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Registered number: SC664370










THUNDER HOLDINGS LIMITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

 
THUNDER HOLDINGS LIMITED
 

COMPANY INFORMATION


Directors
C Drysdale 
N Drysdale 




Registered number
SC664370



Registered office
Unit S and Warehouse 5
Telford Road

Glenrothes

KY7 4NX




Independent auditors
Sumer Auditco Limited
Chartered Accountants

Pentland House

Saltire Centre

Glenrothes

Fife

KY6 2AH





 
THUNDER HOLDINGS LIMITED
 

CONTENTS



Page
Group strategic report
 
1
Directors' report
 
2 - 3
Independent auditors' report
 
4 - 7
Consolidated statement of comprehensive income
 
8
Consolidated statement of financial position
 
9
Company statement of financial position
 
10
Consolidated statement of changes in equity
 
11
Company statement of changes in equity
 
12
Consolidated statement of cash flows
 
13 - 14
Consolidated analysis of net debt
 
14
Notes to the financial statements
 
15 - 32


 
THUNDER HOLDINGS LIMITED
 

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

Introduction
 
The directors have pleasure in presenting their strategic report for the year ended 30th April 2024.

Business review
 
The directors are pleased to report further positive results in the year under review with increases in both turnover and profit.  
The directors' are confident that performance will be strong in the forthcoming year but are mindful of changable economic factors both nationally and internationally and the potential risk and challenges that that generates.
The Group’s key performance indicators include that of turnover growth, gross margin and net profit. Turnover for the year has increased by 6.7% to £15,846,437 compared to the prior year £14,847,038. Gross margin has been largely maintained during the year with a rate of 15.2% compared to 15.6% in the previous year and net profit before tax increased by £77,439 from £1,272,419 in 2023 to £1,349,858 in 2024.
The Board of Directors continue to recognise that this could not be achieved without the valued ongoing support of all our employees and key suppliers.

Principal risks and uncertainties
 
The Group faces a number of operating risks and uncertainties that could impact performance. Steps are taken to understand these risks and to mitigate them to achieve the directors' long-term goal of creating a sustainable business which delivers growth and profitability.
The main commercial risks is the availability, price and source information for goods which they trade. This is in line with other businesses operating in this sector. These risks are managed by thorough risk management and due diligence procedures being operated and controlled by the directors.
The Group's principal financial instrument is bank deposits. The main purpose of bank deposits is to finance company operations and provide sufficient working capital levels.
Due to the nature of the financial instruments used by the company there is no exposure to price risk. 


This report was approved by the board on 30 January 2025 and signed on its behalf.



C Drysdale
Director

Page 1

 
THUNDER HOLDINGS LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024

The directors present their report and the financial statements for the year ended 30 April 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of the company is of a holding company, with a series of investments including subsidiary undertakings, properties, and other assets for rental.

Results and dividends

The profit for the year, after taxation, amounted to £1,014,898 (2023 - £1,010,220).

Particulars of dividends paid are detailed in the notes to the financial statements.

Directors

The directors who served during the year were:

C Drysdale 
N Drysdale 

Future developments

The Company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of future developments.

Page 2

 
THUNDER HOLDINGS LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditorsSumer Auditco Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 30 January 2025 and signed on its behalf.
 





C Drysdale
Director

Page 3

 
THUNDER HOLDINGS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THUNDER HOLDINGS LIMITED
 

Opinion


We have audited the financial statements of Thunder Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 April 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated statement of financial position, the Company statement of financial position, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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 the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 30 April 2024 and of the Group's 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 opinion


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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 4

 
THUNDER HOLDINGS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THUNDER HOLDINGS LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group 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 Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


The financial statements of the Company and consolidated financial statements for the year ended 30 April 2023 were not audited.


