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Thornwood Investments Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 March 2024

Registration number: 05683298

 

Thornwood Investments Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Thornwood Investments Limited

Company Information

Directors

Mr A A Dunn

Mr A J A Dunn

Mrs A R Dunn

Mrs S P Dunn

Mr N D Parker

Registered office

The Estate Office
Wield Park
Upper Wield
Alresford
England
SO24 9FX

Accountants

Francis Clark LLP
Hitchcock House
Hilltop Park
Devizes Road
Salisbury
Wiltshire
SP3 4UF

 

Thornwood Investments Limited

Balance Sheet

31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

4,806,959

4,754,945

Investments

5

8,215,219

8,215,219

Other financial assets

6

911,251

-

 

13,933,429

12,970,164

Current assets

 

Debtors

7

13,649,403

14,595,797

Cash at bank and in hand

 

45,664

39,149

 

13,695,067

14,634,946

Creditors: Amounts falling due within one year

8

(14,376,584)

(14,246,605)

Net current (liabilities)/assets

 

(681,517)

388,341

Total assets less current liabilities

 

13,251,912

13,358,505

Creditors: Amounts falling due after more than one year

8

(2,250,000)

(2,250,000)

Provisions for liabilities

(135,822)

(17,487)

Net assets

 

10,866,090

11,091,018

Capital and reserves

 

Called up share capital

10

5,624,880

5,624,880

Capital redemption reserve

2,769,060

2,769,060

Profit and loss account

2,472,150

2,697,078

Shareholders' funds

 

10,866,090

11,091,018

 

Thornwood Investments Limited

Balance Sheet

31 March 2024

For the financial 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 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 2 August 2024 and signed on its behalf by:
 

.........................................
Mr N D Parker
Director

Company Registration Number: 05683298

 

Thornwood Investments Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

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:
The Estate Office
Wield Park
Upper Wield
Alresford
England
SO24 9FX

These financial statements were authorised for issue by the Board on 2 August 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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Group accounts not prepared

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group..

Going concern

At 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 fuure. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

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 corporation 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.

 

Thornwood Investments Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet 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.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold land and buildings

not depreciated

Fixtures, fittings and equipments

20% straight line

Computer equipment

25% straight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Interests in subsidaries and jointly controlled entities are intially 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 subsidary 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.

An associate is an entity being neither a subsidary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Thornwood Investments Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Amounts owed to understanding; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 8).

 

Thornwood Investments Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

4,760,656

75,957

4,836,613

Additions

66,461

2,090

68,551

At 31 March 2024

4,827,117

78,047

4,905,164

Depreciation

At 1 April 2023

36,498

45,170

81,668

Charge for the year

-

16,537

16,537

At 31 March 2024

36,498

61,707

98,205

Carrying amount

At 31 March 2024

4,790,619

16,340

4,806,959

At 31 March 2023

4,724,158

30,787

4,754,945

Included within the net book value of land and buildings above is £4,049,246 (2023 - £3,982,785) in respect of freehold land and buildings and £741,373 (2023 - £741,373) in respect of long leasehold land and buildings.
 

5

Investments

2024
£

2023
£

Investments in subsidiaries

2,982,766

2,982,766

Investments in joint ventures

5,232,453

5,232,453

8,215,219

8,215,219

Subsidiaries

£

Cost or valuation

At 1 April 2023

2,982,766

Provision

Carrying amount

At 31 March 2024

2,982,766

At 31 March 2023

2,982,766

 

Thornwood Investments Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

Joint ventures

£

Cost

At 1 April 2023

5,232,453

Provision

Carrying amount

At 31 March 2024

5,232,453

At 31 March 2023

5,232,453

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

Earlsgate Properties Limited

The Estate Office, Wield Park, Upper Wield, Alresford, England, SO24 9FX

England and Wales

51%

51%

Wield Park Estate Limited

The Estate Office Wield Park, Upper Wield, Alresford, England, SO24 9FX

England and Wales

100%

100%

Braishfield Manor Estate Limited

Innerwick, Ferntower Road, Crieff, Perth & Kinross, Scotland, PH7 3DH

Scotland

100%

100%

Associates

W8 Developments Limited

Jubliee House, 2 Jubliee Place, London, United Kingdom, SW3 3TQ

40%

40%

 

United Kingdom

     
 

Thornwood Investments Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

6

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

Additions

911,251

911,251

At 31 March 2024

911,251

911,251

Impairment

Carrying amount

At 31 March 2024

911,251

911,251

 

Thornwood Investments Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

7

Debtors

Note

2024
£

2023
£

Amounts due from group undertakings

11

13,649,273

14,457,581

Other debtors

 

130

138,216

 

13,649,403

14,595,797

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

45,952

-

Amounts owed to group undertakings

 

14,310,529

14,209,427

Taxation and social security

 

15,903

-

Other creditors

 

4,200

37,178

 

14,376,584

14,246,605

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

2,250,000

2,250,000

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £2,250,000 (2023 - £2,250,000).

9

Loans and borrowings

2024
£

2023
£

Loans and borrowings due after one year

Bank borrowings

2,250,000

2,250,000

 

Thornwood Investments Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

2024
£

2023
£

Current loans and borrowings

Other borrowings

45,952

-

10

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

5,624,880

5,624,880

5,624,880

5,624,880

         
 

Thornwood Investments Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

11

Related party transactions

Summary of transactions with entities with joint control or significant interest


The company received a profit share of £41,329 (2023 - £53,238) from Finchatton Design LLP.

 

Summary of transactions with other related parties

Amounts due from the entities in which the company has a participating interest is £82,868 (2023 - £66,538).

Amounts due from the entities under common control is £13 (2023 - £13).

 

12

Parent and ultimate parent undertaking

The company's immediate parent is Thornwood Group Holdings Limited, incorporated in Jersey.