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REGISTERED NUMBER: 00968063 (England and Wales)











Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Thetford International Compactors Ltd

Thetford International Compactors Ltd (Registered number: 00968063)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 10


Thetford International Compactors Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTORS: Mr J R Ellis
Miss M Ellis



SECRETARY: Miss M Ellis



REGISTERED OFFICE: Rymer Point
Bury Road
Thetford
Norfolk
IP24 2PN



REGISTERED NUMBER: 00968063 (England and Wales)



ACCOUNTANTS: Knights Lowe Chartered Accountants
Eldo House
Kempson Way
Suffolk Business Park
Bury St Edmunds
Suffolk
IP32 7AR



BANKERS: Barclays Bank PLC
20/21 Cornhill
Bury St Edmunds
Suffolk
IP33 1DY

Thetford International Compactors Ltd (Registered number: 00968063)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,687,945 2,552,036

CURRENT ASSETS
Stocks 488,907 463,821
Debtors 5 777,182 1,390,608
Cash at bank and in hand 72,768 135,243
1,338,857 1,989,672
CREDITORS
Amounts falling due within one year 6 1,328,657 1,846,327
NET CURRENT ASSETS 10,200 143,345
TOTAL ASSETS LESS CURRENT LIABILITIES 2,698,145 2,695,381

CREDITORS
Amounts falling due after more than one
year

7

(35,752

)

(13,364

)

PROVISIONS FOR LIABILITIES 10 (341,999 ) (281,371 )
NET ASSETS 2,320,394 2,400,646

CAPITAL AND RESERVES
Called up share capital 11 200,000 200,000
Revaluation reserve 12 1,317,321 1,343,932
Retained earnings 803,073 856,714
SHAREHOLDERS' FUNDS 2,320,394 2,400,646

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Thetford International Compactors Ltd (Registered number: 00968063)

Balance Sheet - continued
31 December 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 September 2024 and were signed on its behalf by:





Mr J R Ellis - Director


Thetford International Compactors Ltd (Registered number: 00968063)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Thetford International Compactors 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 Company 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 as modified by the revaluation of certain assets.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Where services are provided under contracts it is the company's policy to recognise revenue by accrual of the right to consideration as contract activity progresses by reference to the value of the work performed.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 5% on cost
Plant and machinery - 20% - 100% on cost
Fixtures and fittings - 25% - 100% on cost
Motor vehicles - 20% - 50% on cost

Freehold land is not depreciated.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Thetford International Compactors Ltd (Registered number: 00968063)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
Debt instruments, like loans and other accounts receivable and payable, are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payment discounted at a market rate of interest for a similar debt instrument.

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 Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

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 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.

Thetford International Compactors Ltd (Registered number: 00968063)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Investments
Fixed asset investments are stated at cost less provision for permanent diminution in value.

Impairment
At each reporting date, fixed assets, including tangible fixed assets, are assessed to determine whether there is an indication that the carrying amount of an asset may be more than its recoverable amount and that the asset should be impaired. If there is an indication of possible impairment, the recoverable amount of an asset, which is the higher of its value in use and its net realisable value, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is written down to its estimated recoverable amount and an impairment loss is recognised in profit and loss.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2022 - 24 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST OR VALUATION
At 1 January 2023 2,409,058 867,026 3,276,084
Additions - 295,447 295,447
At 31 December 2023 2,409,058 1,162,473 3,571,531
DEPRECIATION
At 1 January 2023 - 724,048 724,048
Charge for year 70,334 89,204 159,538
At 31 December 2023 70,334 813,252 883,586
NET BOOK VALUE
At 31 December 2023 2,338,724 349,221 2,687,945
At 31 December 2022 2,409,058 142,978 2,552,036

Thetford International Compactors Ltd (Registered number: 00968063)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. TANGIBLE FIXED ASSETS - continued

Included in cost or valuation of land and buildings is freehold land of £ 1,175,000 (2022 - £ 1,175,000 ) which is not depreciated.

Cost or valuation at 31 December 2023 is represented by:

Plant and
Land and machinery
buildings etc Totals
£    £    £   
Valuation in 2022 1,647,999 - 1,647,999
Cost 761,059 1,162,473 1,923,532
2,409,058 1,162,473 3,571,531

On 31 December 2022 the freehold land and buildings were revalued based on a professional valuation received from a chartered surveyor.
The residual life of the property has been reassessed at 20 years from 31 December 2022. The depreciation previously charged on the property was eliminated in the year to 31 December 2022.
Depreciation based on the revalued amount and the revised residual life commenced on 1 January 2023.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST OR VALUATION
At 1 January 2023 178,069
Additions 85,804
Transfer to ownership (78,028 )
At 31 December 2023 185,845
DEPRECIATION
At 1 January 2023 112,667
Charge for year 64,250
Transfer to ownership (76,528 )
At 31 December 2023 100,389
NET BOOK VALUE
At 31 December 2023 85,456
At 31 December 2022 65,402

Thetford International Compactors Ltd (Registered number: 00968063)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 218,168 259,131
Amounts owed by group undertakings 214,622 650,592
Other debtors 298,325 435,815
731,115 1,345,538

Amounts falling due after more than one year:
Other debtors 46,067 45,070

Aggregate amounts 777,182 1,390,608

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 179,779 172,408
Hire purchase contracts (see note 8) 41,965 47,225
Trade creditors 110,441 264,665
Amounts owed to group undertakings 456,648 675,115
Taxation and social security 77,185 108,332
Other creditors 462,639 578,582
1,328,657 1,846,327

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 8) 35,752 13,364

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 41,965 47,225
Between one and five years 35,752 13,364
77,717 60,589

Thetford International Compactors Ltd (Registered number: 00968063)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

8. LEASING AGREEMENTS - continued

Non-cancellable operating leases
2023 2022
£    £   
Within one year 4,950 5,400
Between one and five years - 4,950
4,950 10,350

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdrafts 179,779 172,408
Hire purchase contracts 77,717 60,589
257,496 232,997

The hire purchase contracts are secured on the underlying assets.
The Company has provided it's bankers with a guarantee and debenture providing fixed and floating charges over the undertaking and all property and assets present and future including goodwill, bookdebts, uncalled capital, buildings, fixtures, fixed plant and machinery.

10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 52,620 -
Tax losses carried forward - (22,696 )
Revaluation of property 289,379 304,067
341,999 281,371

Deferred
tax
£   
Balance at 1 January 2023 281,371
Charge to Income Statement during year 60,628
Balance at 31 December 2023 341,999

Thetford International Compactors Ltd (Registered number: 00968063)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
104,000 Ordinary A £1 104,000 104,000
2,000 Ordinary B £1 2,000 2,000
94,000 Ordinary C £1 94,000 94,000
200,000 200,000

12. RESERVES
Revaluation
reserve
£   
At 1 January 2023 1,343,932
Adjustments (26,611 )

At 31 December 2023 1,317,321

13. CONTINGENT LIABILITIES

The company has given a cross guarantee and debenture over the group bank overdraft facility. The overall group bank balance was in credit as at 31st December 2023 and 31st December 2022.

14. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
£    £   
Mr J R Ellis
Balance outstanding at start of year 176,007 101,208
Amounts advanced 435,496 750,495
Amounts repaid (526,160 ) (675,696 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 85,343 176,007

Interest charged at HMRC official rate.