2023-05-012024-04-302024-04-30false09101051THORNESS 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THORNESS LTD

Registered Number
09101051
(England and Wales)

Unaudited Financial Statements for the Year ended
30 April 2024

THORNESS LTD
Company Information
for the year from 1 May 2023 to 30 April 2024

Directors

BAILEY, David
BAILEY, Jack
BAILEY, Jon Michael Robin
BAILEY, Julie

Registered Address

5 Chawton Park Road
Alton
GU34 1RG

Registered Number

09101051 (England and Wales)
THORNESS LTD
Balance Sheet as at
30 April 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets416,33620,810
16,33620,810
Current assets
Stocks5205,68295,854
Debtors6108,01776,556
Cash at bank and on hand36,18125,525
349,880197,935
Creditors amounts falling due within one year7(330,198)(195,189)
Net current assets (liabilities)19,6822,746
Total assets less current liabilities36,01823,556
Creditors amounts falling due after one year8(35,998)(23,536)
Net assets2020
Capital and reserves
Called up share capital2020
Shareholders' funds2020
The financial statements were approved and authorised for issue by the Board of Directors on 20 November 2024, and are signed on its behalf by:
BAILEY, David
Director
Registered Company No. 09101051
THORNESS LTD
Notes to the Financial Statements
for the year ended 30 April 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Revenue from sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Revenue from rendering of services
Revenue from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Straight line (years)
Fixtures and fittings10
Vehicles4
Office Equipment4
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
2.Average number of employees

20242023
Average number of employees during the year44
3.Intangible assets

Goodwill

Total

££
Cost or valuation
At 01 May 2345,00045,000
At 30 April 2445,00045,000
Amortisation and impairment
At 01 May 2345,00045,000
At 30 April 2445,00045,000
Net book value
At 30 April 24--
At 30 April 23--
4.Tangible fixed assets

Vehicles

Fixtures & fittings

Office Equipment

Total

££££
Cost or valuation
At 01 May 2311,41223,3719,47544,258
Additions-3951,4201,815
At 30 April 2411,41223,76610,89546,073
Depreciation and impairment
At 01 May 233,40212,3407,70623,448
Charge for year2,8522,3671,0706,289
At 30 April 246,25414,7078,77629,737
Net book value
At 30 April 245,1589,0592,11916,336
At 30 April 238,01011,0311,76920,810
5.Stocks

2024

2023

££
Finished goods205,68295,854
Total205,68295,854
6.Debtors: amounts due within one year

2024

2023

££
Amounts owed by associates and joint ventures / participating interests107,59276,556
Other debtors425-
Total108,01776,556
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
7.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables242,15475,050
Bank borrowings and overdrafts30,01766,838
Amounts owed to related parties16,288-
Taxation and social security38,72143,057
Other creditors528,343
Accrued liabilities and deferred income2,9661,901
Total330,198195,189
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
8.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts35,99823,536
Total35,99823,536
9.Directors advances, credits and guarantees

Brought forward

Amount advanced

Amount repaid

Carried forward

££££
BAILEY, David52,55990,89082,28061,169
BAILEY, Jack23,99766,69843,27347,422
76,556157,588125,553108,591