Caseware UK (AP4) 2022.0.179 2022.0.179 2023-06-302023-06-3012022-07-01falsemanufacture and sale of clothing1truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 06626351 2022-07-01 2023-06-30 06626351 2021-07-01 2022-06-30 06626351 2023-06-30 06626351 2022-06-30 06626351 c:Director1 2022-07-01 2023-06-30 06626351 d:PlantMachinery 2022-07-01 2023-06-30 06626351 d:PlantMachinery 2023-06-30 06626351 d:PlantMachinery 2022-06-30 06626351 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 06626351 d:FurnitureFittings 2022-07-01 2023-06-30 06626351 d:FurnitureFittings 2023-06-30 06626351 d:FurnitureFittings 2022-06-30 06626351 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 06626351 d:OfficeEquipment 2022-07-01 2023-06-30 06626351 d:OfficeEquipment 2023-06-30 06626351 d:OfficeEquipment 2022-06-30 06626351 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 06626351 d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 06626351 d:CurrentFinancialInstruments 2023-06-30 06626351 d:CurrentFinancialInstruments 2022-06-30 06626351 d:Non-currentFinancialInstruments 2023-06-30 06626351 d:Non-currentFinancialInstruments 2022-06-30 06626351 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 06626351 d:CurrentFinancialInstruments d:WithinOneYear 2022-06-30 06626351 d:Non-currentFinancialInstruments d:AfterOneYear 2023-06-30 06626351 d:Non-currentFinancialInstruments d:AfterOneYear 2022-06-30 06626351 d:ShareCapital 2023-06-30 06626351 d:ShareCapital 2022-06-30 06626351 d:RetainedEarningsAccumulatedLosses 2023-06-30 06626351 d:RetainedEarningsAccumulatedLosses 2022-06-30 06626351 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-06-30 06626351 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-06-30 06626351 d:FinancialLiabilitiesFairValueThroughProfitOrLoss d:UnlistedNon-exchangeTraded 2023-06-30 06626351 d:FinancialLiabilitiesFairValueThroughProfitOrLoss d:UnlistedNon-exchangeTraded 2022-06-30 06626351 c:FRS102 2022-07-01 2023-06-30 06626351 c:AuditExempt-NoAccountantsReport 2022-07-01 2023-06-30 06626351 c:FullAccounts 2022-07-01 2023-06-30 06626351 c:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 06626351 e:PoundSterling 2022-07-01 2023-06-30 iso4217:GBP xbrli:pure

Registered number:  06626351














THRESHER & GLENNY LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023


 
THRESHER & GLENNY LIMITED
REGISTERED NUMBER: 06626351

BALANCE SHEET
AS AT 30 JUNE 2023

2023
2023
2022
2022
Note
£
£
£
£

Fixed assets
  

Tangible assets
 4 
2,329
2,739

  
2,329
2,739

Current assets
  

Stocks
 5 
22,423
143,217

Debtors: amounts falling due within one year
 6 
103,096
98,252

Cash at bank and in hand
 7 
11,788
11,543

  
137,307
253,012

Creditors: amounts falling due within one year
 8 
(57,423)
(242,138)

Net current assets
  
 
 
79,884
 
 
10,874

Total assets less current liabilities
  
82,213
13,613

Creditors: amounts falling due after more than one year
 9 
(220,652)
(145,652)

  

Net liabilities
  
(138,439)
(132,039)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(138,539)
(132,139)

  
(138,439)
(132,039)

Page 1

 
THRESHER & GLENNY LIMITED
REGISTERED NUMBER: 06626351
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
M A Finch
Director

Date: 14 March 2024

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
THRESHER & GLENNY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1.


General information

The Company is a private company limited by shares, which is incorporated under the Companies Act 2006 and registered in England (no.06626351). The address of the registered office is Unit 7 Lister Park, Featherstone, Pontefract, England, WF7 6FE.
These financial statements present information about the Company as an individual undertaking. The principal activity of the Company is that of the manufacture and sale of clothing.
The presentation currency of these financial statements is £ sterling; the financial statements are
rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

Page 3

 
THRESHER & GLENNY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Page 4

 
THRESHER & GLENNY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following basis:.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
reducing balance
Fixtures and fittings
-
25%
reducing balance
Office equipment
-
10%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
THRESHER & GLENNY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.10

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Employees

2023
2022
£
£

Wages and salaries
2,848
6,570

2,848
6,570


The average monthly number of employees, including directors, during the year was 1 (2022 - 1).

Page 6

 
THRESHER & GLENNY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

4.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 July 2022
39,298
17,288
5,838
62,424



At 30 June 2023

39,298
17,288
5,838
62,424



Depreciation


At 1 July 2022
39,298
14,548
5,838
59,684


Charge for the year on owned assets
-
411
-
411



At 30 June 2023

39,298
14,959
5,838
60,095



Net book value



At 30 June 2023
-
2,329
-
2,329



At 30 June 2022
-
2,740
-
2,740


5.


Stocks

2023
2022
£
£

Finished goods and goods for resale
22,423
143,217

22,423
143,217


Page 7

 
THRESHER & GLENNY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

6.


Debtors

2023
2022
£
£


Other debtors
96,992
94,622

Prepayments and accrued income
6,104
3,630

103,096
98,252



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
11,788
11,543

11,788
11,543



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
12,109
15,599

Other loans
2,920
170,000

Trade creditors
16,132
20,674

Other creditors
23,381
32,311

Accruals and deferred income
2,881
3,554

57,423
242,138



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other creditors
220,652
145,652

220,652
145,652


Page 8

 
THRESHER & GLENNY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

10.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
11,788
11,543

Financial assets measured at amortised cost
95,173
93,594

106,961
105,137


Financial liabilities


Financial liabilities measured at amortised cost
380,604
386,740


Financial assets measured at fair value through profit or loss comprise of cash at bank.


Financial assets measured at amortised cost comprise of other debtors.


Financial liabilities measured at amortised cost comprise of bank loans, trade creditors, other creditors and accruals.


11.


Related party transactions

Included in other debtors is an amount of £95,173 (2022 - £93,594) owed from MF T.G. International Ltd, a fellow subsidiary. 
Included in other creditors due after one year is an amount of £220,652 (2022 - £145,652) owed to Uniforms for Work Limited, a company whom MA Finch is a director and shareholder.
Also included in other creditors is an amount of £2,920 (2022 - £45,000) owed to MA Finch, the director.


12.


Controlling party

The Company is under the control of its parent, Thresher & Glenny Holdco Limited.

 
Page 9