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Registration number: 00662397

Rhodes of Thorne Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

Rhodes of Thorne Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Rhodes of Thorne Limited

Company Information

Directors

Mrs GTC Jackson

Mr SM Jackson

Company secretary

Mrs GTC Jackson

Registered office

14 Finkle Street
Thorne
Doncaster
South Yorkshire
DN8 5DE

 

Rhodes of Thorne Limited

(Registration number: 00662397)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

69,266

49,248

Current assets

 

Stocks

6

10,865

10,539

Debtors

7

17,631

5,639

Cash at bank and in hand

 

51,619

79,279

 

80,115

95,457

Creditors: Amounts falling due within one year

8

(54,959)

(40,272)

Net current assets

 

25,156

55,185

Total assets less current liabilities

 

94,422

104,433

Creditors: Amounts falling due after more than one year

8

(22,448)

(19,953)

Provisions for liabilities

(14,135)

(8,968)

Net assets

 

57,839

75,512

Capital and reserves

 

Called up share capital

9

3,000

3,000

Retained earnings

54,839

72,512

Shareholders' funds

 

57,839

75,512

For the financial year ending 31 January 2024 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 accounts for the year in question in accordance with section 476; and

The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 28 March 2024 and signed on its behalf by:
 

 

Rhodes of Thorne Limited

(Registration number: 00662397)
Balance Sheet as at 31 January 2024

.........................................
Mrs GTC Jackson
Company secretary and director

.........................................
Mr SM Jackson
Director

 

Rhodes of Thorne Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

The Company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
14 Finkle Street
Thorne
Doncaster
South Yorkshire
DN8 5DE

These financial statements were authorised for issue by the Board on 28 March 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements have been prepared in sterling and are rounded to the nearest pound.

The financial statements cover the individual entity, Rhodes of Thorne Limited.

Going concern

Specifically in connection with the current economic climate, the directors have considere the impact of COVID-19 on the business and they are satisfied that the company has sufficient financial headroom to continue trading for at least the next twelve months. For this reason the financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Rhodes of Thorne Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% Straight line

Freehold property

5% Straight line

Motor vehicles

15% Straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20% on cost

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

 

Rhodes of Thorne Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 20 (2023 - 20).

 

Rhodes of Thorne Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 February 2023

15,500

15,500

At 31 January 2024

15,500

15,500

Amortisation

At 1 February 2023

15,500

15,500

At 31 January 2024

15,500

15,500

Carrying amount

At 31 January 2024

-

-

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2023

19,527

233,963

-

253,490

Additions

-

1,947

33,934

35,881

At 31 January 2024

19,527

235,910

33,934

289,371

Depreciation

At 1 February 2023

17,480

186,762

-

204,242

Charge for the year

219

11,402

4,242

15,863

At 31 January 2024

17,699

198,164

4,242

220,105

Carrying amount

At 31 January 2024

1,828

37,746

29,692

69,266

At 31 January 2023

2,047

47,201

-

49,248

Included within the net book value of land and buildings above is £1,828 (2023 - £2,047) in respect of freehold land and buildings and £Nil (2023 - £Nil) in respect of short leasehold land and buildings.
 

6

Stocks

2024
£

2023
£

Other inventories

10,865

10,539

7

Debtors

 

Rhodes of Thorne Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Current

2024
£

2023
£

Other debtors

17,631

5,639

 

17,631

5,639

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Hire purchase obligations

24,694

7,825

Trade creditors

 

3,428

4,140

Taxation and social security

 

1,438

-

Accruals and deferred income

 

5,646

5,379

Other creditors

 

19,753

22,928

 

54,959

40,272

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Hire purchase obligations

22,448

19,953

Creditors include hire purchase contracts of £47,142 (2023 - £27,778). These were secured against the assets purchased against the hire purchase agreement.

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

3,000

3,000

3,000

3,000

         

10

Related party transactions

The below advance had no fixed repayment date and was unsecured. Interest was charged at the official rate.

Transactions with Directors

2024

At 1 February 2023
£

Advances to Director
£

Repayments by Director
£

At 31 January 2024
£

Mr & Mrs Jackson

848

30,868

(20,814)

10,902

         
       

 

 

Rhodes of Thorne Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

2023

At 1 February 2022
£

Advances to Director
£

Repayments by Director
£

At 31 January 2023
£

Mr & Mrs Jackson

3,940

119,953

(123,045)

848