IRIS Accounts Production v23.4.0.336 03261375 Board of Directors 1.11.22 31.10.23 31.10.23 true false true true false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh032613752022-10-31032613752023-10-31032613752022-11-012023-10-31032613752021-10-31032613752021-11-012022-10-31032613752022-10-3103261375ns15:EnglandWales2022-11-012023-10-3103261375ns14:PoundSterling2022-11-012023-10-3103261375ns10:Director12022-11-012023-10-3103261375ns10:CompanySecretary12022-11-012023-10-3103261375ns10:PrivateLimitedCompanyLtd2022-11-012023-10-3103261375ns10:FRS1022022-11-012023-10-3103261375ns10:Audited2022-11-012023-10-3103261375ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2022-11-012023-10-3103261375ns10:LargeMedium-sizedCompaniesRegimeForAccounts2022-11-012023-10-3103261375ns10:FullAccounts2022-11-012023-10-3103261375ns10:OrdinaryShareClass12022-11-012023-10-3103261375ns10:Director22022-11-012023-10-3103261375ns10:Director32022-11-012023-10-3103261375ns10:Director42022-11-012023-10-3103261375ns10:Director52022-11-012023-10-3103261375ns10:Director62022-11-012023-10-3103261375ns10:RegisteredOffice2022-11-012023-10-3103261375ns5:CurrentFinancialInstruments2023-10-3103261375ns5:CurrentFinancialInstruments2022-10-3103261375ns5:Non-currentFinancialInstruments2023-10-3103261375ns5:Non-currentFinancialInstruments2022-10-3103261375ns5:ShareCapital2023-10-3103261375ns5:ShareCapital2022-10-3103261375ns5:CapitalRedemptionReserve2023-10-3103261375ns5:CapitalRedemptionReserve2022-10-3103261375ns5:RetainedEarningsAccumulatedLosses2023-10-3103261375ns5:RetainedEarningsAccumulatedLosses2022-10-3103261375ns5:ShareCapital2021-10-3103261375ns5:RetainedEarningsAccumulatedLosses2021-10-3103261375ns5:CapitalRedemptionReserve2021-10-3103261375ns5:RetainedEarningsAccumulatedLosses2021-11-012022-10-3103261375ns5:CapitalRedemptionReserve2021-11-012022-10-3103261375ns5:RetainedEarningsAccumulatedLosses2022-11-012023-10-3103261375ns5:CapitalRedemptionReserve2022-11-012023-10-310326137542022-11-012023-10-310326137542021-11-012022-10-3103261375ns5:PlantMachinery2022-11-012023-10-3103261375ns5:FurnitureFittings2022-11-012023-10-3103261375ns5:MotorVehicles2022-11-012023-10-3103261375ns10:HighestPaidDirector2022-11-012023-10-3103261375ns10:HighestPaidDirector2021-11-012022-10-3103261375ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2022-11-012023-10-3103261375ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2021-11-012022-10-3103261375ns5:OwnedAssets2022-11-012023-10-3103261375ns5:OwnedAssets2021-11-012022-10-3103261375ns5:LeasedAssets2022-11-012023-10-3103261375ns5:LeasedAssets2021-11-012022-10-310326137522022-11-012023-10-310326137522021-11-012022-10-3103261375ns5:HirePurchaseContracts2022-11-012023-10-3103261375ns5:HirePurchaseContracts2021-11-012022-10-3103261375ns5:PlantMachinery2022-10-3103261375ns5:FurnitureFittings2022-10-3103261375ns5:MotorVehicles2022-10-3103261375ns5:PlantMachinery2023-10-3103261375ns5:FurnitureFittings2023-10-3103261375ns5:MotorVehicles2023-10-3103261375ns5:PlantMachinery2022-10-3103261375ns5:FurnitureFittings2022-10-3103261375ns5:MotorVehicles2022-10-3103261375ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2022-10-3103261375ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2022-10-3103261375ns5:LeasedAssetsHeldAsLessee2022-10-3103261375ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2022-11-012023-10-3103261375ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2022-11-012023-10-3103261375ns5:LeasedAssetsHeldAsLessee2022-11-012023-10-3103261375ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-10-3103261375ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-10-3103261375ns5:LeasedAssetsHeldAsLessee2023-10-3103261375ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2022-10-3103261375ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2022-10-3103261375ns5:LeasedAssetsHeldAsLessee2022-10-3103261375ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-10-3103261375ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-10-3103261375ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2023-10-3103261375ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2022-10-3103261375ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-10-3103261375ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2022-10-3103261375ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-10-3103261375ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-10-3103261375ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-10-3103261375ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2022-10-3103261375ns5:HirePurchaseContracts2023-10-3103261375ns5:HirePurchaseContracts2022-10-3103261375ns5:WithinOneYear2023-10-3103261375ns5:WithinOneYear2022-10-3103261375ns5:BetweenOneFiveYears2023-10-3103261375ns5:BetweenOneFiveYears2022-10-3103261375ns5:AllPeriods2023-10-3103261375ns5:AllPeriods2022-10-3103261375ns5:Secured2023-10-3103261375ns5:Secured2022-10-3103261375ns5:DeferredTaxation2022-10-3103261375ns5:DeferredTaxation2022-11-012023-10-3103261375ns5:DeferredTaxation2023-10-3103261375ns10:OrdinaryShareClass12023-10-31
REGISTERED NUMBER: 03261375 (England and Wales)






























STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2023

FOR

THORPE'S JOINERY LIMITED

THORPE'S JOINERY LIMITED (REGISTERED NUMBER: 03261375)

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










Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Statement of Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 16


THORPE'S JOINERY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2023







DIRECTORS: Mr D Dean
Mr SH Simpson
Mr JC Thorpe
Mr PD Weston
Mr SG Hobart
Mr P Kennedy


SECRETARY: Mr JC Thorpe


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


REGISTERED NUMBER: 03261375 (England and Wales)


SENIOR STATUTORY AUDITOR: Mark Harrison BA FCA


AUDITORS: Mark J Rees LLP Chartered Accountants
and Statutory Auditors
Granville Hall
Granville Road
Leicester
LE1 7RU


BANKERS: Lloyds Bank Plc
7 High Street
Leicester
LE1 9FS

THORPE'S JOINERY LIMITED (REGISTERED NUMBER: 03261375)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2023


The directors present their strategic report for the year ended 31st October 2023.

The Company's principal activity is the manufacture and fitting of bespoke joinery within the commercial fit-out industry.

REVIEW OF BUSINESS
Following on from the previous year's trading in which the sales didn't return to the pre-pandemic levels as was expected, this year was forecasted to be the return to healthier sales and a return to profitability. During the year we successfully completed several large projects resulting in the large increase in sales which although took a little longer to materialise, the Company believed would happen. Throughout the year, with better internal processes and improved management we were able to manage the job life cycle better, through from draughting, manufacture to installation, which ultimately saw a return to profitability. For the current year, whilst the levels of sales have been slower than initially expected, which has been put down to jobs going back and a lull in the market, the Company is optimistic that 2024 sales will be healthy again with the current order book showing guaranteed sales well into year.

We believe the signs looking forward are positive, particularly for the second half of 2024 and there is every confidence the business will continue to recover back to pre-pandemic levels over the next year.



FINANCIAL KEY PERFORMANCE INDICATORS
We continue to place heavy reliance upon a variety of financial performance indicators which include the monitoring of the sales order book, a revised production planning look ahead schedule, gross margin, cash and overall profitability within the Company.

The Company's turnover for the year ending 31st October 2023 was £17,010k (2022: £12,165k) being a increase of 39.8%. We are confident in the order book looking forward which currently shows future sales to 2024.

The profit for the year before taxation was £1,031k (2022: Loss £45k).

The target for the next financial year is to build on the improvement that has happened during 2022 and continue to improve profitability.

Group KPI's £'000 2023 2022
Turnover £17,010 £12,165
Gross Profit £4,210 £3,113
Gross Profit % 24.8% 25.6%
Profit/(Loss) Before Tax £1,031 (£45)
Net Assets £2,218 £1,313

PRINCIPAL RISKS AND UNCERTAINTIES
We are fully aware that the Company operates in a very competitive market, that can quickly change if there is any uncertainty within the economy, and also appreciate, as we have seen recently that there are challenges to growth outside of the Company's control.

By focusing on improving margins and maintaining profitability this year, together with improving operational efficiencies and procedures, this will be key in order for the Company to strengthen back to pre-pandemic levels resulting in continued success.


THORPE'S JOINERY LIMITED (REGISTERED NUMBER: 03261375)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2023

FUTURE ACTIVITIES
We realise that it has been a challenging few years for the company, and this has tested the Company's resolve, but having now returned to profitability will now go from strength to strength. Continual review of internal procedures and processes, maximising synergies to become more efficient will drive profitability.

