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REGISTERED NUMBER: 12072487 (England and Wales)



















THX HOLDINGS LTD

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






THX HOLDINGS LTD (REGISTERED NUMBER: 12072487)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Income Statement 9

Consolidated Other Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 17


THX HOLDINGS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mr R Fryer
Mr A S Fryer
Mr A Fryer
Ms M A Fryer
Ms L Fryer
Ms Z Fryer





REGISTERED OFFICE: New Road
Great Barford
Bedford
MK44 3LH





REGISTERED NUMBER: 12072487 (England and Wales)





AUDITORS: Keelings Limited
Statutory Auditors, Chartered Tax Advisers
and Chartered Certified Accountants
Broad House
1 The Broadway
Old Hatfield
Hertfordshire
AL9 5BG

THX HOLDINGS LTD (REGISTERED NUMBER: 12072487)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their strategic report of the company and the group for the year ended 31 December 2023.

REVIEW OF BUSINESS
The company has operated tool and equipment hire for several years and during this time the management team has accumulated a wealth of knowledge, experience and expertise in this industry. The company anticipates expanding across the country in the future.

Turnover has increased by 24% (2022: increased by 69%) this year.The gross margin has improved slightly from 49% in 2022 to 52% this year, which is testament to the skills of the management team.

The company's financial position has improved this year with a net asset position of £7,840,579 (2022: £7,815,705).

PRINCIPAL RISKS AND UNCERTAINTIES
Competition
The company operates in a competitive market. To mitigate this risk, the Directors constantly monitor competition and customer service to maintain the strong reputation.

Minimum wage
The company is subject to minimum wage laws in the UK and will need to factor in any minimum wage increases to their budgets and forecasts.

Cost Pressures of Key Ingredients
The current economic environment has resulted in the Company facing higher costs, driven by 3 key sources:

Brexit - the Company is at risk of facing higher costs on goods.

War in Ukraine - Gas and Energy prices have increased significantly so the Company is trying to reduce energy use to avoid excessive costs

General Inflation - Maintaining strong relationships with suppliers helps the Company to obtain price stability as well as entering into supply agreements which guarantee both price and quality.

Credit risk
The company has low credit risk as the nature of the business results in a large customer base and minimum credit sales.

Future Developments
The company will carry on investing into the business by purchasing new hire assets and developing new location opportunities.

TRADING RISKS
The trading performance of the company may be affected by a number of factors outside its control, including:

- The economic conditions prevailing in the UK including the cost living rises, inflation rises and interest rates increases.
- General uncertainties caused by other world events.
- Increased labour costs caused by the introduction of a new living wage and auto enrolment pension regulations.
- Actions taken by its competitors.
- Government legislation.

The management team will continue to react to these risks in a decisive and proactive manner.

Income and expenditure is constantly reviewed and monitored.


THX HOLDINGS LTD (REGISTERED NUMBER: 12072487)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

FINANCIAL RISKS
The company's principal financial instruments are cash at bank and hire purchase finance. The main purpose of these instruments is to fund the acquisition of new hire equipment.

The financial risks are managed by;

Ensuring new acquisitions are financed by way of a sensible balance of funds internally generated from operations and new monies introduced by way of hire purchase finance. The effect of this policy can be seen from the relatively healthy gearing ratio as at the balance sheet date of 28.4% (2022: 19.6%).

Careful cash flow management to ensure cash resources are available to meet all short term liabilities, including trade creditors, as and when they fall due. Again, management's success in this area is evident from the liquidity ratio as at the balance sheet date of 132.2% (2022: 191.1%).

FINANCIAL INSTRUMENTS
The company has a normal level of exposure to price, credit, liquidity and cash flow risks arising from trading activities, which are only in sterling. The company does not enter in any hedging transactions.

GOING CONCERN
The company continues to assess the going concern basis and maintains a healthy financial position and performance, even in light of the domestic and global volatile economic climate.

KEY PERFORMANCE INDICATORS
The Directors considers total sales, gross profit margin and net profit to be the key performance indicators of the company.

ON BEHALF OF THE BOARD:





Mr A Fryer - Director


20 September 2024

THX HOLDINGS LTD (REGISTERED NUMBER: 12072487)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of renting and leasing of construction and civil engineering machinery and equipment.

