Company registration number SC137308 (Scotland)
THORBURN GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
THORBURN GROUP LIMITED
COMPANY INFORMATION
Directors
A E Thorburn
E R Thorburn
P J D Morris
Mrs G C Thorburn
Mrs A A Thorburn
Secretary
GWA CoSec Ltd
Company number
SC137308
Registered office
Unit 1
Duns Industrial Estate
Duns
Berwickshire
TD11 3HS
Auditor
Greaves West & Ayre
17 Walkergate
Berwick-upon-Tweed
Northumberland
TD15 1DJ
Bankers
Royal Bank of Scotland Plc
THORBURN GROUP LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 7
Profit and loss account
8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 30
THORBURN GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 1 -
The directors present the strategic report for the year ended 30 November 2023.
Review of the business
This financial year has marked a significant milestone for us as we successfully built and relocated to our new premises in Duns. Our new facility is equipped with state-of-the-art plant and machinery, enhancing our ability to fabricate products more efficiently. This transition has required considerable time and investment.
As a result, we have been able to expand our product range and, more importantly, increase our workforce, leading to additional employment opportunities.
We take pride in the fact that, despite the scale of our construction project, we have maintained a healthy turnover for the year.
The directors are mindful of the current economic climate and are confident that the demand for our diverse range of products and buildings will remain stable into the foreseeable future.
Key performance indicators:-
Turnover - £14,056,913 (2022: £13,641,628)
Profit before tax - £206,984 (2022: £1,330,002)
Principal risks and uncertainties
The company's activities expose it to a variety of risks including credit risk. The directors regularly monitor and review financial risks.
Credit risk - Where deemed necessary credit checks are performed on potential customers before sales are transacted.
The company is also insured against risks such as financial loss and offsite storage or transit.
At the present time there appears to be no let up in the demand for the company's services and the directors are satisfied with the current and future order book.
E R Thorburn
Director
26 November 2024
THORBURN GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 2 -
The directors present their annual report and financial statements for the year ended 30 November 2023.
Principal activities
The company is a construction and crane hire company whose principal activity is the construction of steel portal buildings for agricultural and commercial use. On 30 September 2021 the company changed its name from John Thorburn & Sons Ltd to Thorburn Group Limited. The company is registered in Scotland under the company number SC137308.
A review of the business can be found in the Strategic Report on page 1.
Results and dividends
The results for the year are set out on page 8.
The directors do not recommend payment of a final dividend.
No preference dividends were paid.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
A E Thorburn
E R Thorburn
P J D Morris
Mrs G C Thorburn
Mrs A A Thorburn
Financial instruments
Liquidity risk
The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.
Credit risk
All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.
Price risk
The company is exposed to price risk and constantly monitors the prices of steel and other raw materials in order to mitigate inflation and increases in prices.
Auditor
The auditors, Greaves West & Ayre, will be proposed for reappointment in accordance with Section 485 of the Companies Act 2006.
THORBURN GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 3 -
Statement of directors' responsibilities
The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
E R Thorburn
Director
26 November 2024
THORBURN GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THORBURN GROUP LIMITED
- 4 -
Qualified opinion on financial statements
We have audited the financial statements of Thorburn Group Limited (the 'company') for the year ended 30 November 2023 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, except for the effects of the matter described in Basis for Qualified Opinion paragraph, the financial statements:
give a true and fair view of the state of the company's affairs as at 30 November 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for qualified opinion
The evidence available to us was limited in relation to the comparatives in the current year's financial statements which are derived from the financial statements for the year 30 November 2022. In our report on those financial statement we stated the following:
"Wnor verify by alternative means, the stock and amounts recoverable on contracts figures included in the financial statements. Amounts recoverable on contracts is part of the sales cycle, so we have also been unable to confirm or verify by alternative means the turnover figure included in the financial statements."
""
""
While management has taken steps to rectify these deficiencies in the current year, we were unable to obtain sufficient appropriate audit evidence to confirm the accuracy of the comparative figures for turnover and cost of sales.
The opening balance position of work in progress and amounts recoverable on contracts affects the cost of sales balance for the year ended 2023. As explained above, we were unable to verify these opening balances and consequently this affects our ability to assess the accuracy of the gross profit margin and the overall financial performance reported for the current year. This is because the opening balances, carried forward from the prior year, form the basis of the calculation for the current year's cost of sales, and any potential inaccuracies or misstatements in the opening balances could have a direct impact on the reported cost of sales figure.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
THORBURN GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THORBURN GROUP LIMITED
- 5 -
Matters on which we are required to report by exception
In respect solely of the limitation on our work relating to stock, described above:
we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and
we were unable to determine whether adequate accounting records had been maintained.
