Company registration number 05566738 (England and Wales)
Andy Thornton Limited
Annual Report and Financial Statements
for the year ended 31 May 2024
Andy Thornton Limited
Company Information
Directors
Mr D Hastie
Mr C J Tolley
Company number
05566738
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 Limited
Contents
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Statement of income and retained earnings
8
Statement of financial position
9
Notes to the financial statements
10 - 19
Andy Thornton Limited
Strategic report
for the year ended 31 May 2024
- 1 -

The directors present the strategic report for the year ended 31 May 2024.

Business review

Revenue for the year was £9,251,580 (2023: £11,046,234) which is down by 16% on the previous period. Profit/(loss) before tax for the year is (£195,909) (2023: £229,122). The increase in costs to generate revenue has impacted the profitability of the business. Net assets at the year end were £2,076,268 (2023: £2,245,302).

Future developments

The Board have set realistic and very pragmatic targets for the next financial year and the strategic aims of the business over the trading period are to continue with the simplification of processes and product offerings and to major on the critical success factors that differentiate us from others in our market sector. The first quarter is in line with expectations and current levels of activity and opportunity provide the Board with comfort that the set targets will be met.

Principal risks and uncertainties

The principal risk facing the Company continues to be the trading and confidence levels within the markets in which it operates with the pressures the sector is feeling with the impact of rising fuel costs, other inflationary pressures and the challenges of recruitment into the industry. The fragility within the hospitality and retail sectors still provides for a degree of caution.

The Board believe that the strong brand name, product offering, and marketing will enable us to maintain and develop business with current customers, develop new business opportunities with additional blue-chip companies as well as increasing market share.

 

Financial instruments

The Company's principal financial instruments during the trading period comprised a sterling account, US dollar and euro cash and bank deposits , USD and EUR forward contracts together with trade debtors and trade creditors that arise directly from its operations. The business has a close and supportive relationship with its bank, HSBC.

The main risks and measures that the company has taken to control the risk can be summarised as follows: Operational Risk

The Company has solid reporting systems and produces timely and accurate management information which is regularly reviewed by the Directors and other stakeholders.

 

Price risk

The Company is exposed to pressure on margins resulting from current market conditions but continues to improve efficiencies, avoid the lower end of the market where price is the only consideration and to source and supply new products into the market ahead of competitors.

The Company has no significant exposure to securities price risk as it holds no listed equity investments.

 

Foreign currency risk

The main foreign currencies in which the Company operates are the Euro and the US Dollar. The exchange rates are monitored daily and product selling prices modified frequently to reflect any variations. Forward currency contracts are used to protect the business operations from significant exchange rate variances. The risk is also further minimised with a small number of customers paying us in Euros and Dollars.

Andy Thornton Limited
Strategic report (continued)
for the year ended 31 May 2024
- 2 -

Credit risk

The Company's principal financial assets are bank balances, cash, stock and trade debtors that represent the company's maximum exposure to credit risk in relation to financial assets.

The credit risk is primarily attributable to its trade debtors. The risk is managed by maintaining a high level of proforma business, a strict credit policy and effective credit rating of prospective customers.

The amounts presented in the balance sheet are net of allowances for doubtful debts estimated by the Company's management based on prior experience and their assessment of the current economic environment.

 

Liquidity risk

The Company's policy has been to ensure continuity of funding through acquiring an element of the fixed assets under finance leases to aid short term flexibility and holding sufficient cash balances throughout the period.

Financial key performance indicators

The Directors consider the key financial KPl's of the business to be:

- Turnover

- Gross margins

- Net profit

- Order book

- Cash balances

- Stock levels

 

Other key performance indicators

In addition non-financial KPl's are:

- High standard of customer service

- Health & safety compliance & improvements

- Environmental issues

- Staff retention

The Directors are satisfied that non-financial KPls are being achieved and maintained.

On behalf of the board

Mr C J Tolley
Director
28 August 2024
Andy Thornton Limited
Directors' report
for the year ended 31 May 2024
- 3 -

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 trading company marketing a range of over 4,000 products including furniture, lighting and outdoor products for the hospitality, retail and office interior markets worldwide. Many products are manufactured or finished in house with additional ranges purchased from other suppliers and marketed under the Andy Thornton brand.

 

Additionally, the architectural metalwork department designs, manufactures and installs bandstands, gazebos, canopies and verandas to the same market place.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. 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:

 

 

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.

Andy Thornton Limited
Directors' report (continued)
for the year ended 31 May 2024
- 4 -
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.

On behalf of the board
Mr C J Tolley
Director
28 August 2024
Andy Thornton Limited
Independent Auditor's Report
to the member of Andy Thornton Limited
- 5 -
Opinion

We have audited the financial statements of Andy Thornton Limited (the 'company') for the year ended 31 May 2024 which comprise the statement of income and retained earnings, the statement of financial position 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:

Basis for opinion

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.

Other information

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:

Andy Thornton Limited
Independent Auditor's Report
to the member of Andy Thornton Limited (continued)
- 6 -
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 strategic report or 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:

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.

