Company registration number 09347785 (England and Wales)
THF HOLDINGS LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
THF HOLDINGS LTD
COMPANY INFORMATION
Directors
F L Hamilton-Fox
A Thompson
A L Thompson
S Thompson
L E Gray
(Appointed 16 January 2024)
R Grieveson
(Appointed 16 January 2024)
Secretary
S Thompson
Company number
09347785
Registered office
1 Mcmillan Close
Saltwell Business Park
Low Fell
Gateshead
Tyne & Wear
United Kingdom
NE9 5BF
Auditor
Azets
Bulman House
Regent Centre
Gosforth
Newcastle upon Tyne
NE3 3LS
Solicitors
Ward Hadaway LLP
Sandgate House
102 Quayside
Newcastle Upon Tyne
Tyne And Wear
United Kingdom
NE1 3DX
THF HOLDINGS LTD
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 5
Directors' responsibilities statement
6
Independent auditor's report
7 - 9
Group income statement
10
Group statement of comprehensive income
11
Group statement of financial position
12
Company statement of financial position
13
Group statement of changes in equity
14
Company statement of changes in equity
15
Group statement of cash flows
16
Notes to the financial statements
17 - 40
THF HOLDINGS LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present the strategic report for the year ended 31 December 2023.

Fair review of the business

Turnover for the Group was £35,313k compared to £49,323k in 2022, a decrease of 28% due to a combination of a moderate retraction in the home fragrance market following two years of substantial growth and some prior overstocking in some of the group’s biggest customers. The market retraction also resulted in some further revenue reductions in our glass decoration business. This led to a loss before tax of £4,562k compared to a Profit before Tax of £79k in 2022. There was optimism in the industry until mid-year, leaving us unable to reduce our costs as quickly as our revenue declined in the year.

The focus of 2023 was on stabilising the Group through recovery of Gross Profit and reducing costs. Gross Profit improved by 3.0ppts vs. 2022 and our true Administrative Expenses decreased by £288k in the year if we exclude the £1,517k impairment of Goodwill from earlier transactions. More importantly, the reduction in Administrative Expenses actioned in 2023 equate to £1,333k on an annual basis.

The group managed to reduce average staffing numbers from 529 in 2022 down to 394 in 2023 which is a reflection of the above activity and realising the benefits of significant investment in manufacturing automation.

Principal risks and uncertainties

The principal business risk is associated with declining sales in both Home Fragrance and Glass Decoration and the need to manage fixed costs in line with revenue. The Group shifted focus to winning new business in 2023, and the benefits of this will be felt in 2024 onwards due to the long conversion timeline in the industry. We invest heavily in our people, our R&D development and in our operational infrastructure to ensure we continue to provide the best service to our customers.

The Directors constantly consider any potential issues which may impact upon the business and take appropriate action to deal with them.

Development and performance

The consolidated statement of financial position is £2,717k at December 2023, compared to £6,520k at December 2022. Significant action was taken to reduce our stock from £8,270k in 2022 to £5,474k through new inventory-management procedures. In addition to this, we managed to reduce our debtors from £10,889k to £5,754k with new collection processes.

Key performance indicators

The group's key financial and other performance indicators during the year were as follows:

 

 

 

2023

2022

Sales (decline) / growth

%

(28)

37

Gross margins

%

34

31

 

The above KPIs reflect the reduction in revenue but also the action taken in the year to improve Gross Profit.

 

THF HOLDINGS LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Future developments

2023 was a challenging period for the Group with a significant decline in revenues compared to 2022.  The decline in revenues lead to a reduction in profitability and also triggered the impairment of the Goodwill in two earlier acquisitions. The Board responded with a stabilisation plan to improve Gross Profit and reduce our Administrative Expenses, with some of this benefit being realised in 2023.

We see 2024 continuing to stabilise, with a further slight decline in revenue being offset by the full year annualization of cost savings and further improvements on Gross Profit through ongoing efficiency projects. Despite the challenging year, we have maintained strong customer and supplier relationships and believe these provide a solid foundation for us to return to growth in the coming years. The board anticipates a significantly improved financial performance and a return to profitable growth in 2025 as the lower cost base and improved Gross Profit % are carried through into a recovery on revenue following the award of significant new business.

The group is successfully formalising agreements with our existing customers to secure continued collaborative relationships while also looking to diversify the risk by adding new opportunities and markets across all the group companies. The group continues to monitor potential acquisition opportunities that would match our core functions and growth strategies. The board believes that the group is in a very strong position to take advantage of the opportunities available and looks forward to the forthcoming year and beyond with cautious optimism.

