REGISTERED NUMBER: 01184467 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023 |
FOR |
THOMPSON LLOYD & EWART LIMITED |
REGISTERED NUMBER: 01184467 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023 |
FOR |
THOMPSON LLOYD & EWART LIMITED |
THOMPSON LLOYD & EWART LIMITED (REGISTERED NUMBER: 01184467) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Consolidated Income Statement | 10 |
Consolidated Other Comprehensive Income | 11 |
Consolidated Balance Sheet | 12 |
Company Balance Sheet | 13 |
Consolidated Statement of Changes in Equity | 14 |
Company Statement of Changes in Equity | 15 |
Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Cash Flow Statement | 17 |
Notes to the Consolidated Financial Statements | 19 |
THOMPSON LLOYD & EWART LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 APRIL 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
and Statutory Auditors |
150 High Street |
Sevenoaks |
Kent |
TN13 1XE |
THOMPSON LLOYD & EWART LIMITED (REGISTERED NUMBER: 01184467) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 30 APRIL 2023 |
The directors present their strategic report of the company and the group for the year ended 30 April 2023. |
REVIEW OF BUSINESS |
The Group's tea volumes grew strongly this year, and turnover in value saw even stronger growth, up 32% to £76,001,492 (2022: £57,635,326) against a recovery in prices in the international tea market. Net profit before tax also improved by 8%. |
The Company's property investments in London & Mombasa continue to perform satisfactorily. |
The Group made a profit before taxation for the year of £1,572,970 (2022 - £1,261,512), on which £312,911 (2022 - £243,242 corporation tax has been provided. |
As at 30th April 2023, shareholders' funds had increased by £21,000 to £10,662,956 (2022 - £10,641,956). |
SECTION 172(1) STATEMENT |
Section 172 statement |
Section 172 of the Companies Act 2006 requires Directors to take into consideration the interests of stakeholders in their decision making. The Directors continue to have regard to the interests of the Company's employees and other stakeholders, including the impact of the Company's activities on the community, the environment and the Company's reputation, when making decisions. Acting in good faith and fairly between stakeholders, the Directors consider what is most likely to promote the success of the Company for its members in the long term. |
S172(1) (A) The likely consequences of any decision in the long term |
The company's strategy is to grow turnover and profitability through the building of long term trusted sustainable partnerships with both tea producers and tea buyers. The company aims to offer a loyal, transparent, efficient, competitive, flexible service through our committed stakeholders and unique bespoke IT Systems. |
S172(1) (B) The interests of the company's employees |
Our employees and colleagues are fundamental to our business. As a responsible employer we ensure all workplaces are a safe, healthy, pleasant environment from which the teams can comfortably operate. The Company complies with all the regulatory compliance requirements. We are also working with Better Bankside to help improve the environment of the surrounding area to our offices. |
The Directors have taken all necessary steps to ensure our offices are Covid-19 compliant and that all our colleagues and service providers are as safe as possible. |
S172(1) (C) and (E) the need to foster the company's business relationships with suppliers, customers and others and maintain the highest standards of business conduct. |
Our business is dependent on the worldwide production of tea and we are committed to minimise the effects of global warming. We work with our producers to help improve the environmental standards of our tea supply chain. The Company actively supports the Fairtrade Foundation and is the largest payer of Fair Trade premiums on tea in the UK. We strive to ensure all our suppliers are Rainforest Alliance Certified where possible. We are major importers/exporters of organic teas and are certified by the Organic Food Federation. |
S172(1) (D) the impact of the company's operations on the community and the environment |
We are working with Better Bankside to help improve the environment of the surrounding area to our offices. |
THOMPSON LLOYD & EWART LIMITED (REGISTERED NUMBER: 01184467) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 30 APRIL 2023 |
RISK MANAGEMENT AND INTERNAL CONTROL |
The Board accepts final responsibility for the risk management and internal control systems of the Company and its subsidiaries. It is the task of management to ensure that adequate internal financial and operational control systems are developed and maintained on an ongoing basis in order to provide reasonable assurance regarding: |
