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REGISTERED NUMBER: 10630791 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2024

FOR

THRIFT RETAIL LTD

THRIFT RETAIL LTD (REGISTERED NUMBER: 10630791)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


THRIFT RETAIL LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 28 FEBRUARY 2024







DIRECTORS: J Metcalfe
D I Ramesh
S P Wallace





REGISTERED OFFICE: Unit G1
Airfield Business Park
Market Harborough
LE16 7WB





REGISTERED NUMBER: 10630791 (England and Wales)





ACCOUNTANTS: Crowe U.K. LLP
Black Country House
Rounds Green Road
Oldbury
West Midlands
B69 2DG

THRIFT RETAIL LTD (REGISTERED NUMBER: 10630791)

BALANCE SHEET
28 FEBRUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 106,132 145,991

CURRENT ASSETS
Stocks 20,643 27,350
Debtors 5 113,634 306,877
Cash at bank 431,466 986,860
565,743 1,321,087
CREDITORS
Amounts falling due within one year 6 2,040,764 1,029,980
NET CURRENT (LIABILITIES)/ASSETS (1,475,021 ) 291,107
TOTAL ASSETS LESS CURRENT
LIABILITIES

(1,368,889

)

437,098

CREDITORS
Amounts falling due after more than
one year

7

50,477

70,200
NET (LIABILITIES)/ASSETS (1,419,366 ) 366,898

CAPITAL AND RESERVES
Called up share capital 9 6 6
Share premium 10 8,411,813 8,411,813
Retained earnings 10 (9,831,185 ) (8,044,921 )
SHAREHOLDERS' FUNDS (1,419,366 ) 366,898

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

THRIFT RETAIL LTD (REGISTERED NUMBER: 10630791)

BALANCE SHEET - continued
28 FEBRUARY 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 November 2024 and were signed on its behalf by:





J Metcalfe - Director


THRIFT RETAIL LTD (REGISTERED NUMBER: 10630791)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024


1. STATUTORY INFORMATION

Thrift Retail Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

On 24 April 2023, the company's registered office changed from Harborough Innovation Centre Airfield Business Park Market, Harborough, LE16 7WB to Blackfriars Foundry, 154-156 Blackfriars Road, London, SE1 8EN.

On 3 August 2023, the company's registered office changed from Blackfriars Foundry, 154-156 Blackfriars Road, London, SE1 8EN to Unit G1, Airfield Business Park, Market Harborough, LE16 7WB

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - straight line varying between 4 years & 5 years
Computer equipment - straight line over 3 years

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

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.

During the year ended 28 February 2024, the Company recognised a tax refund of £123,259 related to R&D activities conducted in the years ended 28 February 2021 and 28 February 2022. The claim was submitted in accordance with the UK R&D tax relief scheme.

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

Pension costs and other post-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.

THRIFT RETAIL LTD (REGISTERED NUMBER: 10630791)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2024


2. ACCOUNTING POLICIES - continued

Going concern
The directors believe that it is appropriate to prepare the financial statements of the Company on a going concern basis which assumes that the Company will continue its operational existence for the foreseeable future and for at least the next 12 months from the date of authorisation of the financial statements.

The Company is in the process of completing an equity fundraising round for both new and existing shareholders in Q4 2024 - Q1 2025. Investors believe in the Company's growth plan and goal to breakeven in 2025.

Considering the above, the directors have concluded that it is appropriate to prepare the financial statements on a going concern basis.

Foreign currency translation
Functional and presentation currency

The Company's functional and presentational currency is GBP and amounts included in these financial statements are rounded to the nearest pound.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Nonmonetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 59 (2023 - 62 ) .

THRIFT RETAIL LTD (REGISTERED NUMBER: 10630791)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2024


4. TANGIBLE FIXED ASSETS
Plant and Computer
machinery equipment Totals
£    £    £   
COST
At 1 March 2023 206,597 25,948 232,545
Additions 5,711 3,869 9,580
At 28 February 2024 212,308 29,817 242,125
DEPRECIATION
At 1 March 2023 69,471 17,083 86,554
Charge for year 44,514 4,925 49,439
At 28 February 2024 113,985 22,008 135,993
NET BOOK VALUE
At 28 February 2024 98,323 7,809 106,132
At 28 February 2023 137,126 8,865 145,991

The net carrying amount of assets held under finance leases included in plant and machinery is £3,495 (2023: £5,492). The total depreciation charge for the year for assets held under finance leases is £1,997 (2023: £1,996).

5. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 74 4,068
Other debtors 19,940 159,147
Prepayments 26,276 83,762
46,290 246,977

Amounts falling due after more than one year:
Other debtors 67,344 59,900

Aggregate amounts 113,634 306,877

THRIFT RETAIL LTD (REGISTERED NUMBER: 10630791)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2024


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 300,000 -
Hire purchase contracts (see note 8)
2,743

3,173
Trade creditors 233,914 207,431
Taxation and social security 173,610 33,549
Other creditors 1,330,497 785,827
2,040,764 1,029,980

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 8)
1,920

3,713
Other creditors 48,557 66,487
50,477 70,200

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 2,743 3,173
Between one and five years 1,920 3,713
4,663 6,886

Non-cancellable operating leases
2024 2023
£    £   
Within one year 195,000 195,000
Between one and five years 926,250 780,000
In more than five years 48,750 455,000
1,170,000 1,430,000

THRIFT RETAIL LTD (REGISTERED NUMBER: 10630791)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2024


9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
Value: £ £
180,580 A Ordinary 0.00001 1.81 1.81
100,730 Seed Ordinary 0.00001 1.01 1.01
335,140 Seed Preferred 0.00001 3.35 3.35
17,540 B Ordinary 0.00001 0.18 0.18
6.34 6.34

10. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 March 2023 (8,044,921 ) 8,411,813 366,892
Deficit for the year (1,786,264 ) (1,786,264 )
At 28 February 2024 (9,831,185 ) 8,411,813 (1,419,372 )

11. PENSION COMMITMENTS

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £12,211 (2023: £12,906). Contributions totalling £3,813 (2023: £3,370) were payable to the fund at the reporting date and are included in creditors.

12. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is J Metcalfe.