Company registration number 04382359 (England and Wales)
THORNBRIDGE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
THORNBRIDGE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
THORNBRIDGE LIMITED
BALANCE SHEET
AS AT 31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
25,688
34,379
Investment property
4
305,000
305,000
330,688
339,379
Current assets
Debtors
5
2,178,617
1,924,651
Cash at bank and in hand
363,507
48,753
2,542,124
1,973,404
Creditors: amounts falling due within one year
6
(4,166,434)
(3,487,185)
Net current liabilities
(1,624,310)
(1,513,781)
Total assets less current liabilities
(1,293,622)
(1,174,402)
Creditors: amounts falling due after more than one year
7
(17,500)
(27,500)
Net liabilities
(1,311,122)
(1,201,902)
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
(1,311,222)
(1,202,002)
Total equity
(1,311,122)
(1,201,902)
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 31 January 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.
THORNBRIDGE LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2024
31 January 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 24 October 2024 and are signed on its behalf by:
J R Harrison
Director
Company registration number 04382359 (England and Wales)
THORNBRIDGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -
1
Accounting policies
Company information
Thornbridge Limited is a private company limited by shares incorporated in England and Wales. The registered office is Thornbridge Hall, Ashford-In-The-Water, Derbyshire, DE45 1NZ.
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 are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The financial statements show a profit for the year of £49,367 but negative shareholder funds of £1,152,535 The directors have confirmed that they will continue to support the company for the foreseeable future and will not seek repayment of the directors loans until the company is in a position to do so. In light of this they believe that it is appropriate for the financial statements to be prepared on a going concern basis.
1.3
Turnover
Turnover consists of rental income receivable on property investments and equipment leasing, and is shown net of VAT and other sales related taxes.
1.4
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
straight line over 15 years
Fixtures and fittings
25% reducing balance
Computers
25% on cost
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date.
THORNBRIDGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible 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-generating 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.
1.7
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
THORNBRIDGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities
Basic financial liabilities 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.9
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
THORNBRIDGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 6 -
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 February 2023 and 31 January 2024
9,449
22,000
5,000
55,744
92,193
Depreciation and impairment
At 1 February 2023
9,180
8,400
5,000
35,234
57,814
Depreciation charged in the year
163
3,400
5,128
8,691
At 31 January 2024
9,343
11,800
5,000
40,362
66,505
Carrying amount
At 31 January 2024
106
10,200
15,382
25,688
At 31 January 2023
269
13,600
20,510
34,379
4
Investment property
2024
£
Fair value
At 1 February 2023 and 31 January 2024
305,000
The directors have reviewed the valuation of the investment property at 31 January 2024 and determined that there has been no material change to the market value of the property.
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,557
2,444
Other debtors
2,064,583
1,630,136
Prepayments and accrued income
829
1,871
2,067,969
1,634,451
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
110,648
290,200
Total debtors
2,178,617
1,924,651
THORNBRIDGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 7 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,000
10,000
Trade creditors
3,316
3,566
Corporation tax
15,342
20,040
Other taxation and social security
2,885
3,603
Other creditors
4,130,814
3,443,126
Accruals and deferred income
4,077
6,850
4,166,434
3,487,185
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
17,500
27,500
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
THORNBRIDGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 8 -
9
Related party transactions
Andromeda Park Limited (a company jointly controlled by J R Harrison and E L Harrison)
Amounts owed of £1,000,000 (2023: £1,000,000) to Andromeda Park Limited in respect of loans received remains outstanding and is included within other creditors due within one year.
The Thornbridge Hall Country House Brewing Company Limited (a company controlled by J R Harrison)
During the year management fees were paid to this company totalling £2,500 and sales were made to this company totalling £24,000. At the year end £2,400 (2023: £2,400) was owed from The Thornbridge Hall Country House Brewing Company Limited and is included within trade debtors. At the year end £750 (2023:£1,000) was owed to Thornbridge Hall Country House Brewing Company Limited and is included within trade creditors.
During the year further loans of £740,000 were made to this company. At the year end, amounts due from The Thornbridge Hall Country House Brewing Company Limited in respect of loans made was £2,040,178 (2023: £1,565,996) and is included within other debtors due under and over one year. During the year, interest of £39,202 (2023: £53,380 ) was received in respect of these loans.
Thornbridge Bars Limited (a company in which J R Harrison is a director and shareholder)
At the year end amounts due from Thornbridge Bars Limited in respect of previous loans made was £Nil (2023: £48,702 ) and is included within other debtors due under one year. During the year, interest of £Nil (2023: £6,703) was received in respect of these loans.
Thornbridge Taps Limited (a company controlled by J R Harrison)
At the year end amounts due from Thornbridge Taps Limited in respect of previous loans made was £135,000 (2023; £135,000) and is included within other debtors due under one year.
Brewkitchen Limited (a company controlled by J R Harrison)
At the year end a doubtful debt provision has been made against amounts due from Brewkitchen Limited in respect of loans made of £158,587 (2023: £158,587). During the year, interest of £Nil (2023: £762) was received in respect of these loans.
10
Directors' transactions
The company has received interest free loans from Mr J R Harrison and Mrs E L Harrison. At the year end the amount due to them was £3,131,241 (2023: £2,443,554 ) this amount is included within other creditors due within one year.