- The effectiveness and efficiency of operations; |
- The safeguarding of the assets of the Company and its subsidiaries; |
- Compliance with applicable laws and regulations; |
- The reliability of accounting records; |
- Business sustainability under normal as well as adverse conditions; and |
- Responsible behaviours towards all stakeholders. |
The efficiency of any internal control system is dependent on the strict observance of prescribed measures. There is always a risk of non-compliance with such measures by employees. |
Whilst no system of internal control can provide absolute assurance against misstatement or losses, the systems of the Company and its subsidiaries are designed to provide the Board with reasonable assurance that the procedures in place are operating effectively. |
The Board assessed the internal control systems throughout the financial year ended 30 April 2023 and is of the opinion that they met accepted criteria. |
STAFF RESOURCE RISK |
Staff resource is critical to the company's operation and staff retention, training and progress to leadership skills are essential aspects of management control. |
LIQUIDITY RISK |
The company seeks to mitigate any liquidity risk by maintaining sufficient levels of funds within the business to meet its forecast working capital requirements. The company policy has consistently been to build up its reserves to enable it to manage its resources and such risks. These risks are managed by management on a regular basis with reference to trading and cashflow forecasts. |
BUSINESS CONTINUITY RISK |
The company has developed appropriate, reliable IT systems to properly process its control over stock and its business and service to customers. The directors have measures in hand to manage these risks. |
ON BEHALF OF THE BOARD: |
17 January 2024 |
THOMPSON LLOYD & EWART LIMITED (REGISTERED NUMBER: 01184467) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 APRIL 2023 |
The directors present their report with the financial statements of the company and the group for the year ended 30 April 2023. |
DIVIDENDS |
Interim dividends per share were paid as follows: |
£7.50 | - 17 November 2022 |
£7.50 | - 22 December 2022 |
£7.50 | - 19 January 2023 |
£7.50 | - 16 February 2023 |
£7.50 | - 23 March 2023 |
£45.00 |
The directors recommend that no final dividend be paid. |
The total distribution of dividends for the year ended 30 April 2023 will be £ 339,960 . |
During the year the subsidiary paid dividends of £233,200 (Ksh 40,000,000) and proposed further dividends of £(291,500 (Ksh 50,000,000). The proposed dividends have not been provided for in these accounts. |
FUTURE DEVELOPMENTS |
We aim to continue supporting our suppliers and customers against a backdrop of an uncertain international tea market. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 May 2022 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
THOMPSON LLOYD & EWART LIMITED (REGISTERED NUMBER: 01184467) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 APRIL 2023 |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
AUDITORS |
The auditors, Greenaway Chartered Accountants, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
THOMPSON LLOYD & EWART LIMITED |
Opinion |
We have audited the financial statements of Thompson Lloyd & Ewart Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 30 April 2023 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
THOMPSON LLOYD & EWART LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
THOMPSON LLOYD & EWART LIMITED |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management |
We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company |
Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations |
We performed procedures including identifying journal entries to test based on risk criteria and comparing the identified entries to supporting documentation. These included those posted to unusual accounts. |
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience |
The potential effect of these laws and regulations on the financial statements varies considerably. |
Firstly, the Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), distributable profits legislation, taxation legislation and pension legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. |
Secondly, the Company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation |
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. |
In addition, as with any audit, there remained a higher risk of non-detection of fraud, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
THOMPSON LLOYD & EWART LIMITED |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
and Statutory Auditors |
150 High Street |
Sevenoaks |
Kent |
TN13 1XE |
THOMPSON LLOYD & EWART LIMITED (REGISTERED NUMBER: 01184467) |
CONSOLIDATED INCOME STATEMENT |
FOR THE YEAR ENDED 30 APRIL 2023 |
