Registration number:
Thirstee Business (Southern) Limited
for the Year Ended 31 January 2023
Thirstee Business (Southern) Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Thirstee Business (Southern) Limited
Company Information
Director |
Mr R Kitching |
Registered office |
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Accountants |
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Thirstee Business (Southern) Limited
(Registration number: 06871403)
Balance Sheet as at 31 January 2023
Note |
2023 |
2022 |
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Fixed Assets |
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Intangible assets |
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Tangible Assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Net assets |
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Capital and reserves |
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Called up share capital |
280,000 |
280,000 |
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Retained earnings |
52,262 |
(21,312) |
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Shareholders' funds |
332,262 |
258,688 |
For the financial year ending 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
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Thirstee Business (Southern) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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 were prepared in accordance with Financial Reporting Standard 102 Section 1A Small Entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
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.
Going concern
The director has assessed the ongoing affects of changing economic environment on the company and prepared cash flow forecasts which have been updated to reflect this. The Company has also prepared sensitivites to cover a slow down in sales and possible delays in obtaining supplies for production. Based on possible likely scenarios the director is confident that the company has sufficient funds and liquidity to continue to trade.
The financial statements have been prepared on a going concern basis.
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.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
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.
Thirstee Business (Southern) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023
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 |
Plant and machinery e.t.c |
At varying rates on cost |
Goodwill
Goodwill is amortised over its useful life, which shall not exceed five years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
10 years |
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.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Thirstee Business (Southern) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023
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.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 February 2022 |
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At 31 January 2023 |
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Amortisation |
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At 1 February 2022 |
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Amortisation charge |
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At 31 January 2023 |
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Carrying amount |
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At 31 January 2023 |
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At 31 January 2022 |
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Thirstee Business (Southern) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023
Tangible Assets |
Furniture, fittings and equipment |
Motor vehicles |
Plant & machinery |
Total |
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Cost or valuation |
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At 1 February 2022 |
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Additions |
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At 31 January 2023 |
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Depreciation |
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At 1 February 2022 |
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Charge for the year |
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At 31 January 2023 |
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Carrying amount |
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At 31 January 2023 |
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At 31 January 2022 |
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Stocks |
2023 |
2022 |
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Stock of goods for resale |
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Debtors |
Current |
2023 |
2022 |
Trade debtors |
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Prepayments |
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Other debtors |
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Thirstee Business (Southern) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023
Creditors |
Creditors: amounts falling due within one year
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
- |
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Other creditors |
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Creditors: amounts falling due after more than one year
2023 |
2022 |
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Due after one year |
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Loans and borrowings |
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Directors loan account |
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560,555 |
627,304 |
The loans and borrowings repayable after more than one year are made up of the following amounts. An amount repayable in relation to a bank loan of £29,000 (2022: £39,000). An amount repayable to a pension fund of which the Director is a beneficiary of £149,736 (2022: £238,445) . An amount of £151,800 (2022: £151,556) repayable to a company in which the Director has a controlling interest.
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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280,000 |
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280,000 |
Thirstee Business (Southern) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023
Related party transactions |
The following companies are under the common control of the Director:
- Thirstee Limited, an amount of £332,064 (2022: £360,864) was recoverable from the Company at the year end, the loan is interest free. The amount is included within other debtors.
- The Lapstone Pub Limited, an amount of £51,536 (2022: £35,982) was recoverable from the Company at the year end, the loan is interest free and repayable on demand. The amount is included within other debtors.
- Moody Cow Limited, an amount of £70,000 (2022: £Nil) was recoverable from the Company at the year end, the loan is interest free. The amount is included within other debtors.
- Swimfarms Limited, is owed an amount of £151,800 (2022: £151,556) the amount is interest free. The amount is included within creditors due after more than one year.
The Director is also a beneficiary of Thirstee Business (Southern) Ltd Retirement Benefit Pension Scheme, an amount of £185,736 (2022: £274,445) was owed to the fund at the year end and of this £149,736 (2022: £238,445) is included in creditors due after more than one year and £36,000 (2022: £36,000) is included in other creditors.
The Director is owed an amount of £194,018 (2022: £198,303) from the Company being an interest free loan repayable after more than one year.