DIVIDENDS
Dividends amounting to £407,195 were paid to the directors.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

Mr R Fryer
Mr A S Fryer
Mr A Fryer
Ms M A Fryer
Ms L Fryer
Ms Z Fryer

POLITICAL DONATIONS AND EXPENDITURE
During the year, the group made donations totalling £99,014.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

THX HOLDINGS LTD (REGISTERED NUMBER: 12072487)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023


AUDITORS
The auditors, Keelings Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr A Fryer - Director


20 September 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
THX HOLDINGS LTD

Opinion
We have audited the financial statements of THX Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of 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 group's and of the parent company affairs as at 31 December 2023 and of the group's profit 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.

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 group's and the parent 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 directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
THX HOLDINGS LTD


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors 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.

We gained an understanding of the legal and regulatory framework applicable to the Entity and the industry in which it operates and considered the risk of acts by Management which were contrary to applicable laws and regulations, including fraud. These included, but were not limited to, compliance with Financial Reporting Framework FRS 102, Companies Act 2006, General Data Protection Regulations, and applicable Health and Safety and Employment Legislation. We made enquiries of the Directors of the Company to obtain further understanding of the risks of non-compliance. We focused on laws and regulations that could give rise to a material misstatement in the financial statements. Our tests included, but were not limited to:

- agreement of the financial statement disclosures to underlying supporting documentation;
- enquiries of Management regarding known or suspected instances of non-compliance with laws and regulations;
- review of minutes of the Board meetings throughout the year; and
- obtaining an understanding of the control environment in place to prevent and detect irregularities.

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. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
THX HOLDINGS LTD


Use of our 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 a Report of the Auditors 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.




Domenico Maurello (Senior Statutory Auditor)
for and on behalf of Keelings Limited
Statutory Auditors, Chartered Tax Advisers
and Chartered Certified Accountants
Broad House
1 The Broadway
Old Hatfield
Hertfordshire
AL9 5BG

20 September 2024

THX HOLDINGS LTD (REGISTERED NUMBER: 12072487)

CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   

TURNOVER 12,112,706 9,734,494

Cost of sales 5,821,177 4,907,578
GROSS PROFIT 6,291,529 4,826,916

Administrative expenses 4,360,708 678,652
OPERATING PROFIT 4 1,930,821 4,148,264

Loan release 5 12,500 -
1,918,321 4,148,264

Interest receivable and similar income 60,905 23,448
1,979,226 4,171,712

Interest payable and similar expenses 6 145,931 86,302
PROFIT BEFORE TAXATION 1,833,295 4,085,410

Tax on profit 7 171,379 784,529
PROFIT FOR THE FINANCIAL YEAR 1,661,916 3,300,881
Profit attributable to:
Owners of the parent 1,329,048 3,219,509
Non-controlling interests 332,868 81,372
1,661,916 3,300,881

THX HOLDINGS LTD (REGISTERED NUMBER: 12072487)

CONSOLIDATED OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 1,661,916 3,300,881


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

1,661,916

3,300,881

Total comprehensive income attributable to:
Owners of the parent 1,329,028 3,219,489
Non-controlling interests 332,888 81,392
1,661,916 3,300,881

THX HOLDINGS LTD (REGISTERED NUMBER: 12072487)

CONSOLIDATED BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 918,222 1,069,818
Tangible assets 11 10,332,405 6,825,775
Investments 12 - -
Investment property 13 - -
11,250,627 7,895,593

CURRENT ASSETS
Stocks 14 58,087 49,065
Debtors 15 2,844,342 2,741,208
Cash at bank and in hand 1,965,803 2,905,456
4,868,232 5,695,729
CREDITORS
Amounts falling due within one year 16 3,681,707 2,982,090
NET CURRENT ASSETS 1,186,525 2,713,639
TOTAL ASSETS LESS CURRENT
LIABILITIES

12,437,152

10,609,232

CREDITORS
Amounts falling due after more than one year 17 (3,428,548 ) (2,001,911 )

PROVISIONS FOR LIABILITIES 19 (835,137 ) (710,224 )
NET ASSETS 8,173,467 7,897,097

CAPITAL AND RESERVES
Called up share capital 20 210,112 540,112
Retained earnings 21 7,630,467 7,275,593
SHAREHOLDERS' FUNDS 7,840,579 7,815,705

NON-CONTROLLING INTERESTS 332,888 81,392
TOTAL EQUITY 8,173,467 7,897,097

The financial statements were approved by the Board of Directors and authorised for issue on 20 September 2024 and were signed on its behalf by:




Mr A Fryer - Director


THX HOLDINGS LTD (REGISTERED NUMBER: 12072487)