Page 5

 
THUNDER HOLDINGS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THUNDER HOLDINGS LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 2, 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 Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Auditors' responsibilities for the audit of the financial statements
 

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 Auditors' 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 Group 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 material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Page 6

 
THUNDER HOLDINGS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THUNDER HOLDINGS LIMITED (CONTINUED)


Use of our report
 

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 2006Our 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 Auditors' 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.





Mark Gibson (Senior statutory auditor)
for and on behalf of
Sumer Auditco Limited
Chartered Accountants
Pentland House
Saltire Centre
Glenrothes
Fife
KY6 2AH

30 January 2025
Page 7

 
THUNDER HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024


2024
2023
£
£

  

Turnover
 4 
15,846,437
14,847,038

Cost of sales
  
(13,438,979)
(12,531,624)

Gross profit
  
2,407,458
2,315,414

Administrative expenses
  
(1,243,778)
(1,165,778)

Other operating income
 5 
127,301
140,926

Operating profit
 6 
1,290,981
1,290,562

Gain/(Loss) on disposal of investments
  
45,000
(6,000)

Interest receivable and similar income
 9 
13,877
1,288

Interest payable and similar expenses
 10 
-
(13,431)

Profit before taxation
  
1,349,858
1,272,419

Tax on profit
 11 
(334,960)
(262,199)

Profit for the financial year
  
1,014,898
1,010,220

  

Total comprehensive income for the year
  
1,014,898
1,010,220

Profit for the year attributable to:
  

Owners of the parent Company
  
1,014,898
1,010,220

  
1,014,898
1,010,220

Total comprehensive income for the year attributable to:
  

Owners of the parent Company
  
1,014,898
1,010,220

  
1,014,898
1,010,220

The notes on pages 15 to 32 form part of these financial statements.

Page 8

 
THUNDER HOLDINGS LIMITED
REGISTERED NUMBER: SC664370

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

2024
2023
£
£

Fixed assets
  

Tangible assets
 13 
1,372,719
1,504,078

Investments
 14 
85,744
65,050

Investment property
 15 
784,805
1,134,805

  
2,243,268
2,703,933

Current assets
  

Stocks
 16 
3,358,883
2,299,295

Debtors: amounts falling due within one year
 17 
1,010,930
1,292,567

Cash at bank and in hand
 18 
2,953,871
2,169,655

  
7,323,684
5,761,517

Creditors: amounts falling due within one year
 19 
(1,667,046)
(1,391,288)

Net current assets
  
 
 
5,656,638
 
 
4,370,229

Total assets less current liabilities
  
7,899,906
7,074,162

Provisions for liabilities
  

Deferred taxation
 21 
(73,564)
(98,113)

  
 
 
(73,564)
 
 
(98,113)

Net assets excluding pension asset
  
7,826,342
6,976,049

Net assets
  
7,826,342
6,976,049


Capital and reserves
  

Called up share capital 
 22 
50,000
50,000

Profit and loss account
 23 
7,776,342
6,926,049

Equity attributable to owners of the parent Company
  
7,826,342
6,976,049

  
7,826,342
6,976,049


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 January 2025.




C Drysdale
Director

The notes on pages 15 to 32 form part of these financial statements.

Page 9

 
THUNDER HOLDINGS LIMITED
REGISTERED NUMBER: SC664370

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

2024
2023
£
£

Fixed assets
  

Tangible assets
 13 
1,182,215
1,238,285

Investments
 14 
135,746
115,050

Investment Property
 15 
784,805
1,134,805

  
2,102,766
2,488,140

Current assets
  

Debtors: amounts falling due within one year
 17 
3,353,596
2,975,588

Cash at bank and in hand
 18 
1,532,921
1,136,217

  
4,886,517
4,111,805

Creditors: amounts falling due within one year
 19 
(187,035)
(198,818)

Net current assets
  
 
 
4,699,482
 
 
3,912,987

Total assets less current liabilities
  
6,802,248
6,401,127

  

Provisions for liabilities
  

Deferred taxation
 21 
(25,938)
(31,665)

  
 
 
(25,938)
 
 
(31,665)

Net assets excluding pension asset
  
6,776,310
6,369,462

Net assets
  
6,776,310
6,369,462


Capital and reserves
  

Called up share capital 
 22 
50,000
50,000

Profit and loss account brought forward
  
6,319,462
5,835,112

Profit for the year
  
571,453
648,955

Other changes in the profit and loss account

  

(164,605)
(164,605)

Profit and loss account carried forward
  
6,726,310
6,319,462

  
6,776,310
6,369,462


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 January 2025.