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material missatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our responsibility is to conduct an audit of the company's financial statements in accordance with International Standards on Auditing (UK) and to issue an auditor's report.
Extent to which the audit was considered capable of detecting irregularities, including fraud
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including legislation such as the Companies Act 2006, taxation legislation, employment legislation and data protection;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management, contacting the entity’s solicitor for any details of non-compliance and inspecting current year legal expenditure; and
identified laws and regulations of particular relevance were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company's financial statement to material misstatement, including obtaining an understanding of how fraud might occur, by:
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected, and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
THORBURN GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THORBURN GROUP LIMITED
- 6 -
To address the risk of fraud through management bias and override of controls, including any fraud associated with revenue recognition, we:
performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias;
traced a sample of sales transactions from source documentation to nominal ledgers;
traced a sample of contracts in progress around the year-end from source documentation to work in progress calculation schedules to ensure cut-off is operating correctly; and
evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
agreeing financial statement disclosures to underlying supporting documentation;
enquiring of management as to actual and potential litigation and claims against the company; and
reviewing correspondence with HMRC and the company’s legal advisors.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.
Other matters which we are required to address
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect misstatements in respect of irregularities, including fraud.
THORBURN GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THORBURN GROUP LIMITED
- 7 -
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Craig Little CA (Senior Statutory Auditor)
For and on behalf of Greaves West & Ayre
28 November 2024
Chartered Accountants
Statutory Auditor
17 Walkergate
Berwick-upon-Tweed
Northumberland
TD15 1DJ
THORBURN GROUP LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 8 -
2023
2022
Notes
£
£
Turnover
3
14,056,913
13,461,628
Cost of sales
(11,163,657)
(10,566,528)
Gross profit
2,893,256
2,895,100
Administrative expenses
(2,451,771)
(1,679,085)
Other operating income
76,543
138,532
Operating profit
4
518,028
1,354,547
Interest receivable and similar income
8
1,986
1,141
Interest payable and similar expenses
9
(313,030)
(25,686)
Profit before taxation
206,984
1,330,002
Tax on profit
10
276,935
(311,659)
Profit for the financial year
483,919
1,018,343
The profit and loss account has been prepared on the basis that all operations are continuing operations.
THORBURN GROUP LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 9 -
2023
2022
£
£
Profit for the year
483,919
1,018,343
Other comprehensive income
-
-
Total comprehensive income for the year
483,919
1,018,343
THORBURN GROUP LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
11
351,000
405,000
Tangible assets
12
6,228,787
4,813,941
Investments
13
915,434
276,951
7,495,221
5,495,892
Current assets
Stocks
16
1,302,372
778,882
Debtors
17
4,020,582
4,109,112
Cash at bank and in hand
792,188
629,847
6,115,142
5,517,841
Creditors: amounts falling due within one year
18
(4,623,725)
(3,996,615)
Net current assets
1,491,417
1,521,226
Total assets less current liabilities
8,986,638
7,017,118
Creditors: amounts falling due after more than one year
19
(3,350,982)
(2,308,446)
Provisions for liabilities
Deferred tax liability
22
539,401
816,336
(539,401)
(816,336)
Government grants
23
(720,000)
Net assets
4,376,255
3,892,336
Capital and reserves
Called up share capital
25
500
500
Profit and loss reserves
26
4,375,755
3,891,836
Total equity
4,376,255
3,892,336
The financial statements were approved by the board of directors and authorised for issue on 26 November 2024 and are signed on its behalf by:
E R Thorburn
Director
Company registration number SC137308 (Scotland)
THORBURN GROUP LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 11 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 December 2021
500
2,873,493
2,873,993
Year ended 30 November 2022:
Profit and total comprehensive income
-
1,018,343
1,018,343
Balance at 30 November 2022
500
3,891,836
3,892,336
Year ended 30 November 2023:
Profit and total comprehensive income
-
483,919
483,919
Balance at 30 November 2023
500
4,375,755
4,376,255
THORBURN GROUP LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 12 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
31
1,454,535
675,072
Interest paid
(297,451)
(25,686)
Income taxes (paid)/refunded
(417,885)
25,048
Net cash inflow from operating activities
739,199
674,434
Investing activities
Purchase of tangible fixed assets
(1,307,296)
(2,107,959)
Proceeds from disposal of tangible fixed assets
52,540
56,700
Purchase of subsidiaries
(338,350)
(276,951)
Repayment of loans
(71,786)
(75,340)
Government grant received
750,000
Interest received
1,986
1,141
Net cash used in investing activities
(912,906)
(2,402,409)
Financing activities
Proceeds from new bank loans
883,430
897,365
Repayment of bank loans
(121,084)
Payment of finance leases obligations
(426,298)
(35,372)
Net cash generated from financing activities
336,048
861,993
Net increase/(decrease) in cash and cash equivalents
162,341
(865,982)
Cash and cash equivalents at beginning of year
629,847
1,495,829
Cash and cash equivalents at end of year
792,188
629,847
THORBURN GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 13 -
1
Accounting policies
Company information
Thorburn Group Limited is a private company limited by shares incorporated in Scotland. The registered office is Unit 1, Duns Industrial Estate, Duns, Berwickshire, TD11 3HS.
