Company registration number 11207259 (England and Wales)
THORNHILL PARTNERSHIP LIMITED
Unaudited financial statements
For the year ended 29 February 2024
Pages for filing with registrar
THORNHILL PARTNERSHIP LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
THORNHILL PARTNERSHIP LIMITED
STATEMENT OF FINANCIAL POSITION
As at 29 February 2024
- 1 -
2024
2023
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
4
2,127
2,709
Current assets
Trade and other receivables
5
6,942
9,600
Cash and cash equivalents
36,710
68,810
43,652
78,410
Current liabilities
6
(7,378)
(10,150)
Net current assets
36,274
68,260
Total assets less current liabilities
38,401
70,969
Provisions for liabilities
7
(532)
(677)
Net assets
37,869
70,292
Equity
Called up share capital
100
100
Retained earnings
37,769
70,192
Total equity
37,869
70,292

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

The financial statements were approved by the board of directors and authorised for issue on ......................... and are signed on its behalf by:
2024-04-02
..............................................
..............................................
Mr A T Clarke
Mrs M J Clarke
Director
Director
Company registration number 11207259 (England and Wales)
THORNHILL PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 29 February 2024
- 2 -
1
Accounting policies
Company information

Thornhill Partnership Limited is a private company limited by shares incorporated in England and Wales. The registered office is 10 Jubilee Mill, Glen Island, Taplow, Maidenhead, SL6 0BN.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The directors have at the time of approving the financial statements, a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Revenue

Revenue is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
25% Reducing balance
Fixtures and fittings
25% Reducing balance
Computers
25% Straight line
1.5
Impairment of non-current assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

THORNHILL PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 29 February 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

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

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

THORNHILL PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 29 February 2024
1
Accounting policies
(Continued)
- 4 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
THORNHILL PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 29 February 2024
- 5 -
4
Property, plant and equipment
Plant and machinery etc
£
Cost
At 1 March 2023
4,563
Additions
225
At 29 February 2024
4,788
Depreciation and impairment
At 1 March 2023
1,854
Depreciation charged in the year
807
At 29 February 2024
2,661
Carrying amount
At 29 February 2024
2,127
At 28 February 2023
2,709
5
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Trade receivables
6,942
9,600
6
Current liabilities
2024
2023
£
£
Trade payables
344
748
Corporation tax
4,768
5,924
Other taxation and social security
457
1,677
Other payables
1,809
1,801
7,378
10,150
7
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
532
677
2024-02-292023-03-01falseCCH SoftwareCCH Accounts Production 2023.300No description of principal activityMr A T ClarkeMrs M J Clarkefalse112072592023-03-012024-02-29112072592024-02-29112072592023-02-2811207259core:OtherPropertyPlantEquipment2024-02-2911207259core:OtherPropertyPlantEquipment2023-02-2811207259core:CurrentFinancialInstrumentscore:WithinOneYear2024-02-2911207259core:CurrentFinancialInstrumentscore:WithinOneYear2023-02-2811207259core:CurrentFinancialInstruments2024-02-2911207259core:CurrentFinancialInstruments2023-02-2811207259core:ShareCapital2024-02-2911207259core:ShareCapital2023-02-2811207259core:RetainedEarningsAccumulatedLosses2024-02-2911207259core:RetainedEarningsAccumulatedLosses2023-02-2811207259bus:Director12023-03-012024-02-2911207259bus:Director22023-03-012024-02-2911207259core:PlantMachinery2023-03-012024-02-2911207259core:FurnitureFittings2023-03-012024-02-2911207259core:ComputerEquipment2023-03-012024-02-29112072592022-03-012023-02-2811207259core:OtherPropertyPlantEquipment2023-02-2811207259core:OtherPropertyPlantEquipment2023-03-012024-02-2911207259bus:PrivateLimitedCompanyLtd2023-03-012024-02-2911207259bus:SmallCompaniesRegimeForAccounts2023-03-012024-02-2911207259bus:FRS1022023-03-012024-02-2911207259bus:AuditExemptWithAccountantsReport2023-03-012024-02-2911207259bus:FullAccounts2023-03-012024-02-29xbrli:purexbrli:sharesiso4217:GBP