The Company is very much looking forwards now and investing for the future, through plant and machinery, development of staff and building a management team that can continue to drive the business forwards. The Company is also committed to maintaining its FSC, FORS, Considerate Constructors and Construction Line Platinum accreditations and working towards attaining ISO 14001.

In January 2024 the Company installed Ecogate which is an intelligent bolt on to the extraction system which reduces power when machines aren't working. This is expected to reduce energy consumption by 25%.

We believe that the outlook for the Company over the next few years is an exciting one. We realise there will be challenges ahead but are positive our goals are realistic and can be achieved.

ON BEHALF OF THE BOARD:





Mr JC Thorpe - Secretary


18 March 2024

THORPE'S JOINERY LIMITED (REGISTERED NUMBER: 03261375)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 OCTOBER 2023


The directors present their report with the financial statements of the company for the year ended 31 October 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of manufacture of specialist joinery and bespoke furniture.

DIVIDENDS
No dividends will be distributed for the year ended 31 October 2023.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 November 2022 to the date of this report.

Mr D Dean
Mr SH Simpson
Mr JC Thorpe
Mr PD Weston
Mr SG Hobart

Other changes in directors holding office are as follows:

Mr P Kennedy - appointed 23 August 2023

DONATIONS
The company made charitable donations of £7,906 in the year to 31 October 2023.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

THORPE'S JOINERY LIMITED (REGISTERED NUMBER: 03261375)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 OCTOBER 2023


AUDITORS
The auditors, Mark J Rees LLP Chartered Accountants, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:



Mr JC Thorpe - Secretary


18 March 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
THORPE'S JOINERY LIMITED


Opinion
We have audited the financial statements of Thorpe's Joinery Limited (the 'company') for the year ended 31 October 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 October 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
THORPE'S JOINERY LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
THORPE'S JOINERY LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities outlined above, to detect material misstatements in respect of irregularities, including fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISA's (UK).

We obtained an understanding of the legal and regulatory frameworks applicable to the company and industry in which it operates through our general commercial experience. We determined that the following laws and regulations were most significant: FRS 102, Companies Act 2006 and the relevant tax compliance regulations in the UK. In addition, we concluded that there are certain laws and regulations that may have an effect in the determination of the amounts and disclosures in the financial statements such as health and safety and employee related matters.

We enquired of management concerning the company's policies and procedures relating to:

- the identification and compliance with laws and regulations
- the detection and response to the risks of fraud
- the internal controls inherent within the company to mitigate fraud risk and non-compliance to laws and regulations

We enquired of management, whether they were aware of any instance of non-compliance with laws and regulations or whether they had any knowledge of actual, suspected or alleged fraud.

We communicated relevant laws and regulations and potential areas of fraud to all audit team members including the potential for fraud in revenue recognition through the manipulation of costs incurred on contracts. We remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

We have determined that the principal risk areas where material irregularities could occur were related to posting manual journal entries to manipulate financial performance, revenue recognition, valuation of amounts recoverable on contracts and significant one-off or unusual transactions.

Our audit procedures were designed to respond in particular to these identified risks (including non compliance with laws and regulations and fraud).

Our audit procedures included but were not limited to:

- A review of laws and regulations the company is subject to, followed by compliance checks and discussion with management to ensure no instances of non compliance.

- Identifying and testing journal entries, on a sample basis, to review for potential management bias or manipulation of revenue recognition.

- A review of a sample of sales invoices in the year and detailed cut off testing around the year end to ensure revenue is recorded accurately and recognised in the correct period.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
THORPE'S JOINERY LIMITED


- A review of a sample of projects in progress at the year end to ensure the valuation of amounts recoverable on contract is accurate and to confirm costs associated with projects in progress are recoverable.