COMPANY BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 - -
Investments 12 80 88
Investment property 13 2,150,000 1,100,000
2,150,080 1,100,088

CURRENT ASSETS
Debtors 15 61,177 26,490
Cash at bank 759,840 1,656,322
821,017 1,682,812
CREDITORS
Amounts falling due within one year 16 810,702 1,437,150
NET CURRENT ASSETS 10,315 245,662
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,160,395

1,345,750

PROVISIONS FOR LIABILITIES 19 262,500 -
NET ASSETS 1,897,895 1,345,750

CAPITAL AND RESERVES
Called up share capital 20 210,112 210,112
Fair value reserve 21 787,500 -
Retained earnings 21 900,283 1,135,638
SHAREHOLDERS' FUNDS 1,897,895 1,345,750

Company's profit for the financial year 1,459,340 2,366,551

The financial statements were approved by the Board of Directors and authorised for issue on 20 September 2024 and were signed on its behalf by:





Mr A Fryer - Director


THX HOLDINGS LTD (REGISTERED NUMBER: 12072487)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023

Called up
share Retained Non-controlling Total
capital earnings Total interests equity
£    £    £    £    £   
Balance at 1 January 2022 540,224 5,310,075 5,850,299 - 5,850,299

Changes in equity
Issue of share capital (112 ) - (112 ) - (112 )
Dividends - (1,253,991 ) (1,253,991 ) - (1,253,991 )
Total comprehensive income - 3,219,509 3,219,509 81,392 3,300,901
Balance at 31 December 2022 540,112 7,275,593 7,815,705 81,392 7,897,097

Changes in equity
Issue of share capital (330,000 ) - (330,000 ) - (330,000 )
Dividends - (1,055,545 ) (1,055,545 ) - (1,055,545 )
Total comprehensive income - 1,329,048 1,329,048 332,888 1,661,936
Balance at 31 December 2023 210,112 7,549,096 7,759,208 414,280 8,173,488

THX HOLDINGS LTD (REGISTERED NUMBER: 12072487)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023

Called up Fair
share Retained value Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 January 2022 210,112 23,077 - 233,189

Changes in equity
Dividends - (1,253,990 ) - (1,253,990 )
Total comprehensive income - 2,366,551 - 2,366,551
Balance at 31 December 2022 210,112 1,135,638 - 1,345,750

Changes in equity
Dividends - (907,195 ) - (907,195 )
Total comprehensive income - 671,840 787,500 1,459,340
Balance at 31 December 2023 210,112 900,283 787,500 1,897,895

THX HOLDINGS LTD (REGISTERED NUMBER: 12072487)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 4,621,774 1,332,807
Interest element of hire purchase payments paid (145,931 ) (86,302 )
Tax paid (100,005 ) 41,602
Net cash from operating activities 4,375,838 1,288,107

Cash flows from investing activities
Purchase of intangible fixed assets - (1,050,959 )
Purchase of tangible fixed assets (5,663,126 ) (3,988,571 )
Sale of tangible fixed assets 490,578 496,374
Sale of fixed asset investments (101,000 ) 2,072,260
Interest received 60,905 23,448
Net cash from investing activities (5,212,643 ) (2,447,448 )

Cash flows from financing activities
Capital repayments in year 1,922,260 2,063,049
Amount introduced by directors 2,246,485 2,466,027
Amount withdrawn by directors (2,886,048 ) (1,177,610 )
Share issue (330,000 ) (112 )
Equity dividends paid (1,055,545 ) -
Net cash from financing activities (102,848 ) 3,351,354

(Decrease)/increase in cash and cash equivalents (939,653 ) 2,192,013
Cash and cash equivalents at beginning of
year

2

2,905,456

713,443

Cash and cash equivalents at end of year 2 1,965,803 2,905,456

THX HOLDINGS LTD (REGISTERED NUMBER: 12072487)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
£    £   
Profit before taxation 1,833,295 4,085,410
Depreciation charges 1,942,898 1,375,763
Profit on disposal of fixed assets (21,712 ) (2,242,442 )
Finance costs 145,931 86,302
Finance income (60,905 ) (23,448 )
3,839,507 3,281,585
Increase in stocks (9,022 ) (15,599 )
(Increase)/decrease in trade and other debtors (103,134 ) 494,382
Increase/(decrease) in trade and other creditors 894,423 (2,427,561 )
Cash generated from operations 4,621,774 1,332,807

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 1,965,803 2,905,456
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 2,905,456 713,443


3. ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank and in hand 2,905,456 (939,653 ) 1,965,803
2,905,456 (939,653 ) 1,965,803
Debt
Finance leases (2,668,773 ) (1,922,260 ) (4,591,033 )
(2,668,773 ) (1,922,260 ) (4,591,033 )
Total 236,683 (2,861,913 ) (2,625,230 )

THX HOLDINGS LTD (REGISTERED NUMBER: 12072487)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

THX Holdings Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The
Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
The directors have a reasonable expectation that the company will continue to operate for the foreseeable future and so these financial statements are prepared on the going concern basis.