Promoting the success of the company

Under section 172 of the Companies Act 2006, the Directors have a duty to act in good faith in a way that is most likely to promote the success of the company for the benefit of its members as a whole, having regard to the likely consequences of decisions for the long term, the interests of the company's employees, the need to foster relationships with other stakeholders, the impact on the community and the environment and maintaining a reputation for high standards of business conduct. Key decisions made by the board during the year were considered with the aforesaid duty to act in good faith.

 

All business decisions are taken with due regard to the primary stakeholders who impact the performance of the business including: Our Employees; Our Customers; Our Suppliers; and Our Shareholders.

 

We constantly monitor current market conditions and explore opportunities to increase shareholder value. Our dependence on one large customer is a recognised risk for the company. The company manages this risk by formalising the ties between us and out main customers while also seeking out new customers and markets to diversify the risk. We continue to invest in our R&D function to provide products that new and existing customers want at competitive prices and by maintaining strong relationships with customers.

 

We continue to invest internally in our people and methods to ensure we can maximise our opportunities and satisfy our customer expectations. We have invested in progressive programmes of training, communication and consultation as well as in our employees wellbeing. We aim to provide equal opportunities to all current and prospective employees in a diverse and inclusive environment. Supplier relationships are important across all areas of the business. The company has developed key and positive long-term relationships that have ensured a stable and sustainable supply chain.

 

We aim to continue to develop our people, systems and product portfolio to promote the success of the company for the benefit of its members as a whole, having regard to the likely consequences of decisions for the long term, the interests of the company's employees, the need to foster relationships with other stakeholders, the impact on the community and the environment (as detailed in the "Carbon Reporting" section) and holding ourselves to high standards of business conduct.

On behalf of the board

R Grieveson
Director
3 April 2025
THF HOLDINGS LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activity of the group is that of a holding company for the group. The principal activity of the group is the manufacture and distribution of specialist candles and diffusers.

Results and dividends

The results for the year are set out on page 10.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

F L Hamilton-Fox
A Thompson
A L Thompson
S Thompson
L E Gray
(Appointed 16 January 2024)
R Grieveson
(Appointed 16 January 2024)
M D Proudfoot
(Appointed 7 January 2024 and resigned 31 May 2024)
Financial instruments
Objectives and policies

The group has an established, structured approach to risk management. The group's activities expose it to a variety of financial risks, including the effects of credit, liquidity and cash flow, and interest rate risks. The group has adopted risk management policies that seek to mitigate these risks in a cost effective manner. Financial assets that expose the group to financial risk consist primarily of trade debtors and cash. Financial liabilities that expose the group to financial risk consist principally of trade creditors and loans.

Price risk, credit risk, liquidity risk and cash flow risk

Credit risk is the risk of loss in the value of financial assets due to counterparties failing to meet all or part of their obligations. The credit management policy of the group ensures that the appropriate credit checks are made on customers prior to any sales being made. Credit accounts for individual customers are assigned on a case by case basis after reviewing the financial stability of the customer.

Liquidity risk is the risk that the group does not have sufficient liquid assets to meet its obligations as they fall due. Liquidity is maintained at a prudent level and the group ensures there is an adequate liquidity buffer to cover contingencies. The group maintains sufficient cash and open committed credit lines from its bankers to meet its funding requirements.

The group has interest bearing liabilities. Interest rate risk re unfavourable movements in interest rates are not perceived as being material to the accounts due to the arrangements in place.

Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

THF HOLDINGS LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
Employee involvement

The group's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

 

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.

 

There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the company's performance.

Future developments

See disclosures within the Strategic Report regarding future developments of the group.

 

Going concern

The financial statements have been prepared on a going concern basis.

The group meets its day to day working capital requirements through cash generated from operations and external borrowings.

The group was in breach of the financial covenants agreed with its bankers as at 31 December 2023 and thereafter. The bank has acknowledged the breaches but have not waived the breaches and have reserved any right or remedy that they have now, or in the future, in connection with, or arising from, a covenant breach.

The directors are in regular communication with the group’s bankers and following a review of forecasts the bank has agreed additional finance to the group through to June 2025. Following on from the discussions with the bank, the directors have at present no reason to believe the bank would take any action to demand immediate repayment of any of the loans within 12 months of the approval of these financial statements nor withdraw their support of future funding.

In the assessment of going concern the directors have made the assumption that the bank will continue to be supportive, not recall the debt in advance of the original repayment terms and provide finance to the group should there be a need.

