Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-3112023-04-01falseNo description of principal activity1truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 07549226 2023-04-01 2024-03-31 07549226 2022-04-01 2023-03-31 07549226 2024-03-31 07549226 2023-03-31 07549226 c:Director1 2023-04-01 2024-03-31 07549226 d:FreeholdInvestmentProperty 2024-03-31 07549226 d:FreeholdInvestmentProperty 2023-03-31 07549226 d:CurrentFinancialInstruments 2024-03-31 07549226 d:CurrentFinancialInstruments 2023-03-31 07549226 d:Non-currentFinancialInstruments 2024-03-31 07549226 d:Non-currentFinancialInstruments 2023-03-31 07549226 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 07549226 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 07549226 d:ShareCapital 2024-03-31 07549226 d:ShareCapital 2023-03-31 07549226 d:RetainedEarningsAccumulatedLosses 2024-03-31 07549226 d:RetainedEarningsAccumulatedLosses 2023-03-31 07549226 c:FRS102 2023-04-01 2024-03-31 07549226 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 07549226 c:FullAccounts 2023-04-01 2024-03-31 07549226 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 07549226 2 2023-04-01 2024-03-31 07549226 6 2023-04-01 2024-03-31 07549226 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 07549226










THRUMS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
THRUMS LIMITED
REGISTERED NUMBER: 07549226

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 4 
12,500
12,500

Investment property
 5 
93,750
93,750

  
106,250
106,250

Current assets
  

Debtors: amounts falling due after more than one year
 6 
244,435
257,658

Debtors: amounts falling due within one year
 6 
12,756
25,001

Cash at bank and in hand
  
118,561
143,072

  
375,752
425,731

Creditors: amounts falling due within one year
 7 
(3,678)
(3,258)

Net current assets
  
 
 
372,074
 
 
422,473

Total assets less current liabilities
  
478,324
528,723

  

Net assets
  
478,324
528,723


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
478,224
528,623

  
478,324
528,723


Page 1

 
THRUMS LIMITED
REGISTERED NUMBER: 07549226
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the income statement in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Mrs E C Talbot
Director

Date: 27 September 2024

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
THRUMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Thrums Limited is a company limited by shares incorporated in England and Wales, registration number 07549226. The address of the registered office is Faiers House, Gilray Road, Diss, United Kingdom, IP22 4WR.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 are presented in sterling which is the functional currency of the company and rounded to the nearest £.
The significant accounting polices applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

 
2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
THRUMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

 
2.5

Investment property

Investment property is carried at fair value determined annually by the director and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 4

 
THRUMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.10

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable. 


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2023 - 1).

Page 5

 
THRUMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Fixed asset investments





Investments in associates

£



Cost or valuation


At 1 April 2023
12,500



At 31 March 2024
12,500





5.


Investment property


Freehold investment property

£



Valuation


At 1 April 2023
93,750



At 31 March 2024
93,750

The 2024 valuations were made by the director, on an open market value for existing use basis.







Page 6

 
THRUMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Debtors

2024
2023
£
£

Due after more than one year

Due from participating interests
110,372
123,595

Other debtors
134,063
134,063

244,435
257,658


2024
2023
£
£

Due within one year

Other debtors
11,415
23,970

Prepayments and accrued income
1,341
1,031

12,756
25,001



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
115
-

Corporation tax
2,219
1,871

Accruals and deferred income
1,344
1,387

3,678
3,258



8.


Contingent liabilities

There is an outstanding charge over the freehold property at 10 Market Hill, Diss, Norfolk, IP22 4WJ.


9.


Transactions with directors

At the year end a director owed the company £11,415 (2023: £23,970). This is repayable on demand and shown in Other debtors. Amounts advanced to the director during the year amounted to £11,252, amounts repaid during the year totalled £24,282. Interest on the loan has been charged totalling £475 (2023: £341) at a rate of 2% to 5 April 2023 and 2.25% thereafter. The loan was repaid on 5 August 2024.

 
Page 7