Theo Bros Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 12162796 (England and Wales)

Unaudited Financial Statements

for the Period 19 August 2019 to 31 August 2020

for

Theo Bros Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

P Theophanous

A Theophanous

REGISTERED OFFICE:

281 Barlow Moor Road

Manchester

Greater Manchester

M21 7GH

REGISTERED NUMBER:

12162796 (England and Wales)

ACCOUNTANTS:

Lucas Reis Ltd

Chartered Accountants

Landmark House

Station Rd

Cheadle Hulme

Cheshire

SK8 7BS

FIXED ASSETS

Intangible assets

4

216,000

Tangible assets

5

20,675

236,675

CURRENT ASSETS

Stocks

1,985

Debtors

6

28,387

Cash at bank and in hand

112,408

142,780

CREDITORS

Amounts falling due within one year

7

146,406

NET CURRENT LIABILITIES

(3,626

)

TOTAL ASSETS LESS CURRENT LIABILITIES

233,049

CREDITORS

Amounts falling due after more than one year

8

(197,292

)

PROVISIONS FOR LIABILITIES

(3,087

)

NET ASSETS

32,670

CAPITAL AND RESERVES

Called up share capital

10

1,000

Retained earnings

31,670

SHAREHOLDERS' FUNDS

32,670

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 August 2020.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 August 2020 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 May 2021 and were signed on its behalf by:

A Theophanous - Director

1.	STATUTORY INFORMATION

Theo Bros 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.

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2020, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

20% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 period 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 contributes to a defined contributions pension scheme. Contributions payable to the nominated workplace 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 period was 12 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

Additions

240,000

At 31 August 2020

240,000

AMORTISATION

Charge for period

24,000

At 31 August 2020

24,000

NET BOOK VALUE

At 31 August 2020

216,000

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

COST

Additions

21,227

4,616

25,843

At 31 August 2020

21,227

4,616

25,843

DEPRECIATION

Charge for period

4,245

923

5,168

At 31 August 2020

4,245

923

5,168

NET BOOK VALUE

At 31 August 2020

16,982

3,693

20,675

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Trade debtors

20,523

Prepayments

7,864

28,387

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Bank loans and overdrafts

17,500

Trade creditors

12,074

Corporation Tax

10,878

PAYE

4,955

VAT

22,952

Directors' current accounts

75,046

Accrued expenses

3,001

146,406

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

£

Bank loans - 2-5 years

197,292

9.	SECURED DEBTS

The following secured debts are included within creditors:

£

Bank Loan

164,792

The loan is secured via a fixed and floating charge over the company's assets.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

value:

£

1,000

Ordinary

£1

1,000

1,000 Ordinary shares of £1 each were allotted and fully paid for cash at par during the period.

11.	ULTIMATE CONTROLLING PARTY

Their is no ultimate controlling party by virtue of shareholding or voting rights.