Thorburn Bros Limited
Filleted Accounts
31 March 2024
Registered number
11166013
Thorburn Bros Limited
Registered number: 11166013
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 437,908 940,635
Current assets
Stocks 150,000 100,000
Debtors 4 1,610,109 960,730
Cash at bank and in hand 23,054 83,258
1,783,163 1,143,988
Creditors: amounts falling due within one year 5 (1,962,908) (1,562,571)
Net current liabilities (179,745) (418,583)
Total assets less current liabilities 258,163 522,052
Creditors: amounts falling due after more than one year 6 (33,059) (109,838)
Net assets 225,104 412,214
Capital and reserves
Called up share capital 100 100
Profit and loss account 225,004 412,114
Shareholders' funds 225,104 412,214
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr M Thorburn
Director
Approved by the board on 30 August 2024
Thorburn Bros Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor Vehicles 10% Written down value
Plant and machinery 20% Written down value
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 36 36
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2023 112,990 1,218,757 1,331,747
Additions - 59,575 59,575
Disposals - (672,333) (672,333)
At 31 March 2024 112,990 605,999 718,989
Depreciation
At 1 April 2023 35,644 355,468 391,112
Charge for the year 15,469 70,795 86,264
On disposals - (196,295) (196,295)
At 31 March 2024 51,113 229,968 281,081
Net book value
At 31 March 2024 61,877 376,031 437,908
At 31 March 2023 77,346 863,289 940,635
4 Debtors 2024 2023
£ £
Trade debtors 1,215,162 949,397
Other debtors 394,947 11,333
1,610,109 960,730
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 407,511 308,427
Obligations under finance lease and hire purchase contracts 94,027 262,919
Trade creditors 892,675 212,049
Taxation and social security costs 562,182 450,320
Other creditors 6,513 328,856
1,962,908 1,562,571
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 14,496 24,502
Obligations under finance lease and hire purchase contracts 18,563 85,336
33,059 109,838
7 Controlling party
The company is under the control of its directors
8 Other information
Thorburn Bros Limited is a private company limited by shares and incorporated in England. Its registered office is:
Wesley Way
Benton Square Industrial
Holystone
Newcastle upon Tyne
NE12 9TA
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