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. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

THX HOLDINGS LTD (REGISTERED NUMBER: 12072487)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - not provided
Improvements to property - 10% on cost
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance

Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-gene rating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

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.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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.

THX HOLDINGS LTD (REGISTERED NUMBER: 12072487)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instruments 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.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an
enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

Hire purchase and leasing commitments
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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 lime pattern in which economic benefits from the leases asset are consumed.

THX HOLDINGS LTD (REGISTERED NUMBER: 12072487)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement 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.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

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

3. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 4,148,358 2,915,959

The average number of employees during the year was as follows:
2023 2022

Great Barford site 68 60
Cambridge site 7 -
75 60

The average number of employees by undertakings that were proportionately consolidated during the year was 75 (2022 - NIL ) .

2023 2022
£    £   
Directors' remuneration 300,000 49,500

Information regarding the highest paid director for the year ended 31 December 2023 is as follows:
2023
£   
Emoluments etc 150,000

THX HOLDINGS LTD (REGISTERED NUMBER: 12072487)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Other operating leases 32,406 59,760
Depreciation - owned assets 1,788,630 1,449,617
Profit on disposal of fixed assets (21,712 ) (2,242,442 )
Goodwill amortisation 46,500 46,500
Patents and licences amortisation 105,096 27,641
Auditors' remuneration 23,000 -
Auditors' remuneration for non audit work 5,200 -

5. EXCEPTIONAL ITEMS
2023 2022
£    £   
Loan release (12,500 ) -

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Hire purchase 5,279 4,203
Leasing 140,652 82,099
145,931 86,302

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 46,466 198,131

Deferred tax 124,913 586,398
Tax on profit 171,379 784,529

8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


THX HOLDINGS LTD (REGISTERED NUMBER: 12072487)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

9. DIVIDENDS
2023 2022
£    £   
Interim 1,055,545 1,253,991

10. INTANGIBLE FIXED ASSETS

Group
Patents
and
Goodwill licences Totals
£    £    £   
COST
At 1 January 2023
and 31 December 2023 465,000 1,050,959 1,515,959
AMORTISATION
At 1 January 2023 418,500 27,641 446,141
Amortisation for year 46,500 105,096 151,596
At 31 December 2023 465,000 132,737 597,737
NET BOOK VALUE
At 31 December 2023 - 918,222 918,222
At 31 December 2022 46,500 1,023,318 1,069,818

THX HOLDINGS LTD (REGISTERED NUMBER: 12072487)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

11. TANGIBLE FIXED ASSETS

Group
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 1 January 2023 1,100,000 - 7,613,498
Additions - 156,032 4,316,776
Disposals - - (844,342 )
At 31 December 2023 1,100,000 156,032 11,085,932
DEPRECIATION
At 1 January 2023 - - 2,934,563
Charge for year 17,400 2,601 1,429,745
Eliminated on disposal - - (505,296 )
At 31 December 2023 17,400 2,601 3,859,012
NET BOOK VALUE
At 31 December 2023 1,082,600 153,431 7,226,920
At 31 December 2022 1,100,000 - 4,678,935

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 January 2023 292,529 1,065,425 10,071,452
Additions 372,038 818,280 5,663,126
Disposals (1,395 ) (38,890 ) (884,627 )
At 31 December 2023 663,172 1,844,815 14,849,951
DEPRECIATION
At 1 January 2023 141,486 169,628 3,245,677
Charge for year 53,643 285,241 1,788,630
Eliminated on disposal (1,025 ) (10,440 ) (516,761 )
At 31 December 2023 194,104 444,429 4,517,546
NET BOOK VALUE
At 31 December 2023 469,068 1,400,386 10,332,405
At 31 December 2022 151,043 895,797 6,825,775

Included in cost of land and buildings is freehold land of £230,000 (2022 - £0) which is not depreciated.

