Thistledown Investments Limited |
Notes to the Accounts |
for the year ended 31 December 2023 |
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1 |
Accounting policies |
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Basis of preparation |
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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). |
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The financial statements are presented in pound sterling |
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Going concern |
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Management assess the going concern of the entity on a routine basis. There has been nothing noted to suggest that the entity is unable to continue to trade for the 12 months following the signing of the financial statements. |
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Turnover |
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Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers. |
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Tangible fixed assets |
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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: |
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Plant and machinery |
20% reducing balance basis |
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Motor vehicles |
25% reducing balance basis |
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Investments |
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Fixed asset investments are shown at cost less provision for impairment in value where permanent in the opinion of the directors. Current asset investments are stated at the lower of cost and net realisable value. |
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Stocks |
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Stock is valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost is based on the cost of purchase on a first in first out basis. Net realisable value is based on estimated selling price less additional costs to completion and disposal. |
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Debtors |
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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. |
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Creditors |
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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. |
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1 |
Accounting policies (continued) |
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Financial Instruments |
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The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
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Deferred taxation |
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Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date, where transactions or events that result in an obligation to pay more or a right to pay less tax in the future have occurred by the balance sheet date with certain limited exceptions. |
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Deferred tax is calculated on an undiscounted basis at the tax rates that are expected to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws enacted or subsequently enacted at the balance sheet date. |
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Provisions |
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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. |
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Leased assets |
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Assets leased to customers under agreements which transfer substantially all the risks and rewards associated with ownership, other than legal title, are classified as finance leases. All other assets leased to customers are classified as operating lease assets. The net investment in finance leases represents total minimum lease payments less gross earnings allocated to future periods. Income from finance leases is credited to the profit and loss account using the sum of digits method to give a constant periodic rate of return on the net investment. Operating lease assets are reported at cost less depreciation as calculated using the depreciation rates stated above. Operating lease rentals are credited to profit and loss account on a receivable basis over the term of the lease. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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2 |
Employees |
2023 |
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2022 |
Number |
Number |
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Average number of persons employed by the company |
5 |
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5 |
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3 |
Tangible fixed assets |
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Plant and machinery etc |
£ |
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Cost |
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At 1 January 2023 |
22,923 |
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At 31 December 2023 |
22,923 |
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Depreciation |
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At 1 January 2023 |
22,923 |
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At 31 December 2023 |
22,923 |
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Net book value |
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At 31 December 2023 |
- |
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4 |
Investments |
Investments in |
subsidiary |
undertakings |
£ |
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Cost |
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At 1 January 2023 |
1 |
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At 31 December 2023 |
1 |
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5 |
Debtors |
2023 |
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2022 |
£ |
£ |
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Trade debtors |
10,800 |
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21,600 |
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Loan receivable |
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11,440,397 |
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10,617,710 |
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Net investment in finance leases |
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168,056 |
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339,123 |
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11,619,253 |
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10,978,433 |
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The cost of the assets employed in the finance leases is £510,000 (2022: £510,000). |
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Included within debtors are the following values: |
2023 |
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2022 |
£ |
£ |
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Amounts receivable after more than one year |
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Loan |
10,752,276 |
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9,441,879 |
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Finance Lease |
- |
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340,734 |
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10,752,276 |
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9,782,613 |
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6 |
Investments held as current assets |
2023 |
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2022 |
£ |
£ |
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Fair value |
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Unlisted investments |
1,841,955 |
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2,335,154 |
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7 |
Creditors: amounts falling due within one year |
2023 |
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2022 |
£ |
£ |
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Other loans |
18,902,469 |
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16,188,396 |
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Trade creditors |
176 |
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38,334 |
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Taxation and social security costs |
21,560 |
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20,875 |
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Accruals |
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1,000 |
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1,000 |
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18,925,205 |
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16,248,605 |
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8 |
Related party transactions |
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Transactions with related parties |
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During the year the company entered into the following transactions with related parties: |
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2023 |
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2022 |
£ |
£ |
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Turnover |
66,495 |
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85,259 |
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Cost of sales |
(34,222) |
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90,386 |
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Amounts due from/(to) related parties |
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The following amounts were outstanding at the reporting end date |
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2023 |
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2022 |
£ |
£ |
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Trade debtors |
10,800 |
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21,600 |
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Loans receivable |
503,337 |
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365,287 |
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Net investment in finance leases |
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168,056 |
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339,123 |
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Trade creditors |
- |
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(37,733) |
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Other loans |
(18,902,469) |
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(320,000) |
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9 |
Other information |
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Thistledown Investments Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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Brook House |
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Asher Lane Business Park |
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Asher Lane |
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Pentrich |
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DE5 3SW |