Company No:
Contents
DIRECTORS | J Capel |
N Capel |
REGISTERED OFFICE | 22 Wycombe End |
Beaconsfield | |
HP9 1NB | |
Buckinghamshire | |
United Kingdom |
COMPANY NUMBER | 14268195 (England and Wales) |
ACCOUNTANT | Evelyn Partners (Thames Valley) Limited |
22 Wycombe End | |
Beaconsfield | |
Buckinghamshire | |
HP9 1NB |
Note | 31.07.24 | 31.07.23 | ||
£ | £ | |||
Fixed assets | ||||
Intangible assets | 3 |
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Tangible assets | 4 |
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65,251 | 34,114 | |||
Current assets | ||||
Stocks | 5 |
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Debtors | 6 |
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Cash at bank and in hand |
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676,817 | 393,019 | |||
Creditors: amounts falling due within one year | 7 | (
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Net current liabilities | (745,861) | (152,029) | ||
Total assets less current liabilities | (680,610) | (117,915) | ||
Provision for liabilities | 8 | (
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Net liabilities | (
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Capital and reserves | ||||
Called-up share capital | 9 |
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Profit and loss account | (
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Total shareholders' deficit | (
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Directors' responsibilities:
These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Thrive Brands Limited (registered number:
J Capel
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.
Thrive Brands Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 22 Wycombe End, Beaconsfield, HP9 1NB, Buckinghamshire, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The functional currency of Thrive Brands Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates. Monetary amounts in these financial statements are rounded to the nearest £.
These financial statements are separate financial statements.
The financial statements have been prepared on a going concern basis.
The directors have made an assessment in preparing these financial statements as to whether the Company is a going concern and have concluded that there are no material uncertainties that may cast significant doubt on the Company's ability to continue as a going concern for a period of at least 12 months from the date of approval of these financial statements.
Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise on monetary items.
Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on enacted or substantively enacted tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.
Trademarks, patents and licences |
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Website costs |
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All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Plant and machinery etc. |
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The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
Financial assets and financial liabilities are recognised when the Company becomes a 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 assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
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. Financial assets classified as receivable within one year are not amortised.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares 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.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.
Financial liabilities are derecognised when the Company’s contractual obligations expire or are discharged or cancelled.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
31.07.24 | 31.07.23 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Trademarks, patents and licences |
Website costs | Total | |||
£ | £ | £ | |||
Cost | |||||
At 01 August 2023 |
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Additions |
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At 31 July 2024 |
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Accumulated amortisation | |||||
At 01 August 2023 |
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Charge for the financial year |
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At 31 July 2024 |
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Net book value | |||||
At 31 July 2024 |
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At 31 July 2023 |
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Plant and machinery etc. | Total | ||
£ | £ | ||
Cost | |||
At 01 August 2023 |
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Additions |
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At 31 July 2024 |
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Accumulated depreciation | |||
At 01 August 2023 |
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Charge for the financial year |
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At 31 July 2024 |
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Net book value | |||
At 31 July 2024 |
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At 31 July 2023 |
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31.07.24 | 31.07.23 | ||
£ | £ | ||
Stocks |
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31.07.24 | 31.07.23 | ||
£ | £ | ||
Trade debtors |
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Deferred tax asset |
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Other debtors |
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31.07.24 | 31.07.23 | ||
£ | £ | ||
Trade creditors |
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Amounts owed to Group undertakings |
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Other taxation and social security |
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Other creditors |
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31.07.24 | 31.07.23 | ||
£ | £ | ||
At the beginning of financial year/period |
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(Charged)/credited to the Statement of Income and Retained Earnings | (
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At the end of financial year/period | (
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31.07.24 | 31.07.23 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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Commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
31.07.24 | 31.07.23 | ||
£ | £ | ||
within one year |
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between one and five years |
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