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REGISTERED NUMBER: 05031035 (England and Wales)















THORNGATE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD

31 OCTOBER 2022 TO 31 OCTOBER 2023






THORNGATE LIMITED (REGISTERED NUMBER: 05031035)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 31 OCTOBER 2022 TO 31 OCTOBER 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3 to 6

Accountants' Report 7

THORNGATE LIMITED

COMPANY INFORMATION
FOR THE PERIOD 31 OCTOBER 2022 TO 31 OCTOBER 2023







DIRECTORS: L M Hall
D A Wann



SECRETARY: L M Hall



REGISTERED OFFICE: The Circus
Belton Park Road
Lumley Fields
Skegness
Lincolnshire
PE25 1GU



REGISTERED NUMBER: 05031035 (England and Wales)



ACCOUNTANTS: Duncan & Toplis Limited
27-29 Lumley Avenue
Skegness
Lincolnshire
PE25 2AT



BANKERS: National Westminister Bank plc
Bede House
11 Western Boulevard
Leicester
Leicestershire
LE2 7EJ

THORNGATE LIMITED (REGISTERED NUMBER: 05031035)

STATEMENT OF FINANCIAL POSITION
31 OCTOBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 1,980,000 2,130,000

CURRENT ASSETS
Debtors 5 1,524,509 1,343,360
Cash at bank 24,884 20,311
1,549,393 1,363,671
CREDITORS
Amounts falling due within one year 6 2,066,718 2,046,686
NET CURRENT LIABILITIES (517,325 ) (683,015 )
TOTAL ASSETS LESS CURRENT LIABILITIES 1,462,675 1,446,985

CREDITORS
Amounts falling due after more than one year 7 (496,848 ) (496,841 )

PROVISIONS FOR LIABILITIES (66,815 ) (50,779 )
NET ASSETS 899,012 899,365

CAPITAL AND RESERVES
Called up share capital 9 204 204
Fair value reserve 10 311,286 327,322
Retained earnings 587,522 571,839
SHAREHOLDERS' FUNDS 899,012 899,365

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 30 October 2024 and were signed on its behalf by:



L M Hall - Director


THORNGATE LIMITED (REGISTERED NUMBER: 05031035)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 31 OCTOBER 2022 TO 31 OCTOBER 2023

1. STATUTORY INFORMATION

Thorngate Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments
The company has chosen to adopt the FRS 102A in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

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 is recognised in the income statement.

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. Accounts 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.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


THORNGATE LIMITED (REGISTERED NUMBER: 05031035)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 31 OCTOBER 2022 TO 31 OCTOBER 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

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

Going concern
Despite net current liabilities of £517,325 the accounts have been prepared on a going concern basis as the directors have confirmed that they will continue to support the company.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 2 (2022 - 2 ) .

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 31 October 2022 2,130,000
Disposals (150,000 )
At 31 October 2023 1,980,000
NET BOOK VALUE
At 31 October 2023 1,980,000
At 30 October 2022 2,130,000

Fair value at 31 October 2023 is represented by:
£   
Valuation in 2023 378,100
Cost 1,601,900
1,980,000

If investment property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 1,601,900 1,751,900

Investment property was valued on an open market basis on 31 October 2023 by the directors .

THORNGATE LIMITED (REGISTERED NUMBER: 05031035)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 31 OCTOBER 2022 TO 31 OCTOBER 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 733 6,340
Other debtors 1,523,776 1,337,020
1,524,509 1,343,360

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 9,107 6,103
Taxation and social security 38,295 31,092
Other creditors 2,019,316 2,009,491
2,066,718 2,046,686

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 196,848 196,841
Other creditors 300,000 300,000
496,848 496,841

Amounts falling due in more than five years:

Repayable by instalments
Bank loans due after 5 years 196,848 196,841

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 196,848 196,841

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
204 Ordinary £1 204 204

THORNGATE LIMITED (REGISTERED NUMBER: 05031035)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 31 OCTOBER 2022 TO 31 OCTOBER 2023

10. RESERVES
Fair
value
reserve
£   
At 31 October 2022 327,322
Revaluation movement (16,036 )

At 31 October 2023 311,286

11. RELATED PARTY DISCLOSURES

Included in other debtors is £1,439,715 (30 October 2022: £1,289,715) due from companies under the direct control of the directors.


Included in other creditors due within one year is £1,987,244 (30 October 2022: £1,987,097) due to companies under the direct control of the directors.

ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
THORNGATE LIMITED

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Thorngate Limited for the period ended 31 October 2023 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Thorngate 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 Thorngate Limited and state those matters that we have agreed to state to the Board of Directors of Thorngate Limited, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Thorngate 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 profit of Thorngate Limited. You consider that Thorngate Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the financial statements of Thorngate 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.






Duncan & Toplis Limited
27-29 Lumley Avenue
Skegness
Lincolnshire
PE25 2AT


Date: .............................................