The directors have prepared cash flow forecasts which cover at least 12 months from the date of approval of these financial statements. The forecasts indicate that the group should have sufficient funds, through its operating cash flows and existing cash balances, to meet its liabilities as they fall due for that period, subject to the ongoing support of the bank.

The directors are confident in the ability of the group on the basis that it has improved its operational performance through securing new contracts and has made significant cost savings, secured additional short term bank finance and has obtained the support of its majority shareholder to provide short term working capital should this be necessary for a minimum period of 12 months from the date of approval of the financial statements.

Although the forecast prepared support the ability of the group to remain a going concern and to be able to trade and meet its debts as they fall due, the underlying cash flow timing assumptions used in forecasting are highly judgemental and difficult to predict and could be subject to significant variation.

Based on the factors set out above the directors believe that it remains appropriate to prepare the financial statements on a going concern basis. However, as the group have not had a formal waiver of the loan covenant breaches and are forecasting to rely on bank and shareholder support, this represents a material uncertainty that may cast significant doubt on the group’s ability to continue as a going concern and therefore to continue realising its assets and discharging its liabilities in the normal course of business. These financial statements do not include any adjustments that would result from the basis of preparation being inappropriate.

Energy and carbon report

During the year ended 31 December 2023, THF Group Ltd has gathered data regarding scope one, two, and three carbon emissions (as defined by the GHG Protocol) from its UK Operations as defined by the requirement of the Streamlined Energy and Carbon Reporting (SECR) legislation

THF HOLDINGS LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -

During the year ended 31 December 2023, THF Holdings Group Ltd has continued to gather data regarding scope one, two, and three carbon emissions (as defined by the GHG Protocol) from its UK Operations as defined by the requirement of the Streamlined Energy and Carbon Reporting (SECR) legislation.

Energy (kWh)

2023

2022

Scope 1 (emissions from gas and fuel for fleet vehicles)

359,828

450,286

Scope 2 (emissions from electricity and gas)

530,945

882,110

Scope 3 (emissions from business travel in employee cars)

30,750

62,117

Total energy

921,523

1,394,513

 

 

 

Emissions (tCO2e)

 

 

Scope 1 (emissions from gas and fuel for fleet vehicles)

82

107

Scope 2 (emissions from electricity and gas)

111

198

Scope 3 (emissions from business travel in employee cars)

9

14

Total SECR emissions

202

319

 

 

 

Specific Carbon Consumption

 

 

SCC (tCO2e / £000 revenue)

0.006

0.007

 

The combined Scope 1, Scope 2 and Scope 3 carbon emissions for the period recorded was 202 tCO2e (319 tCO2e - 2022). The energy consumed in the period is 921,523 kWh (1,394,513 kWh - 2022). The Specific Carbon Consumption (SSC) for the period is calculated a 0.006 tCO2e/£000 revenue (2022 – 0.007)

During the period of reporting a number of practical actions to reduce energy consumption have been undertaken across all our sites. The main element being the installation of a 250-kw Solar Pannel array on our site at Fernhurst. This provides all the electricity for that site on some days and allows for feed in to the grid when not required. We have also switched the production boilers to electric from gas to take advantage of this.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
R Grieveson
Director
3 April 2025
THF HOLDINGS LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

THF HOLDINGS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THF HOLDINGS LTD
- 7 -
Opinion

We have audited the financial statements of THF Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the group income statement, the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Material uncertainty relating to going concern

We draw attention to note 1 in the financial statements which indicates that the directors have prepared forecasts based on their assessment of current and predicted operating conditions. The assumptions used in forecasting are highly judgmental and difficult to predict and could be subject to significant variations. These factors indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

THF HOLDINGS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THF HOLDINGS LTD
- 8 -

