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COMPANY REGISTRATION NUMBER: 5106316
The Thinking Group Limited
Filleted Unaudited Financial Statements
27 February 2024
The Thinking Group Limited
Financial Statements
Year ended 27 February 2024
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 5
The Thinking Group Limited
Statement of Financial Position
27 February 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
4
691
920
Current assets
Debtors
5
159,267
159,181
Cash at bank and in hand
280
797
---------
---------
159,547
159,978
Creditors: amounts falling due within one year
6
( 154,184)
( 138,535)
---------
---------
Net current assets
5,363
21,443
-------
--------
Total assets less current liabilities
6,054
22,363
Creditors: amounts falling due after more than one year
7
( 24,209)
( 30,988)
--------
--------
Net liabilities
( 18,155)
( 8,625)
--------
--------
Capital and reserves
Called up share capital
8
100
100
Profit and loss account
( 18,255)
( 8,725)
--------
-------
Shareholders deficit
( 18,155)
( 8,625)
--------
-------
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.
For the year ending 27 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 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 .
The Thinking Group Limited
Statement of Financial Position (continued)
27 February 2024
These financial statements were approved by the board of directors and authorised for issue on 25 November 2024 , and are signed on behalf of the board by:
Mr D. L. Todd
Director
Company registration number: 5106316
The Thinking Group Limited
Notes to the Financial Statements
Year ended 27 February 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 3 Sovereign House, Nelson Quay, Milford Marina, Milford Haven, Pembrokeshire, SA73 3AJ.
2. Statement of compliance
These financial statements have been prepared in accordance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006.
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.
Going concern
The directors have a reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods and services is recognised when the significant risks and rewards of ownership of the goods 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.
Tangible assets
Tangible assets are initially recorded at cost, and 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.
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:
Motor Vehicles
-
25% reducing balance
Office Equipment
-
25% reducing balance
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Tangible assets
Motor Vehicles
Office Equipment
Total
£
£
£
Cost
At 28 February 2023 and 27 February 2024
42,096
12,036
54,132
--------
--------
--------
Depreciation
At 28 February 2023
41,346
11,866
53,212
Charge for the year
187
42
229
--------
--------
--------
At 27 February 2024
41,533
11,908
53,441
--------
--------
--------
Carrying amount
At 27 February 2024
563
128
691
--------
--------
--------
At 27 February 2023
750
170
920
--------
--------
--------
5. Debtors
2024
2023
£
£
Other debtors
159,267
159,181
---------
---------
Other debtors include an amount of £nil (2023 - £nil) falling due after more than one year.
6. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts (secured)
6,970
10,049
Trade creditors
12,584
12,583
Other creditors
134,630
115,903
---------
---------
154,184
138,535
---------
---------
The loan and overdraft from HSBC Bank Plc is secured by a debenture containing a fixed and floating charge over all assets and undertakings of the company.
7. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts (secured)
24,209
30,988
--------
--------
Included within creditors: amounts falling due after more than one year is an amount of £16,526 (2023: £17,494) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
8. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
9. Related party transactions
The company was under the control of Mr D. L. Todd and Mrs E. C. Todd, the directors, throughout the current and previous year by virtue of their 100% interest in the issued ordinary share capital. No transactions with related parties were undertaken such as are required to be disclosed under FRS102.