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REGISTERED NUMBER: 02798150 (England and Wales)











THEREFORE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023






THEREFORE LIMITED (REGISTERED NUMBER: 02798150)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


THEREFORE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: G A Brett
M P Riddiford
P Hunt
G J Fullalove





SECRETARY: G A Brett





REGISTERED OFFICE: 2-3 Scala Street
London
W1T 2HN





REGISTERED NUMBER: 02798150 (England and Wales)





ACCOUNTANTS: AEL Markhams Ltd
Chartered Accountants
201 Haverstock Hill
London
NW3 4QG

THEREFORE LIMITED (REGISTERED NUMBER: 02798150)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 67,253 96,460
Investments 5 110,125 110,800
177,378 207,260

CURRENT ASSETS
Stocks 6 332,906 9,057
Debtors 7 391,161 508,575
Cash at bank and in hand 280,019 1,072,911
1,004,086 1,590,543
CREDITORS
Amounts falling due within one year 8 25,538 76,893
NET CURRENT ASSETS 978,548 1,513,650
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,155,926

1,720,910

CAPITAL AND RESERVES
Called up share capital 34,286 34,286
Share premium 30,138 30,138
Capital redemption reserve 16,000 16,000
Retained earnings 1,075,502 1,640,486
SHAREHOLDERS' FUNDS 1,155,926 1,720,910

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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.

THEREFORE LIMITED (REGISTERED NUMBER: 02798150)

BALANCE SHEET - continued
31 MARCH 2023


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 24 October 2023 and were signed on its behalf by:




G A Brett - Director



M P Riddiford - Director


THEREFORE LIMITED (REGISTERED NUMBER: 02798150)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1. STATUTORY INFORMATION

Therefore 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.

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 - 25% on cost
Fixtures and fittings - 15% on cost
Computer equipment - 25% on cost
Short leasehold properties - Straight line over the life of the lease

The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable. If the recoverable amount of the asset is estimated to be lower than the carrying amount, the carrying amount is reduced to its recoverable amount. An impairment loss is recognised in the Income Statement.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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 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 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.

THEREFORE LIMITED (REGISTERED NUMBER: 02798150)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

2. ACCOUNTING POLICIES - continued

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Transactions in foreign currencies are initially recorded at the rate of exchange prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the end of the reporting period at the rates prevailing on the reporting period date. Non-monetary assets measured using the historical cost method and denominated in foreign currencies are not retranslated and remain recorded at the rate of exchange prevailing at the date of the transaction. Any exchange gains or losses are recognised in the Income Statement..

Provisions
Provisions are recognised when the Company has a present obligation as a result of a past event, if it is probable that a transfer of economic benefits will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.

Trade debtors
Trade debtors are measured at the transaction price and subsequently measured at amortised cost. Due to the short-term nature of the balances they are held at an undiscounted amount with no amortisation using the effective interest rate method applied.
A provision for impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect any amounts due according to the original terms. An impairment loss is recognised in net operating expenses in the Income Statement.

Cash and cash equivalents
Cash and cash equivalents in the balance sheet comprise of cash at bank and in hand and any short-term deposits with an original maturity date of three months or less.

Trade creditors
Trade creditors are measured at the transaction price and subsequently measured at amortised cost. Due to the short-term nature of the balances they are held at an undiscounted amount with no amortisation using the effective interest rate method applied.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2022 - 21 ) .

THEREFORE LIMITED (REGISTERED NUMBER: 02798150)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

4. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and Computer
leasehold machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 April 2022 12,479 109,041 233,104 318,631 673,255
Additions - 10,062 - 1,921 11,983
Disposals - - (790 ) (200,305 ) (201,095 )
At 31 March 2023 12,479 119,103 232,314 120,247 484,143
DEPRECIATION
At 1 April 2022 6,240 53,561 232,691 284,303 576,795
Charge for year 1,247 25,224 73 14,646 41,190
Eliminated on disposal - - (790 ) (200,305 ) (201,095 )
At 31 March 2023 7,487 78,785 231,974 98,644 416,890
NET BOOK VALUE
At 31 March 2023 4,992 40,318 340 21,603 67,253
At 31 March 2022 6,239 55,480 413 34,328 96,460

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 April 2022 110,800
Additions 100
Disposals (775 )
At 31 March 2023 110,125
NET BOOK VALUE
At 31 March 2023 110,125
At 31 March 2022 110,800

6. STOCKS
2023 2022
£    £   
Stocks 332,906 9,057

THEREFORE LIMITED (REGISTERED NUMBER: 02798150)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 156,124 251,472
Other debtors 125,217 80,655
VAT 3,726 3,606
Accrued income 55,384 104,021
Prepayments 50,710 68,821
391,161 508,575

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 74,355 103,547
Corporation tax (128,997 ) (115,921 )
Social security and other taxes 29,030 26,235
Accrued expenses 51,150 63,032
25,538 76,893

9. CAPITAL COMMITMENTS

The Company has the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
2023 2022
£ £
Payments due:
Not later than one year 140,000 147,500
Later than one year and not later than five years 443,333 583,333
---------- -----------
583,333 730,833
---------- -----------
The Company had no other off-balance sheet arrangements.

10. RELATED PARTY DISCLOSURES

The Company entered into the following transactions with related parties during the year that were not concluded under normal market conditions:

The Company made a loan of £50,000 to a company in which the Company itself has a participating interest. The loan was made for an indefinite period of time, but the Company can declare the principal amount due and payable at any time within 60 days. Interest is payable at an annual rate of 5%. As of the end of the reporting period, the outstanding balance of the loan was £50,000.

The Company made a loan of £15,000 to a company that shares a common director with the Company. The loan was made for an indefinite period of time, but the Company can declare the principal amount due and payable at any time within 30 days. No interest is payable on the loan. As of the end of the reporting period, the outstanding balance of the loan was £15,000.

The Company made a loan of £10,000 to a director. The loan is repayable in full by 31st December 2023. No interest is payable on the loan. As of the end of the reporting period, the outstanding balance of the loan was £10,000.

THEREFORE LIMITED (REGISTERED NUMBER: 02798150)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

11. POST BALANCE SHEET EVENTS

On 14th June 2023 the Company entered into an agreement with an associated company to dispose of the business and assets of its sporting goods division.