THX HOLDINGS LTD (REGISTERED NUMBER: 12072487)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

12. FIXED ASSET INVESTMENTS

Company
Unlisted
investments
£   
COST
At 1 January 2023 88
Disposals (8 )
At 31 December 2023 80
NET BOOK VALUE
At 31 December 2023 80
At 31 December 2022 88

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

THX Ltd
Registered office: New Road, Great Barford, Bedford, England, MK44 3LH
Nature of business: Tool and equipment hire
%
Class of shares: holding
Ordinary 80.00
2023 2022
£    £   
Aggregate capital and reserves 7,080,552 6,551,434
Profit for the year 1,648,506 1,131,652


13. INVESTMENT PROPERTY
Company
Total
£   
FAIR VALUE
At 1 January 2023 1,100,000
Revaluations 1,050,000
At 31 December 2023 2,150,000
NET BOOK VALUE
At 31 December 2023 2,150,000
At 31 December 2022 1,100,000

THX HOLDINGS LTD (REGISTERED NUMBER: 12072487)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

13. INVESTMENT PROPERTY - continued

Company

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2023 1,050,000
Cost 1,100,000
2,150,000

If investment property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 1,100,000 1,100,000

Investment property was valued on an open market basis on 31 December 2023 by the directors .

14. STOCKS

Group
2023 2022
£    £   
Stocks 58,087 49,065

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade debtors 2,544,941 2,231,057 - -
Amounts owed by group undertakings - 329,997 61,177 13,990
Other debtors 25,632 63,098 - 12,500
Prepayments and accrued income 273,769 117,056 - -
2,844,342 2,741,208 61,177 26,490

THX HOLDINGS LTD (REGISTERED NUMBER: 12072487)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Hire purchase contracts (see note 18) 1,162,485 666,862 - -
Trade creditors 1,247,468 424,718 - -
Tax 116,586 170,125 44,381 22,729
Social security and other taxes 115,257 82,027 - -
VAT 41,539 100,500 8,682 4,893
Other creditors 111,056 23,641 - 13,990
Directors' loan accounts 755,975 1,395,538 757,639 1,395,538
Accrued expenses 131,341 118,679 - -
3,681,707 2,982,090 810,702 1,437,150

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group
2023 2022
£    £   
Hire purchase contracts (see note 18) 3,428,548 2,001,911

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 1,162,485 666,862
Between one and five years 3,428,548 2,001,911
4,591,033 2,668,773

19. PROVISIONS FOR LIABILITIES

Group Company
2023 2022 2023 2022
£    £    £    £   
Deferred tax 835,137 710,224 262,500 -

THX HOLDINGS LTD (REGISTERED NUMBER: 12072487)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

19. PROVISIONS FOR LIABILITIES - continued

Group
Deferred
tax
£   
Balance at 1 January 2023 710,224
Provided during year 124,913
Balance at 31 December 2023 835,137

Company
Deferred
tax
£   
Provided during year 262,500
Balance at 31 December 2023 262,500

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number: Class: Nominalvalue: 2023£ 2022£
7 A 1 GBP 1 7 7
7 B 1 GBP 1 7 7
20 C 1 GBP 1 20 20
20 D 1 GBP 1 20 20
20 E 1 GBP 1 20 20
20 F 1 GBP 1 20 20
4 P 1 GBP 1 4 4









2100003311111111
Redeemable 1 GBPS
Share GBPS1 1
GBPW1 Share 1
GBPW2 Share 1
GBPW3 Share 1
GBPW4 Share 1
GBPW5 Share 1
GBPW6 Share 1
GBPW7 Share 1
GBPW8 Share 1 GBP









11111111111








210,000331111
1111210,112








210,000331111
1111210,112

THX HOLDINGS LTD (REGISTERED NUMBER: 12072487)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

21. RESERVES

Group
Retained
earnings
£   

At 1 January 2023 7,356,964
Profit for the year 1,329,048
Dividends (1,055,545 )
At 31 December 2023 7,630,467

Company
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 January 2023 1,135,638 - 1,135,638
Profit for the year 1,459,340 1,459,340
Dividends (907,195 ) (907,195 )
Fair value movements (1,050,000 ) 1,050,000 -
Deferred tax on revaluation 262,500 (262,500 ) -
At 31 December 2023 900,283 787,500 1,687,783


22. RELATED PARTY DISCLOSURES

During the year, total dividends of £907,195 (2022 - £1,253,990) were paid to the directors.

At the year end, the amount owed to directors was £757,639 (2022 - £1,395,538).

During the year, interest has been charged on the loans at the HMRC official rate of interest totalling £707.