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REGISTERED NUMBER: 01990244 (England and Wales)















Financial Statements for the Year Ended 30 April 2024

for

Thorworld Industries Limited

Thorworld Industries Limited (Registered number: 01990244)

Contents of the Financial Statements
for the Year Ended 30 April 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Thorworld Industries Limited

Company Information
for the Year Ended 30 April 2024







DIRECTORS: Mr John Meale
Mrs Geraldine Anne Meale
Mr Mark Adam James
Mr Ian James Langan
Mr Brendan Liam Wilson
Miss Anna Victoria Meale
Mrs Alexandra Louise Onions


SECRETARY: Mr Brendan Liam Wilson


REGISTERED OFFICE: Unit 37 Station Lane Industrial Estate
Old Whittington
Chesterfield
Derbyshire
S41 9QX


REGISTERED NUMBER: 01990244 (England and Wales)


INDEPENDENT AUDITORS: Landin Wilcock & Co
Statutory Auditor
68 Queen Street
Sheffield
South Yorkshire
S1 1WR


BANKERS: National Westminster Bank Plc
PO Box 13
5 Market Place
Chesterfield
S40 1TJ

Thorworld Industries Limited (Registered number: 01990244)

Balance Sheet
30 April 2024

30/4/24 30/4/23
Notes £    £   
FIXED ASSETS
Intangible assets 4 2,206 2,663
Tangible assets 5 891,366 899,118
Investments 6 100 100
893,672 901,881

CURRENT ASSETS
Stocks 467,258 504,156
Debtors 7 533,591 450,839
Cash at bank and in hand 826,754 429,275
1,827,603 1,384,270
CREDITORS
Amounts falling due within one year 8 (1,610,390 ) (1,277,700 )
NET CURRENT ASSETS 217,213 106,570
TOTAL ASSETS LESS CURRENT LIABILITIES 1,110,885 1,008,451

PROVISIONS FOR LIABILITIES (221,192 ) (224,231 )
NET ASSETS 889,693 784,220

CAPITAL AND RESERVES
Called up share capital 998 998
Capital redemption reserve 2 2
Retained earnings 888,693 783,220
889,693 784,220

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 21 January 2025 and were signed on its behalf by:





Mr John Meale - Director


Thorworld Industries Limited (Registered number: 01990244)

Notes to the Financial Statements
for the Year Ended 30 April 2024


1. STATUTORY INFORMATION

Thorworld Industries Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Going concern
The directors have reasonable expectations that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing annual financial statements.

Preparation of consolidated financial statements
The financial statements contain information about Thorworld Industries Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Related party exemption
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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue on ramp rentals is recognised straight line over the rental period. Revenue from the sale of ramps (where the ramps are not classified as fixed assets) is recognised when the ramps are delivered to the customer.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over the life of their validity.

Development costs are being amortised evenly over their estimated useful life of five years.

Thorworld Industries Limited (Registered number: 01990244)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - 10% on reducing balance and 5% on cost
Fixtures and fittings - 25% on cost and 10% on reducing balance

Ramps manufactured by the company are recognised as stocks unless the ramp is used as part of the rental fleet and remains unsold for three months from the date of manufacture. In such cases, the ramp is capitalised and treated as plant and machinery.

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical costs include expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively, if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments
Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. 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 asset of the company after deducting all of its liabilities.

Taxation
Taxation for the year comprises current and deferred tax. 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 or deferred taxation assets and liabilities are not discounted.

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.


Thorworld Industries Limited (Registered number: 01990244)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024


2. ACCOUNTING POLICIES - continued
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.

Foreign currencies
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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 24 (2023 - 26 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 May 2023 10,377
Additions 519
At 30 April 2024 10,896
AMORTISATION
At 1 May 2023 7,714
Charge for year 976
At 30 April 2024 8,690
NET BOOK VALUE
At 30 April 2024 2,206
At 30 April 2023 2,663

Thorworld Industries Limited (Registered number: 01990244)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024


5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and
machinery fittings Totals
£    £    £   
COST
At 1 May 2023 1,687,234 6,045 1,693,279
Additions 64,169 - 64,169
Disposals (45,143 ) - (45,143 )
At 30 April 2024 1,706,260 6,045 1,712,305
DEPRECIATION
At 1 May 2023 789,421 4,740 794,161
Charge for year 60,033 130 60,163
Eliminated on disposal (33,385 ) - (33,385 )
At 30 April 2024 816,069 4,870 820,939
NET BOOK VALUE
At 30 April 2024 890,191 1,175 891,366
At 30 April 2023 897,813 1,305 899,118

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 May 2023
and 30 April 2024 100
NET BOOK VALUE
At 30 April 2024 100
At 30 April 2023 100

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Thorworld Materials Handling Limited
Registered office: 5th Floor, 5 Lapp's Quay, Cork, T12 RW7D, Ireland
Nature of business: Handling of materials
%
Class of shares: holding
Ordinary shares 100.00
30/4/24 30/4/23
£    £   
Aggregate capital and reserves 100 100

The company continued to be dormant for the period to 30 April 2024.

Thorworld Industries Limited (Registered number: 01990244)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024


7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/4/24 30/4/23
£    £   
Trade debtors 508,269 424,807
Other debtors 25,322 26,032
533,591 450,839

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/4/24 30/4/23
£    £   
Trade creditors 296,143 336,350
Tax 207,689 113,598
Social security and other taxes 17,004 20,575
VAT 109,697 96,770
Other creditors 19,629 19,840
Unpaid pension contributions 4,725 4,117
Directors' current accounts 275,430 238,813
Accruals and deferred income 680,073 447,637
1,610,390 1,277,700

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Tom Henshaw (Senior Statutory Auditor)
for and on behalf of Landin Wilcock & Co

10. OTHER FINANCIAL COMMITMENTS

The total amount of financial commitments not include in the balance sheet is £98,459 (2023 - £85,364). These commitments are non-cancellable operating leases for the company's vehicles, plant and equipment.