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Registration number: 01532407

Thatchreed Limited

Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Thatchreed Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 12

 

Thatchreed Limited

(Registration number: 01532407)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

5

23,468

29,459

Tangible assets

6

2,206,989

2,060,379

Investments

7

1,000

1,000

 

2,231,457

2,090,838

Current assets

 

Stocks

8

4,733,431

4,705,373

Debtors

9

1,574,959

1,358,850

Cash at bank and in hand

 

2,529,182

2,590,960

 

8,837,572

8,655,183

Creditors: Amounts falling due within one year

10

(959,675)

(1,528,455)

Net current assets

 

7,877,897

7,126,728

Total assets less current liabilities

 

10,109,354

9,217,566

Provisions for liabilities

(80,941)

(49,796)

Net assets

 

10,028,413

9,167,770

Capital and reserves

 

Called up share capital

423

423

Other reserves

477

477

Retained earnings

10,027,513

9,166,870

Shareholders' funds

 

10,028,413

9,167,770

For the financial year ending 31 December 2023 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 22 July 2024 and signed on its behalf by:
 

 

Thatchreed Limited

(Registration number: 01532407)
Balance Sheet as at 31 December 2023

.........................................
Gavin J Griffith
Director

.........................................
Douglas J Griffith
Director

 

Thatchreed Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

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

The address of its registered office is:
Arqadia House
2 Wolseley Road
Kempston
Bedfordshire
MK42 7AD
United Kingdom

These financial statements were authorised for issue by the Board on 22 July 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.

The financial statements are prepared in sterling, which is the functional currency of the entity. Amounts are rounded to nearest £1.

 

Thatchreed Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

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 following criteria must also be met before turnover is recognised:

Turnover from sales of goods is recognised when all of the following conditions are satisfied:
- Company has transferred the significant risks and rewards of ownership to the buyer;
- The company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- The amount of turnover can be measured reliably;
- It is probable that the company will receive the consideration due under the transaction; and
- The costs incurred or to be incurred in respect of the transactions can be measured reliably

Government grants

Grants relating to revenue are recognised in income on a systematic basis over the periods in which the business recognises related costs which the grant is intended to compensate.

A grant that becomes 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 shall be recognised in income in the period in which it becomes receivable.

Foreign currency transactions and balances

Foreign currency transactions are transactions are translated in to functional currency using the spot exchange rates at the dated of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Any changes in balances converted to sterling are recognised in the profit and loss account.

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.

 

Thatchreed Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit and loss.

Depreciation

Depreciation is charged so as to write off the cost of assets;

Asset class

Depreciation method and rate

Plant and machinery

15% Straight Line

Freehold land and building

Nil Land, 50 Years Buildings

Motor vehicles

25% Straight Line

Office equipment

15% Straight Line

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

Computer software

20% Straight line

Website

20% Straight line

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

 

Thatchreed Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Trade debtors

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

Trade debtors are recognised at the transaction price. 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.

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.

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 at the transaction price.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

 

Thatchreed Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 20 (2022 - 21).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

63,908

61,189

Amortisation expense

5,991

499

5

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 January 2023

29,958

29,958

At 31 December 2023

29,958

29,958

Amortisation

At 1 January 2023

499

499

Amortisation charge

5,991

5,991

At 31 December 2023

6,490

6,490

Carrying amount

At 31 December 2023

23,468

23,468

At 31 December 2022

29,459

29,459

Intangible assets comprise software and website costs.

 

Thatchreed Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

6

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

1,920,870

59,135

192,530

30,674

2,203,209

Additions

78,659

35,780

143,385

-

257,824

Disposals

-

-

(84,464)

(4,500)

(88,964)

At 31 December 2023

1,999,529

94,915

251,451

26,174

2,372,069

Depreciation

At 1 January 2023

30,217

27,534

74,017

11,062

142,830

Charge for the year

21,306

11,149

27,528

3,926

63,909

Eliminated on disposal

-

-

(40,365)

(1,294)

(41,659)

At 31 December 2023

51,523

38,683

61,180

13,694

165,080

Carrying amount

At 31 December 2023

1,948,006

56,232

190,271

12,480

2,206,989

At 31 December 2022

1,890,653

31,601

118,513

19,612

2,060,379

Included within the net book value of land and buildings above is £1,948,006 (2022 - £1,890,653) in respect of freehold land and buildings.
 

 

Thatchreed Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Investments

2023
£

2022
£

Investments in subsidiaries

1,000

1,000

Subsidiaries

£

Cost or valuation

At 1 January 2023

1,000

Carrying amount

At 31 December 2023

1,000

At 31 December 2022

1,000

The company owns 100% of the 1,000 Ordinary £1 shares of Canvastentshop Limited (a company incorporated in England and Wales). The registered office is Arqadia House, 2 Wolseley Road, Kempston, MK42 7AD. Canvastentshop Limited was dormant throughout the year to 31 December 2023.

8

Stocks

2023
£

2022
£

Finished goods and goods for resale

4,733,431

4,705,373

9

Debtors

Current

2023
£

2022
£

Trade debtors

1,259,713

979,702

Prepayments

123,698

63,890

Other debtors

191,548

315,258

 

1,574,959

1,358,850

 

Thatchreed Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

10

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

96,255

214,547

Amounts owed to group undertakings and undertakings in which the company has a participating interest

14

2,351

2,000

Taxation and social security

 

485,052

388,121

Accruals and deferred income

 

279,924

276,175

Other creditors

 

96,093

647,612

 

959,675

1,528,455

11

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £1 each

282

282

282

282

Ordinary A Shares of £1 each

141

141

141

141

 

423

423

423

423

Ordinary A shares do not hold the entitlement to a capital distribution in the event the company is subject to winding up or sale. All other rights remain pari-passu between the two classes of shares.

 

Thatchreed Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

12

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £2,500.00 (2022 - £3,277.00)

 

2,500

 

3,277

         

13

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £233,333 (2022 - £373,333). The company has a lease in place for the business premises in respect of the 50% owned by Thatchreed Limited (S.A) Retirement Benefit Scheme. The annual commitment is £140,000 and expires August 2025.

14

Related party transactions

Summary of transactions with other related parties

During the year rent of £140,000 (2022: £140,000) was paid to the pension scheme for use of the premises by the company. The pension scheme Thatchreed Limited (S.A) Retirement Benefit Scheme owns 50% of the business premises. At the year end the company owed the pension scheme £nil.

At the balance sheet date the company owed D J Griffith £36,077 (2022: £186,373), G J Griffith £57,236 (2022: £458,082), both directors of the company. There are no terms of repayment and interest of 4% is being charged on the balance.

At the balance sheet date the company owed its subsidiary company, Canvastentshop Limited, £1,000 (2022: £1,000), the amount is repayable on demand.

At the balance sheet date the company owed £1,350 (2022: £1,000) to Reynards Holdings Limited, the parent company. The amount is repayable on demand.

An unlimited inter-company guarantee exists between the company and Reynards Holdings Limited, the parent company, whereby the company acts as a guarantor.

All transactions took place at arms length.

 

15

Controlling Party

The ultimate controlling party is Douglas J Griffith, by virtue of his shareholding in the parent holding company, Reynards Holdings Limited.

 

Thatchreed Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

16

Loans and borrowings

A debenture containing a fixed and floating charge over assets of the company is held and there is also a group cross guarantee that is in place in favour of Barclays Security Trustee Limited dated 22 April 2020.