Company registration number 10023007 (England and Wales)
THORNTON LEE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
THORNTON LEE LIMITED
COMPANY INFORMATION
Director
Mr S P Thornton
Company number
10023007
Registered office
39/43 Bridge Street
Swinton
Mexborough
South Yorkshire
S64 8AP
Accountants
Brearley & Co Accountants Limited
39/43 Bridge Street
Swinton
Mexborough
South Yorkshire
S64 8AP
Bankers
HSBC Bank
Meadowhall Shopping Centre
Sheffield
South Yorkshire
S9 1EN
THORNTON LEE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
THORNTON LEE LIMITED
BALANCE SHEET
AS AT
29 FEBRUARY 2024
29 February 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment properties
4
325,000
195,000
Current assets
Debtors
5
74,291
74,291
Cash at bank and in hand
32,389
219,762
106,680
294,053
Creditors: amounts falling due within one year
6
(171,294)
(187,962)
Net current (liabilities)/assets
(64,614)
106,091
Total assets less current liabilities
260,386
301,091
Provisions for liabilities
(10,394)
(9,145)
Net assets
249,992
291,946
Capital and reserves
Called up share capital
7
1,100
1,100
Fair value reserves
88,992
83,666
Profit and loss reserves
159,900
207,180
Total equity
249,992
291,946
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his 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.
The financial statements were approved and signed by the director and authorised for issue on 15 November 2024
Mr S P Thornton
Director
Company Registration No. 10023007
THORNTON LEE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 2 -
1
Accounting policies
Company information
Thornton Lee Limited is a private company limited by shares incorporated in England and Wales. The registered office is 39/43 Bridge Street, Swinton, Mexborough, South Yorkshire, S64 8AP.
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 have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
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. Changes in fair value are recognised in profit or loss.
1.3
Financial instruments
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.
Basic financial liabilities
Basic financial liabilities, including creditors, 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 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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
THORNTON LEE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 3 -
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.
1.5
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
THORNTON LEE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 4 -
4
Investment property
2024
£
Fair value
At 1 March 2023
195,000
Additions
123,424
Revaluations
6,576
At 29 February 2024
325,000
Investment property comprises of 3 properties. There has been no revaluation movement in the year.
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
73,000
73,000
Other debtors
1,291
1,291
74,291
74,291
Other Debtors consist of Inter company loan £1,291 (2023 - £,1291).
6
Creditors: amounts falling due within one year
2024
2023
£
£
Taxation and social security
3,766
20,420
Other creditors
167,528
167,542
171,294
187,962
Other Creditors consist of Accruals £1,546 (2023 - £1,561), Directors Current Accounts £1,100 (2023 - £1,100), Inter Company loan £164,382 (2023 - £164,382) and Bond £499 (2023 - £499).
7
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
1,000 Ordinary of £1 each
1,000
1,000
100 Ordinary B of £1 each
100
100
1,100
1,100
THORNTON LEE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 5 -
8
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
During the year under review, the inter-company loan of £164,382 from Excel Mechanical Limited, was still showing as unpaid. Thornton Lee Limited being the shareholder of Excel Mechanical Limited.
The above transaction was done at arms length.