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

THF HOLDINGS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THF HOLDINGS LTD
- 9 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Claire Hinshaw ACCA (Senior Statutory Auditor)
For and on behalf of Azets
3 April 2025
Chartered Accountants
Statutory Auditor
Bulman House
Regent Centre
Gosforth
Newcastle upon Tyne
NE3 3LS
THF HOLDINGS LTD
GROUP INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
2023
2022
Notes
£
£
Turnover
3
35,313,188
49,322,508
Cost of sales
(23,408,419)
(34,189,491)
Gross profit
11,904,769
15,133,017
Distribution costs
(164,761)
(305,301)
Administrative expenses
(15,867,984)
(14,638,654)
Other operating income
18,098
42,212
Operating (loss)/profit
4
(4,109,878)
231,274
Share of profits of joint ventures
-
60,896
Interest receivable and similar income
8
-
0
44
Interest payable and similar expenses
9
(451,653)
(213,007)
(Loss)/profit before taxation
(4,561,531)
79,207
Tax on (loss)/profit
10
758,595
42,223
(Loss)/profit for the financial year
25
(3,802,936)
121,430
(Loss)/profit for the financial year is attributable to:
- Owners of the parent company
(3,789,712)
133,884
- Non-controlling interests
(13,224)
(12,454)
(3,802,936)
121,430
THF HOLDINGS LTD
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
2023
2022
£
£
(Loss)/profit for the year
(3,802,936)
121,430
Other comprehensive income
-
-
Total comprehensive income for the year
(3,802,936)
121,430
Total comprehensive income for the year is attributable to:
- Owners of the parent company
(3,789,712)
133,884
- Non-controlling interests
(13,224)
(12,454)
(3,802,936)
121,430
THF HOLDINGS LTD
GROUP STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
- 12 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
12
-
0
1,517,532
Other intangible assets
12
162,079
183,733
Total intangible assets
162,079
1,701,265
Tangible assets
13
8,271,246
8,213,749
8,433,325
9,915,014
Current assets
Stocks
16
5,474,681
8,270,664
Debtors
17
5,753,851
10,889,388
Cash at bank and in hand
217,402
216,901
11,445,934
19,376,953
Creditors: amounts falling due within one year
18
(15,643,762)
(18,170,303)
Net current (liabilities)/assets
(4,197,828)
1,206,650
Total assets less current liabilities
4,235,497
11,121,664
Creditors: amounts falling due after more than one year
19
(1,518,794)
(3,917,803)
Provisions for liabilities
Deferred tax liability
22
-
0
684,222
-
(684,222)
Net assets
2,716,703
6,519,639
Capital and reserves
Called up share capital
24
308
308
Profit and loss reserves
25
2,750,123
6,539,835
Equity attributable to owners of the parent company
2,750,431
6,540,143
Non-controlling interests
(33,728)
(20,504)
2,716,703
6,519,639
The financial statements were approved by the board of directors and authorised for issue on 3 April 2025 and are signed on its behalf by:
03 April 2025
R Grieveson
Director
Company registration number 09347785 (England and Wales)
THF HOLDINGS LTD
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
31 December 2023
- 13 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
12
26,666
53,333
Tangible assets
13
3,581,366
3,674,345
Investments
14
2,445,210
4,101,587
6,053,242
7,829,265
Current assets
Debtors
17
1,762,236
1,391,149
Cash at bank and in hand
50,646
57,218
1,812,882
1,448,367
Creditors: amounts falling due within one year
18
(5,809,479)
(2,391,736)
Net current liabilities
(3,996,597)
(943,369)
Total assets less current liabilities
2,056,645
6,885,896
Creditors: amounts falling due after more than one year
19
-
(2,649,156)
Provisions for liabilities
Deferred tax liability
22
-
0
63,395
-
(63,395)
Net assets
2,056,645
4,173,345
Capital and reserves
Called up share capital
24
308
308
Share premium account
25
2,155,644
2,155,644
Profit and loss reserves
25
(99,307)
2,017,393
Total equity
2,056,645
4,173,345

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £2,116,699 (2022 - £473,862 profit).

