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Company registration number: 6538258
The Mistley Thorn Limited
Trading as The Mistley Thorn Limited
Unaudited filleted financial statements
31 March 2024
The Mistley Thorn Limited
Contents
Directors and other information
Accountant's report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
The Mistley Thorn Limited
Directors and other information
Directors D McKay
S Singleton
Secretary S. Singleton
Company number 6538258
Registered office 82 West Street
Rochford
Essex
SS4 1AS
Business address High Street
Mistley
Manningtree
Essex
CO11 1HE
Accountant Andrew Murphy
Sovereign House
82 West Street
Rochford
Essex
SS4 1AS
The Mistley Thorn Limited
Chartered accountant's report to the board of directors on the preparation of the
unaudited statutory financial statements of The Mistley Thorn Limited
Year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of The Mistley Thorn Limited for the year ended 31 March 2024 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given me.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), I am subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of The Mistley Thorn Limited, as a body, in accordance with the terms of my engagement letter dated 16 December 2009. My work has been undertaken solely to prepare for your approval the financial statements of The Mistley Thorn Limited and state those matters that we have agreed to state to the board of directors of The Mistley Thorn Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than The Mistley Thorn Limited and its board of directors as a body for my work or for this report.
It is your duty to ensure that The Mistley Thorn Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of The Mistley Thorn Limited. You consider that The Mistley Thorn Limited is exempt from the statutory audit requirement for the year.
I have not been instructed to carry out an audit or a review of the financial statements of The Mistley Thorn Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.
Andrew Murphy
Chartered Accountant
Sovereign House
82 West Street
Rochford
Essex
SS4 1AS
28 June 2024
The Mistley Thorn Limited
Statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 7 - -
Tangible assets 8 358,538 332,683
_______ _______
358,538 332,683
Current assets
Stocks 10,578 10,718
Debtors 9 6,004 20,010
Cash at bank and in hand 127,889 29,307
_______ _______
144,471 60,035
Creditors: amounts falling due
within one year 10 ( 210,052) ( 202,375)
_______ _______
Net current liabilities ( 65,581) ( 142,340)
_______ _______
Total assets less current liabilities 292,957 190,343
Creditors: amounts falling due
after more than one year 11 ( 25,823) ( 22,500)
Provisions for liabilities 12 ( 31,740) ( 19,210)
_______ _______
Net assets 235,394 148,633
_______ _______
Capital and reserves
Called up share capital 184 184
Profit and loss account 235,210 148,449
_______ _______
Shareholders funds 235,394 148,633
_______ _______
For the year ending 31 March 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 28 June 2024 , and are signed on behalf of the board by:
D McKay
Director
Company registration number: 6538258
The Mistley Thorn Limited
Statement of changes in equity
Year ended 31 March 2024
Called up share capital Profit and loss account Total
£ £ £
At 1 April 2022 184 158,118 158,302
Profit/(loss) for the year ( 3,669) ( 3,669)
_______ _______ _______
Total comprehensive income for the year - ( 3,669) ( 3,669)
Dividends paid and payable ( 6,000) ( 6,000)
_______ _______ _______
Total investments by and distributions to owners - ( 6,000) ( 6,000)
_______ _______ _______
At 31 March 2023 and 1 April 2023 184 148,449 148,633
Profit/(loss) for the year 87,761 87,761
_______ _______ _______
Total comprehensive income for the year - 87,761 87,761
Dividends paid and payable ( 1,000) ( 1,000)
_______ _______ _______
Total investments by and distributions to owners - ( 1,000) ( 1,000)
_______ _______ _______
At 31 March 2024 184 235,210 235,394
_______ _______ _______
The Mistley Thorn Limited
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Sovereign House, 82 West Street, Rochford, Essex, SS4 1AS.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. 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 capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 20 % straight line
Fittings fixtures and equipment - 20 % straight line
Motor vehicles - 20 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 34 (2023: 33 ).
5. Tax on profit/loss
Major components of tax expense
2024 2023
£ £
Current tax:
UK current tax expense/income 22,134 ( 15,211)
_______ _______
Deferred tax:
Origination and reversal of timing differences 12,530 15,440
_______ _______
Tax on profit/loss 34,664 229
_______ _______
6. Dividends
Equity dividends
2024 2023
£ £
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year) 1,000 6,000
_______ _______
A shares - £0 (2023: £0)B shares - £1,000 (2023: £6,000)
7. Intangible assets
Goodwill Total
£ £
Cost
At 1 April 2023 and 31 March 2024 70,000 70,000
_______ _______
Amortisation
At 1 April 2023 and 31 March 2024 70,000 70,000
_______ _______
Carrying amount
At 31 March 2024 - -
_______ _______
At 31 March 2023 - -
_______ _______
8. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 April 2023 231,580 17,361 138,970 - 387,911
Additions - 3,776 15,852 41,608 61,236
Disposals - ( 2,136) ( 15,967) - ( 18,103)
_______ _______ _______ _______ _______
At 31 March 2024 231,580 19,001 138,855 41,608 431,044
_______ _______ _______ _______ _______
Depreciation
At 1 April 2023 - 7,901 47,327 - 55,228
Charge for the year - 3,208 26,625 5,548 35,381
Disposals - ( 2,136) ( 15,967) - ( 18,103)
_______ _______ _______ _______ _______
At 31 March 2024 - 8,973 57,985 5,548 72,506
_______ _______ _______ _______ _______
Carrying amount
At 31 March 2024 231,580 10,028 80,870 36,060 358,538
_______ _______ _______ _______ _______
At 31 March 2023 231,580 9,460 91,643 - 332,683
_______ _______ _______ _______ _______
9. Debtors
2024 2023
£ £
Other debtors 6,004 20,010
_______ _______
10. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors 59,354 55,721
Corporation tax 22,134 -
Social security and other taxes 48,203 43,719
Other creditors 70,361 92,935
_______ _______
210,052 202,375
_______ _______
11. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 12,500 22,500
Other creditors 13,323 -
_______ _______
25,823 22,500
_______ _______
12. Provisions
Deferred tax (note 13) Total
£ £
At 1 April 2023 19,210 19,210
Additions 12,530 12,530
_______ _______
At 31 March 2024 31,740 31,740
_______ _______
13. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024 2023
£ £
Included in provisions (note 12) 31,740 19,210
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2024 2023
£ £
Accelerated capital allowances 12,530 15,440
_______ _______
14. Controlling party
The company is controlled by the directors , who are also the voting shareholders.