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COMPANY REGISTRATION NUMBER: 09434260
Thornfield 003 Ltd
Filleted Unaudited Abridged Financial Statements
28 February 2023
Thornfield 003 Ltd
Abridged Financial Statements
Year ended 28 February 2023
Contents
Page
Directors' report
1
Accountants report to the board of directors on the preparation of the unaudited statutory abridged financial statements
2
Abridged statement of financial position
3
Notes to the abridged financial statements
5
Thornfield 003 Ltd
Directors' Report
Year ended 28 February 2023
The directors present their report and the unaudited abridged financial statements of the company for the year ended 28 February 2023 .
Directors
The directors who served the company during the year were as follows:
Mr R A Greenow
Mr A T Greenow
Miss K V French
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 23 November 2023 and signed on behalf of the board by:
Mr R A Greenow
Director
Registered office:
Crescent Farm
Waters Upton
Telford
TF6 6NP
Thornfield 003 Ltd
Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Abridged Financial Statements of Thornfield 003 Ltd
Year ended 28 February 2023
As described on the abridged statement of financial position, the directors of the company are responsible for the preparation of the abridged financial statements for the year ended 28 February 2023, which comprise the abridged statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these abridged financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
NICHOLAS BARWELL & CO LTD Accountants
Stirling House Church Road Wombourne Wolverhampton West Midlands WV5 9DJ
23 November 2023
Thornfield 003 Ltd
Abridged Statement of Financial Position
28 February 2023
2023
2022
Note
£
£
Fixed assets
Intangible assets
4
51,000
63,000
Tangible assets
5
5,608,776
6,402,279
------------
------------
5,659,776
6,465,279
Current assets
Stocks
130,240
169,740
Debtors
2,526,614
1,982,556
Cash at bank and in hand
22,751
2,333
------------
------------
2,679,605
2,154,629
Creditors: amounts falling due within one year
7,080,193
7,183,932
------------
------------
Net current liabilities
4,400,588
5,029,303
------------
------------
Total assets less current liabilities
1,259,188
1,435,976
Creditors: amounts falling due after more than one year
41,035
38,126
Provisions
1,064,102
1,216,118
------------
------------
Net assets
154,051
181,732
------------
------------
Capital and reserves
Called up share capital
10
10
Revaluation reserve
3,391,748
3,876,283
Profit and loss account
( 3,237,707)
( 3,694,561)
------------
------------
Shareholders funds
154,051
181,732
------------
------------
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.
For the year ending 28 February 2023 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 abridged financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
Thornfield 003 Ltd
Abridged Statement of Financial Position (continued)
28 February 2023
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 28 February 2023 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the board of directors and authorised for issue on 23 November 2023 , and are signed on behalf of the board by:
Mr R A Greenow
Director
Company registration number: 09434260
Thornfield 003 Ltd
Notes to the Abridged Financial Statements
Year ended 28 February 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Crescent Farm, Waters Upton, Telford, TF6 6NP.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
10% straight line
Fixtures and fittings
-
15% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Intangible assets
£
Cost
At 1 March 2022 and 28 February 2023
120,000
---------
Amortisation
At 1 March 2022
57,000
Charge for the year
12,000
---------
At 28 February 2023
69,000
---------
Carrying amount
At 28 February 2023
51,000
---------
At 28 February 2022
63,000
---------
5. Tangible assets
£
Cost
At 1 March 2022
9,180,433
Additions
7,654
------------
At 28 February 2023
9,188,087
------------
Depreciation
At 1 March 2022
2,778,154
Charge for the year
801,157
------------
At 28 February 2023
3,579,311
------------
Carrying amount
At 28 February 2023
5,608,776
------------
At 28 February 2022
6,402,279
------------
Tangible assets held at valuation
Plant & Machinery were revalued at 29th February 2020 to a value provided by the directors derived using the discounted cash flow method. The carrying amount under the revaluation model is £5,600,000. The carrying amount of the assets under the historic cost model would be £1,412,658. Each period a transfer is made from the revaluation reserve to the profit & loss account to compensate for the additional depreciation net of deferred tax.
6. Secured creditors
2023
2022
£
£
Of the creditors falling due within and after more than one year the following amounts are secured.
5,561,401
5,972,772