Silverfin false false 31/05/2024 01/06/2023 31/05/2024 G R Brown 27/11/2024 08/03/2021 C S Macpherson 27/11/2024 08/03/2021 M David Marais 27/09/2024 S C Milne 13/07/2020 S J N Webster 13/07/2020 25 February 2025 The principal activity of the Company continued to be that of a holding company. SC667341 2024-05-31 SC667341 bus:Director1 2024-05-31 SC667341 bus:Director2 2024-05-31 SC667341 bus:Director3 2024-05-31 SC667341 bus:Director4 2024-05-31 SC667341 bus:Director5 2024-05-31 SC667341 2023-05-31 SC667341 core:CurrentFinancialInstruments 2024-05-31 SC667341 core:CurrentFinancialInstruments 2023-05-31 SC667341 core:Non-currentFinancialInstruments 2024-05-31 SC667341 core:Non-currentFinancialInstruments 2023-05-31 SC667341 core:ShareCapital 2024-05-31 SC667341 core:ShareCapital 2023-05-31 SC667341 core:RetainedEarningsAccumulatedLosses 2024-05-31 SC667341 core:RetainedEarningsAccumulatedLosses 2023-05-31 SC667341 core:OfficeEquipment 2023-05-31 SC667341 core:OfficeEquipment 2024-05-31 SC667341 core:CostValuation 2023-05-31 SC667341 core:CostValuation 2024-05-31 SC667341 core:ProvisionsForImpairmentInvestments 2023-05-31 SC667341 core:ProvisionsForImpairmentInvestments 2024-05-31 SC667341 core:CurrentFinancialInstruments 1 2024-05-31 SC667341 core:CurrentFinancialInstruments 1 2023-05-31 SC667341 bus:OrdinaryShareClass1 2024-05-31 SC667341 bus:OrdinaryShareClass2 2024-05-31 SC667341 2023-06-01 2024-05-31 SC667341 bus:FilletedAccounts 2023-06-01 2024-05-31 SC667341 bus:SmallEntities 2023-06-01 2024-05-31 SC667341 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 SC667341 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 SC667341 bus:Director1 2023-06-01 2024-05-31 SC667341 bus:Director2 2023-06-01 2024-05-31 SC667341 bus:Director3 2023-06-01 2024-05-31 SC667341 bus:Director4 2023-06-01 2024-05-31 SC667341 bus:Director5 2023-06-01 2024-05-31 SC667341 core:OfficeEquipment core:TopRangeValue 2023-06-01 2024-05-31 SC667341 2022-06-01 2023-05-31 SC667341 core:OfficeEquipment 2023-06-01 2024-05-31 SC667341 core:CurrentFinancialInstruments 2023-06-01 2024-05-31 SC667341 core:Non-currentFinancialInstruments 2023-06-01 2024-05-31 SC667341 bus:OrdinaryShareClass1 2023-06-01 2024-05-31 SC667341 bus:OrdinaryShareClass1 2022-06-01 2023-05-31 SC667341 bus:OrdinaryShareClass2 2023-06-01 2024-05-31 SC667341 bus:OrdinaryShareClass2 2022-06-01 2023-05-31 SC667341 1 2023-06-01 2024-05-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC667341 (Scotland)

THORNTONS INVESTMENT HOLDINGS LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH THE REGISTRAR

THORNTONS INVESTMENT HOLDINGS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2024

Contents

THORNTONS INVESTMENT HOLDINGS LIMITED

BALANCE SHEET

AS AT 31 MAY 2024
THORNTONS INVESTMENT HOLDINGS LIMITED

BALANCE SHEET (continued)

AS AT 31 MAY 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 1,180 0
Investments 4 3,925,647 3,925,647
3,926,827 3,925,647
Current assets
Debtors 5 184,232 132,320
Cash at bank and in hand 51,437 9,836
235,669 142,156
Creditors: amounts falling due within one year 6 ( 4,829,991) ( 3,082,012)
Net current liabilities (4,594,322) (2,939,856)
Total assets less current liabilities (667,495) 985,791
Creditors: amounts falling due after more than one year 7 0 ( 1,051,967)
Net liabilities ( 667,495) ( 66,176)
Capital and reserves
Called-up share capital 8 444 444
Profit and loss account ( 667,939 ) ( 66,620 )
Total shareholders' deficit ( 667,495) ( 66,176)

For the financial 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.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Thorntons Investment Holdings Limited (registered number: SC667341) were approved and authorised for issue by the Board of Directors on 25 February 2025. They were signed on its behalf by:

S C Milne
Director
THORNTONS INVESTMENT HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2024
THORNTONS INVESTMENT HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 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 year, unless otherwise stated.

General information and basis of accounting

Thorntons Investment Holdings Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Whitehall House, 33 Yeaman Shore, Dundee, DD1 4BJ, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £667,495. The Company is supported through subsidiaries and connected companies who will not seek repayment to the detriment of the Company's ability to pay third party liabilities as they fall due. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Turnover

Turnover 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. Turnover represents management charges which are recognised on an accruals basis.

Employee benefits

Short term benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

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.

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, 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:

Office equipment 4 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.

Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention 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. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, 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.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. 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. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 15 14

3. Tangible assets

Office equipment Total
£ £
Cost
At 01 June 2023 0 0
Additions 1,259 1,259
At 31 May 2024 1,259 1,259
Accumulated depreciation
At 01 June 2023 0 0
Charge for the financial year 79 79
At 31 May 2024 79 79
Net book value
At 31 May 2024 1,180 1,180
At 31 May 2023 0 0

4. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 June 2023 4,684,986
At 31 May 2024 4,684,986
Provisions for impairment
At 01 June 2023 759,339
At 31 May 2024 759,339
Carrying value at 31 May 2024 3,925,647
Carrying value at 31 May 2023 3,925,647

5. Debtors

2024 2023
£ £
Trade debtors 76,928 62,985
Other debtors 107,304 69,335
184,232 132,320

The Company has taken advantage of the exemption within FRS 102 section 33.1A from the requirement to disclose transactions with other wholly owned companies in the same group.

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 62,422 14,048
Amounts owed to connected companies 2,923,746 2,232,913
Taxation and social security 29,518 56,231
Other creditors 1,814,305 778,820
4,829,991 3,082,012

The Company has taken advantage of the exemption within FRS 102 section 33.1A from the requirement to disclose transactions with other wholly owned companies in the same group.

Other creditors includes £1,051,967 in relation to a commercial loan. The Company has a commercial loan of £2,000,000 in respect of which it incurred issue costs of £45,000. The loan carries interest of 8% and is repayable over a 48 month period. The loan is measured at amortised cost and the difference between the carrying amount of the liability at the date of issue and the amount reported in the Balance Sheet represents the effective rate adjustment.

The Company has granted a floating charge over the whole of its property and assets in respect of the commercial loan.

The deferred consideration payable is in respect of acquisitions made during prior years.

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Other creditors 0 1,051,967

The Company has granted a floating charge over the whole of its property and assets in respect of the commercial loan.

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
40,258 A ordinary shares of £ 0.01 each 403 403
4,136 B ordinary shares of £ 0.01 each 41 41
444 444

9. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Amounts owed by key management personnel 19,243 6,457

During the year, the loan to key management personnel increased from £6,457 to £19,243. The loan is unsecured, interest is charged at 2.25% per annum and is repayable on demand.

10. Events after the Balance Sheet date

The Company has granted a floating charge over the whole of its property and assets in respect of a loan secured in December 2024. This includes a pledge over shares which were also acquired post year end.