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Company registration number: 09291454
Thrasos Solutions Limited
Unaudited abridged financial statements
31 March 2024
Thrasos Solutions Limited
Contents
Directors and other information
Directors report
Abridged statement of comprehensive income
Abridged statement of financial position
Statement of changes in equity
Notes to the financial statements
Thrasos Solutions Limited
Directors and other information
Directors Mr Thomas James Kirkwood
Mr Jonpaul Edward Musgrove
Company number 09291454
Registered office Unit 4 Wheatley Buisness Park
Lowmoor Road
Kirkby in Ashfield
Nottingham
NG17 7JE
Business address Unit 4 Wheatley Business Park
Lowmoor Road
Kirkby in Ashfield
Nottingham
NG17 7JE
Accountants Fletcher & Co (UK) Limited
Staffordshire House
Beechdale Road
Nottingham
Nottinghamshire
NG8 3FH
Thrasos Solutions Limited
Directors report
Year ended 31 March 2024
The directors present their report and the unaudited financial statements of the company for the year ended 31 March 2024.
Directors
The directors who served the company during the year were as follows:
Mr Thomas James Kirkwood
Mr Jonpaul Edward Musgrove
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 27 November 2024 and signed on behalf of the board by:
Mr Thomas James Kirkwood
Director
Thrasos Solutions Limited
Abridged statement of comprehensive income
Year ended 31 March 2024
2024 2023
Note £ £
Gross profit 1,306,255 1,240,027
Staff costs 4 ( 584,877) ( 529,119)
Depreciation and other amounts written off tangible and intangible fixed assets ( 51,515) ( 42,401)
Other operating expenses ( 608,986) ( 617,728)
_______ _______
Operating profit 60,877 50,779
Other interest receivable and similar income 307 308
Interest payable and similar expenses ( 29,759) ( 19,284)
_______ _______
Profit before taxation 5 31,425 31,803
Tax on profit - ( 7,023)
_______ _______
Profit for the financial year and total comprehensive income 31,425 24,780
_______ _______
All the activities of the company are from continuing operations.
Thrasos Solutions Limited
Abridged statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 6 190,874 78,508
_______ _______
190,874 78,508
Current assets
Stocks 164 1,415
Debtors 428,684 364,723
Cash at bank and in hand 37,807 41,078
_______ _______
466,655 407,216
Creditors: amounts falling due
within one year ( 551,241) ( 435,352)
_______ _______
Net current liabilities ( 84,586) ( 28,136)
_______ _______
Total assets less current liabilities 106,288 50,372
Creditors: amounts falling due
after more than one year ( 102,643) ( 37,152)
_______ _______
Net assets 3,645 13,220
_______ _______
Capital and reserves
Called up share capital 10,000 10,000
Profit and loss account ( 6,355) 3,220
_______ _______
Shareholders funds 3,645 13,220
_______ _______
For the year ending 31 March 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.
These financial statements have been prepared 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'.
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the current year ending 31 March 2024 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 27 November 2024 , and are signed on behalf of the board by:
Mr Thomas James Kirkwood
Director
Company registration number: 09291454
Thrasos Solutions Limited
Statement of changes in equity
Year ended 31 March 2024
Called up share capital Profit and loss account Total
£ £ £
At 1 April 2022 10,000 13,340 23,340
Profit for the year 24,780 24,780
_______ _______ _______
Total comprehensive income for the year - 24,780 24,780
Dividends paid and payable ( 34,900) ( 34,900)
_______ _______ _______
Total investments by and distributions to owners - ( 34,900) ( 34,900)
_______ _______ _______
At 31 March 2023 and 1 April 2023 10,000 3,220 13,220
Profit for the year 31,425 31,425
_______ _______ _______
Total comprehensive income for the year - 31,425 31,425
Dividends paid and payable ( 41,000) ( 41,000)
_______ _______ _______
Total investments by and distributions to owners - ( 41,000) ( 41,000)
_______ _______ _______
At 31 March 2024 10,000 ( 6,355) 3,645
_______ _______ _______
Thrasos Solutions Limited
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is Unit 4 Wheatley Buisness Park, Lowmoor Road, Kirkby in Ashfield, Nottingham, NG17 7JE.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership 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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured 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 the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Staff costs
The average number of persons employed by the company during the year amounted to 24 (2023: 23 ).
The aggregate payroll costs incurred during the year were:
2024 2023
£ £
Wages and salaries 584,877 529,119
_______ _______
5. Profit before taxation
Profit before taxation is stated after charging/(crediting):
2024 2023
£ £
Depreciation of tangible assets 51,515 42,401
Fees payable for the audit of the financial statements 1,461 1,346
_______ _______
6. Tangible assets
£
Cost
At 1 April 2023 237,834
Additions 174,436
Disposals ( 59,868)
_______
At 31 March 2024 352,402
_______
Depreciation
At 1 April 2023 159,326
Charge for the year 51,515
Disposals ( 49,313)
_______
At 31 March 2024 161,528
_______
Carrying amount
At 31 March 2024 190,874
_______
At 31 March 2023 78,508
_______
7. Directors advances, credits and guarantees
There were no advances to the directors during this period.