Silverfin false false 31/03/2024 01/04/2023 31/03/2024 J Gerrard 23/09/2016 K Mody 08/03/2016 A Sager 23/09/2016 26 March 2025 no description of principal activity 10049123 2024-03-31 10049123 bus:Director1 2024-03-31 10049123 bus:Director2 2024-03-31 10049123 bus:Director3 2024-03-31 10049123 2023-03-31 10049123 core:CurrentFinancialInstruments 2024-03-31 10049123 core:CurrentFinancialInstruments 2023-03-31 10049123 core:Non-currentFinancialInstruments 2024-03-31 10049123 core:Non-currentFinancialInstruments 2023-03-31 10049123 core:ShareCapital 2024-03-31 10049123 core:ShareCapital 2023-03-31 10049123 core:SharePremium 2024-03-31 10049123 core:SharePremium 2023-03-31 10049123 core:RetainedEarningsAccumulatedLosses 2024-03-31 10049123 core:RetainedEarningsAccumulatedLosses 2023-03-31 10049123 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-03-31 10049123 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-03-31 10049123 core:LandBuildings 2023-03-31 10049123 core:FurnitureFittings 2023-03-31 10049123 core:LandBuildings 2024-03-31 10049123 core:FurnitureFittings 2024-03-31 10049123 bus:OrdinaryShareClass1 2024-03-31 10049123 2023-04-01 2024-03-31 10049123 bus:FilletedAccounts 2023-04-01 2024-03-31 10049123 bus:SmallEntities 2023-04-01 2024-03-31 10049123 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 10049123 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 10049123 bus:Director1 2023-04-01 2024-03-31 10049123 bus:Director2 2023-04-01 2024-03-31 10049123 bus:Director3 2023-04-01 2024-03-31 10049123 core:DevelopmentCostsCapitalisedDevelopmentExpenditure core:TopRangeValue 2023-04-01 2024-03-31 10049123 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-04-01 2024-03-31 10049123 core:LandBuildings core:TopRangeValue 2023-04-01 2024-03-31 10049123 core:FurnitureFittings core:TopRangeValue 2023-04-01 2024-03-31 10049123 2022-04-01 2023-03-31 10049123 core:LandBuildings 2023-04-01 2024-03-31 10049123 core:FurnitureFittings 2023-04-01 2024-03-31 10049123 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 10049123 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 10049123 (England and Wales)

THREADOLOGY LONDON LTD

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

THREADOLOGY LONDON LTD

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

THREADOLOGY LONDON LTD

BALANCE SHEET

As at 31 March 2024
THREADOLOGY LONDON LTD

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 31,871 44,571
Tangible assets 4 99,602 138,783
131,473 183,354
Current assets
Stocks 5 916,133 1,155,081
Debtors 6 926,512 295,974
Cash at bank and in hand 629,478 1,236,721
2,472,123 2,687,776
Creditors: amounts falling due within one year 7 ( 1,396,532) ( 1,341,735)
Net current assets 1,075,591 1,346,041
Total assets less current liabilities 1,207,064 1,529,395
Creditors: amounts falling due after more than one year 8 ( 70,563) ( 363,142)
Net assets 1,136,501 1,166,253
Capital and reserves
Called-up share capital 9 100 100
Share premium account 199,975 199,975
Profit and loss account 936,426 966,178
Total shareholder's funds 1,136,501 1,166,253

For the financial year ending 31 March 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 Threadology London Ltd (registered number: 10049123) were approved and authorised for issue by the Board of Directors on 26 March 2025. They were signed on its behalf by:

J Gerrard
Director
THREADOLOGY LONDON LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
THREADOLOGY LONDON LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 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

Threadology London Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 2 Leman Street, London, E1W 9US, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, 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 £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

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

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

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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Development costs 5 years straight line
Research and development

Research expenditure is written off as incurred. Development expenditure is also written off, except where the directors are satisfied as to the technical, commercial and financial viability of individual projects. In such cases, the identifiable expenditure is capitalised as an intangible asset and amortised over the period during which the Company is expected to benefit. This period is between three and five years. Provision is made for any impairment.

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, other than investment property and freehold land, 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:

Land and buildings 10 years straight line
Fixtures and fittings 5 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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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 and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

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.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 21 15

3. Intangible assets

Development costs Total
£ £
Cost
At 01 April 2023 212,257 212,257
At 31 March 2024 212,257 212,257
Accumulated amortisation
At 01 April 2023 167,686 167,686
Charge for the financial year 12,700 12,700
At 31 March 2024 180,386 180,386
Net book value
At 31 March 2024 31,871 31,871
At 31 March 2023 44,571 44,571

4. Tangible assets

Land and buildings Fixtures and fittings Total
£ £ £
Cost
At 01 April 2023 125,000 368,306 493,306
Additions 0 2,649 2,649
At 31 March 2024 125,000 370,955 495,955
Accumulated depreciation
At 01 April 2023 34,375 320,148 354,523
Charge for the financial year 12,500 29,330 41,830
At 31 March 2024 46,875 349,478 396,353
Net book value
At 31 March 2024 78,125 21,477 99,602
At 31 March 2023 90,625 48,158 138,783

5. Stocks

2024 2023
£ £
Stocks 916,133 1,155,081

6. Debtors

2024 2023
£ £
Trade debtors 432,034 245,999
Other debtors 494,478 49,975
926,512 295,974

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank overdrafts 461,509 522,842
Trade creditors 610,445 532,215
Taxation and social security 309,075 281,926
Other creditors 15,503 4,752
1,396,532 1,341,735

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

2024 2023
£ £
Bank loans 29,611 35,167
Other creditors 40,952 327,975
70,563 363,142

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 A ordinary shares of £ 1.00 each 100 100