Company Registration No. 02734977 (England and Wales)
THORNBURROW INVESTMENT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
John Cumming Ross Limited
Chartered Certified Accountants
1st Floor, Kirkland House
11-15 Peterborough Road
Harrow
Middlesex
HA1 2AX
THORNBURROW INVESTMENT LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
THORNBURROW INVESTMENT LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF THORNBURROW INVESTMENT LIMITED FOR THE YEAR ENDED 30 JUNE 2024
- 1 -

The following reproduces text of the Accountants' Report prepared in respect of the company's annual unaudited financial statements, from which the unaudited financial statements set out on pages 2 to 7 have been extracted.

"In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Thornburrow Investment Limited for the year ended 30 June 2024 set out on pages 3 to 9 from the company’s accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/about-us/regulation/rulebook.html.

Our work has been undertaken solely to prepare for your approval the financial statements of Thornburrow Investment Limited and state those matters that we have agreed to state to the Board of Directors of Thornburrow Investment Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Thornburrow Investment Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Thornburrow Investment Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Thornburrow Investment Limited. You consider that Thornburrow Investment Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Thornburrow Investment Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

 

 

John Cumming Ross Limited
Chartered Certified Accountants
1st Floor, Kirkland House
11-15 Peterborough Road
Harrow
Middlesex
HA1 2AX
"
29 January 2025
THORNBURROW INVESTMENT LIMITED
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment properties
3
5,715,385
4,252,067
Current assets
Debtors
4
39,629
56,843
Cash at bank and in hand
166,537
666,767
206,166
723,610
Creditors: amounts falling due within one year
5
(510,717)
(115,304)
Net current (liabilities)/assets
(304,551)
608,306
Total assets less current liabilities
5,410,834
4,860,373
Provisions for liabilities
6
(494,685)
(405,805)
Net assets
4,916,149
4,454,568
Capital and reserves
Called up share capital
8
21,000
21,000
Capital redemption reserve
9
176,000
176,000
Other reserves - non-distributable
10
2,292,666
2,030,299
Profit and loss reserves
2,426,483
2,227,269
Total equity
4,916,149
4,454,568

The directors of the company have taken advantage under section 444 of the Companies Act 2006 not to deliver the profit and loss account and the directors' report within the financial statements.true

For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

THORNBURROW INVESTMENT LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2024
30 June 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 27 January 2025 and are signed on its behalf by:
Mr R V Patel
Director
Company Registration No. 02734977
THORNBURROW INVESTMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
1
Accounting policies
Company information

Thornburrow Investment Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1st Floor, Kirkland House, 11-15 Peterborough Road, Harrow, Middlesex, HA1 2AX.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

1.2
Going concern

The financial statements have been prepared on a going concern basis as the directors believe that adequate cash resources will be available to cover the company's requirements for working capital and capital expenditure for at least the next twelve months. true

1.3
Turnover

Turnover represents amounts receivable for rental and service charges from residential and commercial properties. Turnover is recognised at the fair value of the rent received or receivable from letting business and service charges provided in the normal course of business.

1.4
Investment properties

Investment properties, which are properties held to earn rentals and/or for capital appreciation, are initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently they are measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit or loss account.

 

 

1.5
Financial instruments
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.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans, 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.

 

1.6
Taxation

The tax expense represents the sum of the tax currently payable and the movement in 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.

THORNBURROW INVESTMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
3
3
3
Investment properties
2024
£
Fair value
At 1 July 2023
4,252,067
Additions
1,112,071
Revaluations
351,247
At 30 June 2024
5,715,385

The fair value of the investment properties have been arrived at on the basis of a valuation carried out at 30 June 2024 by the Directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
39,629
56,843
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
20,386
20,873
Corporation tax
66,476
54,397
Other creditors
423,855
40,034
510,717
115,304
THORNBURROW INVESTMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
6
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
7
494,685
405,805
7
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
405,805
-
Revaluations
88,880
-
Investment property
-
405,805
494,685
405,805
2024
Movements in the year:
£
Liability at 1 July 2023
405,805
Charge to other comprehensive income
88,880
Liability at 30 June 2024
494,685
THORNBURROW INVESTMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
2,100,000
2,100,000
21,000
21,000
9
Capital redemption reserve
2024
2023
£
£
At the beginning and end of the year
176,000
176,000
10
Other reserves -  non-distributable
£
At the end of the prior year
2,030,299
Deferred tax movement
351,247
Other movements
(88,880)
At the end of the current year
2,292,666
11
Reserves

The only movements in profit and loss reserves for the year ended 30 June 2023 and 30 June 2024 is profit for the year.

12
Capital commitments

Amounts contracted for but not provided in the financial statements:

2024
2023
£
£
Acquisition of tangible fixed assets
-
1,035,253
13
Directors' transactions

During the year management fees amounting to £11,800 (2023:£11,800) were payable to RVP Financial Management Services in which the director, Mr. R V Patel is the proprietor.

 

14
Events after the reporting date

On 12 December 2024, the company refinanced its existing loan, which was taken out on 23 July 2023 by a loan from bank. The outstanding amounts of the old loan has been classified as a current liability. The old loan was repaid and replaced by a new loan. The refinancing was completed after the company’s year-end 30 June 2024. The new loan is secured by a fixed and floating charge over the company's investment properties, plant and machineries, all book debts and all other debts.

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