Company registration number 02790048 (England and Wales)
THORNTON PRINT LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
THORNTON PRINT LIMITED
COMPANY INFORMATION
Directors
Mrs D Mallen
Mr S Mallen
Mrs R Teasdale
(Appointed 15 February 2024)
Company number
02790048
Registered office
Falstone Close
North Tyne Industrial Estate
Whitley Road, Longbenton
Newcastle upon Tyne
Tyne and Wear
NE12 9SZ
Auditor
Robson Laidler Accountants Limited
Fernwood House
Fernwood Road
Jesmond
Newcastle upon Tyne
Tyne and Wear
England
NE2 1TJ
THORNTON PRINT LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
THORNTON PRINT LIMITED
BALANCE SHEET
AS AT
29 FEBRUARY 2024
29 February 2024
- 1 -
29 February 2024
28 February 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,307,558
1,522,487
Current assets
Stocks
202,968
259,302
Debtors
4
1,026,439
1,003,894
Cash at bank and in hand
636,777
435,238
1,866,184
1,698,434
Creditors: amounts falling due within one year
5
(1,191,256)
(948,519)
Net current assets
674,928
749,915
Total assets less current liabilities
1,982,486
2,272,402
Creditors: amounts falling due after more than one year
6
(230,119)
(363,383)
Provisions for liabilities
8
(258,981)
(307,902)
Government grants
10
(29,345)
(39,127)
Net assets
1,464,041
1,561,990
Capital and reserves
Called up share capital
11
100,000
100,000
Profit and loss reserves
1,364,041
1,461,990
Total equity
1,464,041
1,561,990

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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 by the board of directors and authorised for issue on 22 November 2024 and are signed on its behalf by:
Mr S Mallen
Mrs R Teasdale
Director
Director
Company registration number 02790048 (England and Wales)
THORNTON PRINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 2 -
1
Accounting policies
Company information

Thornton Print Limited is a private company limited by shares incorporated in England and Wales. The registered office is Falstone Close, North Tyne Industrial Estate, Whitley Road, Longbenton, Newcastle upon Tyne, Tyne and Wear, NE12 9SZ.

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 are prepared in UK sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

 

Sale of goods

 

Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on despatch of the goods.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
10-25% various bases
Motor vehicles
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

THORNTON PRINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Stocks

Stocks and work in progress are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

 

The cost of finished goods stock and work in progress is calculated by deducting an appropriate profit margin from the normal selling price.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

 

Current and deferred taxation assets and liabilities are not discounted.

Current tax

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 year 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.

1.9
Provisions

Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

THORNTON PRINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 4 -
1.12
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

1.13
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the performance/accrual model.

 

Grants in respect of revenue expenditure are credited to revenue in order to match the income against the expenditure to which the grant relates.

 

Grants receivable in respect of capital expenditure are treated as deferred credits, a proportion of which are transferred to revenue annually over the life of the asset.

1.14
Foreign exchange

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

1.15

Debtors and creditors receivable / payable 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.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
28
31
THORNTON PRINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 5 -
3
Tangible fixed assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1 March 2023
4,041,232
132,885
4,174,117
Additions
39,968
-
0
39,968
At 29 February 2024
4,081,200
132,885
4,214,085
Depreciation and impairment
At 1 March 2023
2,587,171
64,459
2,651,630
Depreciation charged in the year
227,286
27,611
254,897
At 29 February 2024
2,814,457
92,070
2,906,527
Carrying amount
At 29 February 2024
1,266,743
40,815
1,307,558
At 28 February 2023
1,454,061
68,426
1,522,487

Plant and machinery includes assets with a value of £623,237 (2023 £637,425) pledged as security. Motor vehicles includes assets with a value of £14,143 (2023 £26,265) pledged as security.

4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
516,093
379,760
Corporation tax recoverable
-
0
80,948
Amounts owed by group undertakings
52,247
101,877
Prepayments and accrued income
458,099
441,309
1,026,439
1,003,894
5
Creditors: amounts falling due within one year
2024
2023
£
£
Obligations under finance leases
7
134,513
145,023
Trade creditors
395,898
368,517
Amounts owed to group undertakings
515,548
350,427
Taxation and social security
91,912
28,118
Other creditors
5,077
3,678
Accruals and deferred income
48,308
52,756
1,191,256
948,519
THORNTON PRINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 6 -
6
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
7
230,119
363,383
7
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
141,317
152,184
In two to five years
242,477
382,785
383,794
534,969
Less: future finance charges
(19,162)
(26,563)
364,632
508,406

Finance leases are secured over the assets to which they relate.

8
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
9
258,981
307,902
9
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
258,981
307,902
2024
Movements in the year:
£
Liability at 1 March 2023
307,902
Credit to profit or loss
(48,921)
Liability at 29 February 2024
258,981
THORNTON PRINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 7 -
10
Government grants
2024
2023
£
£
Deferred government grants
29,345
39,127
11
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100,000
100,000
100,000
100,000
12
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Peter Charles BSc FCA
Statutory Auditor:
Robson Laidler Accountants Limited
Date of audit report:
22 November 2024
13
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
-
0
6,640
14
Parent company

DNR Limited, a company registered in England and Wales, is regarded by the directors as being the company's ultimate parent company. A copy of the consolidated financial statements can be obtained via the Companies House website.

The ultimate controlling party is The Trustees of the Brian Mallen Deceased Will Trust.

15
Related party disclosures

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

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