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Company registration number: 00549866
Thursfield & Co, Limited
Unaudited filleted financial statements
31 July 2023
Thursfield & Co, Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Thursfield & Co, Limited
Directors and other information
Directors Mr B M Patel
Mrs S B Patel
Secretary Mr B M Patel
Company number 00549866
Registered office 60 Rockingham Road
Kettering
Northants
NN16 8JT
Business address 63-65 Gold Street
Kettering
Northants
NN16 8JB
Accountants Pandit & Associates Limited
Portland House
228 Portland Crescent
Stanmore
Middlesex
HA7 1LS
Bankers Lloyds TSB Bank Plc
Fenlands House
Manor Grove Centre
Vicarage Farm Road
Peterborough PE1 5UH
Thursfield & Co, Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Thursfield & Co, Limited
Year ended 31 July 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Thursfield & Co, Limited for the year ended 31 July 2023 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of Thursfield & Co, Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Thursfield & Co, Limited and state those matters that we have agreed to state to the board of directors of Thursfield & Co, Limited as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Thursfield & Co, Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Thursfield & Co, Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Thursfield & Co, Limited. You consider that Thursfield & Co, Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Thursfield & Co, Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Pandit & Associates Limited
Chartered Certified Accountants
Portland House
228 Portland Crescent
Stanmore
Middlesex
HA7 1LS
7 March 2024
Thursfield & Co, Limited
Statement of financial position
31 July 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 1,110,940 779,296
Investments 7 603,390 603,390
_______ _______
1,714,330 1,382,686
Current assets
Stocks 72,417 78,173
Debtors 8 198,718 190,401
Cash at bank and in hand 37,911 238,854
_______ _______
309,046 507,428
Creditors: amounts falling due
within one year 9 ( 987,545) ( 893,760)
_______ _______
Net current liabilities ( 678,499) ( 386,332)
_______ _______
Total assets less current liabilities 1,035,831 996,354
Creditors: amounts falling due
after more than one year 10 ( 122,333) ( 173,250)
_______ _______
Net assets 913,498 823,104
_______ _______
Capital and reserves
Called up share capital 8,000 8,000
Profit and loss account 905,498 815,104
_______ _______
Shareholders funds 913,498 823,104
_______ _______
For the year ending 31 July 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 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 financial statements.
These 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 statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 07 March 2024 , and are signed on behalf of the board by:
Mr B M Patel Mrs S B Patel
Director Director
Company registration number: 00549866
Thursfield & Co, Limited
Statement of changes in equity
Year ended 31 July 2023
Called up share capital Profit and loss account Total
£ £ £
At 1 August 2021 8,000 713,003 721,003
Profit for the year 102,101 102,101
_______ _______ _______
Total comprehensive income for the year - 102,101 102,101
_______ _______ _______
At 31 July 2022 and 1 August 2022 8,000 815,104 823,104
Profit for the year 90,394 90,394
_______ _______ _______
Total comprehensive income for the year - 90,394 90,394
_______ _______ _______
At 31 July 2023 8,000 905,498 913,498
_______ _______ _______
Thursfield & Co, Limited
Notes to the financial statements
Year ended 31 July 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 60 Rockingham Road, Kettering, Northants, NN16 8JT.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The 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 financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
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 are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
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 stocks to their present location and condition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2022: 9 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 August 2022 and 31 July 2023 5,459 5,459
_______ _______
Amortisation
At 1 August 2022 and 31 July 2023 5,459 5,459
_______ _______
Carrying amount
At 31 July 2023 - -
_______ _______
At 31 July 2022 - -
_______ _______
6. Tangible assets
Freehold property Short leasehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £ £
Cost
At 1 August 2022 558,778 163,875 33,649 273,659 21,562 1,051,523
Additions 52,257 - 1,406 310,840 - 364,503
_______ _______ _______ _______ _______ _______
At 31 July 2023 611,035 163,875 35,055 584,499 21,562 1,416,026
_______ _______ _______ _______ _______ _______
Depreciation
At 1 August 2022 - 25,751 18,659 216,542 11,274 272,226
Charge for the year - 630 5,739 23,919 2,572 32,860
_______ _______ _______ _______ _______ _______
At 31 July 2023 - 26,381 24,398 240,461 13,846 305,086
_______ _______ _______ _______ _______ _______
Carrying amount
At 31 July 2023 611,035 137,494 10,657 344,038 7,716 1,110,940
_______ _______ _______ _______ _______ _______
At 31 July 2022 558,778 138,124 14,990 57,117 10,288 779,297
_______ _______ _______ _______ _______ _______
No depreciation is provided on freehold and long leasehold buildings as the company follows a programme of regular maintenance of its buildings which includes the reinstatement of the fabric of the buildings where necessary. Therefore in the opinion of the directors the company's freehold buildings have an indefinite economic useful life and consequently any charge to depreciation would be immaterial. They also consider that this accounting policy is necessary for the financial statements to give a true and fair view.
7. Investments
Shares in group undertakings and participating interests Other investments other than loans Total
£ £ £
Cost
At 1 August 2022 and 31 July 2023 599,590 3,800 603,390
_______ _______ _______
Impairment
At 1 August 2022 and 31 July 2023 - - -
_______ _______ _______
Carrying amount
At 31 July 2023 599,590 3,800 603,390
_______ _______ _______
At 31 July 2022 599,590 3,800 603,390
_______ _______ _______
8. Debtors
2023 2022
£ £
Trade debtors 159,758 158,109
Other debtors 38,960 32,292
_______ _______
198,718 190,401
_______ _______
9. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 50,000 50,000
Trade creditors 318,217 312,569
Amounts owed to group undertakings and undertakings in which the company has a participating interest 525,649 485,749
Corporation tax 26,563 24,997
Social security and other taxes 1,892 12,290
Other creditors 65,224 8,155
_______ _______
987,545 893,760
_______ _______
10. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 122,333 173,250
_______ _______
11. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr B M Patel ( 2,326) ( 103,033) 46,405 ( 58,954)
_______ _______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr B M Patel ( 2,626) ( 2,326) 2,626 ( 2,326)
_______ _______ _______ _______
12. Controlling party
During the year the company was under the control of Mr B M Patel and Mrs S B Patel , the directors and shareholders of the company.