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.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
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 represents the total invoice value, excluding value added tax, of sales made during the year and derives from the provision of goods and services falling within the company's ordinary activities.
In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of the completion.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
Intangible fixed assets - goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of ten years.
1.5
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.
THORBURN GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 14 -
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:
Freehold land
Nil
Property improvements
4% Straight Line
Plant and machinery
15% Reducing Balance
Office equipment
15% Reducing Balance/25% Straight Line
Motor vehicles
25% Reducing Balance
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.
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
THORBURN GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 15 -
1.8
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.9
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.
1.10
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
THORBURN GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 16 -
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
THORBURN GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 17 -
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.11
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.12
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.13
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.
1.14
Retirement benefits
The pension costs charged in the financial statements represent the contribution payable by the company during the year.
1.15
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.
THORBURN GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 18 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
2023
2022
£
£
Turnover analysed by class of business
Sales
14,056,913
13,461,628
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
14,056,913
13,461,628
2023
2022
£
£
Other revenue
Interest income
1,986
1,141
Grants received
30,000
-
4
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Government grants
(30,000)
-
Depreciation of owned tangible fixed assets
115,136
164,582
Depreciation of tangible fixed assets held under finance leases
404,438
67,558
Profit on disposal of tangible fixed assets
(7,377)
(17,434)
Amortisation of intangible assets
54,000
54,000
Government grants are amortised in line with the useful lives of the assets to which they relate.
THORBURN GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 19 -
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
18,377
15,268
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Administration, workshop and construction staff
89
79
Executive directors
4
4
Total
93
83
Their aggregate remuneration comprised:
2023
2022
£
£
Wages and salaries
3,075,256
2,658,739
Social security costs
345,317
190,166
Pension costs
51,231
40,157
3,471,804
2,889,062
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
191,344
162,626
Company pension contributions to defined contribution schemes
1,174
831
Compensation for loss of office
34,052
192,518
197,509
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2022 - 1).
THORBURN GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 20 -
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
20
Other interest income
1,986
1,121
Total income
1,986
1,141
2023
2022
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
20
9
Interest payable and similar expenses
2023
2022
£
£
Other finance costs:
Interest on finance leases and hire purchase contracts
297,452
25,686
Other interest
15,578
313,030
25,686
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
(272,622)
Deferred tax
Origination and reversal of timing differences
(276,935)
584,281
Total tax (credit)/charge
(276,935)
311,659
THORBURN GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
10
Taxation
(Continued)
- 21 -
The actual (credit)/charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2023
2022
£
£
Profit before taxation
206,984
1,330,002
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2022: 19.00%)
51,746
252,700
Tax effect of expenses that are not deductible in determining taxable profit
9,521
52
Tax effect of income not taxable in determining taxable profit
(9,344)
(3,312)
Unutilised tax losses carried forward
6,246
Permanent capital allowances in excess of depreciation
(58,169)
(522,433)
Chargeable gains
371
Deferred tax: Origination and reversal of timing differences
(276,935)
584,281
Taxation (credit)/charge for the year
(276,935)
311,659
11
Intangible fixed assets
Goodwill
£
Cost
At 1 December 2022 and 30 November 2023
540,000
Amortisation and impairment
