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REGISTERED NUMBER: 02112909 (England and Wales)














Unaudited Financial Statements

for the Year Ended 31 August 2024

for

Thor Motor Factors Limited

Thor Motor Factors Limited (Registered number: 02112909)

Contents of the Financial Statements
for the Year Ended 31 August 2024










Page

Company information 1

Chartered accountants' report 2

Statement of financial position 3 to 4

Notes to the financial statements 5 to 7


Thor Motor Factors Limited

Company Information
for the Year Ended 31 August 2024







Director: R Morjaria





Registered office: 185 Fengate
Peterborough
England
PE1 5PE





Registered number: 02112909 (England and Wales)





Accountants: Moore Thompson
27 Market Place
Market Deeping
Peterborough
Cambridgeshire
PE6 8EA

Chartered Accountants' Report to the Director
on the Unaudited Financial Statements of
Thor Motor Factors Limited


The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of financial position. Readers are cautioned that the Income statement and certain other primary statements and the Report of the director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Thor Motor Factors Limited for the year ended 31 August 2024 which comprise the Income statement, Statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Thor Motor Factors Limited in accordance with the terms of our engagement letter dated 14 December 2020. Our work has been undertaken solely to prepare for your approval the financial statements of Thor Motor Factors Limited and state those matters that we have agreed to state to the director of Thor Motor Factors Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Thor Motor Factors Limited and its director for our work or for this report.

It is your duty to ensure that Thor Motor Factors Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Thor Motor Factors Limited. You consider that Thor Motor Factors Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Thor Motor Factors Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Moore Thompson
27 Market Place
Market Deeping
Peterborough
Cambridgeshire
PE6 8EA


28 March 2025

Thor Motor Factors Limited (Registered number: 02112909)

Statement of Financial Position
31 August 2024

2024 2023
Notes £    £    £    £   
Fixed assets
Tangible assets 5 276,625 289,863
Investments 6 200,045 200,045
476,670 489,908

Current assets
Stocks 487,794 640,064
Debtors 7 2,663,014 2,829,856
Cash at bank and in hand 367,556 33,105
3,518,364 3,503,025
Creditors
Amounts falling due within one year 8 2,743,428 2,753,273
Net current assets 774,936 749,752
Total assets less current liabilities 1,251,606 1,239,660

Creditors
Amounts falling due after more than one
year

9

(8,098

)

(9,404

)

Provisions for liabilities (7,747 ) (9,740 )
Net assets 1,235,761 1,220,516

Capital and reserves
Called up share capital 159,154 159,154
Share premium 75,490 75,490
Capital redemption reserve 3,000 3,000
Retained earnings 998,117 982,872
1,235,761 1,220,516

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Thor Motor Factors Limited (Registered number: 02112909)

Statement of Financial Position - continued
31 August 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 27 March 2025 and were signed by:





R Morjaria - Director


Thor Motor Factors Limited (Registered number: 02112909)

Notes to the Financial Statements
for the Year Ended 31 August 2024


1. Statutory information

Thor Motor Factors Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. 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 the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land & Buildings2% per annum
Fixtures & Fittings25% reducing balance
Motor Vehicles25% reducing balance
Plant & Machinery25% reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Thor Motor Factors Limited (Registered number: 02112909)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024


3. Accounting policies - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4. Employees and directors

The average number of employees during the year was 22 (2023 - 22 ) .

5. Tangible fixed assets
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
Cost
At 1 September 2023 223,305 - 128,843 214,015 566,163
Additions - 14,500 1,378 18,980 34,858
At 31 August 2024 223,305 14,500 130,221 232,995 601,021
Depreciation
At 1 September 2023 75,954 - 107,678 92,668 276,300
Charge for year 4,467 3,323 5,620 34,686 48,096
At 31 August 2024 80,421 3,323 113,298 127,354 324,396
Net book value
At 31 August 2024 142,884 11,177 16,923 105,641 276,625
At 31 August 2023 147,351 - 21,165 121,347 289,863

Thor Motor Factors Limited (Registered number: 02112909)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024


6. Fixed asset investments
Other
investments
£   
Cost
At 1 September 2023
and 31 August 2024 200,045
Net book value
At 31 August 2024 200,045
At 31 August 2023 200,045

The Fixed Asset Investment is a 75% shareholding of Ordinary shares in Thor Car Parts and Accessories Limited. The shareholders' funds as at 31st August 2024 were £1,045,968 (2023 - £1,049,822)

7. Debtors: amounts falling due within one year
2024 2023
£    £   
Trade debtors 1,246,618 1,436,372
Amounts owed by group undertakings 1,385,424 1,377,563
Other debtors 30,972 15,921
2,663,014 2,829,856

8. Creditors: amounts falling due within one year
2024 2023
£    £   
Bank loans and overdrafts 376,944 490,926
Hire purchase contracts 22,141 24,419
Trade creditors 1,407,302 1,322,146
Amounts owed to group undertakings 846,448 782,057
Taxation and social security 62,792 97,834
Other creditors 27,801 35,891
2,743,428 2,753,273

9. Creditors: amounts falling due after more than one year
2024 2023
£    £   
Hire purchase contracts 8,098 9,404

10. Related party disclosures

The company's ultimate controlling party is Thor Holdings Limited by virtue of the ownership of 100% of the issued share capital in the company. Management charges of £30,000 (2023: £145,000) were paid to Thor Holdings Limited during the year.

At 31 August 2024, Thor Motor Factors Limited is owed a balance of £1,385,424 (2023: £1,377,563) from Thor Holdings Limited.

At 31 August 2024, Thor Motor Factors Limited owed a balance of £846,448 (2023: £782,057) to Thor Car Parts and Accessories Limited.