30/4/23 | 30/4/22 |
Notes | £ | £ | £ | £ |
TURNOVER | 76,001,492 | 57,635,326 |
Cost of sales | 72,887,822 | 54,880,660 |
GROSS PROFIT | 3,113,670 | 2,754,666 |
Administrative expenses | 2,333,593 | 2,131,545 |
780,077 | 623,121 |
Other operating income | 359,813 | 413,169 |
OPERATING PROFIT | 4 | 1,139,890 | 1,036,290 |
Income from shares in group undertakings | 96 | 10 |
Income from interest in associated undertakings |
208,617 |
- |
Interest receivable and similar income | 819,135 | 508,127 |
1,027,848 | 508,137 |
2,167,738 | 1,544,427 |
Interest payable and similar expenses | 5 | 594,768 | 282,915 |
PROFIT BEFORE TAXATION | 1,572,970 | 1,261,512 |
Tax on profit | 6 | 420,378 | 253,737 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 1,152,592 | 1,007,775 |
THOMPSON LLOYD & EWART LIMITED (REGISTERED NUMBER: 01184467) |
CONSOLIDATED OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 30 APRIL 2023 |
30/4/23 | 30/4/22 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 1,152,592 | 1,007,775 |
OTHER COMPREHENSIVE INCOME |
Revaluation of property | (149,929 | ) | (563,937 | ) |
Revaluation of associated investments | 12,866 | (25,976 | ) |
Revaluation of other assets | (12,960 | ) | (13,365 | ) |
Attributable to minority interest | 127,733 | (147,733 | ) |
Exchange differences on conversion | (641,635 | ) | 107,679 |
Income tax relating to components of other comprehensive income |
- |
- |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
(663,925 |
) |
(643,332 |
) |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
488,667 |
364,443 |
Total comprehensive income attributable to: |
Owners of the parent | 616,374 | 216,710 |
Non-controlling interests | (127,707 | ) | 147,733 |
488,667 | 364,443 |
THOMPSON LLOYD & EWART LIMITED (REGISTERED NUMBER: 01184467) |
CONSOLIDATED BALANCE SHEET |
30 APRIL 2023 |
30/4/23 | 30/4/22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 | - | - |
Tangible assets | 10 | 3,598,654 | 3,608,855 |
Investments | 11 |
Interest in associate | - | (32,691 | ) |
Other investments | 543,435 | 362,312 |
Investment property | 12 | 1,911,074 | 2,131,530 |
6,053,163 | 6,070,006 |
CURRENT ASSETS |
Stocks | 13 | 3,739,007 | 4,044,326 |
Debtors | 14 | 14,795,679 | 13,173,491 |
Cash at bank and in hand | 528,022 | 346,323 |
19,062,708 | 17,564,140 |
CREDITORS |
Amounts falling due within one year | 15 | 13,390,175 | 12,107,892 |
NET CURRENT ASSETS | 5,672,533 | 5,456,248 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
11,725,696 |
11,526,254 |
CREDITORS |
Amounts falling due after more than one year |
16 |
(97,794 |
) |
(157,363 |
) |
PROVISIONS FOR LIABILITIES | 18 | (964,946 | ) | (726,935 | ) |
NET ASSETS | 10,662,956 | 10,641,956 |
CAPITAL AND RESERVES |
Called up share capital | 19 | 6,000 | 6,000 |
Revaluation reserve | 20 | 761,117 | 818,090 |
Capital redemption reserve | 20 | 2,280 | 2,280 |
Fair value reserve | 20 | 1,872,051 | 2,089,501 |
Retained earnings | 20 | 6,811,659 | 6,388,529 |
SHAREHOLDERS' FUNDS | 9,453,107 | 9,304,400 |
NON-CONTROLLING INTERESTS | 21 | 1,209,849 | 1,337,556 |
TOTAL EQUITY | 10,662,956 | 10,641,956 |
The financial statements were approved by the Board of Directors and authorised for issue on 17 January 2024 and were signed on its behalf by: |
R H L Harrison - Director |
THOMPSON LLOYD & EWART LIMITED (REGISTERED NUMBER: 01184467) |
COMPANY BALANCE SHEET |
30 APRIL 2023 |
30/4/23 | 30/4/22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 |
Tangible assets | 10 |
Investments | 11 |
Investment property | 12 |
CURRENT ASSETS |
Stocks | 13 |
Debtors | 14 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 15 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
16 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 18 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 19 |
Revaluation reserve | 20 |
Capital redemption reserve | 20 |
Fair value reserve | 20 |
Retained earnings | 20 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 658,161 | 536,828 |
The financial statements were approved by the Board of Directors and authorised for issue on |
THOMPSON LLOYD & EWART LIMITED (REGISTERED NUMBER: 01184467) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 APRIL 2023 |
Called up | Capital |
share | Retained | Revaluation | redemption |
capital | earnings | reserve | reserve |
£ | £ | £ | £ |
Balance at 1 May 2021 | 6,000 | 5,813,377 | 844,066 | 2,280 |
Changes in equity |
Dividends | - | (369,720 | ) | - | - |
Total comprehensive income | - | 944,872 | (25,976 | ) | - |
Balance at 30 April 2022 | 6,000 | 6,388,529 | 818,090 | 2,280 |
Changes in equity |
Dividends | - | (339,960 | ) | - | - |
Total comprehensive income | - | 763,090 | (56,973 | ) | - |
Balance at 30 April 2023 | 6,000 | 6,811,659 | 761,117 | 2,280 |
Fair value | Non-controlling | Total |
reserve | Total | interests | equity |