 

Based on our understanding of the company and the sector in which it operates, our audit work considers the risk of material misstatement on the financial statements as a result of non-compliance with laws and regulations, this includes fraud. These laws and regulations include, but are not limited to, those that relate to the form and content of the financial statements, such as the Company accounting policies, the financial reporting framework and the UK Companies Act 2006.

 

We evaluated management incentives and opportunities for fraudulent manipulation of the financial statements and determined that the principal risks related to management bias in accounting estimates and understatement or overstatement of revenue. Our audit procedures included, but were not limited to:

 

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, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion.

 

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.

Andy Thornton Limited
Independent Auditor's Report
to the member of Andy Thornton Limited (continued)
- 7 -

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.

Use of our report

This report is made solely to the company's member 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 member those matters we are required to state to the member 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 member, 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 Limited
Statement of Income and Retained Earnings
for the year ended 31 May 2024
- 8 -
2024
2023
Notes
£
£
Turnover
2
9,251,580
11,046,234
Cost of sales
(6,046,647)
(7,406,243)
Gross profit
3,204,933
3,639,991
Distribution costs
(437,782)
(474,231)
Administrative expenses
(3,041,731)
(2,953,716)
Other operating income
46,998
-
0
Operating (loss)/profit
3
(227,582)
212,044
Interest receivable
6
34,860
17,236
Interest payable
7
(3,187)
(158)
(Loss)/profit before taxation
(195,909)
229,122
Tax on (loss)/profit
8
26,875
(61,894)
(Loss)/profit for the financial year
(169,034)
167,228
Retained earnings brought forward
1,845,302
1,838,074
Dividends
9
-
0
(160,000)
Retained earnings carried forward
1,676,268
1,845,302

The income statement has been prepared on the basis that all operations are continuing operations.

Andy Thornton Limited
Statement Of Financial Position
as at 31 May 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
10
26,164
76,476
Other intangible assets
10
43,768
69,512
Total intangible assets
69,932
145,988
Tangible assets
11
262,016
268,487
Investments
12
-
0
250,000
331,948
664,475
Current assets
Stocks
13
1,116,393
1,403,484
Debtors
14
1,317,744
1,362,394
Cash at bank and in hand
1,654,538
1,528,187
4,088,675
4,294,065
Creditors: amounts falling due within one year
15
(2,241,604)
(2,594,337)
Net current assets
1,847,071
1,699,728
Total assets less current liabilities
2,179,019
2,364,203
Creditors: amounts falling due after more than one year
16
(36,033)
(50,943)
Provisions for liabilities
Deferred tax liability
18
66,718
67,958
(66,718)
(67,958)
Net assets
2,076,268
2,245,302
Capital and reserves
Called up share capital
20
150,000
150,000
Capital redemption reserve
250,000
250,000
Profit and loss reserves
1,676,268
1,845,302
Total equity
2,076,268
2,245,302

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 05566738 (England and Wales)
Andy Thornton Limited
Notes to the financial statements
for the year ended 31 May 2024
- 10 -
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.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 years.

Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
4 years
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Andy Thornton Limited
Notes to the financial statements (continued)
for the year ended 31 May 2024
1
Accounting policies
(continued)
- 11 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
10% straight line
Fixtures and fittings
10% to 25% straight line
Motor vehicles
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

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.

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.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Andy Thornton Limited
Notes to the financial statements (continued)
for the year ended 31 May 2024
1
Accounting policies
(continued)
- 12 -
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Leases

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sales
8,845,183
10,591,659
Carriage
406,397
454,575
9,251,580
11,046,234
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
8,089,350
9,027,413
Rest of Europe
478,279
924,783
Rest of the world
683,951
1,094,038
9,251,580
11,046,234
2024
2023
£
£
Other revenue
Interest income
34,860
17,236
Andy Thornton Limited
Notes to the financial statements (continued)
for the year ended 31 May 2024
- 13 -
3
Operating (loss)/profit
2024
2023
Operating (loss)/profit for the year is stated after charging/(crediting):
£
£
Exchange losses/(gains)
5,790
(18,460)
Fees payable to the company's auditor for the audit of the company's financial statements
13,500
13,000
Depreciation of owned tangible fixed assets
89,258
66,826
Loss/(profit) on disposal of tangible fixed assets
102
(4,183)
Amortisation of intangible assets
80,882
80,521
Operating lease charges
376,457
333,449
4
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Production staff
26
26
Administrative staff
30
26
Directors
2
2
Total
58
54

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
2,218,559
2,151,044
Social security costs
220,547
227,832
Pension costs
109,832
110,238
2,548,938
2,489,114
5
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
215,435
260,114
Company pension contributions to defined contribution schemes
16,000
20,000
231,435
280,114

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 2).

