Caseware UK (AP4) 2023.0.135 2023.0.135 2024-06-302024-06-302023-07-01falseNo description of principal activity11truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 12694961 2023-07-01 2024-06-30 12694961 2022-07-01 2023-06-30 12694961 2024-06-30 12694961 2023-06-30 12694961 c:Director1 2023-07-01 2024-06-30 12694961 d:OfficeEquipment 2023-07-01 2024-06-30 12694961 d:OfficeEquipment 2024-06-30 12694961 d:OfficeEquipment 2023-06-30 12694961 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 12694961 d:ComputerEquipment 2023-07-01 2024-06-30 12694961 d:ComputerEquipment 2024-06-30 12694961 d:ComputerEquipment 2023-06-30 12694961 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 12694961 d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 12694961 d:CurrentFinancialInstruments 2024-06-30 12694961 d:CurrentFinancialInstruments 2023-06-30 12694961 d:CurrentFinancialInstruments d:WithinOneYear 2024-06-30 12694961 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 12694961 d:ShareCapital 2024-06-30 12694961 d:ShareCapital 2023-06-30 12694961 d:RetainedEarningsAccumulatedLosses 2024-06-30 12694961 d:RetainedEarningsAccumulatedLosses 2023-06-30 12694961 d:AcceleratedTaxDepreciationDeferredTax 2024-06-30 12694961 d:AcceleratedTaxDepreciationDeferredTax 2023-06-30 12694961 c:FRS102 2023-07-01 2024-06-30 12694961 c:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 12694961 c:FullAccounts 2023-07-01 2024-06-30 12694961 c:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 12694961 e:PoundSterling 2023-07-01 2024-06-30 iso4217:GBP xbrli:pure
Registered number: 12694961









MICHAEL THORNTON LIMITED

UNAUDITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2024



 
MICHAEL THORNTON LIMITED
REGISTERED NUMBER: 12694961

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
2,473
2,285

Current assets
  

Debtors: amounts falling due within one year
 5 
739
6,164

Cash at bank and in hand
 6 
214,796
182,305

  
215,535
188,469

Creditors: amounts falling due within one year
 7 
(107,077)
(79,483)

Net current assets
  
 
 
108,458
 
 
108,986

Total assets less current liabilities
  
110,931
111,271

Provisions for liabilities
  

Deferred tax
 8 
(618)
(435)

Net assets
  
110,313
110,836


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
109,313
109,836

  
110,313
110,836

Page 1

 
MICHAEL THORNTON LIMITED
REGISTERED NUMBER: 12694961

BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 21 March 2025.




................................................
Michael Thornton
Director

The notes on pages 3 to 7 form part of these financial statements.
Page 2

 
MICHAEL THORNTON LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Michael Thornton Limited is a private company, limited by shares, incorporated in England and Wales.  The company registration number is 12694961 and the registered office address is 3rd Floor - 24 Old Bond Street, Mayfair, London, W1S 4AP

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue 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. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is 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.

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 
MICHAEL THORNTON LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.4

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
20%
Computer equipment
-
33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 4

 
MICHAEL THORNTON LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2023 - 1).

Page 5

 
MICHAEL THORNTON LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

4.


Tangible fixed assets





Office equipment
Computer equipment
Total

£
£
£



Cost 


At 1 July 2023
2,205
2,107
4,312


Additions
-
1,997
1,997



At 30 June 2024

2,205
4,104
6,309



Depreciation


At 1 July 2023
956
1,071
2,027


Charge for the year on owned assets
441
1,368
1,809



At 30 June 2024

1,397
2,439
3,836



Net book value



At 30 June 2024
808
1,665
2,473



At 30 June 2023
1,249
1,036
2,285

The depreciation rate for office equipment was changed from 25% reducing balance to 20% straight line effective from the year ending 30 June 2024. The depreciation charge for office equipment in the current year would have been £312 at the previous rate.


5.


Debtors

2024
2023
£
£


Trade debtors
-
5,422

Prepayments
739
742

739
6,164



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
214,796
182,305


Page 6

 
MICHAEL THORNTON LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
4,333
677

Corporation tax
8,761
24,613

Other taxation and social security
20,710
2,007

Other creditors
72,591
51,992

Accruals
682
194

107,077
79,483



8.


Deferred taxation




2024


£






At beginning of year
(435)


Charged to profit or loss
(183)



At end of year
(618)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
618
435

618
435


9.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,000 (2023 - 1,000) Ordinary shares of £1.00 each
1,000
1,000



10.


Related party transactions

At 30 June 2024, the company owed £72,591 (2023: £51,992) to the director. The loan is interest free and payable on demand. 


Page 7