JAM Thornley Limited 08041848 false 2023-06-01 2024-05-31 2024-05-31 The principal activity of the company is the retail sale of provisions, including alcohol. Digita Accounts Production Advanced 6.30.9574.0 true true 08041848 2023-06-01 2024-05-31 08041848 2024-05-31 08041848 bus:OrdinaryShareClass1 2024-05-31 08041848 core:CurrentFinancialInstruments 2024-05-31 08041848 core:CurrentFinancialInstruments core:WithinOneYear 2024-05-31 08041848 core:Non-currentFinancialInstruments 2024-05-31 08041848 core:Non-currentFinancialInstruments core:AfterOneYear 2024-05-31 08041848 core:FurnitureFittingsToolsEquipment 2024-05-31 08041848 core:OtherPropertyPlantEquipment 2024-05-31 08041848 bus:SmallEntities 2023-06-01 2024-05-31 08041848 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 08041848 bus:FilletedAccounts 2023-06-01 2024-05-31 08041848 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 08041848 bus:RegisteredOffice 2023-06-01 2024-05-31 08041848 bus:CompanySecretaryDirector1 2023-06-01 2024-05-31 08041848 bus:Director1 2023-06-01 2024-05-31 08041848 bus:Director2 2023-06-01 2024-05-31 08041848 bus:OrdinaryShareClass1 2023-06-01 2024-05-31 08041848 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 08041848 core:FurnitureFittings 2023-06-01 2024-05-31 08041848 core:FurnitureFittingsToolsEquipment 2023-06-01 2024-05-31 08041848 core:OtherPropertyPlantEquipment 2023-06-01 2024-05-31 08041848 core:PlantMachinery 2023-06-01 2024-05-31 08041848 countries:England 2023-06-01 2024-05-31 08041848 2023-05-31 08041848 core:FurnitureFittingsToolsEquipment 2023-05-31 08041848 core:OtherPropertyPlantEquipment 2023-05-31 08041848 2022-06-01 2023-05-31 08041848 2023-05-31 08041848 bus:OrdinaryShareClass1 2023-05-31 08041848 core:CurrentFinancialInstruments 2023-05-31 08041848 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 08041848 core:Non-currentFinancialInstruments 2023-05-31 08041848 core:Non-currentFinancialInstruments core:AfterOneYear 2023-05-31 08041848 core:FurnitureFittingsToolsEquipment 2023-05-31 08041848 core:OtherPropertyPlantEquipment 2023-05-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 08041848

JAM Thornley Limited

trading as JAM Thornley Bargain Booze

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

JAM Thornley Limited

trading as JAM Thornley Bargain Booze

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

JAM Thornley Limited

trading as JAM Thornley Bargain Booze

Company Information

Directors

Mr Andrew Thornley

Mr Joshua Thornley

Mrs Jillian Michelle Thornley

Company secretary

Mrs Jillian Michelle Thornley

Registered office

Westway
Yew Tree Lane
Bradley
ASHBOURNE
Derbyshire
DE6 1PG

Accountants

Libra Business Essentials Ltd
Accountants
52a St John Street
ASHBOURNE
Derbyshire
DE6 1GH

 

JAM Thornley Limited

trading as JAM Thornley Bargain Booze

(Registration number: 08041848)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

11,307

15,825

Current assets

 

Stocks

5

82,970

81,585

Debtors

6

4,012

2,509

Cash at bank and in hand

 

93,139

91,804

 

180,121

175,898

Creditors: Amounts falling due within one year

7

(69,563)

(73,107)

Net current assets

 

110,558

102,791

Total assets less current liabilities

 

121,865

118,616

Creditors: Amounts falling due after more than one year

7

(27,176)

(129)

Net assets

 

94,689

118,487

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

94,589

118,387

Shareholders' funds

 

94,689

118,487

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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 21 February 2025 and signed on its behalf by:
 

 

JAM Thornley Limited

trading as JAM Thornley Bargain Booze

(Registration number: 08041848)
Balance Sheet as at 31 May 2024

.........................................
Mr Andrew Thornley
Director

.........................................
Mr Joshua Thornley
Director

.........................................
Mrs Jillian Michelle Thornley
Company secretary and director

 

JAM Thornley Limited

trading as JAM Thornley Bargain Booze

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Westway
Yew Tree Lane
Bradley
ASHBOURNE
Derbyshire
DE6 1PG

The principal place of business is:
Compton
ASHBOURNE
Derbyshire
DE6 1DA

These financial statements were authorised for issue by the Board on 21 February 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

JAM Thornley Limited

trading as JAM Thornley Bargain Booze

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and Machinery

25% reducing balance

Furniture & Fittings

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

JAM Thornley Limited

trading as JAM Thornley Bargain Booze

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2023 - 7).

 

JAM Thornley Limited

trading as JAM Thornley Bargain Booze

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 June 2023

11,925

69,550

81,475

Additions

399

-

399

Disposals

-

(2,500)

(2,500)

At 31 May 2024

12,324

67,050

79,374

Depreciation

At 1 June 2023

7,169

58,481

65,650

Charge for the year

1,234

1,183

2,417

At 31 May 2024

8,403

59,664

68,067

Carrying amount

At 31 May 2024

3,921

7,386

11,307

At 31 May 2023

4,756

11,069

15,825

5

Stocks

2024
£

2023
£

Other inventories

82,970

81,585

6

Debtors

Current

2024
£

2023
£

Trade debtors

1,512

1,698

Prepayments

2,500

430

Other debtors

-

381

 

4,012

2,509

7

Creditors

Creditors: amounts falling due within one year

 

JAM Thornley Limited

trading as JAM Thornley Bargain Booze

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

2024
£

2023
£

Due within one year

Trade creditors

-

358

Taxation and social security

20,771

24,538

Accruals and deferred income

48,362

45,815

Other creditors

430

2,396

69,563

73,107

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

27,176

129

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

ordinary of £1 each

100

100

100

100

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

27,176

129