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Company registration number: 02918709
Thistle Loos Limited
Unaudited filleted financial statements
31 March 2024
Thistle Loos Limited
Contents
Statement of financial position
Notes to the financial statements
Thistle Loos Limited
Statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 5 15,000 30,000
Tangible assets 6 2,254,393 2,135,337
_______ _______
2,269,393 2,165,337
Current assets
Debtors 7 288,312 265,403
Cash at bank and in hand 2,474 -
_______ _______
290,786 265,403
Creditors: amounts falling due
within one year 8 ( 745,962) ( 861,438)
_______ _______
Net current liabilities ( 455,176) ( 596,035)
_______ _______
Total assets less current liabilities 1,814,217 1,569,302
Creditors: amounts falling due
after more than one year 9 ( 525,180) ( 581,429)
_______ _______
Net assets 1,289,037 987,873
_______ _______
Capital and reserves
Called up share capital 10 2 2
Profit and loss account 1,289,035 987,871
_______ _______
Shareholders funds 1,289,037 987,873
_______ _______
For the year ending 31 March 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 11 September 2024 , and are signed on behalf of the board by:
Mr I C Ralston
Director
Company registration number: 02918709
Thistle Loos Limited
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 21 Brindley Road, Dodwells Bridge Industrial Estate, Hinckley, Leicestershire, LE10 3BY.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - Not depreciated
Plant and machinery - 15 % reducing balance
Fittings fixtures and equipment - 15 % reducing balance
Motor vehicles - 20 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Debtors and creditors due within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a financing transaction it is measured at present value.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 22 (2023: 15 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 April 2023 and 31 March 2024 30,000 30,000
_______ _______
Amortisation
At 1 April 2023 - -
Charge for the year 15,000 15,000
_______ _______
At 31 March 2024 15,000 15,000
_______ _______
Carrying amount
At 31 March 2024 15,000 15,000
_______ _______
At 31 March 2023 30,000 30,000
_______ _______
6. Tangible assets
Freehold property Short leasehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £ £
Cost
At 1 April 2023 962,510 75,235 957,154 232,283 879,904 3,107,086
Additions 141,000 - 120,478 56,229 82,584 400,291
Disposals - - ( 56,691) - ( 113,467) ( 170,158)
Other movements - - 205,697 ( 205,697) - -
_______ _______ _______ _______ _______ _______
At 31 March 2024 1,103,510 75,235 1,226,638 82,815 849,021 3,337,219
_______ _______ _______ _______ _______ _______
Depreciation
At 1 April 2023 - - 640,261 21,460 310,028 971,749
Charge for the year - - 77,167 1,262 120,305 198,734
Disposals - - ( 25,745) - ( 61,912) ( 87,657)
_______ _______ _______ _______ _______ _______
At 31 March 2024 - - 691,683 22,722 368,421 1,082,826
_______ _______ _______ _______ _______ _______
Carrying amount
At 31 March 2024 1,103,510 75,235 534,955 60,093 480,600 2,254,393
_______ _______ _______ _______ _______ _______
At 31 March 2023 962,510 75,235 316,893 210,823 569,876 2,135,337
_______ _______ _______ _______ _______ _______
7. Debtors
2024 2023
£ £
Trade debtors 237,643 170,684
Amounts owed by group undertakings and undertakings in which the company has a participating interest - 64,396
Other debtors 50,669 30,323
_______ _______
288,312 265,403
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 121,609 200,338
Trade creditors 60,948 98,415
Amounts owed to group undertakings and undertakings in which the company has a participating interest 355,726 299,122
Social security and other taxes 15,444 16,195
Other creditors 192,235 247,368
_______ _______
745,962 861,438
_______ _______
Included in creditors is an unsecured bank overdraft of £17,809 (2023: £26,661). Also included are a bank loans of £103,800 (2023: £173,677). Included within other creditors is a hire purchase liability of £181,465 (2023: £238,468).This is secured on the fixed assets of the company.
9. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 201,128 186,719
Other creditors 324,052 394,710
_______ _______
525,180 581,429
_______ _______
Included in creditors are bank loans of £201,128 (2023: £186,719). Included within other creditors is a hire purchase liability of £324,052 (2023: £394,710). This is secured on the fixed assets of the company.
10. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary shares of £ 1.00 each 2 2 2 2
_______ _______ _______ _______
11. Controlling party
The company is a wholly owned subsidiary of Ralston Holdings Limited, a company incorporated in England and Wales. The registered office of Ralston Holdings Limited is 21 Brindley Road, Dodwells Bridge Industrial Estate, Hinckley, LE10 3BY.