IRIS Accounts Production v23.4.0.336 08610155 Board of Directors 1.11.22 31.10.23 31.10.23 14.3.2024 false true false false true false Auditors Opinion iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh086101552022-10-31086101552023-10-31086101552022-11-012023-10-31086101552021-10-31086101552021-11-012022-10-31086101552022-10-3108610155ns15:EnglandWales2022-11-012023-10-3108610155ns14:PoundSterling2022-11-012023-10-3108610155ns10:Director12022-11-012023-10-3108610155ns10:PrivateLimitedCompanyLtd2022-11-012023-10-3108610155ns10:SmallEntities2022-11-012023-10-3108610155ns10:Audited2022-11-012023-10-3108610155ns10:SmallCompaniesRegimeForDirectorsReport2022-11-012023-10-3108610155ns10:SmallCompaniesRegimeForAccounts2022-11-012023-10-3108610155ns10:FullAccounts2022-11-012023-10-3108610155ns10:Director22022-11-012023-10-3108610155ns10:Director32022-11-012023-10-3108610155ns10:CompanySecretary12022-11-012023-10-3108610155ns10:RegisteredOffice2022-11-012023-10-3108610155ns5:CurrentFinancialInstruments2023-10-3108610155ns5:CurrentFinancialInstruments2022-10-3108610155ns5:Non-currentFinancialInstruments2023-10-3108610155ns5:Non-currentFinancialInstruments2022-10-3108610155ns5:ShareCapital2023-10-3108610155ns5:ShareCapital2022-10-3108610155ns5:RetainedEarningsAccumulatedLosses2023-10-3108610155ns5:RetainedEarningsAccumulatedLosses2022-10-3108610155ns5:PlantMachinery2022-11-012023-10-3108610155ns5:MotorVehicles2022-11-012023-10-3108610155ns5:ComputerEquipment2022-11-012023-10-3108610155ns5:PlantMachinery2022-10-3108610155ns5:FurnitureFittings2022-10-3108610155ns5:MotorVehicles2022-10-3108610155ns5:ComputerEquipment2022-10-3108610155ns5:FurnitureFittings2022-11-012023-10-3108610155ns5:PlantMachinery2023-10-3108610155ns5:FurnitureFittings2023-10-3108610155ns5:MotorVehicles2023-10-3108610155ns5:ComputerEquipment2023-10-3108610155ns5:PlantMachinery2022-10-3108610155ns5:FurnitureFittings2022-10-3108610155ns5:MotorVehicles2022-10-3108610155ns5:ComputerEquipment2022-10-3108610155ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-10-3108610155ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-10-31
REGISTERED NUMBER: 08610155 (England and Wales)






























FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2023

FOR

THORPE'S FLOORING LIMITED

THORPE'S FLOORING LIMITED (REGISTERED NUMBER: 08610155)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


THORPE'S FLOORING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2023







DIRECTORS: Mr JC Thorpe
Mr H S Anderson
Mr J Collier



SECRETARY: Mr JC Thorpe



REGISTERED OFFICE: Unit D Harrison Road
Airfield Business Park
Market Harborough
Leicestershire
LE16 7UL



REGISTERED NUMBER: 08610155 (England and Wales)



SENIOR STATUTORY AUDITOR: Mark Harrison BA FCA



AUDITORS: Mark J Rees LLP Chartered Accountants
Granville Hall
Granville Road
Leicester
Leicestershire
LE1 7RU

THORPE'S FLOORING LIMITED (REGISTERED NUMBER: 08610155)

BALANCE SHEET
31 OCTOBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 27,520 33,508

CURRENT ASSETS
Stocks 5 - 5,000
Debtors 6 1,326,432 1,488,379
Cash at bank 26,571 8,716
1,353,003 1,502,095
CREDITORS
Amounts falling due within one year 7 619,740 783,390
NET CURRENT ASSETS 733,263 718,705
TOTAL ASSETS LESS CURRENT
LIABILITIES

760,783

752,213

CREDITORS
Amounts falling due after more than one year 8 (137,500 ) (210,084 )

PROVISIONS FOR LIABILITIES (77 ) (77 )
NET ASSETS 623,206 542,052

CAPITAL AND RESERVES
Called up share capital 170 170
Retained earnings 623,036 541,882
623,206 542,052

