Company registration number 08810784 (England and Wales)
THORNE HOUSE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
PAGES FOR FILING WITH REGISTRAR
THORNE HOUSE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 7
THORNE HOUSE LIMITED
BALANCE SHEET
AS AT
30 APRIL 2023
30 April 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
11,068
Current assets
Debtors
5
84,889
83,070
Cash at bank and in hand
494
735
85,383
83,805
Creditors: amounts falling due within one year
6
(48,819)
(39,267)
Net current assets
36,564
44,538
Total assets less current liabilities
36,564
55,606
Creditors: amounts falling due after more than one year
7
(12,675)
(12,896)
Net assets
23,889
42,710
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
23,789
42,610
Total equity
23,889
42,710
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2023 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.
THORNE HOUSE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2023
30 April 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 15 April 2024 and are signed on its behalf by:
Mr J N Mills
Ms K A Wolgast
Director
Director
Company Registration No. 08810784
THORNE HOUSE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2023
- 3 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 May 2021
100
(45,887)
(45,787)
Year ended 30 April 2022:
Profit for the year
-
88,497
88,497
Balance at 30 April 2022
100
42,610
42,710
Year ended 30 April 2023:
Loss for the year
-
(18,821)
(18,821)
Balance at 30 April 2023
100
23,789
23,889
THORNE HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
- 4 -
1
Accounting policies
Company information
Thorne House Limited is a private company limited by shares incorporated in England and Wales. The registered office is Thorne House, Smarden Road, Pluckley, Ashford, Kent, TN27 ORE.
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
Turnover
Turnover represents amounts receivable for services provided in relation to holiday and other collective accommodation. These amounts are recognised in the period in which the service is provided.
1.3
Tangible fixed assets
Tangible fixed assets other than freehold land are stated at cost less depreciation.
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:
Leasehold improvements
4 year straight line
Fixtures, fittings & equipment
4 year straight line
Computer equipment
4 year straight line
Motor vehicles
4 year straight line
1.4
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with bank.
1.5
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.
Financial instruments are recognised in the company's balance sheet 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 debtors 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.
THORNE HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 5 -
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 creditors, bank loan and loan from group companies, 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.
Trade creditors 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.6
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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.
1.7
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
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 2 (2022 - 2).
THORNE HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 6 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 May 2022
34,238
61,021
95,259
Disposals
(34,238)
(61,021)
(95,259)
At 30 April 2023
Depreciation and impairment
At 1 May 2022
34,238
49,953
84,191
Depreciation charged in the year
6,396
6,396
Eliminated in respect of disposals
(34,238)
(56,349)
(90,587)
At 30 April 2023
Carrying amount
At 30 April 2023
At 30 April 2022
11,068
11,068
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Corporation tax recoverable
1,819
Other debtors
83,070
83,070
84,889
83,070
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loan
1,852
1,800
Corporation tax
17,775
17,775
Other creditors
29,192
19,692
48,819
39,267
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loan
12,675
12,896
THORNE HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 7 -
8
Loans and overdrafts
2023
2022
£
£
Bank loan
14,527
14,696
Payable within one year
1,852
1,800
Payable after one year
12,675
12,896
The bank loan is a Bounce Back Loan which is repayable in equal instalments over 5 years. The loan is guaranteed by the government and carries an interest rate of 2.5% per annum.
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
10
Related party transactions
At the balance sheet date, £83,070 (2022: £83,070) was owed by South East Guardians Limited, a connected company by virtue of common control.
At the balance sheet date, £9,464 (2022: £9,464) was owed to SEG Asset Management Limited, a connected company by virtue of common control.
At the balance sheet date, £500 (2022: £nil) was owed to MiMi-WoWo Limited, a connected company by virtue of common control.
11
Directors' transactions
Included within other creditors is a balance of £12,428 (2022: £6,828) owed to the directors.
During the financial year, the company made payments of £5,000 (2022: £5,000) to a director towards rent.