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Registration number: 04758196

Thrive Foods Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2021

 

Thrive Foods Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Thrive Foods Limited

Company Information

Directors

Mr SC Patel

Mr CB Patel

Mrs PC Patel

Company secretary

Mr K Bradley

Registered office

Capital House
114-115 Tottenham Court Road
London
W1T 5AH

Accountants

AMR Tax Ltd
Chartered Accountants
PO Box 1022A
Surbiton
Surrey
KT1 9FG

 

Thrive Foods Limited

(Registration number: 04758196)
Balance Sheet as at 31 December 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

4

1

1

Current assets

 

Stocks

5

35,942

30,014

Debtors

6

38,793

26,753

Other financial assets

313,000

310,000

Cash at bank and in hand

 

173,859

206,862

 

561,594

573,629

Creditors: Amounts falling due within one year

7

(42,045)

(73,046)

Net current assets

 

519,549

500,583

Net assets

 

519,550

500,584

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

519,450

500,484

Shareholders' funds

 

519,550

500,584

For the financial year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 14 September 2022 and signed on its behalf by:
 

.........................................
Mr SC Patel
Director

 

Thrive Foods Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Capital House
114-115 Tottenham Court Road
London
W1T 5AH

The principal place of business is:
Unit C305
Westfield Shopping Cente
Ariel Way
London
W12 7GA

These financial statements were authorised for issue by the Board on 14 September 2022.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Thrive Foods Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold property

Over the period of the lease

Plant and machinery

20% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Thrive Foods Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2020 - 2).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2021

7,750

140,923

148,673

At 31 December 2021

7,750

140,923

148,673

Depreciation

At 1 January 2021

7,750

140,922

148,672

At 31 December 2021

7,750

140,922

148,672

Carrying amount

At 31 December 2021

-

1

1

At 31 December 2020

-

1

1

Included within the net book value of land and buildings above is £Nil (2020 - £Nil) in respect of short leasehold land and buildings.
 

5

Stocks

2021
£

2020
£

Other inventories

35,942

30,014

 

Thrive Foods Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

6

Debtors

Current

2021
£

2020
£

Trade debtors

6,873

722

Prepayments

8,368

2,580

Other debtors

23,552

23,451

 

38,793

26,753

7

Creditors

Creditors: amounts falling due within one year

2021
£

2020
£

Due within one year

Trade creditors

16,891

14,184

Taxation and social security

7,416

19,782

Accruals and deferred income

16,769

38,580

Other creditors

969

500

42,045

73,046

8

Share capital

Allotted, called up and fully paid shares

 

2021

2020

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

9

Related party transactions

Loans to related parties

2021

Other related parties
£

Total
£

At start of period

310,000

310,000

Repaid

(3,000)

(3,000)

At end of period

307,000

307,000

 

Thrive Foods Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

2020

Other related parties
£

Total
£

At start of period

300,000

300,000

Advanced

10,000

10,000

At end of period

310,000

310,000

Terms of loans to related parties

Loan to a company in which the Directors have a significant interest is repayable on demand. Interest is charge on the loan at the rate of 1% above bank base rate.