At 1 December 2022
135,000
Amortisation charged for the year
54,000
At 30 November 2023
189,000
Carrying amount
At 30 November 2023
351,000
At 30 November 2022
405,000
THORBURN GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 22 -
12
Tangible fixed assets
Freehold land
Property improvements
Assets under construction
Plant and machinery
Office equipment
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 December 2022
377,029
1,713,657
3,754,880
32,920
537,889
6,416,375
Additions
1,737,596
167,412
11,860
62,715
1,979,583
Disposals
(113,450)
(50,900)
(164,350)
Transfers
3,359,735
(3,451,253)
91,518
At 30 November 2023
377,029
3,359,735
3,900,360
44,780
549,704
8,231,608
Depreciation and impairment
At 1 December 2022
1,336,773
17,074
248,587
1,602,434
Depreciation charged in the year
56,217
370,210
10,728
82,419
519,574
Eliminated in respect of disposals
(83,811)
(35,376)
(119,187)
At 30 November 2023
56,217
1,623,172
27,802
295,630
2,002,821
Carrying amount
At 30 November 2023
377,029
3,303,518
2,277,188
16,978
254,074
6,228,787
At 30 November 2022
377,029
1,713,657
2,418,107
15,846
289,302
4,813,941
THORBURN GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
12
Tangible fixed assets
(Continued)
- 23 -
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2023
2022
£
£
Plant and machinery
2,219,421
1,873,328
Assets under construction
153,584
153,584
2,373,005
2,026,912
13
Fixed asset investments
2023
2022
Notes
£
£
Investments in subsidiaries
14
915,434
276,951
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 December 2022
276,951
Additions
638,483
At 30 November 2023
915,434
Carrying amount
At 30 November 2023
915,434
At 30 November 2022
276,951
14
Subsidiaries
Details of the company's subsidiaries at 30 November 2023 are as follows:
Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
Premier Livestock Handing Ltd
1
Production and sale of livestock handling equipment
Ordinary
100
Thorburn Group (Berwick) Limited
2
Engineering
Ordinary
100
Registered office addresses (all UK unless otherwise indicated):
1
Unit 1, Duns Industrial Estate, Berwickshire, TD11 3HS
2
Ramparts Business Park, 20 Kings Mount, Berwick-upon-Tweed, Northumberland, TD15 1TQ
THORBURN GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
14
Subsidiaries
(Continued)
- 24 -
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Premier Livestock Handing Ltd
98,366
(935)
Thorburn Group (Berwick) Limited
540,212
(18,396)
15
Financial instruments
2023
2022
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
3,506,179
3,364,604
Carrying amount of financial liabilities
Measured at amortised cost
7,541,853
5,607,649
16
Stocks
2023
2022
£
£
Raw materials and consumables
10,618
15,494
Finished goods and goods for resale
1,291,754
763,388
1,302,372
778,882
17
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
2,480,609
2,181,853
Gross amounts owed by contract customers
762,377
998,650
Corporation tax recoverable
272,680
272,622
Amounts owed by group undertakings
65,362
83,712
Other debtors
197,831
100,389
Prepayments and accrued income
241,723
471,886
4,020,582
4,109,112
THORBURN GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 25 -
18
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank loans and overdrafts
20
130,106
177,015
Obligations under finance leases
21
501,345
336,586
Payments received on account
689,124
83,534
Trade creditors
2,020,203
2,399,841
Amounts due to group undertakings
363,725
Corporation tax
10
24,606
442,433
Other taxation and social security
408,248
254,979
Other creditors
183,927
28,811
Accruals and deferred income
302,441
273,416
4,623,725
3,996,615
19
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
20
1,529,605
720,350
Obligations under finance leases
21
1,669,326
1,588,096
Other creditors
152,051
3,350,982
2,308,446
20
Loans and overdrafts
2023
2022
£
£
Bank loans
1,659,711
897,365
Payable within one year
130,106
177,015
Payable after one year
1,529,605
720,350
The long-term loans are secured by bond and floating charges over all assets of the company.
THORBURN GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 26 -
21
Finance lease obligations
2023
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
686,466
489,392
In two to five years
1,895,510
1,849,680
In over five years
23,058
2,581,976
2,362,130
Less: future finance charges
(411,305)
(437,448)
2,170,671
1,924,682
Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
22
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
890,116
816,336
Tax losses
(350,715)
-
539,401
816,336
2023
Movements in the year:
£
Liability at 1 December 2022
816,336
Credit to profit or loss
(276,935)
Liability at 30 November 2023
539,401
The deferred tax liability set out above is not expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.
Following the enactment of the Finance Act 2021 the deferred tax provision at the period end has been calculated using a rate of 25% (2022: 25%).
