Share premium

12

116,541

116,541

Capital redemption reserve

12

7,597

6,837

Retained earnings

12

480,104

376,694

SHAREHOLDERS' FUNDS

617,808

514,398

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 4 December 2017 and were signed on its behalf by:

A C Hart FCA - Director

M A Boulter ACA 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates

Estimates and judgements are continually evaluated and are based on historical experience and other factors,

including expectations of future events that are believed to be reasonable under the circumstances.

a) Critical judgements in applying the entity's accounting policies

There are no specific judgements, apart from those involving estimates as detailed below, that management

has made in the process of applying the entity’s accounting policies that have a significant effect on the

amounts recognised in the financial statements.

b) Critical accounting estimates and assumptions

The company makes estimates and assumptions concerning the future. The resulting accounting estimates can

differ from the related actual results. The estimates and assumptions that have a significant risk of causing a

material adjustment to the carrying amounts of assets and liabilities within the next financial year are

addressed below.

(i) Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful lives and

residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are

amended when necessary to reflect current estimates based on technological advancements, future

investments, economic utilisation and the physical condition of the assets. See note 6 for the carrying amount

of tangible assets and note 2 for the depreciation policy in respect of each class of asset.

(ii) Impairment of debtors

The company makes an estimate of the recoverable value of trade and other debtors. When assessing their

impairment, the management considers factors including the current credit rating of the debtor, the ageing

profile of debtors and historical experience. See note 7 for the net carrying amount of debtors.

(iii) Useful economic live of intangible assets

Goodwill and intangible assets are amortised over their useful economic lives and are assessed annually for

indications of impairment. See note 5 for the net carrying amount of intangible assets.

Turnover

Turnover represents net invoiced sales of services excluding value added tax, as adjusted for the movement in

the amount recoverable on work performed valued at selling price.

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.

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 55 (2016 - 56 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2016

and 31 March 2017

3,380,161

AMORTISATION

At 1 April 2016

2,591,626

Charge for year

164,600

At 31 March 2017

2,756,226

NET BOOK VALUE

At 31 March 2017

623,935

At 31 March 2016

788,535

5.	TANGIBLE FIXED ASSETS

Improvements

Office

Fixtures

to

and IT

and

property

equipment

fittings

Totals

£

£

£

£

COST

At 1 April 2016

12,090

92,731

65,928

170,749

Additions

-

2,690

-

2,690

At 31 March 2017

12,090

95,421

65,928

173,439

DEPRECIATION

At 1 April 2016

12,090

61,682

63,080

136,852

Charge for year

-

14,224

793

15,017

At 31 March 2017

12,090

75,906

63,873

151,869

NET BOOK VALUE

At 31 March 2017

-

19,515

2,055

21,570

At 31 March 2016

-

31,049

2,848

33,897

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

2017

2016

£

£

Amounts falling due within one year:

Trade debtors

677,632

923,668

Amounts recoverable on work performed

168,043

123,492

Other debtors

18,520

28,648

Directors' current accounts

63,127

11,200

Corporation tax recoverable

2,800

-

Prepayments and accrued income

183,192

187,823

1,113,314

1,274,831

Amounts falling due after more than one year:

Tax

-

2,800

Aggregate amounts

1,113,314

1,277,631

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

31,893

39,865

Directors' loans due within 1 year

110,000

124,500

Other loans due within 1 year

20,000

60,000

Trade creditors

126,305

147,318

Corporation tax

95,519

99,114

Social security and other taxes

42,236

45,243

VAT

272,158

305,821

Other creditors

45,814

25,387

Directors' current accounts

30,968

7,520

Accruals and deferred income

283,907

301,850

1,058,800

1,156,618

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans 1 to 5 years

77,307

109,717

Directors' loans 1 to 5 years

239,065

357,411

Other loans 1 to 5 years

-

20,000

316,372

487,128

9.	LEASING AGREEMENTS

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

2017

2016

£

£

Within one year

100,235

85,065

Between one and five years

97,101

155,474

197,336

240,539

10.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank loans

109,200

149,582

The Natwest Bank loan is secured by a personal guarantee from Mr AC Hart, a director of the company. All of

the remaining company's liabilities with Natwest Bank are 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

2017

2016

value:

£

£

109,913

A Ordinary

10p

10,991

11,101

(2016 - 111,005 )

2,575,000

B Ordinary

0.1p

2,575

3,225

(2016 - 3,225,000 )

13,566

14,326

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

Share

redemption

earnings

premium

reserve

Totals

£

£

£

£

At 1 April 2016

376,694

116,541

6,837

500,072

Profit for the year

298,656

-

-

298,656

Dividends

(170,572

)

-

-

(170,572

)

Purchase of own shares

(24,674

)

-

760

(23,914

)

At 31 March 2017

480,104

116,541

7,597

604,242

13.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2017 and

31 March 2016:

2017

2016

£

£

K C Pullen FCCA

Balance outstanding at start of year

11,200

-

Amounts advanced

51,927

11,200

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

63,127

11,200

Mr KC Pullen repaid the full balance on 11 August 2017.

14.	RELATED PARTY DISCLOSURES

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

2017

2016

£

£

A C Hart

55,968

35,549

N P Reynolds

99,789

158,507

P G Conway

113,191

176,790

268,948

370,846

15.	ULTIMATE CONTROLLING PARTY

There was no ultimate controlling party in this or the preceding year.

16.	FIRST YEAR ADOPTION

This is the first year that the company has presented its results under FRS 102 Section 1A. The last financial

statements under UK GAAP were for the period ended 31 March 2016. The date of transition to FRS 102 was 1

April 2015. There have been no significant changes in accounting policies as the result of transition to FRS102

and there have been no changes to the figures presented in previous periods.