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Registration number: 09990258

K S Thatchers Ltd

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

K S Thatchers Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

K S Thatchers Ltd

Company Information

Directors

Mr Simon Clifford Morton

Mrs Madeleine Hazel Morton

Mr Christopher Paul Morton

Registered office

3 Marsh Court Farm
Romsey Road
Stockbridge
Hampshire
SO20 6DF

Accountants

Novus 24 Ltd
3 Marsh Court Farm
Romsey Road
Stockbridge
Hampshire
SO20 6DF

 

K S Thatchers Ltd

(Registration number: 09990258)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

70,288

74,824

Current assets

 

Stocks

5

2,275

5,145

Debtors

6

8,305

8,788

Cash at bank and in hand

 

145,697

128,195

 

156,277

142,128

Creditors: Amounts falling due within one year

7

(78,792)

(90,828)

Net current assets

 

77,485

51,300

Net assets

 

147,773

126,124

Capital and reserves

 

Called up share capital

300

300

Retained earnings

147,473

125,824

Shareholders' funds

 

147,773

126,124

For the financial year ending 29 February 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 30 August 2024 and signed on its behalf by:
 

 

K S Thatchers Ltd

(Registration number: 09990258)
Balance Sheet as at 29 February 2024

.........................................
Mrs Madeleine Hazel Morton
Director

 

K S Thatchers Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

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

The address of its registered office is:
3 Marsh Court Farm
Romsey Road
Stockbridge
Hampshire
SO20 6DF
England

These financial statements were authorised for issue by the Board on 30 August 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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current 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.

 

K S Thatchers Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

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 taxable income.

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

Motor vechicles

25% reducing balance

Computer equipment

25% reducing balance

Plant and machinery

20% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

 

K S Thatchers Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

 

K S Thatchers Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2023

3,600

97,728

89,976

191,304

Additions

-

3,149

21,000

24,149

Disposals

-

-

(14,500)

(14,500)

At 29 February 2024

3,600

100,877

96,476

200,953

Depreciation

At 1 March 2023

-

66,587

49,893

116,480

Charge for the year

-

6,532

8,559

15,091

Eliminated on disposal

-

-

(906)

(906)

At 29 February 2024

-

73,119

57,546

130,665

Carrying amount

At 29 February 2024

3,600

27,758

38,930

70,288

At 28 February 2023

3,600

31,141

40,083

74,824

Included within the net book value of land and buildings above is £3,600 (2023 - £3,600) in respect of freehold land and buildings.
 

5

Stocks

2024
£

2023
£

Other inventories

2,275

5,145

 

K S Thatchers Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

6

Debtors

Current

2024
£

2023
£

Trade debtors

3,526

726

Prepayments

2,316

8,062

Other debtors

2,463

-

 

8,305

8,788

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

(1,869)

11,862

Taxation and social security

55,324

43,800

Accruals and deferred income

208

394

Other creditors

25,129

34,772

78,792

90,828