C Drysdale
Director

The notes on pages 15 to 32 form part of these financial statements.

Page 10

 
THUNDER HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024


Called up share capital
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£

At 1 May 2023
50,000
6,926,049
6,976,049
6,976,049


Comprehensive income for the year

Profit for the year
-
1,014,898
1,014,898
1,014,898


Contributions by and distributions to owners

Dividends: Equity capital
-
(164,605)
(164,605)
(164,605)


At 30 April 2024
50,000
7,776,342
7,826,342
7,826,342


The notes on pages 15 to 32 form part of these financial statements.


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2023


Called up share capital
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£

At 1 May 2021
50,000
6,080,434
6,130,434
6,130,434


Comprehensive income for the period

Profit for the period
-
1,010,220
1,010,220
1,010,220


Contributions by and distributions to owners

Dividends: Equity capital
-
(164,605)
(164,605)
(164,605)


At 30 April 2023
50,000
6,926,049
6,976,049
6,976,049


The notes on pages 15 to 32 form part of these financial statements.

Page 11

 
THUNDER HOLDINGS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 May 2023
50,000
6,319,462
6,369,462


Comprehensive income for the period

Profit for the year
-
571,453
571,453


Contributions by and distributions to owners

Dividends: Equity capital
-
(164,605)
(164,605)


At 30 April 2024
50,000
6,726,310
6,776,310


The notes on pages 15 to 32 form part of these financial statements.


COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 May 2021
50,000
5,835,112
5,885,112


Comprehensive income for the period

Profit for the period
-
648,955
648,955


Contributions by and distributions to owners

Dividends: Equity capital
-
(164,605)
(164,605)


At 30 April 2023
50,000
6,319,462
6,369,462


The notes on pages 15 to 32 form part of these financial statements.

Page 12

 
THUNDER HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
1,014,898
1,010,220

Adjustments for:

Depreciation of tangible assets
152,266
138,278

(Gain)/Loss on disposal of tangible assets
-
(2,936)

Interest paid
-
13,431

Interest received
(13,877)
(1,288)

Taxation charge
334,960
262,199

(Increase) in stocks
(1,059,588)
(272,595)

Decrease/(increase) in debtors
281,637
(384,389)

Increase/(decrease) in creditors
282,919
(232,981)

Corporation tax (paid)
(366,670)
(175,183)

Gain/(Loss) on dispoal of other investment assets
(45,000)
6,000

Net cash generated from operating activities

581,545
360,756


Cash flows from investing activities

Purchase of tangible fixed assets
(20,907)
(677,933)

Sale of tangible fixed assets
-
2,936

Purchase of investment properties
-
(84,375)

Sale of investment properties
350,000
-

Purchase of unlisted and other investments
(75,694)
(50,000)

Sale of unlisted and other investments
100,000
20,000

Interest received
13,877
1,288

Net cash from investing activities

367,276
(788,084)
Page 13

 
THUNDER HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024


2024
2023

£
£



Cash flows from financing activities

Dividends paid
(164,605)
(164,605)

Interest paid
-
(13,431)

Net cash used in financing activities
(164,605)
(178,036)

Net increase/(decrease) in cash and cash equivalents
784,216
(605,364)

Cash and cash equivalents at beginning of year
2,169,655
2,775,019

Cash and cash equivalents at the end of year
2,953,871
2,169,655


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
2,953,871
2,169,655

2,953,871
2,169,655



CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 APRIL 2024




At 1 May 2023
Cash flows
At 30 April 2024
£

£

£


-

-

-

Cash at bank and in hand

2,169,655

784,216

2,953,871


2,169,655
784,216
2,953,871

The notes on pages 15 to 32 form part of these financial statements.

