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REGISTERED NUMBER: 00645458 (England and Wales)


















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2023

FOR

W.C.THORNTON & SON LIMITED

W.C.THORNTON & SON LIMITED (REGISTERED NUMBER: 00645458)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


W.C.THORNTON & SON LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2023







DIRECTORS: Mr J H Thornton
Mr W N Thornton





SECRETARY: Mr W N Thornton





REGISTERED OFFICE: Brook House Cottage
Brock
Preston
Lancashire
PR3 0RD





REGISTERED NUMBER: 00645458 (England and Wales)





ACCOUNTANTS: SBCA Chartered Accountants
17 Moor Park Avenue
Preston
Lancashire
PR1 6AS

W.C.THORNTON & SON LIMITED (REGISTERED NUMBER: 00645458)

BALANCE SHEET
31ST DECEMBER 2023

31.12.23 31.12.22
Notes £    £   
FIXED ASSETS
Tangible assets 4 819,817 818,512
Investments 5 2,910,528 2,746,700
3,730,345 3,565,212

CURRENT ASSETS
Stocks 6 848,040 531,325
Debtors 7 321,862 378,137
Cash at bank and in hand 184,822 331,866
1,354,724 1,241,328
CREDITORS
Amounts falling due within one year 8 (1,013,980 ) (991,134 )
NET CURRENT ASSETS 340,744 250,194
TOTAL ASSETS LESS CURRENT LIABILITIES 4,071,089 3,815,406

PROVISIONS FOR LIABILITIES 9 (48,156 ) -
NET ASSETS 4,022,933 3,815,406

CAPITAL AND RESERVES
Called up share capital 10 3,206 3,206
Capital redemption reserve 11 6,100 6,100
Retained earnings 11 4,013,627 3,806,100
SHAREHOLDERS' FUNDS 4,022,933 3,815,406

W.C.THORNTON & SON LIMITED (REGISTERED NUMBER: 00645458)

BALANCE SHEET - continued
31ST DECEMBER 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 Statement of Income and Retained Earnings has not been delivered.

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




Mr J H Thornton - Director



Mr W N Thornton - Director


W.C.THORNTON & SON LIMITED (REGISTERED NUMBER: 00645458)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023


1. STATUTORY INFORMATION

W.C.Thornton & Son 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 as modified by the revaluation of certain assets.

The financial statements have been prepared under the historical cost convention, except for modification to fair value basis for certain fixed assets, as specified in the accounting policies below.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and machinery - 10% on reducing balance
Fixtures and fittings - 33% on reducing balance
Motor vehicles - 25% on reducing balance

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

W.C.THORNTON & SON LIMITED (REGISTERED NUMBER: 00645458)

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


2. ACCOUNTING POLICIES - continued

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.

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 cash flows 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 creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future cash flows 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 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 the 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 rate method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.


W.C.THORNTON & SON LIMITED (REGISTERED NUMBER: 00645458)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 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.

Investments
Investments in shares or bonds are included at fair value through profit and loss.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 6 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1st January 2023 949,416 491,809 4,785 78,372 1,524,382
Additions - 11,115 2,112 32,974 46,201
Disposals - (850 ) - (35,985 ) (36,835 )
At 31st December 2023 949,416 502,074 6,897 75,361 1,533,748
DEPRECIATION
At 1st January 2023 312,791 320,037 3,468 69,574 705,870
Charge for year 14,665 17,259 551 3,323 35,798
Eliminated on disposal - (293 ) - (27,444 ) (27,737 )
At 31st December 2023 327,456 337,003 4,019 45,453 713,931
NET BOOK VALUE
At 31st December 2023 621,960 165,071 2,878 29,908 819,817
At 31st December 2022 636,625 171,772 1,317 8,798 818,512

W.C.THORNTON & SON LIMITED (REGISTERED NUMBER: 00645458)

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


5. FIXED ASSET INVESTMENTS
Other
investment
£   
COST OR VALUATION
At 1st January 2023 2,746,700
Revaluations 163,828
At 31st December 2023 2,910,528
NET BOOK VALUE
At 31st December 2023 2,910,528
At 31st December 2022 2,746,700


6. STOCKS
31.12.23 31.12.22
£    £   
Stocks 848,040 531,325

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 36,382 81,369
Other debtors 285,480 296,768
321,862 378,137

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 37,169 57,314
Taxation and social security 60,554 358
Other creditors 916,257 933,462
1,013,980 991,134

9. PROVISIONS FOR LIABILITIES
31.12.23
£   
Deferred tax
Accelerated capital allowances 48,156

W.C.THORNTON & SON LIMITED (REGISTERED NUMBER: 00645458)

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


9. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1st January 2023 (14,424 )
Provided during year 15,131
Deferred tax asset utilised 47,449
Balance at 31st December 2023 48,156

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
3,206 Ordinary A £1 3,206 3,206

11. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1st January 2023 3,806,100 6,100 3,812,200
Profit for the year 271,727 271,727
Dividends (64,200 ) (64,200 )
At 31st December 2023 4,013,627 6,100 4,019,727