Andy Thornton Limited
Notes to the financial statements (continued)
for the year ended 31 May 2024
5
Directors' remuneration
(continued)
- 14 -
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
136,308
141,684
Company pension contributions to defined contribution schemes
10,000
10,000
6
Interest receivable
2024
2023
£
£
Interest income
Interest on bank deposits
34,860
17,075
Other interest income
-
0
161
Total income
34,860
17,236
7
Interest payable
2024
2023
£
£
Interest on finance leases and hire purchase contracts
3,187
1,859
Other interest
-
0
(1,701)
3,187
158
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
(25,635)
54,013
Deferred tax
Origination and reversal of timing differences
(1,240)
7,881
Total tax (credit)/charge
(26,875)
61,894
Andy Thornton Limited
Notes to the financial statements (continued)
for the year ended 31 May 2024
8
Taxation
(continued)
- 15 -

The actual (credit)/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
£
£
(Loss)/profit before taxation
(195,909)
229,122
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 19.00% (2023: 20.00%)
(37,223)
45,824
Tax effect of expenses that are not deductible in determining taxable profit
2,192
1,176
Depreciation on assets not qualifying for tax allowances
1,121
(3,050)
Amortisation on assets not qualifying for tax allowances
9,559
10,063
Tax at marginal rate
(1,284)
-
0
Deferred tax adjustment
(1,240)
7,881
Taxation (credit)/charge for the year
(26,875)
61,894
9
Dividends
2024
2023
£
£
Interim paid
-
0
160,000
10
Intangible fixed assets
Goodwill
Software
Total
£
£
£
Cost
At 1 June 2023
1,006,246
203,362
1,209,608
Additions
-
0
5,321
5,321
Transfers
-
0
(495)
(495)
At 31 May 2024
1,006,246
208,188
1,214,434
Amortisation and impairment
At 1 June 2023
929,770
133,850
1,063,620
Amortisation charged for the year
50,312
30,570
80,882
At 31 May 2024
980,082
164,420
1,144,502
Carrying amount
At 31 May 2024
26,164
43,768
69,932
At 31 May 2023
76,476
69,512
145,988
Andy Thornton Limited
Notes to the financial statements (continued)
for the year ended 31 May 2024
- 16 -
11
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 June 2023
423,809
697,629
208,739
1,330,177
Additions
14,560
67,834
-
0
82,394
Disposals
-
0
(3,439)
-
0
(3,439)
Transfers
-
0
495
-
0
495
At 31 May 2024
438,369
762,519
208,739
1,409,627
Depreciation and impairment
At 1 June 2023
343,708
579,707
138,275
1,061,690
Depreciation charged in the year
17,377
52,216
19,665
89,258
Eliminated in respect of disposals
-
0
(3,337)
-
0
(3,337)
At 31 May 2024
361,085
628,586
157,940
1,147,611
Carrying amount
At 31 May 2024
77,284
133,933
50,799
262,016
At 31 May 2023
80,101
117,922
70,464
268,487
12
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
-
0
250,000
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 June 2023
250,000
Disposals
(250,000)
At 31 May 2024
-
Carrying amount
At 31 May 2024
-
At 31 May 2023
250,000
Andy Thornton Limited
Notes to the financial statements (continued)
for the year ended 31 May 2024
- 17 -
13
Stocks
2024
2023
£
£
Finished goods and goods for resale
1,116,393
1,403,484
14
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
536,362
611,474
Corporation tax recoverable
25,635
-
0
Other debtors
-
0
21,718
Prepayments and accrued income
755,747
729,202
1,317,744
1,362,394
15
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Obligations under finance leases
17
14,910
14,910
Trade creditors
1,606,048
1,425,669
Amounts owed to group undertakings
9,909
410,000
Corporation tax
-
0
54,013
Other taxation and social security
296,069
271,642
Other creditors
62,076
75,398
Accruals and deferred income
252,592
342,705
2,241,604
2,594,337
16
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
17
36,033
50,943
17
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
14,910
14,910
In two to five years
36,033
50,943
50,943
65,853
Andy Thornton Limited
Notes to the financial statements (continued)
for the year ended 31 May 2024
17
Finance lease obligations
(continued)
- 18 -

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

18
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
67,958
60,077
Short term timing differences
(1,240)
7,881
66,718
67,958
2024
Movements in the year:
£
Liability at 1 June 2023
67,958
Credit to profit or loss
(1,240)
Liability at 31 May 2024
66,718

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
109,832
110,238

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

20
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A Shares of £1 each
150,000
150,000
150,000
150,000
Andy Thornton Limited
Notes to the financial statements (continued)
for the year ended 31 May 2024
- 19 -
21
Capital commitments

Amounts contracted for but not provided in the financial statements:

2024
2023
£
£
Acquisition of intangible assets
42,383
-
22
Directors' transactions

Dividends totalling £0 (2023 - £0) were paid in the year in respect of shares held by the company's directors.

Description
% Rate
Opening balance
Amounts repaid
Closing balance
£
£
£
Directors Loan
2.25
19,266
(19,266)
-
19,266
(19,266)
-
23
Company information

Andy Thornton 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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