THORBURN GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 27 -
23
Government grants
2023
2022
£
£
Arising from government grants
720,000
-
24
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
51,231
40,157
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
25
Share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
100
100
Preference share capital
Issued and fully paid
400 Preference shares of £1 each
400
400
400
400
The preference shareholders have the right to a dividend at such a rate as the directors recommend in the event of a dividend being declared. These shares also rank above the ordinary shares in the event of a winding up of the company.
The preference shares carry no voting rights and are non redeemable.
26
Profit and loss reserves
2023
2022
£
£
At the beginning of the year
3,891,836
2,873,493
Profit for the year
483,919
1,018,343
At the end of the year
4,375,755
3,891,836
THORBURN GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 28 -
27
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Sale of goods
Purchase of goods
2023
2022
2023
2022
£
£
£
£
Entities over which the entity has control, joint control or significant influence
19,081
138,052
8,969
Other related parties
39
80,908
142,500
19,081
39
218,960
151,469
The following amounts were outstanding at the reporting end date:
2023
2022
Amounts owed by related parties
£
£
Entities over which the entity has control, joint control or significant influence
5,613
-
Other related parties
-
4,597
5,613
4,597
Directors current accounts are unsecured, interest free and have no fixed terms of repayment.
No guarantees have been given or received.
The following amounts were outstanding at the reporting end date:
2023
2022
Amounts owed to related parties
£
£
Entities over which the entity has control, joint control or significant influence
363,725
-
Other related parties
6,000
5,000
369,725
5,000
THORBURN GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 29 -
28
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
Dividends totalling £0 (2022 - £0) were paid in the year in respect of shares held by the company's directors.
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Closing balance
£
£
£
£
A E Thorburn -
2.00
10,162
41,838
427
52,427
E R Thorburn -
2.00
65,178
27,962
1,559
94,699
75,340
69,800
1,986
147,126
29
Ultimate controlling party
The company is wholly owned by Thorburn Holdings Limited, SC697070, Registered office - Unit 1 Duns Industrial Estate, Duns, Berwickshire, United Kingdom, TD11 3HS.
30
Contingencies
Provision is made for the Directors' best estimate of all known claims and all legal actions in progress against the company. The company takes legal advice as to the likelihood of success of claims and actions and no provision is made where the directors consider, based on that advice that the action is unlikely to succeed, or a sufficiently reliable estimate of the potential obligation cannot be made.
In December 2021, the Health and Safety Executive (HSE) notified the company that it would be prosecuting the company for breaches of the Working at Height Regulations following a workplace accident which occurred during the year ended 30 November 2022. At the period end the company is unable to accurately quantify the financial risk from legal proceedings and accordingly no provision has been recognised within the financial statements. The company robustly defends its health and safety control framework and continues to encourage a culture of safe working practice.
THORBURN GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 30 -
31
Cash generated from operations
2023
2022
£
£
Profit for the year after tax
483,919
1,018,343
Adjustments for:
Taxation (credited)/charged
(276,935)
311,659
Finance costs
313,030
25,686
Investment income
(1,986)
(1,141)
Government grant received
(750,000)
Gain on disposal of tangible fixed assets
(7,377)
(17,434)
Amortisation and impairment of intangible assets
54,000
54,000
Depreciation and impairment of tangible fixed assets
519,574
232,140
Increase in deferred income
720,000
-
Movements in working capital:
Increase in stocks
(523,490)
(39,892)
Decrease/(increase) in debtors
160,374
(731,860)
Increase/(decrease) in creditors
763,426
(176,429)
Cash generated from operations
1,454,535
675,072
The acquisition of the subsidiary, Thorburn Group (Berwick) Ltd, includes deferred consideration so be paid at specified future dates. The expected deferred consideration has been discounted to present value and therefore deferred consideration of £300,134 (2022: £nil) has been excluded from investing activities and interest of £15,578 (2022: £nil) has been excluded from financing activities.
32
Analysis of changes in net debt
1 December 2022
Cash flows
Acquisitions and disposals
New finance leases
30 November 2023
£
£
£
£
£
Cash at bank and in hand
629,847
500,691
(338,350)
-
792,188
Borrowings excluding overdrafts
(897,365)
(762,346)
-
-
(1,659,711)
Obligations under finance leases
(1,924,682)
426,298
-
(672,287)
(2,170,671)
(2,192,200)
164,643
(338,350)
(672,287)
(3,038,194)
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