£ | £ | £ | £ |
Balance at 1 May 2021 | 2,643,954 | 9,309,677 | 1,189,823 | 10,499,500 |
Changes in equity |
Dividends | - | (369,720 | ) | - | (369,720 | ) |
Total comprehensive income | (554,453 | ) | 364,443 | 147,733 | 512,176 |
Balance at 30 April 2022 | 2,089,501 | 9,304,400 | 1,337,556 | 10,641,956 |
Changes in equity |
Dividends | - | (339,960 | ) | - | (339,960 | ) |
Total comprehensive income | (217,450 | ) | 488,667 | (127,707 | ) | 360,960 |
Balance at 30 April 2023 | 1,872,051 | 9,453,107 | 1,209,849 | 10,662,956 |
THOMPSON LLOYD & EWART LIMITED (REGISTERED NUMBER: 01184467) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 APRIL 2023 |
Called up |
share | Retained | Revaluation |
capital | earnings | reserve |
£ | £ | £ |
Balance at 1 May 2021 |
Changes in equity |
Dividends | - | ( |
) | - |
Total comprehensive income | - | ( |
) |
Balance at 30 April 2022 |
Changes in equity |
Dividends | - | ( |
) | - |
Total comprehensive income | - | ( |
) |
Balance at 30 April 2023 |
Capital |
redemption | Fair value | Total |
reserve | reserve | equity |
£ | £ | £ |
Balance at 1 May 2021 |
Changes in equity |
Dividends | - | - | ( |
) |
Total comprehensive income | ( |
) | ( |
) |
Balance at 30 April 2022 |
Changes in equity |
Dividends | - | - | ( |
) |
Total comprehensive income | ( |
) |
Balance at 30 April 2023 |
THOMPSON LLOYD & EWART LIMITED (REGISTERED NUMBER: 01184467) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 APRIL 2023 |
30/4/23 | 30/4/22 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | (869,429 | ) | 1,089,143 |
Interest paid | (594,768 | ) | (282,915 | ) |
Tax paid | (260,141 | ) | (340,228 | ) |
Net cash from operating activities | (1,724,338 | ) | 466,000 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (10,706 | ) | (8,610 | ) |
Purchase of fixed asset investments | (18,206 | ) | - |
Purchase of investment property | (8,531 | ) | - |
Sale of fixed asset investments | (190,045 | ) | - |
Interest received | 819,135 | 508,127 |
Dividends received | 208,617 | 10 |
Net cash from investing activities | 800,264 | 499,527 |
Cash flows from financing activities |
New loans in year | - | 486,738 |
Loan repayments in year | (275,199 | ) | (58,085 | ) |
Amount withdrawn by directors | - | (1,232 | ) |
Share issue | - | (180 | ) |
Equity dividends paid | (339,960 | ) | (369,720 | ) |
Net cash from financing activities | (615,159 | ) | 57,521 |
(Decrease)/increase in cash and cash equivalents | (1,539,233 | ) | 1,023,048 |
Cash and cash equivalents at beginning of year |
2 |
(4,115,033 |
) |
(5,132,134 |
) |
Effect of foreign exchange rate changes | (10,676 | ) | (5,947 | ) |
Cash and cash equivalents at end of year |
2 |
(5,664,942 |
) |
(4,115,033 |
) |
THOMPSON LLOYD & EWART LIMITED (REGISTERED NUMBER: 01184467) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 APRIL 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
30/4/23 | 30/4/22 |
£ | £ |
Profit before taxation | 1,572,970 | 1,261,512 |
Depreciation charges | 12,141 | 16,123 |
Loss on disposal of fixed assets | 6,344 | - |
Exchange differences on conversion | (423,019 | ) | (153,710 | ) |
Finance costs | 594,768 | 282,915 |
Finance income | (1,027,848 | ) | (508,137 | ) |
735,356 | 898,703 |
Decrease/(increase) in stocks | 305,319 | (1,181,987 | ) |
(Increase)/decrease in trade and other debtors | (1,644,358 | ) | 719,775 |
(Decrease)/increase in trade and other creditors | (265,746 | ) | 652,652 |
Cash generated from operations | (869,429 | ) | 1,089,143 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 30 April 2023 |
30/4/23 | 1/5/22 |
£ | £ |
Cash and cash equivalents | 528,022 | 346,323 |
Bank overdrafts | (6,192,964 | ) | (4,461,356 | ) |
(5,664,942 | ) | (4,115,033 | ) |
Year ended 30 April 2022 |
30/4/22 | 1/5/21 |
£ | £ |
Cash and cash equivalents | 346,323 | 361,334 |
Bank overdrafts | (4,461,356 | ) | (5,493,468 | ) |
(4,115,033 | ) | (5,132,134 | ) |
THOMPSON LLOYD & EWART LIMITED (REGISTERED NUMBER: 01184467) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 APRIL 2023 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1/5/22 | Cash flow | At 30/4/23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 346,323 | 181,699 | 528,022 |
Bank overdrafts | (4,461,356 | ) | (1,731,608 | ) | (6,192,964 | ) |
(4,115,033 | ) | (1,549,909 | ) | (5,664,942 | ) |
Debt |
Debts falling due within 1 year | (2,541,090 | ) | 215,630 | (2,325,460 | ) |
Debts falling due after 1 year | (157,363 | ) | 59,569 | (97,794 | ) |
(2,698,453 | ) | 275,199 | (2,423,254 | ) |
Total | (6,813,486 | ) | (1,274,710 | ) | (8,088,196 | ) |
THOMPSON LLOYD & EWART LIMITED (REGISTERED NUMBER: 01184467) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2023 |
1. | STATUTORY INFORMATION |
Thompson Lloyd & Ewart Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
