REGISTERED NUMBER: |
THORNTON MEAT COMPANY LIMITED |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED |
30 APRIL 2024 |
REGISTERED NUMBER: |
THORNTON MEAT COMPANY LIMITED |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED |
30 APRIL 2024 |
THORNTON MEAT COMPANY LIMITED (REGISTERED NUMBER: 04650846) |
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 |
THORNTON MEAT COMPANY LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 APRIL 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Sidings House |
Sidings Court |
Lakeside |
Doncaster |
South Yorkshire |
DN4 5NU |
THORNTON MEAT COMPANY LIMITED (REGISTERED NUMBER: 04650846) |
BALANCE SHEET |
30 APRIL 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | 10 |
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 |
THORNTON MEAT COMPANY LIMITED (REGISTERED NUMBER: 04650846) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
1. | STATUTORY INFORMATION |
Thornton Meat Company Limited (registered number 04650846) is a private limited company limited by shares and registered in England and Wales. The principal activity of the company is that of property rental and investment. |
The address of its registered office is: |
Swalesmoor Farm |
Swalesmoor Road, |
Halifax |
West Yorkshire, |
HX3 6UF |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. |
The following principal accounting policies have been applied: |
Turnover |
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company 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. |
Foreign currencies |
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. |
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Comprehensive Income. |
THORNTON MEAT COMPANY LIMITED (REGISTERED NUMBER: 04650846) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Tangible fixed assets under the cost model, other than investment properties, 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 reducing balance method. |
Depreciation is provided on the following basis: |
Plant & machinery | - 15% Reducing balance |
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively is 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 the Statement of Comprehensive Income. |
Investment property |
Investment property is carried at fair value determined annually by the directors given their knowledge of the industry, market prices and the holding of the relevant licences to process the stock. No depreciation is provided. Changes in fair value are recognised in the Statement of Comprehensive Income. |
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. |
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. |
THORNTON MEAT COMPANY LIMITED (REGISTERED NUMBER: 04650846) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
2. | ACCOUNTING POLICIES - continued |
Operating leases: the company as lessor |
Rentals income from operating leases is credited to the Statement of Comprehensive Income on a straight line basis over the term of the relevant lease. |
Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished. |
Investments in associates / joint ventures |
Investments in joint ventures are stated at cost less provision for any diminution in value. |
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. |
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. |
Creditors |
Short term creditors are measured at the transaction price. Other financial liabilities, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
Provisions for liabilities |
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. |
Provisions are charged as an expense to the Statement of Comprehensive Income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. |
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
THORNTON MEAT COMPANY LIMITED (REGISTERED NUMBER: 04650846) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 May 2023 |
Additions |
At 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
5. | FIXED ASSET INVESTMENTS |
Interest |
in joint |
venture |
£ |
COST |
At 1 May 2023 |
and 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 May 2023 |
Additions |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
THORNTON MEAT COMPANY LIMITED (REGISTERED NUMBER: 04650846) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
6. | INVESTMENT PROPERTY - continued |
The 2024 valuations were made by the Directors, on a market value, with existing use basis. |
If the investment properties had been accounted for under historic cost accounting rules, the properties would have been measured at £48,662,030 (2023: £42,357,254). |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Amounts owed by joint ventures |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Amounts owed to group undertakings |
Other creditors |
10. | RESERVES |
Profit & loss account |
Profit and loss account reserve represents accumulated distributable profits and losses. Included within this balance is an undistributable reserve of £3,280,645 (2023: £3,280,645) relating to the revaluation of the investment properties held within the company. |
11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
THORNTON MEAT COMPANY LIMITED (REGISTERED NUMBER: 04650846) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
12. | CAPITAL COMMITMENTS |
2024 | 2023 |
£ | £ |
Contracted but not provided for in the financial statements | 1,680,935 | 528,004 |
13. | RELATED PARTY DISCLOSURES |
At the year end date £496,526 (2023: £496,526 ) was due from Volaille Properties Limited, a company in which both D S Sawrij and M Singh are also directors. |
At the year end date £631,778 (2023: £631,778 ) was due from Daco Ltd, a joint venture company in which the company owns 50% of the issued share capital and D S Sawrij is also a director. |
14. | ULTIMATE CONTROLLING PARTY |
The company's immediate parent company is Leo Group Holdings Midco Limited, a company registered in Jersey, and the ultimate parent company is Leo Group Family Holdings Limited, also registered in Jersey. The ultimate controlling party is Mr D S Sawrij. |