Page 14

 
THUNDER HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Thunder Holdings Limited is a private company limited by shares, registered in Scotland. The address of the registered office is Unit S and Warehouse 5, Telford Road, Glenrothes, KY7 4NX.
The financial statements are prepared in Sterling, which is the functional currency of the entity, and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

  
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. 
The consolidated financial statements incorporate the results of business combinations using merger accounting. In the statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their carrying value at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the beginning of the financial year in which the combination occurred. The comparative results are also restated to include the total comprehensive income for all combining entities for the previous reporting period and their statement of financial position for the previous reporting date. They are deconsolidated from the date control ceases. 

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

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. Non-monetary 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.

Page 15

 
THUNDER HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.4

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated statement of comprehensive income in the same period as the related expenditure.

 
2.6

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Group in independently administered funds.

Page 16

 
THUNDER HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.7

Taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes 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, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
2%
Plant and machinery
-
20%
Motor vehicles
-
25%
Office equipment
-
20%

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.

Page 17

 
THUNDER HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

  
2.9

Investment property

Investment property is carried at fair value and derived from the current market for comparable properties, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss. 

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.11

Associates and joint ventures

An entity is treated as a joint venture where the Group is a party to a contractual agreement with one or more parties from outside the Group to undertake an economic activity that is subject to joint control.

An entity is treated as an associated undertaking where the Group exercises significant influence in that it has the power to participate in the operating and financial policy decisions.
In the consolidated accounts, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate. The Consolidated statement of comprehensive income includes the Group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the Group. In the Consolidated statement of financial position, the interests in associated undertakings are shown as the Group's share of the identifiable net assets, including any unamortised premium paid on acquisition.
Any premium on acquisition is dealt with in accordance with the goodwill policy.

 
2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 18

 
THUNDER HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.16

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.17

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Group's Statement of financial position when the Group 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.

 
2.18

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The most significant estimation within the Group's financial statements relates to depreciation. The directors review depreciation rates on a regular basis to ensure that the policy rate remains appropriate. 
The directors also require to exercise judgement in assessing recoverability of trade debtors and make appropriate provision where their credit control procedures indicate that trade debtor balances may not be fully recoverable.

Page 19

 
THUNDER HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Sale and distribution of beverages
15,846,437
14,847,038

15,846,437
14,847,038


All turnover arose within the United Kingdom.


5.


Other operating income

2024
2023
£
£

Property rentals receivable
82,090
122,716

Insurance claims receivable
2,643
-

Sundry income
-
5,193

Other sundry income
42,568
13,017

127,301
140,926



6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of tangible assets
152,266
138,278

Foreign exchange differences
2,182
11,109

(Profit)/Loss on disposal of tangible fixed assets
-
(2,936)

(Profit)/Loss on disposal of other asset investments
(45,000)
6,000

Fees payable to the company's auditor for the audit of the company's financial statements
3,000
-

Fees payable to the company's auditor for the audit of the company's subsidiaries
16,000
-

Page 20

 
THUNDER HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

7.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
2024
£


Wages and salaries
1,479,915

Social security costs
126,221

Cost of defined contribution scheme
23,319

1,629,455


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Directors
2
2
2
2



Production and deliver
47
39
-
-



Administration
17
10
-
-

66
51
2
2


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
19,038
84,679

Company contributions to defined contribution pension schemes
384
352

19,422
85,031



9.