The financial statements are presented in Sterling (£). |
The group financial statements consolidate the financial statements of the Thompson Lloyd & Ewart Limited and all its subsidiary undertakings made up to 30 April each year. All intra-group transactions, balances, income and expenses are eliminated on consolidation. |
The parent company has taken advantage of section 408 of the Companies Act 2006 and has not included its own Profit and Loss Account in these financial statements. The parent company's profit for the year was £652,165 (2022: £536,828). |
The difference between the cost of shares in subsidiaries and the fair value of the separable net assets acquired is amortised through the profit and loss account in equal instalments over its estimated useful life. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Purchased goodwill |
Goodwill representing the shortfall of the purchase price compared with the fair value of net assets acquired is capitalised and written off evenly over 10 years as in the opinion of the directors this represents the period over which the goodwill is effective. |
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 |
Improvements to property | - |
Fixtures and fittings | - |
Investments in associates |
Investments in associate undertakings are recognised at cost. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
THOMPSON LLOYD & EWART LIMITED (REGISTERED NUMBER: 01184467) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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. |
Foreign currencies |
Functional currency and presentation currency |
The individual financial statements of each group entity are presented in the currency of the primary economic environment in which the entity operates (its functional currency). For the purpose of the consolidated financial statements, the results and financial position are presented in Sterling (£). |
Transactions and balances |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Translation of group companies |
Financial statements of overseas subsidiaries are translated from their functional currency to sterling (£) at the rate ruling at the balance sheet date. Exchange differences arising are dealt with through reserves. |
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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Going concern |
After reviewing the group's forecasts, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. The group therefore continues to adopt the going concern basis in preparing its consolidated financial statements. |
THOMPSON LLOYD & EWART LIMITED (REGISTERED NUMBER: 01184467) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2023 |
3. | EMPLOYEES AND DIRECTORS |
30/4/23 | 30/4/22 |
£ | £ |
Wages and salaries | 1,363,899 | 1,231,706 |
Social security costs | 164,695 | 137,075 |
Other pension costs | 62,474 | 63,473 |
1,591,068 | 1,432,254 |
The average number of employees during the year was as follows: |
30/4/23 | 30/4/22 |
Office and management |
The average number of employees by undertakings that were proportionately consolidated during the year was 21 (2022 - 20 ) . |
30/4/23 | 30/4/22 |
£ | £ |
Directors' remuneration | 486,765 | 490,982 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 3 | 3 |
Information regarding the highest paid director is as follows: |
30/4/23 | 30/4/22 |
£ | £ |
Emoluments etc | 186,000 | 186,000 |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
30/4/23 | 30/4/22 |
£ | £ |
Other operating leases | 63,935 | 71,656 |
Depreciation - owned assets | 12,141 | 16,123 |
Loss on disposal of fixed assets | 6,344 | - |
Auditors' remuneration | 19,792 | 21,072 |
Auditors' remuneration for non audit work | 5,985 | - |
Foreign exchange differences | 171,579 | 20,294 |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
30/4/23 | 30/4/22 |
£ | £ |
Bank interest | 485,797 | 179,924 |
Bank loan interest | 64,301 | 61,035 |
Mortgage interest | 8,670 | 5,956 |
Interest on Directors loans | 36,000 | 36,000 |
594,768 | 282,915 |
THOMPSON LLOYD & EWART LIMITED (REGISTERED NUMBER: 01184467) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2023 |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
30/4/23 | 30/4/22 |
£ | £ |
Current tax: |
UK corporation tax | 131,446 | 95,208 |
Adjustment to prior years | - | (107 | ) |
Overseas Taxation | 182,916 | 148,034 |
Total current tax | 314,362 | 243,135 |
Deferred tax | 106,016 | 10,602 |
Tax on profit | 420,378 | 253,737 |
UK corporation tax has been charged at 19.49 % (2022 - 19 %). |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
30/4/23 | 30/4/22 |
£ | £ |
Profit before tax | 1,572,970 | 1,261,512 |
Profit multiplied by the standard rate of corporation tax in the UK of 19.493 % (2022 - 19 %) |
306,619 |
239,687 |
Effects of: |
Depreciation in excess of capital allowances | 1,184 | 167 |
