Company registration number 13090911 (England and Wales)
Andy Thornton (AT) Limited
Annual Report and Financial Statements
for the year ended 31 May 2024
Andy Thornton (AT) Limited
Company Information
Directors
Mr D Hastie
Mr C J Tolley
Company number
13090911
Registered office
Rosemount
Huddersfield Road
Elland
West Yorkshire
HX5 0EE
Auditor
B M Howarth Ltd
Townend House
8 Springwell Court
Leeds
West Yorkshire
LS12 1AL
Andy Thornton (AT) Limited
Contents
Page
Directors' report
1 - 2
Independent auditor's report
3 - 5
Statement of income and retained earnings
6
Statement of financial position
7
Statement of cash flows
8
Notes to the financial statements
9 - 12
Andy Thornton (AT) Limited
Directors' Report
for the year ended 31 May 2024
- 1 -
The directors present their annual report and financial statements for the year ended 31 May 2024.
Principal activities
The principal activity of the company continued to be that of a holding company.
Results and dividends
The results for the year are set out on page 6.
Ordinary dividends were paid amounting to £100,000. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr D Hastie
Mr C J Tolley
Statement of directors' responsibilities
The directors are responsible for preparing the annual report 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 of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
Andy Thornton (AT) Limited
Directors' Report (continued)
for the year ended 31 May 2024
- 2 -
On behalf of the board
Mr C J Tolley
Director
28 August 2024
Andy Thornton (AT) Limited
Independent Auditor's Report
to the members of Andy Thornton (AT) Limited
- 3 -
Opinion
We have audited the financial statements of Andy Thornton (AT) Limited (the 'company') for the year ended 31 May 2024 which comprise the statement of income and retained earnings, the statement of financial position, the statement of cash flows and notes to the financial statements, including 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 May 2024 and of its loss 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.
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 Auditor's 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.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:
the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the directors' report has been prepared in accordance with applicable legal requirements.
Andy Thornton (AT) Limited
Independent Auditor's Report
to the members of Andy Thornton (AT) Limited (continued)
- 4 -
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 directors' report. We have nothing to report in respect of the following matters in relation to which 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 remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to take advantage of the small companies exemption from the requirement to prepare a strategic report.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, 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 is 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.
Auditor's 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 an auditor's report 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.
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. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
We obtained an understanding of the company's legal and regulatory framework through enquire of management of their understanding of the relevant laws and regulations, the company's policies and procedures regarding compliance and how they identify, evaluate and rectify any instances of non-compliance. We also drew on our existing understanding of the company's industry and regulation.
We understand the company complies with requirements of the framework through:
The directors' close involvement in the day-to-day running of the business, meaning that any litigation or claims would come to their attention directly.
The outsourcing of tax compliance to external experts.
In the context of the audit, we consider those laws and regulations which determine the form and content of the financial statements, which are central to the company's ability to conduct business and where failure to comply would result in material penalties. We have identified the following laws and regulations as being of significance in the context of the company:
Andy Thornton (AT) Limited
Independent Auditor's Report
to the members of Andy Thornton (AT) Limited (continued)
- 5 -
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error.
There are inherent limitations in audit procedures, the further removed non compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 an auditor's report 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.
James Bell
Senior Statutory Auditor
For and on behalf of B M Howarth Ltd
Chartered Accountants
Statutory Auditor
Townend House
8 Springwell Court
Leeds
West Yorkshire
LS12 1AL
28 August 2024
Andy Thornton (AT) Limited
Statement of Income and Retained Earnings
for the year ended 31 May 2024
- 6 -
2024
2023
Notes
£
£
Administrative expenses
(46,998)
Interest receivable
5
46,998
175,467
Profit before taxation
175,467
Tax on profit
6
(16)
(3,078)
(Loss)/profit for the financial year
(16)
172,389
Retained earnings brought forward
1,422,389
1,250,000
Dividends
7
(100,000)
Retained earnings carried forward
1,322,373
1,422,389
The income statement has been prepared on the basis that all operations are continuing operations.
