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Company No: 14268195 (England and Wales)

THRIVE BRANDS LIMITED

Unaudited Financial Statements
For the financial year ended 31 July 2024
Pages for filing with the registrar

THRIVE BRANDS LIMITED

Unaudited Financial Statements

For the financial year ended 31 July 2024

Contents

THRIVE BRANDS LIMITED

COMPANY INFORMATION

For the financial year ended 31 July 2024
THRIVE BRANDS LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 July 2024
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
THRIVE BRANDS LIMITED

BALANCE SHEET

As at 31 July 2024
THRIVE BRANDS LIMITED

BALANCE SHEET (continued)

As at 31 July 2024
Note 31.07.24 31.07.23
£ £
Fixed assets
Intangible assets 3 44,697 11,765
Tangible assets 4 20,554 22,349
65,251 34,114
Current assets
Stocks 5 504,628 205,797
Debtors 6 151,007 154,277
Cash at bank and in hand 21,182 32,945
676,817 393,019
Creditors: amounts falling due within one year 7 ( 1,422,678) ( 545,048)
Net current liabilities (745,861) (152,029)
Total assets less current liabilities (680,610) (117,915)
Provision for liabilities 8 ( 47,879) ( 21,729)
Net liabilities ( 728,489) ( 139,644)
Capital and reserves
Called-up share capital 9 100 100
Profit and loss account ( 728,589 ) ( 139,744 )
Total shareholders' deficit ( 728,489) ( 139,644)

For the financial year ending 31 July 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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: 14268195) were approved and authorised for issue by the Board of Directors on 24 January 2025. They were signed on its behalf by:

J Capel
Director
THRIVE BRANDS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
THRIVE BRANDS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
1. Accounting policies

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.

General information and basis of accounting

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.

Going concern

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.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise on monetary items.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Finance costs

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.

Taxation

Current tax
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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Trademarks, patents and licences 10 years straight line
Website costs 3 years straight line
Trademarks, patents and licences

Separately acquired patents and trademarks are included at cost and amortised in equal annual instalments in correlation to their estimated useful economic life. Provision is made for any impairment.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 3 - 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Impairment of assets

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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 debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

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 instruments

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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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.

2. Employees

31.07.24 31.07.23
Number Number
Monthly average number of persons employed by the Company during the year, including directors 9 7

3. Intangible assets

Trademarks, patents
and licences
Website costs Total
£ £ £
Cost
At 01 August 2023 9,323 3,175 12,498
Additions 0 38,180 38,180
At 31 July 2024 9,323 41,355 50,678
Accumulated amortisation
At 01 August 2023 733 0 733
Charge for the financial year 935 4,313 5,248
At 31 July 2024 1,668 4,313 5,981
Net book value
At 31 July 2024 7,655 37,042 44,697
At 31 July 2023 8,590 3,175 11,765

4. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 August 2023 29,422 29,422
Additions 2,796 2,796
At 31 July 2024 32,218 32,218
Accumulated depreciation
At 01 August 2023 7,073 7,073
Charge for the financial year 4,591 4,591
At 31 July 2024 11,664 11,664
Net book value
At 31 July 2024 20,554 20,554
At 31 July 2023 22,349 22,349

5. Stocks

31.07.24 31.07.23
£ £
Stocks 504,628 205,797

6. Debtors

31.07.24 31.07.23
£ £
Trade debtors 17,090 8,646
Deferred tax asset 0 31,128
Other debtors 133,917 114,503
151,007 154,277

7. Creditors: amounts falling due within one year

31.07.24 31.07.23
£ £
Trade creditors 73,837 66,700
Amounts owed to Group undertakings 1,119,000 441,500
Other taxation and social security 6,914 5,664
Other creditors 222,927 31,184
1,422,678 545,048

8. Deferred tax

31.07.24 31.07.23
£ £
At the beginning of financial year/period 31,128 0
(Charged)/credited to the Statement of Income and Retained Earnings ( 34,955) 31,128
At the end of financial year/period ( 3,827) 31,128

9. Called-up share capital

31.07.24 31.07.23
£ £
Allotted, called-up and fully-paid
1,000 Ordinary Shares shares of £ 0.10 each 100 100

10. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

31.07.24 31.07.23
£ £
within one year 6,600 37,200
between one and five years 0 6,600
6,600 43,800