Expenses not deductible for tax purposes | 12,838 | 10,474 |
Income not subject to tax | (40,666 | ) | - |
Deferred tax movement | 106,016 | 10,602 |
Adjustment to prior year | - | (107 | ) |
Non taxable overseas income | (148,529 | ) | (155,120 | ) |
Overseas tax | 182,916 | 148,034 |
Total tax charge | 420,378 | 253,737 |
Tax effects relating to effects of other comprehensive income |
30/4/23 |
Gross | Tax | Net |
£ | £ | £ |
Revaluation of property | (149,929 | ) | - | (149,929 | ) |
Revaluation of associated investments | 12,866 | - | 12,866 |
Revaluation of other assets | (12,960 | ) | - | (12,960 | ) |
Attributable to minority interest | 127,733 | - | 127,733 |
Exchange differences on conversion | (641,635 | ) | - | (641,635 | ) |
(663,925 | ) | - | (663,925 | ) |
THOMPSON LLOYD & EWART LIMITED (REGISTERED NUMBER: 01184467) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2023 |
6. | TAXATION - continued |
30/4/22 |
Gross | Tax | Net |
£ | £ | £ |
Revaluation of property | (563,937 | ) | - | (563,937 | ) |
Revaluation of associated investments | (25,976 | ) | - | (25,976 | ) |
Revaluation of other assets | (13,365 | ) | - | (13,365 | ) |
Attributable to minority interest | (147,733 | ) | - | (147,733 | ) |
Exchange differences on conversion | 107,679 | - | 107,679 |
(643,332 | ) | - | (643,332 | ) |
Included in UK Corporation Tax charge is an amount of £182,916 (2022: £148,034) relating to taxation charges from Combrok Limited. |
7. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
8. | DIVIDENDS |
30/4/23 | 30/4/22 |
£ | £ |
Ordinary shares of 1 each |
Interim | 339,960 | 369,720 |
9. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 May 2022 |
and 30 April 2023 | (108,663 | ) |
AMORTISATION |
At 1 May 2022 |
and 30 April 2023 | (108,663 | ) |
NET BOOK VALUE |
At 30 April 2023 | - |
At 30 April 2022 | - |
THOMPSON LLOYD & EWART LIMITED (REGISTERED NUMBER: 01184467) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2023 |
10. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Freehold | Improvements | and | Motor |
property | to property | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST OR VALUATION |
At 1 May 2022 | 3,500,000 | 107,806 | 244,946 | 57,545 | 3,910,297 |
Additions | - | - | 10,706 | - | 10,706 |
Exchange differences | - | - | (21,577 | ) | (8,282 | ) | (29,859 | ) |
At 30 April 2023 | 3,500,000 | 107,806 | 234,075 | 49,263 | 3,891,144 |
DEPRECIATION |
At 1 May 2022 | - | 107,806 | 150,042 | 43,594 | 301,442 |
Charge for year | - | - | 9,155 | 2,986 | 12,141 |
Exchange differences | - | - | (14,820 | ) | (6,273 | ) | (21,093 | ) |
At 30 April 2023 | - | 107,806 | 144,377 | 40,307 | 292,490 |
NET BOOK VALUE |
At 30 April 2023 | 3,500,000 | - | 89,698 | 8,956 | 3,598,654 |
At 30 April 2022 | 3,500,000 | - | 94,904 | 13,951 | 3,608,855 |
Cost or valuation at 30 April 2023 is represented by: |
Fixtures |
Freehold | Improvements | and | Motor |
property | to property | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
Valuation in 2005 | 193,075 | - | - | - | 193,075 |
Valuation in 2010 | 298,800 | - | - | - | 298,800 |
Valuation in 2014 | 529,200 | - | - | - | 529,200 |
Valuation in 2016 | 41,400 | - | - | - | 41,400 |
Valuation in 2019 | 1,896,218 | - | - | - | 1,896,218 |
Valuation in 2022 | (696,218 | ) | - | - | - | (696,218 | ) |
Valuation in 2023 | - | - | (21,577 | ) | (8,282 | ) | (29,859 | ) |
Cost | 1,237,525 | 107,806 | 255,652 | 57,545 | 1,658,528 |
3,500,000 | 107,806 | 234,075 | 49,263 | 3,891,144 |
THOMPSON LLOYD & EWART LIMITED (REGISTERED NUMBER: 01184467) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2023 |
10. | TANGIBLE FIXED ASSETS - continued |
Company |
Fixtures |
Freehold | Improvements | and |
property | to property | fittings | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 May 2022 |
and 30 April 2023 |
DEPRECIATION |
At 1 May 2022 |
and 30 April 2023 |
NET BOOK VALUE |
At 30 April 2023 |
At 30 April 2022 |
Included in fixtures, fittings and equipment is an amount of £47,950 (2022: £47,950) in respect of paintings which have not been depreciated. On a historical cost basis these would be included at £450 (2022: £450) |
Cost or valuation at 30 April 2023 is represented by: |
Fixtures |
Freehold | Improvements | and |
property | to property | fittings | Totals |
£ | £ | £ | £ |
Valuation in 2005 | 193,075 | - | 47,950 | 241,025 |
Valuation in 2010 | 298,800 | - | - | 298,800 |
Valuation in 2014 | 529,200 | - | - | 529,200 |
Valuation in 2016 | 41,400 | - | - | 41,400 |
Valuation in 2019 | 1,896,218 | - | - | 1,896,218 |
Valuation in 2022 | (696,218 | ) | - | - | (696,218 | ) |
Cost | 1,237,525 | 107,806 | 47,055 | 1,392,386 |
3,500,000 | 107,806 | 95,005 | 3,702,811 |
If freehold property had not been revalued they would have been included at the following historical cost: |
30/4/23 | 30/4/22 |
