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REGISTERED NUMBER: 09565846 (England and Wales)














Unaudited Financial Statements

for the Period 1 June 2023 to 31 August 2024

for

Thor Car Parts and Accessories Limited

Thor Car Parts and Accessories Limited (Registered number: 09565846)

Contents of the Financial Statements
for the Period 1 June 2023 to 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 10


Thor Car Parts and Accessories Limited

Company Information
for the Period 1 June 2023 to 31 August 2024







Director: R Morjaria





Registered office: Unit 6 & 7 Teal Farm Way
Washington
NE38 8BG





Registered number: 09565846 (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 Car Parts and Accessories 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 Car Parts and Accessories Limited for the period ended 31 August 2024 which comprise the Statement of income and retained earnings, 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 Car Parts and Accessories 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 Car Parts and Accessories Limited and state those matters that we have agreed to state to the director of Thor Car Parts and Accessories 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 Car Parts and Accessories Limited and its director for our work or for this report.

It is your duty to ensure that Thor Car Parts and Accessories 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 Car Parts and Accessories Limited. You consider that Thor Car Parts and Accessories Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the financial statements of Thor Car Parts and Accessories 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 Car Parts and Accessories Limited (Registered number: 09565846)

Statement of Financial Position
31 August 2024

2024 2023
Notes £    £    £    £   
Fixed assets
Tangible assets 5 173,188 156,401

Current assets
Stocks 732,623 772,924
Debtors 6 1,756,138 2,026,917
Cash at bank and in hand 260,871 23,845
2,749,632 2,823,686
Creditors
Amounts falling due within one year 7 1,560,900 1,686,288
Net current assets 1,188,732 1,137,398
Total assets less current liabilities 1,361,920 1,293,799

Creditors
Amounts falling due after more than one
year

8

(232,881

)

(221,172

)

Provisions for liabilities (29,883 ) (22,805 )
Net assets 1,099,156 1,049,822

Capital and reserves
Called up share capital 11 100 100
Share premium 159,900 159,900
Retained earnings 939,156 889,822
Shareholders' funds 1,099,156 1,049,822

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

The members have not required the company to obtain an audit of its financial statements for the period 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 Car Parts and Accessories Limited (Registered number: 09565846)

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 Statement of income and retained earnings 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 Car Parts and Accessories Limited (Registered number: 09565846)

Notes to the Financial Statements
for the Period 1 June 2023 to 31 August 2024


1. Statutory information

Thor Car Parts and Accessories 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 (£).


Due to a change in the company's year end, the current financial statements cover a period of 15 months, whereas, the comparative figures cover a period of 12 months. Therefore the comparative figures may not be entirely comparable

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.

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

Thor Car Parts and Accessories Limited (Registered number: 09565846)

Notes to the Financial Statements - continued
for the Period 1 June 2023 to 31 August 2024


3. Accounting policies - continued

Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Government grants

Government grants are recognised using the accrual model.

Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation
Short leasehold20% Straight line
Plant and machinery25% Reducing balance
Motor vehicles25% Reducing balance
Computer equipment50% 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.

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.


Thor Car Parts and Accessories Limited (Registered number: 09565846)

Notes to the Financial Statements - continued
for the Period 1 June 2023 to 31 August 2024


3. Accounting policies - continued
Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 period 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.

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 the 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.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Defined contribution plans
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.

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

Thor Car Parts and Accessories Limited (Registered number: 09565846)

Notes to the Financial Statements - continued
for the Period 1 June 2023 to 31 August 2024


3. Accounting policies - continued

Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

4. Employees and directors

The average number of employees during the period was 21 (2023 - 25 ) .

5. Tangible fixed assets
Short Plant and Motor Computer
leasehold machinery vehicles equipment Totals
£    £    £    £    £   
Cost
At 1 June 2023 39,725 81,151 191,602 8,220 320,698
Additions - 722 92,315 - 93,037
Disposals - - (51,750 ) - (51,750 )
At 31 August 2024 39,725 81,873 232,167 8,220 361,985
Depreciation
At 1 June 2023 4,269 55,710 96,184 8,134 164,297
Charge for period 993 8,100 45,271 54 54,418
Eliminated on disposal - - (29,918 ) - (29,918 )
At 31 August 2024 5,262 63,810 111,537 8,188 188,797
Net book value
At 31 August 2024 34,463 18,063 120,630 32 173,188
At 31 May 2023 35,456 25,441 95,418 86 156,401

6. Debtors: amounts falling due within one year
2024 2023
£    £   
Trade debtors 826,848 1,042,609
Amounts owed by group undertakings 896,652 947,702
Prepayments and accrued income 32,638 36,606
1,756,138 2,026,917

Thor Car Parts and Accessories Limited (Registered number: 09565846)

Notes to the Financial Statements - continued
for the Period 1 June 2023 to 31 August 2024


7. Creditors: amounts falling due within one year
2024 2023
£    £   
Bank loans and overdrafts 483,348 450,290
Hire purchase contracts (see note 9) 22,269 16,757
Trade creditors 883,214 1,032,172
Net wages - 8,060
Corporation tax 9,633 21,448
Other creditor 38,984 51,983
Social security and other taxes 11,990 15,692
VAT 95,710 60,775
Accruals and deferred income 15,752 29,111
1,560,900 1,686,288

8. Creditors: amounts falling due after more than one year
2024 2023
£    £   
Bank loans - 1-2 years 34,953 34,921
Bank loans and overdrafts 104,858 104,763
Bank loans 62,012 81,488
Hire purchase contracts (see note 9) 31,058 -
232,881 221,172

Amounts falling due in more than five years:

Repayable by instalments
Bank loans 62,012 81,488

9. Leasing agreements

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 22,269 16,757
Between one and five years 31,058 -
53,327 16,757

Non-cancellable operating leases
2024 2023
£    £   
Within one year 77,917 -
Between one and five years 244,750 -
322,667 -

Thor Car Parts and Accessories Limited (Registered number: 09565846)

Notes to the Financial Statements - continued
for the Period 1 June 2023 to 31 August 2024


10. Secured debts

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 236,776 256,093

11. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary shares £1 100 100

12. Related party transactions

Thor Motor Factors Ltd owned 75% of the ordinary shares in the company at the year end. Mr R Morjaria is the ultimate controlling party as he owns 75% of the share capital of Thor Holdings Limited which owns 100% of Thor Motor Factors Ltd. Management charges received during the year of £nil (2023 £55,000) from Thor Motor Factors Limited.

At 31 August 2024, Thor Car Parts and Accessories Limited is owed a balance of £846,448 (2023: £897,657) from Thor Motor Factors Limited.

At 31 August 2024, Thor Car Parts and Accessories Limited is owed a balance of £50,204 (2023: £55,045) from Thor Holdings Limited.