Company registration number 10231473 (England and Wales)
THRIVE TECHNOLOGY GROUP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
THRIVE TECHNOLOGY GROUP LIMITED
COMPANY INFORMATION
Directors
Mr M R Husselby
Mr R S Husselby
Company number
10231473
Registered office
Ameiva House 1st Floor
Suite 3
Quartremaine Road
Portsmouth
Hampshire
PO3 5QP
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Barclays Bank Plc
Leicester
LE87 2BB
THRIVE TECHNOLOGY GROUP LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
THRIVE TECHNOLOGY GROUP LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF THRIVE TECHNOLOGY GROUP LIMITED FOR THE YEAR ENDED 30 JUNE 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Thrive Technology Group Limited for the year ended 30 June 2024 which comprise, the balance sheet and the 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 https://www.icaew.com/regulation.
This report is made solely to the board of directors of Thrive Technology Group Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Thrive Technology Group Limited and state those matters that we have agreed to state to the board of directors of Thrive Technology Group 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 Thrive Technology Group Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Thrive Technology Group 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 Thrive Technology Group Limited. You consider that Thrive Technology Group 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 Thrive Technology Group 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.
Ormerod Rutter Limited
16 August 2024
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
THRIVE TECHNOLOGY GROUP LIMITED
BALANCE SHEET
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
46,028
136,436
Current assets
Stocks
8,323
17,191
Debtors
4
309,585
359,658
Cash at bank and in hand
210,786
268,236
528,694
645,085
Creditors: amounts falling due within one year
5
(166,052)
(171,465)
Net current assets
362,642
473,620
Total assets less current liabilities
408,670
610,056
Creditors: amounts falling due after more than one year
6
(20,940)
(63,349)
Net assets
387,730
546,707
Capital and reserves
Called up share capital
8
131
131
Share premium account
729,969
729,969
Profit and loss reserves
(342,370)
(183,393)
Total equity
387,730
546,707
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
THRIVE TECHNOLOGY GROUP LIMITED
BALANCE SHEET (CONTINUED)
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 16 August 2024 and are signed on its behalf by:
Mr M R Husselby
Mr R S Husselby
Director
Director
Company registration number 10231473 (England and Wales)
THRIVE TECHNOLOGY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
1
Accounting policies
Company information
Thrive Technology Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is Ameiva House 1st Floor, Suite 3, Quartremaine Road, Portsmouth, Hampshire, PO3 5QP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
These financial statements have been drawn up on the going concern basis. If the going concern basis were not appropriate, adjustments would have been made to reduce assets to recoverable amounts, to provide for any further liabilities that might arise, and to re-classify fixed assets as current assets and long term liabilities as current liabilities.
1.3
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.
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 the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
33% on cost
Fixtures and fittings
33% on cost
Computer equipment
33% on cost
THRIVE TECHNOLOGY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
1.6
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.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leases
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.
THRIVE TECHNOLOGY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 6 -
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 time pattern in which economic benefits from the leases asset are consumed.
1.11
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
15
14
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computer equipment
Total
£
£
£
£
Cost
At 1 July 2023
394,614
1,477
2,170
398,261
Additions
699
699
At 30 June 2024
395,313
1,477
2,170
398,960
Depreciation and impairment
At 1 July 2023
260,174
488
1,163
261,825
Depreciation charged in the year
89,959
488
660
91,107
At 30 June 2024
350,133
976
1,823
352,932
Carrying amount
At 30 June 2024
45,180
501
347
46,028
At 30 June 2023
134,440
989
1,007
136,436
THRIVE TECHNOLOGY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
107,835
135,841
Other debtors
42,403
174,093
150,238
309,934
Deferred tax asset
159,347
49,724
309,585
359,658
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,275
10,282
Taxation and social security
69,938
80,540
Other creditors
85,839
80,643
166,052
171,465
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
20,940
31,057
Other creditors
32,292
20,940
63,349
7
Secured debts
The following secured debts are included within creditors:
2024
2023
£
£
Hire purchase contracts
32,112
65,625
Bank loans
31,215
41,339
63,327
106,964
Hire purchase contracts are secured against the assets to which they relate.
Bank loans are secured by way of a fixed and floating charge over all assets of the company.
THRIVE TECHNOLOGY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 10p each
1,240
1,240
124
124
Deferred shares of £1 each
7
7
7
7
1,247
1,247
131
131
9
Ultimate controlling party
There is no ultimate controlling party.