Interest receivable

2024
2023
£
£


Bank interest receivable
13,877
1,288

13,877
1,288

Page 21

 
THUNDER HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

10.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
-
13,431

-
13,431


11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
359,509
175,301

Adjustments in respect of previous periods
-
(118)


359,509
175,183


Total current tax
359,509
175,183

Deferred tax


Origination and reversal of timing differences
(24,549)
87,016

Total deferred tax
(24,549)
87,016


Tax on profit
334,960
262,199
Page 22

 
THUNDER HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year/period

The tax assessed for the year/period is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 19.5%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,349,858
1,272,419


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19.5%)
337,465
248,122

Effects of:


Non-tax deductible amortisation of goodwill and impairment
5,947
3,321

Depreciation on non-qualifying assets
4,137
3,227

Gain on sale of non-qualifying assets
(11,250)
-

Capital gains
3,339
-

Enhanced capital allowance claim
-
(17,274)

Impact of rate change
(4,678)
25,571

Adjustments to tax charges in respect of prior periods
-
(118)

Land remediation relief
-
(650)

Total tax charge for the year/period
334,960
262,199


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


12.


Dividends

2024
2023
£
£


Dividends paid during the year
164,605
164,605

164,605
164,605

Page 23

 
THUNDER HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

13.


Tangible fixed assets

Group






Freehold property
Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 May 2023
1,149,023
366,145
899,081
30,613
2,444,862


Additions
20,907
-
-
-
20,907



At 30 April 2024

1,169,930
366,145
899,081
30,613
2,465,769



Depreciation


At 1 May 2023
35,442
350,729
553,395
1,218
940,784


Charge for the year on owned assets
22,980
13,521
109,642
6,123
152,266



At 30 April 2024

58,422
364,250
663,037
7,341
1,093,050



Net book value



At 30 April 2024
1,111,508
1,895
236,044
23,272
1,372,719



At 30 April 2023
1,113,581
15,416
345,686
29,395
1,504,078

Page 24

 
THUNDER HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

           13.Tangible fixed assets (continued)


Company






Freehold property
Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£
£

Cost or valuation


At 1 May 2023
1,149,023
366,145
597,926
30,613
2,143,707


Additions
20,907
-
-
-
20,907



At 30 April 2024

1,169,930
366,145
597,926
30,613
2,164,614



Depreciation


At 1 May 2023
35,442
350,729
518,033
1,218
905,422


Charge for the year on owned assets
22,980
13,521
34,353
6,123
76,977



At 30 April 2024

58,422
364,250
552,386
7,341
982,399



Net book value



At 30 April 2024
1,111,508
1,895
45,540
23,272
1,182,215



At 30 April 2023
1,113,581
15,416
79,893
29,395
1,238,285






Page 25

 
THUNDER HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

14.


Fixed asset investments

Group





Other fixed asset investments
Investment in joint ventures
Total

£
£
£



Cost or valuation


At 1 May 2023
161,915
50
161,965


Additions
75,694
-
75,694


Disposals
(151,915)
-
(151,915)



At 30 April 2024

85,694
50
85,744





At 1 May 2023
96,915
-
96,915


Charge for the period
55,000
-
55,000


Impairment on disposals
(151,915)
-
(151,915)



At 30 April 2024

-
-
-



Net book value



At 30 April 2024
85,694
50
85,744



At 30 April 2023
65,000
50
65,050

Page 26

 
THUNDER HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
Company





Investments in subsidiary companies
Other fixed asset investments
Investment in joint ventures
Total

£
£
£
£



Cost or valuation


At 1 May 2023
50,000
161,915
50
211,965


Additions
2
75,694
-
75,696


Disposals
-
(151,915)
-
(151,915)



At 30 April 2024

50,002
85,694
50
135,746





At 1 May 2023
-
96,915
-
96,915


Charge for the period
-
55,000
-
55,000


Impairment on disposals
-
(151,915)
-
(151,915)



At 30 April 2024

-
-
-
-



Net book value



At 30 April 2024
50,002
85,694
50
135,746



At 30 April 2023
50,000
65,000
50
115,050


Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Allson Sparkle Limited
Unit S and Warehouse 5, Telford Road, Eastfield Industrial Estate, Glenrothes, Fife, Scotland, KY7 4NX
Ordinary
100%
Thunder Leisure Limited
Unit S and Warehouse 5, Telford Road, Eastfield Industrial Estate, Glenrothes, Fife, Scotland, KY7 4NX
Ordinary
100%

Page 27

 
THUNDER HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

15.


