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Registration number: 01502793

Thorpe Mill Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

Thorpe Mill Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Thorpe Mill Limited

(Registration number: 01502793)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

           

Fixed assets

   

 

Tangible assets

5

 

2,910,098

 

2,446,242

Current assets

   

 

Stocks

304,047

 

377,103

 

Debtors

6

1,161,780

 

1,632,134

 

Cash at bank and in hand

 

1,758,640

 

1,295,430

 

 

3,224,467

 

3,304,667

 

Creditors: Amounts falling due within one year

7

(553,192)

 

(702,930)

 

Net current assets

   

2,671,275

 

2,601,737

Total assets less current liabilities

   

5,581,373

 

5,047,979

Creditors: Amounts falling due after more than one year

7

 

(3,788)

 

(1,969)

Provisions for liabilities

 

(190,000)

 

(88,000)

Net assets

   

5,387,585

 

4,958,010

Capital and reserves

   

 

Called up share capital

9

88

 

88

 

Capital redemption reserve

12

 

12

 

Retained earnings

5,387,485

 

4,957,910

 

Shareholders' funds

   

5,387,585

 

4,958,010

 

Thorpe Mill Limited

(Registration number: 01502793)
Balance Sheet as at 31 July 2024

For the financial year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 16 October 2024 and signed on its behalf by:
 

.........................................
J O Thornton
Director

 

Thorpe Mill Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Unit 1A
Aireside Business Park
Royd Ings Avenue
Keighley
BD21 4BZ

These financial statements were authorised for issue by the Board on 16 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' Section 1A and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The company's functional and presentation currency is pound sterling.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of value added tax.

The company recognises revenue when the significant risks and rewards of ownership have been transferred to the buyer; the company retains no continuing involvement or control over the goods; the amount of revenue can be measured reliably and it is probable that future economic benefits will flow to the entity.

Government grants

Grants are recognised when there if reasonable assurance that the entity will comply with the conditions attaching to them and the grants will be received.

Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

Where a grant relating to an asset is deferred it shall be recognised as deferred income and not deducted from the carrying amount of the asset.

Foreign currency transactions and balances

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange difference are included in the profit and loss account.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Thorpe Mill Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

The current corporation 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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold buildings

2% straight line basis

Plant and machinery

15% reducing balance

Fixtures and fittings

15% reducing balance

Motor vehicles

25% reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Thorpe Mill Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Financial assets

Basic financial assets, including trade and other receivables, are initially recognised at transaction price, 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 for a similar asset. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss and any subsequent reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument.

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

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

 

3

Government grants

In a prior year the company received a capital grant of £4,500 in respect of the Bradford (LGV) and Minibus Vehicle Clean Air Programme. This has been deferred in line with the accounting policy, An amount of £1,125 has been recognised during the year in the profit & loss account.

4

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 32 (2023 - 31).

 

Thorpe Mill Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

5

Tangible assets

Freehold land and buildings
£

Plant and machinery
 £

Fixtures and fittings
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2023

2,237,457

646,449

26,189

188,786

3,098,881

Additions

14,058

420,227

6,662

185,050

625,997

Disposals

-

(350)

-

(154,451)

(154,801)

At 31 July 2024

2,251,515

1,066,326

32,851

219,385

3,570,077

Depreciation

At 1 August 2023

135,034

373,514

18,973

125,118

652,639

Charge for the year

30,127

55,018

1,729

38,122

124,996

Eliminated on disposal

-

(243)

-

(117,413)

(117,656)

At 31 July 2024

165,161

428,289

20,702

45,827

659,979

Carrying amount

At 31 July 2024

2,086,354

638,037

12,149

173,558

2,910,098

At 31 July 2023

2,102,423

272,935

7,216

63,668

2,446,242

6

Debtors

2024
£

2023
£

Trade debtors

734,220

960,019

Prepayments

77,560

59,767

Other debtors

350,000

612,348

 

1,161,780

1,632,134

 

Thorpe Mill Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

1,516

8,150

Trade creditors

 

249,876

393,333

Taxation and social security

 

230,782

227,121

Accruals and deferred income

 

67,428

71,165

Other creditors

 

3,590

3,161

 

553,192

702,930

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

2,944

-

Deferred income

 

844

1,969

 

3,788

1,969

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

2,944

-

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

1,557

-

Other borrowings

(41)

8,150

1,516

8,150

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary 'A' shares of £1 each

51

51

51

51

Ordinary 'B' shares of £1 each

37

37

37

37

88

88

88

88

 

Thorpe Mill Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £672 (2023 - £1,008). These are in respect of operating leases.

11

Related party transactions

Transactions with directors

2024

At 1 August 2023
£

Advances to director
£

At 31 July 2024
£

Interest free loan

(8,150)

8,191

41

 

Expenditure with and payables to related parties

2023

Key management
£

Amounts payable to related party

8,150