Thomas Thomas and Sons (Swansea) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00451113 (England and Wales)

THOMAS THOMAS AND SONS

(SWANSEA) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

8

DIRECTORS:

Mrs. B M Rogers

Mrs. R C Jackson

P Rogers

SECRETARY:

M T Rayner

REGISTERED OFFICE:

3 New Mill Court

Swansea Enterprise Park

Swansea

SA7 9FG

REGISTERED NUMBER:

00451113 (England and Wales)

ACCOUNTANTS:

Gerald Thomas

Chartered Accountants

3 New Mill Court

Swansea Enterprise Park

Swansea

SA7 9FG

FIXED ASSETS

Tangible assets

5

3,000,001

3,000,001

Investments

6

4,043

5,102

3,004,044

3,005,103

CURRENT ASSETS

Debtors

7

413

5,975

Cash at bank

133,831

109,480

134,244

115,455

CREDITORS

Amounts falling due within one year

8

167,978

150,525

NET CURRENT LIABILITIES

(33,734

)

(35,070

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,970,310

2,970,033

PROVISIONS FOR LIABILITIES

-

(200

)

ACCRUALS AND DEFERRED INCOME

(74,413

)

(74,413

)

NET ASSETS

2,895,897

2,895,420

CAPITAL AND RESERVES

Called up share capital

8,006

8,006

Fair value reserve

9

2,885,739

2,886,592

Retained earnings

2,152

822

SHAREHOLDERS' FUNDS

2,895,897

2,895,420

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2021 and were signed on its behalf by:

Mrs. B M Rogers - Director

1.	STATUTORY INFORMATION

Thomas Thomas and Sons (Swansea) 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 (£).

The currency is rounded to the nearest (£)

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The company has recorded a profit and has sufficient assets to discharge its liabilities and the directors believe that the company is well placed to manage its business risks successfully, despite the current uncertain economic outlook and have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

In considering the Coronavirus disease 2019 (COVID-19), the directors understand the situation is still evolving following the lifting of lockdown restrictions and the full impact on the business is unclear. The directors have taken steps to mitigate the risk to the business and although there is uncertainty, the directors are confident that all reasonable measures which can be taken, have been, to safeguard the business, the staff and clients.

Significant judgements and estimates

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors which are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision only effects that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The following are the critical judgements that the directors have made in the process of applying the company's accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

Impairment of assets

Assets are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the income statement.

Provisions and contingencies

Provisions are recognised when the company has a present obligation as a result of a past event and a reliable estimate can be made of a probable adverse outcome. Otherwise, material contingent liabilities are disclosed unless a transfer of economic benefits is considered remote. Contingent assets are only disclosed if an inflow of economic benefits is probable.

Turnover and revenue recognition

Turnover represents rental income which is invoiced in advance and is recognised evenly over the period to which it relates.

Financial instruments

Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Basic financial liabilities, including trade and other creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

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 taxation

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.

Investments

Fixed asset investments are stated at market or fair value. Surpluses or deficits arising from changes in fair value are recognised in profit or loss and transferred to the fair value reserve.

Investment income

Investment income relates to dividends and interest receivable and is recognised in the period to which it relates.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2019 - 4 ) .

5.	TANGIBLE FIXED ASSETS

Investment

Computer

Property

equipment

Totals

£

£

£

COST

At 1 January 2020

and 31 December 2020

3,000,000

750

3,000,750

DEPRECIATION

At 1 January 2020

and 31 December 2020

-

749

749

NET BOOK VALUE

At 31 December 2020

3,000,000

1

3,000,001

At 31 December 2019

3,000,000

1

3,000,001

The investment property was valued by the directors at the balance sheet date at £3,000,000 (2019: £3,000,000) on an open market basis. The historical cost of the investment property is £161,428 (2019: £161,428), on which cumulative depreciation of £47,167 (2019: £47,167) has been charged.

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST OR VALUATION

At 1 January 2020

5,102

Additions

141

Revaluations

(1,054

)

Impairments

(146

)

At 31 December 2020

4,043

NET BOOK VALUE

At 31 December 2020

4,043

At 31 December 2019

5,102

Cost or valuation at 31 December 2020 is represented by:

Other

investments

£

Valuation in 2016

2,485

Valuation in 2017

1,275

Valuation in 2018

(2,080

)

Valuation in 2019

(627

)

Valuation in 2020

(1,199

)

Cost

4,189

4,043

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Other debtors

413

5,975

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Taxation and social security

35,846

40,120

Other creditors

132,132

110,405

167,978

150,525

9.

RESERVES

Fair

value

reserve

£

At 1 January 2020

2,886,592

Movement in year

(853

)

At 31 December 2020

2,885,739

The fair value reserve represents non-distributable retained earnings.

10.	OTHER FINANCIAL COMMITMENTS

The company has a commitment under an operating lease for the next 99 years. Due to the particular terms of the lease it is not possible to evaluate the future commitment.

11.	TRANSACTIONS WITH DIRECTORS

Included in other creditors is an amount of £41,991 (2019 - £15,359) due to the directors. The balance is interest free and repayable on demand.