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Registration number: 02624175

Thorndene Limited

Annual Report and Financial Statements

for the Year Ended 31 March 2023

(filleted for filing purposes)

 

Thorndene Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 8

 

Thorndene Limited

Company Information

Directors

Mr Samuel Shadrach Evans

Mr Malcolm Cumming

Mr Warren Peter Charles Deane

Registered office

Thorndene Canterbury Road
Swingfield
Dover
Kent
CT15 7HZ

Auditors

Batchelor Coop Ltd
Registered Auditors
The New Barn
Mill Lane
Eastry
Sandwich
Kent
CT13 0JW

 

Thorndene Limited

(Registration number: 02624175)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

6

735,606

760,261

Current assets

 

Debtors

7

26,045

45,501

Cash at bank and in hand

 

307,878

126,068

 

333,923

171,569

Creditors: Amounts falling due within one year

8

(225,431)

(122,149)

Net current assets

 

108,492

49,420

Total assets less current liabilities

 

844,098

809,681

Creditors: Amounts falling due after more than one year

8

(112,822)

(127,138)

Provisions for liabilities

(12,682)

(10,795)

Net assets

 

718,594

671,748

Capital and reserves

 

Called up share capital

9

324,381

324,380

Share premium reserve

44,626

44,626

Capital redemption reserve

31,269

31,269

Other reserves

30,000

-

Retained earnings

288,318

271,473

Shareholders' funds

 

718,594

671,748

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 11 November 2023 and signed on its behalf by:
 

.........................................
Mr Samuel Shadrach Evans
Director

.........................................
Mr Malcolm Cumming
Director

 

Thorndene Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Thorndene Canterbury Road
Swingfield
Dover
Kent
CT15 7HZ

These financial statements were authorised for issue by the Board on 11 November 2023.

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.

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 25 November 2023 was Mark Batchelor BSC FCA, who signed for and on behalf of Batchelor Coop Ltd.

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 and deferred 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.

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.

 

Thorndene Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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

Freehold property

2% on cost

Plant and equipment

25% reducing balance/ straight line over 20 years or 2% on cost

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 creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

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.

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.

 

Thorndene Limited

Notes to the Financial Statements for the Year Ended 31 March 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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 54 (2022 - 61).

4

Auditors' remuneration

2023
£

2022
£

Audit of the financial statements

3,001

2,720

Other fees to auditors

All other non-audit services

5,180

4,356


 

5

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

27,605

28,636

 

Thorndene Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

6

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2022

1,164,652

184,824

1,349,476

Additions

2,950

-

2,950

At 31 March 2023

1,167,602

184,824

1,352,426

Depreciation

At 1 April 2022

463,928

125,287

589,215

Charge for the year

21,352

6,253

27,605

At 31 March 2023

485,280

131,540

616,820

Carrying amount

At 31 March 2023

682,322

53,284

735,606

At 31 March 2022

700,724

59,537

760,261

7

Debtors

Current

2023
£

2022
£

Trade debtors

26,036

41,568

Prepayments

-

2,950

Other debtors

9

983

 

26,045

45,501

 

Thorndene Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

8

Creditors

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

10

14,316

16,715

Trade creditors

 

47,684

44,803

Taxation and social security

 

37,221

23,463

Other creditors

 

126,210

37,168

 

225,431

122,149

Due after one year

 

Loans and borrowings

10

112,822

127,138


Creditors include bank loans and overdrafts which are secured on the freehold property of the company of £127,138 (2021 - £140,853).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

112,822

127,138

2023
£

2022
£

Due after more than five years

After more than five years by instalments

49,035

66,026

-

-

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £1 each

21

21

20

20

Ordinary A Shares of £1 each

324,360

324,360

324,360

324,360

 

324,381

324,381

324,380

324,380

 

Thorndene Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

112,822

127,138

2023
£

2022
£

Current loans and borrowings

Bank borrowings

14,316

13,715

Other borrowings

-

3,000

14,316

16,715

11

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £15,146 (2022 - £13,896).