Andy Thornton (AT) Limited
Statement Of Financial Position
as at 31 May 2024
- 7 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
8
750,000
750,000
Current assets
Debtors
10
9,909
160,000
Cash at bank and in hand
1,062,466
1,015,469
1,072,375
1,175,469
Creditors: amounts falling due within one year
11
(3,078)
Net current assets
1,072,375
1,172,391
Net assets
1,822,375
1,922,391
Capital and reserves
Called up share capital
12
100
100
Other reserves
499,902
499,902
Profit and loss reserves
1,322,373
1,422,389
Total equity
1,822,375
1,922,391
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 28 August 2024 and are signed on its behalf by:
Mr C J Tolley
Director
Company registration number 13090911 (England and Wales)
Andy Thornton (AT) Limited
Statement of cash flows
for the year ended 31 May 2024
- 8 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
13
103,093
(160,000)
Income taxes paid
(3,094)
Net cash inflow/(outflow) from operating activities
99,999
(160,000)
Investing activities
Interest received
46,998
15,467
Dividends received
160,000
Net cash generated from investing activities
46,998
175,467
Financing activities
Dividends paid
(100,000)
Net cash used in financing activities
(100,000)
-
Net increase in cash and cash equivalents
46,997
15,467
Cash and cash equivalents at beginning of year
1,015,469
1,000,002
Cash and cash equivalents at end of year
1,062,466
1,015,469
Andy Thornton (AT) Limited
Notes to the financial statements
for the year ended 31 May 2024
- 9 -
1
Accounting policies
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
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.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Andy Thornton (AT) Limited
Notes to the financial statements (continued)
for the year ended 31 May 2024
- 10 -
2
Revenue
2024
2023
£
£
Interest income
46,998
15,467
Dividends received
-
160,000
3
Operating loss
2024
2023
Operating loss for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Directors
2
2
5
Interest receivable
2024
2023
£
£
Interest income
Interest on bank deposits
46,998
15,467
Income from fixed asset investments
Income from shares in group undertakings
160,000
Total income
46,998
175,467
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
46,998
15,467
Andy Thornton (AT) Limited
Notes to the financial statements (continued)
for the year ended 31 May 2024
- 11 -
6
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
3,078
Adjustments in respect of prior periods
16
Total current tax
16
3,078
The actual charge for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
175,467
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2023: 19.00%)
33,339
Tax effect of income not taxable in determining taxable profit
(30,400)
Adjustments in respect of prior years
16
Tax at marginal rate
139
Taxation charge for the year
16
3,078
7
Dividends
2024
2023
£
£
Interim paid
100,000
8
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
9
750,000
750,000
9
Subsidiaries
Details of the company's subsidiaries at 31 May 2024 are as follows:
Name of undertaking
Nature of business
Class of
% Held
shares held
Direct
Andy Thornton Limited
Manufacture and retail of furniture
Ordinary A Shares
100.00
Andy Thornton (AT) Limited
Notes to the financial statements (continued)
for the year ended 31 May 2024
9
Subsidiaries
(continued)
- 12 -
The registered office of all subsidiary undertakings is Rosemount, Huddersfield Road, Elland, West Yorkshire, HX5 0EE
10
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
9,909
160,000
11
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
3,078
12
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
100
100
100
100
13
Cash generated from/(absorbed by) operations
2024
2023
£
£
(Loss)/profit for the year after tax
(16)
172,389
Adjustments for:
Taxation charged
16
3,078
Investment income
(46,998)
(175,467)
Movements in working capital:
Decrease/(increase) in debtors
150,091
(160,000)
Cash generated from/(absorbed by) operations
103,093
(160,000)
14
Analysis of changes in net funds
1 June 2023
Cash flows
31 May 2024
£
£
£
Cash at bank and in hand
1,015,469
46,997
1,062,466
15
Company information
Andy Thornton (AT) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Rosemount, Huddersfield Road, Elland, West Yorkshire, HX5 0EE.
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