THOR SAFETY LTD

Company Registration Number:
11198343 (England and Wales)

Unaudited abridged accounts for the year ended 28 February 2023

Period of accounts

Start date: 01 March 2022

End date: 28 February 2023

THOR SAFETY LTD

Contents of the Financial Statements

for the Period Ended 28 February 2023

Balance sheet
Notes

THOR SAFETY LTD

Balance sheet

As at 28 February 2023


Notes

2023

2022


£

£
Fixed assets
Tangible assets: 3 71,348 86,383
Total fixed assets: 71,348 86,383
Current assets
Stocks: 6,380 5,440
Debtors: 4 224,404 255,664
Cash at bank and in hand: 16,287 29,109
Total current assets: 247,071 290,213
Creditors: amounts falling due within one year: 5 (150,805) (166,030)
Net current assets (liabilities): 96,266 124,183
Total assets less current liabilities: 167,614 210,566
Creditors: amounts falling due after more than one year: 6 (35,523) (48,423)
Total net assets (liabilities): 132,091 162,143
Capital and reserves
Called up share capital: 100 100
Profit and loss account: 131,991 162,043
Shareholders funds: 132,091 162,143

The notes form part of these financial statements

THOR SAFETY LTD

Balance sheet statements

For the year ending 28 February 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 30 October 2023
and signed on behalf of the board by:

Name: Mr N J Shorthouse
Status: Director

The notes form part of these financial statements

THOR SAFETY LTD

Notes to the Financial Statements

for the Period Ended 28 February 2023

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Turnover is measure at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contact. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Tangible fixed assets and depreciation policy

Tangible fixed assets are measure at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: Motor Vehicles 18% Reducing balance. Plant & Equipment 20% Straight Line Basis. Office Equipment 25% Straight Line Basis.

Other accounting policies

TaxationA current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for re-valued land investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

THOR SAFETY LTD

Notes to the Financial Statements

for the Period Ended 28 February 2023

2. Employees

2023 2022
Average number of employees during the period 12 12

THOR SAFETY LTD

Notes to the Financial Statements

for the Period Ended 28 February 2023

3. Tangible Assets

Total
Cost £
At 01 March 2022 157,087
Additions 10,302
At 28 February 2023 167,389
Depreciation
At 01 March 2022 70,704
Charge for year 25,337
At 28 February 2023 96,041
Net book value
At 28 February 2023 71,348
At 28 February 2022 86,383

THOR SAFETY LTD

Notes to the Financial Statements

for the Period Ended 28 February 2023

4. Debtors

Trade Debtors £186626 Prepayments £1426 Sundry Debtors £36352 Total £224404.

THOR SAFETY LTD

Notes to the Financial Statements

for the Period Ended 28 February 2023

5. Creditors: amounts falling due within one year note

H.P Creditor £10193 Trade Creditors £55406 Directors Loan Account £522 Other taxes and social security costs £70612 Bounce Back Loan Account £10000 Staff Pension Scheme £405 Accruals £3667 Total £150805.

THOR SAFETY LTD

Notes to the Financial Statements

for the Period Ended 28 February 2023

6. Creditors: amounts falling due after more than one year note

Bounce Back Loan Account £23634 H.P. Creditors £11889 Total £35523.