We did not identify any matters during the course of our work that indicated non-compliance with laws and regulations or relating to fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Mark Harrison BA FCA (Senior Statutory Auditor)
for and on behalf of Mark J Rees LLP Chartered Accountants
and Statutory Auditors
Granville Hall
Granville Road
Leicester
LE1 7RU

5 April 2024

THORPE'S JOINERY LIMITED (REGISTERED NUMBER: 03261375)

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2023

2023 2022
Notes £    £   

TURNOVER 17,009,882 12,165,309

Cost of sales 12,799,848 9,051,939
GROSS PROFIT 4,210,034 3,113,370

Administrative expenses 3,277,276 3,150,391
932,758 (37,021 )

Other operating income 3 141,000 25,000
OPERATING PROFIT/(LOSS) 6 1,073,758 (12,021 )


Interest payable and similar expenses 7 42,383 33,219
PROFIT/(LOSS) BEFORE TAXATION 1,031,375 (45,240 )

Tax on profit/(loss) 8 125,869 (149,357 )
PROFIT FOR THE FINANCIAL YEAR 905,506 104,117

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

905,506

104,117

THORPE'S JOINERY LIMITED (REGISTERED NUMBER: 03261375)

BALANCE SHEET
31 OCTOBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 568,847 525,879

CURRENT ASSETS
Stocks 10 159,671 181,262
Debtors 11 2,953,172 3,077,246
Cash at bank and in hand 482,611 291
3,595,454 3,258,799
CREDITORS
Amounts falling due within one year 12 1,608,479 2,148,192
NET CURRENT ASSETS 1,986,975 1,110,607
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,555,822

1,636,486

CREDITORS
Amounts falling due after more than one year 13 (237,908 ) (323,494 )

PROVISIONS FOR LIABILITIES 17 (99,416 ) -
NET ASSETS 2,218,498 1,312,992

CAPITAL AND RESERVES
Called up share capital 18 2,105 2,105
Capital redemption reserve 895 895
Retained earnings 2,215,498 1,309,992
SHAREHOLDERS' FUNDS 2,218,498 1,312,992

The financial statements were approved by the Board of Directors and authorised for issue on 18 March 2024 and were signed on its behalf by:





Mr JC Thorpe - Director


THORPE'S JOINERY LIMITED (REGISTERED NUMBER: 03261375)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2023

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 November 2021 2,105 1,205,875 895 1,208,875

Changes in equity
Total comprehensive income - 104,117 - 104,117
Balance at 31 October 2022 2,105 1,309,992 895 1,312,992

Changes in equity
Total comprehensive income - 905,506 - 905,506
Balance at 31 October 2023 2,105 2,215,498 895 2,218,498

THORPE'S JOINERY LIMITED (REGISTERED NUMBER: 03261375)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,408,460 34,489
Interest paid (37,141 ) (25,572 )
Interest element of hire purchase payments
paid

(5,242

)

(7,647

)
Taxation refund 120,882 92,022
Net cash from operating activities 1,486,959 93,292

Cash flows from investing activities
Purchase of tangible fixed assets (165,169 ) (11,005 )
Net cash from investing activities (165,169 ) (11,005 )

Cash flows from financing activities
Loan repayments in year (100,000 ) (91,667 )
Capital repayments in year (23,552 ) (64,706 )
Amount introduced by directors - 300,000
Amount withdrawn by directors (300,000 ) -
Net cash from financing activities (423,552 ) 143,627

Increase in cash and cash equivalents 898,238 225,914
Cash and cash equivalents at beginning of
year

2

(415,627

)

(641,541

)

Cash and cash equivalents at end of year 2 482,611 (415,627 )

THORPE'S JOINERY LIMITED (REGISTERED NUMBER: 03261375)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2023


1. RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
Profit/(loss) before taxation 1,031,375 (45,240 )
Depreciation charges 122,200 123,333
Finance costs 42,383 33,219
1,195,958 111,312
Decrease/(increase) in stocks 21,591 (82,132 )
Decrease in trade and other debtors 84,247 398,860
Increase/(decrease) in trade and other creditors 106,664 (393,551 )
Cash generated from operations 1,408,460 34,489

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 October 2023
31.10.23 1.11.22
£    £   
Cash and cash equivalents 482,611 291
Bank overdrafts - (415,918 )
482,611 (415,627 )
Year ended 31 October 2022
31.10.22 1.11.21
£    £   
Cash and cash equivalents 291 342
Bank overdrafts (415,918 ) (641,883 )
(415,627 ) (641,541 )


THORPE'S JOINERY LIMITED (REGISTERED NUMBER: 03261375)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2023


3. ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS

At 1.11.22 Cash flow At 31.10.23
£    £    £   
Net cash
Cash at bank and in hand 291 482,320 482,611
Bank overdrafts (415,918 ) 415,918 -
(415,627 ) 898,238 482,611
Debt
Finance leases (44,238 ) (11,548 ) (55,786 )
Debts falling due within 1 year (100,000 ) - (100,000 )
Debts falling due after 1 year (308,333 ) 100,000 (208,333 )
(452,571 ) 88,452 (364,119 )
Total (868,198 ) 986,690 118,492

THORPE'S JOINERY LIMITED (REGISTERED NUMBER: 03261375)

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


1. STATUTORY INFORMATION

Thorpe's Joinery 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.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for sales of services provided in the normal course of business, net of discounts and value added tax, adjusted in accordance with the policy on contract income as described below.