£ | £ |
Cost | 1,237,525 | 1,237,525 |
Aggregate depreciation | 252,090 | 252,090 |
Freehold property was valued on an open market basis basis on 22 November 2022 by Crossland Otter Hunt . |
THOMPSON LLOYD & EWART LIMITED (REGISTERED NUMBER: 01184467) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2023 |
11. | FIXED ASSET INVESTMENTS |
Group |
Interest in | Listed | Unlisted |
associate | investments | investments | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 May 2022 | (32,691 | ) | 353,026 | 11,149 | 331,484 |
Additions | 18,206 | - | - | 18,206 |
Disposals | 208,617 | - | (11,149 | ) | 197,468 |
Revaluations | - | (3,000 | ) | - | (3,000 | ) |
Exchange differences | - | (723 | ) | - | (723 | ) |
Reclassification/transfer | (194,132 | ) | 194,132 | - | - |
At 30 April 2023 | - | 543,435 | - | 543,435 |
PROVISIONS |
At 1 May 2022 | - | - | 1,863 | 1,863 |
Eliminated on disposal | - | - | (1,863 | ) | (1,863 | ) |
At 30 April 2023 | - | - | - | - |
NET BOOK VALUE |
At 30 April 2023 | - | 543,435 | - | 543,435 |
At 30 April 2022 | (32,691 | ) | 353,026 | 9,286 | 329,621 |
Cost or valuation at 30 April 2023 is represented by: |
Listed |
investments |
£ |
Valuation in 2014 | (267,337 | ) |
Valuation in 2018 | (16,938 | ) |
Valuation in 2019 | (11,728 | ) |
Valuation in 2020 | 196,500 |
Valuation in 2021 | 162,000 |
Valuation in 2022 | (16,500 | ) |
Valuation in 2023 | 3,000 |
Cost | 494,438 |
543,435 |
THOMPSON LLOYD & EWART LIMITED (REGISTERED NUMBER: 01184467) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2023 |
11. | FIXED ASSET INVESTMENTS - continued |
Company |
Shares in |
group | Interest in | Listed | Unlisted |
undertakings | associate | investments | investments | Totals |
£ | £ | £ | £ | £ |
COST OR VALUATION |
At 1 May 2022 | 805,330 |
Additions | 18,206 |
Disposals | ( |
) | (11,149 | ) |
Revaluations | ( |
) | (3,000 | ) |
Reclassification/transfer | ( |
) | - |
At 30 April 2023 | - | 809,387 |
PROVISIONS |
At 1 May 2022 | - | - | - | 1,863 | 1,863 |
Eliminated on disposal | - | - | - | (1,863 | ) | (1,863 | ) |
At 30 April 2023 | - | - | - | - | - |
NET BOOK VALUE |
At 30 April 2023 | 809,387 |
At 30 April 2022 |
803,467 |
Cost or valuation at 30 April 2023 is represented by: |
Shares in |
group | Listed |
undertakings | investments | Totals |
£ | £ | £ |
Valuation in 2014 | - | (267,337 | ) | (267,337 | ) |
Valuation in 2018 | - | (16,938 | ) | (16,938 | ) |
Valuation in 2019 | - | (11,728 | ) | (11,728 | ) |
Valuation in 2020 | - | 196,500 | 196,500 |
Valuation in 2021 | - | 162,000 | 162,000 |
Valuation in 2022 | - | (16,500 | ) | (16,500 | ) |
Valuation in 2023 | - | (3,000 | ) | (3,000 | ) |
Cost | 270,255 | 496,135 | 766,390 |
270,255 | 539,132 | 809,387 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: Thompson House, 42-44 Dolben Street, London, SE1 0UQ |
Nature of business: |
% |
Class of shares: | holding |
THOMPSON LLOYD & EWART LIMITED (REGISTERED NUMBER: 01184467) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2023 |
11. | FIXED ASSET INVESTMENTS - continued |
Registered office: Plot No XXA/559, 4th Floor, Tea House, Off Nyerere Avenue, P.O. Box 87411 - 80100, Mombasa, Kenya |
Nature of business: |
% |
Class of shares: | holding |
Associated company |
On 12 April 2023 a loan to the associated company was converted into 367,500 ordinary shares. On this date the associated company also converted other convertible loans, thus diluting the company's shareholding from 23.81% to 5.06%. The investment was therefore transferred from investments in associates to other listed investments. |
12. | INVESTMENT PROPERTY |
Group |
Total |
£ |
FAIR VALUE |
At 1 May 2022 | 2,131,530 |
Additions | 8,531 |
Revaluations | 77,753 |
Exchange differences | (306,740 | ) |
At 30 April 2023 | 1,911,074 |
NET BOOK VALUE |
At 30 April 2023 | 1,911,074 |
At 30 April 2022 | 2,131,530 |
Fair value at 30 April 2023 is represented by: |
£ |
Valuation in 2019 | 762,841 |
Valuation in 2023 | 77,753 |
Cost | 1,070,480 |
1,911,074 |
13. | STOCKS |
Group | Company |
30/4/23 | 30/4/22 | 30/4/23 | 30/4/22 |
£ | £ | £ | £ |
Finished goods | 3,739,007 | 4,044,326 |
THOMPSON LLOYD & EWART LIMITED (REGISTERED NUMBER: 01184467) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2023 |
14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
30/4/23 | 30/4/22 | 30/4/23 | 30/4/22 |
£ | £ | £ | £ |
Trade debtors | 12,771,334 | 10,801,033 |
Other debtors | 1,296,764 | 1,483,435 |
Tax | 64,653 | 86,823 |
VAT | 8,597 | 11,706 |
Prepayments and accrued income | 654,331 | 790,494 |
14,795,679 | 13,173,491 |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
30/4/23 | 30/4/22 | 30/4/23 | 30/4/22 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 17) | 8,518,424 | 7,002,446 |
Trade creditors | 2,264,164 | 2,666,260 |
Tax | 93,192 | 61,141 |
