REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 FEBRUARY 2024 |
FOR |
THRIFT RETAIL LTD |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
7 |
NET (LIABILITIES)/ASSETS | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Share premium | 10 |
Retained earnings | 10 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
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 were approved by the Board of Directors and authorised for issue on |
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 |
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 |
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 |
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 |
Additions |
At 28 February 2024 |
DEPRECIATION |
At 1 March 2023 |
Charge for year |
At 28 February 2024 |
NET BOOK VALUE |
At 28 February 2024 |
At 28 February 2023 |
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 |
Other debtors |
Prepayments |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
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 |
Hire purchase contracts (see note 8) |
Trade creditors |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Hire purchase contracts (see note 8) |
Other creditors |
8. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase | contracts |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable | operating leases |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
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 | ( |
) | 366,892 |
Deficit for the year | ( |
) | ( |
) |
At 28 February 2024 | ( |
) | (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 |