The Company derives a significant proportion of its revenue from the supply of projects under contracts, some of which are fixed price contracts that may extend for a significant period of time. Where the outcome can be estimated reliably, contract revenue is recognised to the extent that the services have been performed. Performance is measured based on costs incurred to date as a percentage of total expected costs. Management judgement and experience is required to determine the completeness of those forecasts, the recoverability of the costs incurred and the revenue recognised on contracts. Unforeseen future events may adversely impact the accuracy of those forecasts and recoverability judgements.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - over 10 years and over 4 years
Fixtures and fittings - over 3 years
Motor vehicles - 25% on reducing balance

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

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 JOINERY LIMITED (REGISTERED NUMBER: 03261375)

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


2. ACCOUNTING POLICIES - continued
Deferred taxation
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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts of finance leases are capitalised in the balance sheet. Those 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 the shorter.

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

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

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 the profit and loss account in the period to which they relate.

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.

Going concern
From late March 2020 the COVID-19 pandemic had a significant impact on our business operations. To mitigate our costs we have taken advantage of the Coronavirus Business Interruptions Loan, as well as reducing costs where possible. Despite making a loss within 2022, we have since seen profitability towards the end of the period which has pleasingly continued into 2023. This means that we are confident we can continue as a going concern and have prepared these accounts accordingly on the going concern basis.

3. OTHER OPERATING INCOME
2023 2022
£    £   
Management charge 141,000 25,000

THORPE'S JOINERY LIMITED (REGISTERED NUMBER: 03261375)

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


4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 3,676,572 3,481,194
Social security costs 367,196 373,521
Other pension costs 117,066 114,912
4,160,834 3,969,627

The average number of employees during the year was as follows:
2023 2022

Production 60 64
Administration 38 37
98 101

5. DIRECTORS' EMOLUMENTS
2023 2022
£    £   
Directors' remuneration 241,845 259,068
Directors' pension contributions to money purchase schemes 13,113 16,216

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 3 3

Information regarding the highest paid director is as follows:
2023 2022
£    £   
Emoluments etc 122,387 92,277
Pension contributions to money purchase schemes 4,268 8,585

6. OPERATING PROFIT/(LOSS)

The operating profit (2022 - operating loss) is stated after charging:

2023 2022
£    £   
Hire of plant and machinery 40,350 54,986
Depreciation - owned assets 76,358 77,772
Depreciation - assets on hire purchase contracts 45,843 45,558
Auditors remuneration 7,200 6,800

THORPE'S JOINERY LIMITED (REGISTERED NUMBER: 03261375)

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


7. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank interest 37,141 12,481
Bank loan interest - 12,819
Other interest - 272
Hire purchase interest 5,242 7,647
42,383 33,219

8. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 72,407 -
Prior year
UK corporation tax (120,882 ) (92,022 )
Total current tax (48,475 ) (92,022 )

Deferred taxation 174,344 (57,335 )
Tax on profit/(loss) 125,869 (149,357 )

UK corporation tax has been charged at 25% (2022 - 19%).

Reconciliation of total tax charge/(credit) included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit/(loss) before tax 1,031,375 (45,240 )
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of
25% (2022 - 19%)

257,844

(8,596

)

Effects of:
Expenses not deductible for tax purposes 60,414 3,661
Capital allowances in excess of depreciation (69,859 ) (52,400 )
Adjustments to tax charge in respect of previous periods (122,530 ) (92,022 )

Total tax charge/(credit) 125,869 (149,357 )

THORPE'S JOINERY LIMITED (REGISTERED NUMBER: 03261375)

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


8. TAXATION - continued

Deferred tax has been charged at 19% and 25% as necessary in 2023 and 2022.

9. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 November 2022 1,529,191 217,090 159,236 1,905,517
Additions 140,607 24,562 - 165,169
At 31 October 2023 1,669,798 241,652 159,236 2,070,686
DEPRECIATION
At 1 November 2022 1,046,363 209,116 124,159 1,379,638
Charge for year 106,797 6,632 8,772 122,201
At 31 October 2023 1,153,160 215,748 132,931 1,501,839
NET BOOK VALUE
At 31 October 2023 516,638 25,904 26,305 568,847
At 31 October 2022 482,828 7,974 35,077 525,879

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 November 2022 410,296 42,947 453,243
Additions 35,100 - 35,100
At 31 October 2023 445,396 42,947 488,343
DEPRECIATION
At 1 November 2022 179,628 29,358 208,986
Charge for year 42,092 3,751 45,843
At 31 October 2023 221,720 33,109 254,829
NET BOOK VALUE
At 31 October 2023 223,676 9,838 233,514
At 31 October 2022 230,668 13,589 244,257

THORPE'S JOINERY LIMITED (REGISTERED NUMBER: 03261375)

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


10. STOCKS
2023 2022
£    £   
Raw materials 159,671 181,262

11. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 2,446,934 2,505,865
Bad debt provision (63,518 ) (23,397 )
Amounts owed by group undertakings 190,348 208,893
Amounts recoverable on contract 155,250 126,750
VAT 139,690 108,684
Prepayments and accrued income 84,468 75,522
2,953,172 3,002,317

Amounts falling due after more than one year:
Deferred tax asset - 74,929

Aggregate amounts 2,953,172 3,077,246

Deferred tax asset
2022
£   
Accelerated capital allowances (86,221 )
Short term timing differences 3,874
Taxation losses 157,276
74,929

THORPE'S JOINERY LIMITED (REGISTERED NUMBER: 03261375)

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


12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 14) 100,000 515,918
Hire purchase contracts (see note 15) 26,211 29,077
Trade creditors 894,778 880,804
Taxation 72,407 -
Social security and other taxes 112,348 301,647
Other creditors 54,656 48,478
Directors' current accounts - 300,000
Accruals and deferred income 348,079 72,268
1,608,479 2,148,192

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans (see note 14) 208,333 308,333
Hire purchase contracts (see note 15) 29,575 15,161
237,908 323,494

14. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts - 415,918
Bank loans - less than 1 year 100,000 100,000
100,000 515,918

Amounts falling due between one and two years:
Bank loans - 1-2 years 100,000 100,000

Amounts falling due between two and five years:
Bank loans - 2-5 years 108,333 208,333

THORPE'S JOINERY LIMITED (REGISTERED NUMBER: 03261375)

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


15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 26,211 29,077
Between one and five years 29,575 15,161
55,786 44,238

Non-cancellable operating leases
2023 2022
£    £   
Within one year 34,108 45,145
Between one and five years 20,876 54,984
54,984 100,129

16. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdraft - 415,918
Bank loans 308,333 408,333
Hire purchase contracts 55,786 44,238
364,119 868,489

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

Both the bank overdraft and bank loan are secured by way of fixed and floating charges over the undertaking and all property and assets present and future.

THORPE'S JOINERY LIMITED (REGISTERED NUMBER: 03261375)

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


17. PROVISIONS FOR LIABILITIES
2023
£   
Deferred tax
Accelerated capital allowances 103,626
Short term timing differences (4,210 )
99,416

Deferred
tax
£   
Balance at 1 November 2022 (74,929 )
Provided during year 174,345
Balance at 31 October 2023 99,416

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
2,105 Ordinary £1 2,105 2,105

19. PENSION COMMITMENTS

The company operates defined contribution pension schemes. The assets of the schemes are held separately from those of the company within independently administered funds. The total contributions paid in the year amounted to £103,953 (2022: £98,696). Contributions of £22,157 (2022: £20,388.61) were unpaid at the year end.

20. RELATED PARTY DISCLOSURES

At the year end the company was owed £61,216 (2022: £88,525) by GTG Joinery Solutions Limited.

At the year end the company was owed £174,175 (2022: £93,128) by Thorpe's Flooring Limited.

At the year end the company was owed from Thorpe Interior Group Limited £47,000 (2022: £27,240).

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

21. ULTIMATE PARENT COMPANY

The company's parent and ultimate parent company is Thorpe Interior Group Limited. The registered office of Thorpe Interior Group Limited is Unit D Harrison Road, Airfield Business Park, Market Haborough, Leicestershire, England, LE16 7UL. The accounts of Thorpe Interior Group Limited can be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.