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Thorogood Trading Limited

Annual Report and Unaudited Financial Statements
Year Ended 30 June 2024

Registration number: 03387228

 

Thorogood Trading Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Thorogood Trading Limited

Balance Sheet

30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,910

2,865

Investment property

5

308,825

176,470

 

310,735

179,335

Current assets

 

Debtors

6

128,236

4,636

Cash at bank and in hand

 

37,319

80,403

 

165,555

85,039

Creditors: Amounts falling due within one year

7

(66,734)

(8,174)

Net current assets

 

98,821

76,865

Total assets less current liabilities

 

409,556

256,200

Creditors: Amounts falling due after more than one year

7

(21,579)

-

Provisions for liabilities

(20,215)

-

Net assets

 

367,762

256,200

Capital and reserves

 

Called up share capital

136,000

136,000

Profit and loss account

231,762

120,200

Shareholders' funds

 

367,762

256,200

 

Thorogood Trading Limited

Balance Sheet

30 June 2024

For the financial year ending 30 June 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 20 March 2025 and signed on its behalf by:
 

.........................................
B N Thorogood
Director

 

Thorogood Trading Limited

Notes to the Unaudited Financial Statements

Year Ended 30 June 2024

1

General information

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

The address of its registered office is:
Blindwell
Staverton
Totnes
Devon
TQ9 6PA

These financial statements were authorised for issue by the Board on 20 March 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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', including Section 1A, and the Companies Act 2006.

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.

The presentational and functional currency is pounds sterling.

Turnover

Turnover comprises rents and other contributions receivable from tenants, net of value added tax.

The company recognises revenue when it can be reliably measured and it is probable that future economic benefits will flow to the entity.

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 corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.

 

Thorogood Trading Limited

Notes to the Unaudited Financial Statements

Year Ended 30 June 2024

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

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% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

All such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.


 

 

Thorogood Trading Limited

Notes to the Unaudited Financial Statements

Year Ended 30 June 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Tangible assets

Plant and machinery
 £

Cost or valuation

At 1 July 2023

9,056

At 30 June 2024

9,056

Depreciation

At 1 July 2023

6,191

Charge for the year

955

At 30 June 2024

7,146

Carrying amount

At 30 June 2024

1,910

At 30 June 2023

2,865

5

Investment properties

2024
£

At 1 July 2023

176,470

Additions

12,667

Fair value adjustments

119,688

At 30 June 2024

308,825

There has been no valuation of investment property by an independent valuer.

6

Debtors

2024
£

2023
£

Trade debtors

5,217

4,590

Other debtors

123,019

46

128,236

4,636

 

Thorogood Trading Limited

Notes to the Unaudited Financial Statements

Year Ended 30 June 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

57,500

-

Taxation and social security

 

1,144

-

Accruals and deferred income

 

8,090

7,653

Other creditors

 

-

521

 

66,734

8,174

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

21,579

-

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

136,000

136,000

136,000

136,000

         
 

Thorogood Trading Limited

Notes to the Unaudited Financial Statements

Year Ended 30 June 2024

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

21,579

-

Current loans and borrowings

2024
£

2023
£

Bank borrowings

57,500

-

10

Related party transactions

Transactions with directors

2024

At 1 July 2023
£

Advances to director
£

Repayments by director
£

At 30 June 2024
£

Loan repayable on demand, with interest charged at the official rate

-

9,479

(648)

8,831