Investment property

Group


Freehold investment property

£



Valuation


At 1 May 2023
1,134,805


Disposals
(350,000)



At 30 April 2024
784,805

The 2024 valuations were made by the directors', on an open market value for existing use basis.







Company





Freehold investment property

£



Valuation


At 1 May 2023
1,134,805


Disposals
(350,000)



At 30 April 2024
784,805

The 2024 valuations were made by the directors', on an open market value for existing use basis.




16.


Stocks

Group
Group
2024
2023
£
£

Finished goods and goods for resale
3,358,883
2,299,295

3,358,883
2,299,295


Page 28

 
THUNDER HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

17.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
351,252
618,223
-
-

Amounts owed by group undertakings
-
-
2,705,013
2,376,236

Other debtors
554,774
667,629
544,930
593,733

Prepayments and accrued income
104,904
6,715
103,653
5,619

1,010,930
1,292,567
3,353,596
2,975,588



18.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
2,953,871
2,169,655
1,532,921
1,136,217

2,953,871
2,169,655
1,532,921
1,136,217



19.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Trade creditors
1,009,790
594,427
5,588
40,810

Other taxation and social security
357,625
408,436
46,808
-

Other creditors
230,169
276,362
124,314
60,374

Accruals and deferred income
69,462
112,063
10,325
97,634

1,667,046
1,391,288
187,035
198,818


Page 29

 
THUNDER HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

20.


Financial instruments

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Financial assets

Financial assets measured at fair value through profit or loss
2,953,871
2,169,655
1,532,921
1,136,217

Financial assets that are debt instruments measured at amortised cost
906,026
1,285,850
544,930
593,733

3,859,897
3,455,505
2,077,851
1,729,950


Financial liabilities

Financial liabilities measured at amortised cost
1,239,959
870,787
129,902
101,184


Financial assets measured at fair value through profit or loss comprise of cash at bank and in hand.


Financial assets that are debt instruments measured at amortised cost comprise trade and other debtors.


Financial liabilities measured at amortised cost comprise trade and other creditors.


21.


Deferred taxation


Group



2024


£






At beginning of year
(98,113)


Charged to profit or loss
24,549



At end of year
(73,564)

Page 30

 
THUNDER HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
 
21.Deferred taxation (continued)

Company


2024


£






At beginning of year
(31,665)


Charged to profit or loss
5,727



At end of year
(25,938)

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Accelerated capital allowances
(73,564)
(98,113)
(25,938)
(31,665)

(73,564)
(98,113)
(25,938)
(31,665)


22.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



50,000 (2023 - 50,000) Ordinary shares of £1.00 each
50,000
50,000



23.


Reserves

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses.


24.


Pension commitments

The Company operates a defined contribution 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 £23,319 (2023 - £16,359). Contributions totaling £nil (2023 - £nil) were payable to the fund at the balance sheet date. 

Page 31

 
THUNDER HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

25.


Related party transactions

The company has taken advantage of the exemption available in FRS 102 from disclosing related party transactions with wholly owned subsidiaries. 
Included within other debtors is a loan to Boardwalk Bars & Bistros Limited a company in which Mr C J Drysdale is a Director of £544,930 (2023 - £544,930). The loan is interest free and has no fixed repayment terms.


26.


Controlling party

The company was under the control of C J Drysdale throughout the current period and previous year.

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