1 01/06/2023 31/05/2024 2024-05-31 false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2023-06-01 Sage Accounts Production 23.0 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 07650770 2023-06-01 2024-05-31 07650770 2024-05-31 07650770 2023-05-31 07650770 2022-06-01 2023-05-31 07650770 2023-05-31 07650770 2022-05-31 07650770 core:PlantMachinery 2023-06-01 2024-05-31 07650770 core:PlantMachinery 2023-05-31 07650770 core:PlantMachinery 2024-05-31 07650770 core:WithinOneYear 2024-05-31 07650770 core:WithinOneYear 2023-05-31 07650770 core:ShareCapital 2024-05-31 07650770 core:ShareCapital 2023-05-31 07650770 core:RetainedEarningsAccumulatedLosses 2024-05-31 07650770 core:RetainedEarningsAccumulatedLosses 2023-05-31 07650770 core:CostValuation core:Non-currentFinancialInstruments 2023-05-31 07650770 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2024-05-31 07650770 core:CostValuation core:Non-currentFinancialInstruments 2024-05-31 07650770 core:Non-currentFinancialInstruments 2024-05-31 07650770 core:Non-currentFinancialInstruments 2023-05-31 07650770 core:PlantMachinery 2023-05-31 07650770 bus:Director1 2023-06-01 2024-05-31 07650770 bus:SmallEntities 2023-06-01 2024-05-31 07650770 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 07650770 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 07650770 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 07650770 bus:FullAccounts 2023-06-01 2024-05-31
Company registration number: 07650770
Thorn In The Side Limited
Unaudited filleted financial statements
Year ended
31 May 2024
Thorn In The Side Limited
Statement of financial position
31 May 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 72,802 55,856
Investment property 6 1,241,385 1,224,577
_______ _______
1,314,187 1,280,433
Current assets
Stocks 47,349 37,029
Cash at bank and in hand 1,707,967 291,328
_______ _______
1,755,316 328,357
Creditors: amounts falling due
within one year 7 ( 459,991) ( 249,628)
_______ _______
Net current assets 1,295,325 78,729
_______ _______
Total assets less current liabilities 2,609,512 1,359,162
_______ _______
Net assets 2,609,512 1,359,162
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 2,609,412 1,359,062
_______ _______
Shareholder funds 2,609,512 1,359,162
_______ _______
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 24 February 2025 , and are signed on behalf of the board by:
N Farage
Director
Company registration number: 07650770
Thorn In The Side Limited
Notes to the financial statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 57a Broadway, Leigh on Sea, Essex, SS9 1PE.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Rendering of services
Revenue from a contract to provide services recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 10 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Investment property fair value remains at cost as determined by the director.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss. Investment property cost value remains as fair value amount.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Tangible assets
Plant and machinery Total
£ £
Cost
At 1 June 2023 55,856 55,856
Additions 25,035 25,035
_______ _______
At 31 May 2024 80,891 80,891
_______ _______
Depreciation
At 1 June 2023 - -
Charge for the year 8,089 8,089
_______ _______
At 31 May 2024 8,089 8,089
_______ _______
Carrying amount
At 31 May 2024 72,802 72,802
_______ _______
At 31 May 2023 55,856 55,856
_______ _______
6. Investment property
Investment property Total
£ £
Cost
At 1 June 2023 1,224,577 1,224,577
Additions 16,808 16,808
_______ _______
At 31 May 2024 1,241,385 1,241,385
_______ _______
Impairment
At 1 June 2023 and 31 May 2024 - -
_______ _______
Carrying amount
At 31 May 2024 1,241,385 1,241,385
_______ _______
At 31 May 2023 1,224,577 1,224,577
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Corporation tax 310,640 141,584
Social security and other taxes 43,058 4,294
Other creditors 106,293 103,750
_______ _______
459,991 249,628
_______ _______