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Company registration number: 03679198
Thirsk Decorating Centre Limited
Unaudited filleted financial statements
31 March 2024
THE BARKER PARTNERSHIP
Chartered Accountants
Thirsk
Thirsk Decorating Centre Limited
Contents
Directors and other information
Accountants report
Balance sheet
Notes to the financial statements
Thirsk Decorating Centre Limited
Directors and other information
Directors Mr R Etherington
Mr J Etherington
Company number 03679198
Registered office Newsham Road
Thirsk
North Yorkshire
YO7 1PU
Accountants The Barker Partnership
17 Central Buildings
Market Place
Thirsk
North Yorkshire
YO7 1HD
Thirsk Decorating Centre Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Thirsk Decorating Centre Limited
Year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Thirsk Decorating Centre Limited for the year ended 31 March 2024 which comprise the Balance Sheet and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are 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 Thirsk Decorating Centre Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Thirsk Decorating Centre Limited and state those matters that we have agreed to state to the board of directors of Thirsk Decorating Centre Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Thirsk Decorating Centre Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Thirsk Decorating Centre 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 loss of Thirsk Decorating Centre Limited. You consider that Thirsk Decorating Centre Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Thirsk Decorating Centre Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
The Barker Partnership
Chartered Accountants
17 Central Buildings
Market Place
Thirsk
North Yorkshire
YO7 1HD
5 September 2024
Thirsk Decorating Centre Limited
Balance sheet
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 5 2,698 5,397
Tangible assets 6 51,636 345,467
_______ _______
54,334 350,864
Current assets
Stocks 106,301 110,173
Debtors 7 37,256 31,773
Cash at bank and in hand 400,655 131,517
_______ _______
544,212 273,463
Creditors: amounts falling due
within one year 8 ( 234,524) ( 208,657)
_______ _______
Net current assets 309,688 64,806
_______ _______
Total assets less current liabilities 364,022 415,670
Provisions for liabilities ( 6,440) ( 12,438)
_______ _______
Net assets 357,582 403,232
_______ _______
Capital and reserves
Called up share capital 1 1
Profit and loss account 357,581 403,231
_______ _______
Shareholders funds 357,582 403,232
_______ _______
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 Profit and loss account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 05 September 2024 , and are signed on behalf of the board by:
Mr J Etherington
Director
Company registration number: 03679198
Thirsk Decorating Centre 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 The Old Sorting Office, Newsham Road, Thirsk, North Yorkshire, YO7 1PU.
The principal activity of the company is that of the supply of paint and wood finishes.
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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
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:
Website - straight line over 3 years
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 - 25 % reducing balance
Fittings fixtures and equipment - 16.67 % straight line
Motor vehicles - 25 % reducing balance
Office equipment - 33.33 % 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.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
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 Balance Sheet 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.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 11 (2023: 11 ).
5. Intangible assets
Website Total
£ £
Cost
At 1 April 2023 and 31 March 2024 8,096 8,096
_______ _______
Amortisation
At 1 April 2023 2,699 2,699
Charge for the year 2,699 2,699
_______ _______
At 31 March 2024 5,398 5,398
_______ _______
Carrying amount
At 31 March 2024 2,698 2,698
_______ _______
At 31 March 2023 5,397 5,397
_______ _______
6. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Office equipment Total
£ £ £ £ £ £
Cost
At 1 April 2023 280,000 9,315 6,844 76,654 54,752 427,565
Additions - - - 21,633 337 21,970
Disposals ( 280,000) - ( 1,223) ( 27,554) ( 2,121) ( 310,898)
_______ _______ _______ _______ _______ _______
At 31 March 2024 - 9,315 5,621 70,733 52,968 138,637
_______ _______ _______ _______ _______ _______
Depreciation
At 1 April 2023 - 8,579 5,580 20,607 47,334 82,100
Charge for the year - 184 86 9,188 4,226 13,684
Disposals - - ( 204) ( 6,458) ( 2,121) ( 8,783)
_______ _______ _______ _______ _______ _______
At 31 March 2024 - 8,763 5,462 23,337 49,439 87,001
_______ _______ _______ _______ _______ _______
Carrying amount
At 31 March 2024 - 552 159 47,396 3,529 51,636
_______ _______ _______ _______ _______ _______
At 31 March 2023 280,000 736 1,264 56,047 7,418 345,465
_______ _______ _______ _______ _______ _______
Investment property
In accordance with Financial Reporting Standard 102 investment properties are revalued annually, and any change in value is taken to the profit and loss account.
7. Debtors
2024 2023
£ £
Trade debtors 33,598 28,103
Other debtors 3,658 3,670
_______ _______
37,256 31,773
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 164,920 157,683
Corporation tax 7,441 -
Social security and other taxes 13,244 9,339
Other creditors 48,919 41,635
_______ _______
234,524 208,657
_______ _______
9. Related party transactions
During the period the directors made interest free, unsecured loans to the company with no fixedrepayment terms. The balance due to the directors by the company at the balance sheet date andwhich is included in creditors due within one year was £322 (2023 £50).