Social security and other taxes | 162,767 | 146,992 |
Other creditors | 217,473 | 185,805 |
Directors' loan accounts | 600,000 | 600,000 | 600,000 | 600,000 |
Accruals and deferred income | 1,534,155 | 1,445,248 |
13,390,175 | 12,107,892 |
A specific equitable charge in favour of National Westminster Bank plc incorporating a fixed and floating charge over all the current and future assets of the company dated 15 April 1996. |
A Third Party Legal Charge over the Freehold Property in favour of National Westminster Bank Plc dated 1 April 2005. |
There is a General Letter of Pledge in favour of National Westminster Bank Plc dated 15 September 1983. |
A personal guarantee for £500,000 from Edward Foster, Robin Harrison and David Henderson is held by National Westminster Bank Plc. |
16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
30/4/23 | 30/4/22 | 30/4/23 | 30/4/22 |
£ | £ | £ | £ |
Bank loans (see note 17) | 97,794 | 157,363 |
THOMPSON LLOYD & EWART LIMITED (REGISTERED NUMBER: 01184467) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2023 |
17. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
30/4/23 | 30/4/22 | 30/4/23 | 30/4/22 |
£ | £ | £ | £ |
Amounts falling due within one year or on | demand: |
Bank overdrafts | 6,192,964 | 4,461,356 |
Bank loans | 2,325,460 | 2,541,090 |
8,518,424 | 7,002,446 |
Amounts falling due between one and two | years: |
Bank loans - 1-2 years | 58,246 | 58,664 |
Amounts falling due between two and five | years: |
Bank loans - 2-5 years | 39,548 | 98,699 |
There is a legal charge over the subsidiary company's property on Plot L.R No. MSA/Block XXX1/559 for US$1,600,000 and a fixed deposit totalling 22,000,000 kenyan shillings (approximately £161,700) under lien in the name of the subsidiary company. |
18. | PROVISIONS FOR LIABILITIES |
Group | Company |
30/4/23 | 30/4/22 | 30/4/23 | 30/4/22 |
£ | £ | £ | £ |
Deferred tax |
Accelerated capital allowances | 2,855 | - |
Deferred tax | 962,091 | 726,935 | 676,546 | 513,893 |
964,946 | 726,935 | 679,401 | 513,893 |
Group |
Deferred tax |
£ |
Balance at 1 May 2022 | 726,935 |
Charge to Income Statement during year | 75,358 |
Charge to fair value reserve | 90,050 |
Charge to revaluation reserve | 72,603 |
Balance at 30 April 2023 | 964,946 |
THOMPSON LLOYD & EWART LIMITED (REGISTERED NUMBER: 01184467) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2023 |
18. | PROVISIONS FOR LIABILITIES - continued |
Company |
Deferred tax |
£ |
Balance at 1 May 2022 |
Charge to Income Statement during year |
Charge to fair value reserve | 90,050 |
Charge to revaluation reserve | 72,603 |
Balance at 30 April 2023 |
19. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30/4/23 | 30/4/22 |
value: | £ | £ |
Ordinary | 1 | 6,000 | 6,000 |
20. | RESERVES |
Group |
Capital |
Retained | Revaluation | redemption | Fair value |
earnings | reserve | reserve | reserve | Totals |
£ | £ | £ | £ | £ |
At 1 May 2022 | 6,388,529 | 818,090 | 2,280 | 2,089,501 | 9,298,400 |
Profit for the year | 1,152,592 | 1,152,592 |
Dividends | (339,960 | ) | (339,960 | ) |
Revaluation of investments | - | 15,630 | - | (3,000 | ) | 12,630 |
Deferred tax on revaluations | - | (72,603 | ) | - | (90,050 | ) | (162,653 | ) |
Exchange differences | (517,209 | ) | - | - | (124,400 | ) | (641,609 | ) |
Minority Interest | 127,707 | - | - | - | 127,707 |
At 30 April 2023 | 6,811,659 | 761,117 | 2,280 | 1,872,051 | 9,447,107 |
Company |
Capital |
Retained | Revaluation | redemption | Fair value |
earnings | reserve | reserve | reserve | Totals |
£ | £ | £ | £ | £ |
At 1 May 2022 | 6,656,308 |
Profit for the year |
Dividends | ( |
) | ( |
) |
Revaluation of investments | - | 15,630 | - | (3,000 | ) | 12,630 |
Deferred tax on revaluations | - | (72,603 | ) | - | (90,050 | ) | (162,653 | ) |
At 30 April 2023 | 6,894,446 |
THOMPSON LLOYD & EWART LIMITED (REGISTERED NUMBER: 01184467) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2023 |
20. | RESERVES - continued |
Called-up share capital - represents the nominal value of shares that have been issued. |
Revaluation reserve - This represents the cumulative revaluation gains and losses on revaluation of land and buildings held as tangible assets and fixed asset investments. |
Capital redemption reserve - non distributable reserve arising on the purchase of the company's own shares. |
Retained earnings - includes all current and prior period retained profits and losses. |
21. | NON-CONTROLLING INTERESTS |
Thompson Lloyd and Ewart Limited own 70% of Combrok Limited. |
Included in the share capital of Combrok Limited is 15,000 ordinary shares of 20 kenyan shillings each which rank pari pasu with other shares in issue. |
22. | ULTIMATE CONTROLLING PARTY |
The Group was controlled throughout the current and previous year by the directors, who between them hold 100% of the issued share capital. |