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4 March 2024 and were signed on its behalf by:





Mr JC Thorpe - Director


THORPE'S FLOORING LIMITED (REGISTERED NUMBER: 08610155)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023


1. STATUTORY INFORMATION

Thorpe's Flooring Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Revenue comprises the fair value of the sale of goods and services, excluding value added taxes and represents net invoice value less estimated rebates, returns and settlement discounts, adjusted for contracts not completed at the period end. The company supplies goods and services to customers from its manufacturing sites, under standard terms and conditions. In all cases revenue is recognised when the risks and rewards of ownership are transferred and this is defined to be on the date the work is performed.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on cost
Motor vehicles - 20% on reducing balance
Computer equipment - 25% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


THORPE'S FLOORING LIMITED (REGISTERED NUMBER: 08610155)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.

Government grants are recognised using the accrual model.

Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Financial instruments
Basic financial instruments are recognised at amortised cost using the effective interest method, except for investments in non-convertible preference and non-puttable preference and ordinary shares, which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and therefore at fair value, with changes recognised in profit or loss.

THORPE'S FLOORING LIMITED (REGISTERED NUMBER: 08610155)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of lease.

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.

Creditors
Short term trade 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2022 - 15 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 November 2022 7,566 - 28,500 5,660 41,726
Additions - 1,436 - 756 2,192
At 31 October 2023 7,566 1,436 28,500 6,416 43,918
DEPRECIATION
At 1 November 2022 3,028 - 234 4,956 8,218
Charge for year 1,818 181 5,653 528 8,180
At 31 October 2023 4,846 181 5,887 5,484 16,398
NET BOOK VALUE
At 31 October 2023 2,720 1,255 22,613 932 27,520
At 31 October 2022 4,538 - 28,266 704 33,508

THORPE'S FLOORING LIMITED (REGISTERED NUMBER: 08610155)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


5. STOCKS
2023 2022
£    £   
Stocks - 5,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 786,931 212,119
Amounts owed by group undertakings 513,257 513,257
Other debtors 26,244 763,003
1,326,432 1,488,379

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 50,000 41,667
Hire purchase contracts 14,250 14,250
Trade creditors 139,308 282,929
Amounts owed to group undertakings 166,957 160,290
Taxation and social security 121,037 48,784
Other creditors 128,188 235,470
619,740 783,390

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 137,500 195,834
Hire purchase contracts - 14,250
137,500 210,084

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 14,250 28,500

Amounts owing under hire purchase contracts are secured on the assets concerned.

THORPE'S FLOORING LIMITED (REGISTERED NUMBER: 08610155)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mark Harrison BA FCA (Senior Statutory Auditor)
for and on behalf of Mark J Rees LLP Chartered Accountants

11. RELATED PARTY DISCLOSURES

At the year end the company owed £77,754 (2022: £174,714) to J Collier, a director of the company.

At the year end the company owed £76,837 (2022: £67,162) to GTG Joinery Solutions Limited.

At the year end the company owed £82,132 (2022: £93,128) to Thorpe's Joinery Limited.

Thorpe's Joinery Limited is a wholly owned subsidiary of the parent company, Thorpe Interior Group Limited. Thorpe Interior Group Limited own 60% of GTG Joinery Solutions Limited.

At the year end the company was owed from Thorpe Interior Group Limited £513,257 (2022: £513,257).

The ultimate controlling party is Mr JC Thorpe by virtue of his majority shareholding in Thorpe Interior Group Limited.

12. ULTIMATE PARENT COMPANY

The company's ultimate parent undertaking is Thorpe Interior Group Limited. The registered office address of Thorpe Interior Group Limited is Unit D Harrison Road, Airfield Business Park, Market Harborough, Leicestershire, England, LE16 7UL and the principal place of business of Thorpe Interior Group Limited is
Unit D Harrison Road, Airfield Business Park, Market Harborough, Leicestershire, England, LE16 7UL.

13. PENSION COMMITMENTS

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company within an independently administered fund. The charge for the year was £6,232 (2022: £7,610). Contributions of £814 (2022: £692) were unpaid at the year end.