The financial statements were approved by the board of directors and authorised for issue on 3 April 2025 and are signed on its behalf by:
03 April 2025
R Grieveson
Director
Company registration number 09347785 (England and Wales)
THF HOLDINGS LTD
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
Share capital
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
£
£
£
£
£
Balance at 1 January 2022
308
6,405,951
6,406,259
(8,050)
6,398,209
Year ended 31 December 2022:
Profit and total comprehensive income
-
133,884
133,884
(12,454)
121,430
Balance at 31 December 2022
308
6,539,835
6,540,143
(20,504)
6,519,639
Year ended 31 December 2023:
Loss and total comprehensive income
-
(3,789,712)
(3,789,712)
(13,224)
(3,802,936)
Balance at 31 December 2023
308
2,750,123
2,750,431
(33,728)
2,716,703
THF HOLDINGS LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2022
308
2,155,644
1,543,531
3,699,483
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
473,862
473,862
Balance at 31 December 2022
308
2,155,644
2,017,393
4,173,345
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
(2,116,700)
(2,116,700)
Balance at 31 December 2023
308
2,155,644
(99,307)
2,056,645
THF HOLDINGS LTD
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
30
4,696,959
(72,607)
Income taxes refunded
111,288
8,756
Net cash inflow/(outflow) from operating activities
4,808,247
(63,851)
Investing activities
Purchase of intangible assets
(59,969)
(19,123)
Purchase of tangible fixed assets
(494,294)
(705,664)
Proceeds from disposal of tangible fixed assets
687,872
-
Proceeds from disposal of subsidiaries, net of cash disposed
-
(1,700,720)
Repayment of loans
98,027
Interest received
-
0
44
Net cash generated from/(used in) investing activities
231,636
(2,425,463)
Financing activities
Repayment of borrowings
(4,503,282)
1,017,231
Proceeds from new bank loans
2,365,635
805,000
Repayment of bank loans
(768,670)
(1,006,760)
Payment of finance leases obligations
(400,402)
(255,780)
Interest paid
(451,653)
(213,007)
Net cash (used in)/generated from financing activities
(3,758,372)
346,684
Net increase/(decrease) in cash and cash equivalents
1,281,511
(2,142,630)
Cash and cash equivalents at beginning of year
(1,064,109)
1,078,521
Cash and cash equivalents at end of year
217,402
(1,064,109)
Relating to:
Cash at bank and in hand
217,402
216,901
Bank overdrafts included in creditors payable within one year
-
(1,281,010)
THF HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
1
Accounting policies
Company information

THF Holdings Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 1 McMillan Close, Saltwell Business Park, Low Fell, Gateshead, Tyne & Wear, United Kingdom, NE9 5BF.

 

The group consists of THF Holdings Ltd and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

THF HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company THF Holdings Ltd together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 December 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group statement of financial position at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

THF HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -
1.4
Going concern

The financial statements have been prepared on a going concern basis.

The group meets its day to day working capital requirements through cash generated from operations and external borrowings.

The group was in breach of the financial covenants agreed with its bankers as at 31 December 2023 and thereafter. The bank has acknowledged the breaches but have not waived the breaches and have reserved any right or remedy that they have now, or in the future, in connection with, or arising from, a covenant breach.

The directors are in regular communication with the group’s bankers and following a review of forecasts the bank has agreed additional finance to the group through to June 2025. Following on from the discussions with the bank, the directors have at present no reason to believe the bank would take any action to demand immediate repayment of any of the loans within 12 months of the approval of these financial statements nor withdraw their support of future funding.

In the assessment of going concern the directors have made the assumption that the bank will continue to be supportive, not recall the debt in advance of the original repayment terms and provide finance to the group should there be a need.

The directors have prepared cash flow forecasts which cover at least 12 months from the date of approval of these financial statements. The forecasts indicate that the group should have sufficient funds, through its operating cash flows and existing cash balances, to meet its liabilities as they fall due for that period, subject to the ongoing support of the bank.

The directors are confident in the ability of the group on the basis that it has improved its operational performance through securing new contracts and has made significant cost savings, secured additional short term bank finance and has obtained the support of its majority shareholder to provide short term working capital should this be necessary for a minimum period of 12 months from the date of approval of the financial statements.

Although the forecast prepared support the ability of the group to remain a going concern and to be able to trade and meet its debts as they fall due, the underlying cash flow timing assumptions used in forecasting are highly judgemental and difficult to predict and could be subject to significant variation.

Based on the factors set out above the directors believe that it remains appropriate to prepare the financial statements on a going concern basis. However, as the group have not had a formal waiver of the loan covenant breaches and are forecasting to rely on bank and shareholder support, this represents a material uncertainty that may cast significant doubt on the group’s ability to continue as a going concern and therefore to continue realising its assets and discharging its liabilities in the normal course of business. These financial statements do not include any adjustments that would result from the basis of preparation being inappropriate.

1.5
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.

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

1.6
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

THF HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 20 -
1.7
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.8
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
20% straight line
Contractual customer relationships
33.3% straight line
1.9
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2.5% straight line
Leasehold land and buildings
2-6.67% straight line
Plant and equipment
15-25% reducing balance
Fixtures and fittings
25% reducing balance
Equipment
25% reducing balance
Motor vehicles
25% reducing balance

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 recognised in the income statement.

1.10
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

THF HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 21 -

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.11
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

THF HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 22 -
1.12
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

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.

1.13
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 current liabilities.

1.14
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's statement of financial position when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention 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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

THF HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 23 -
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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 group after deducting all of its liabilities.

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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.15
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.16
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

THF HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 24 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.17
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

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

 

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

1.18
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.19
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

THF HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 25 -
1.20
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

No key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year have been identified.

3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Sale of goods
35,313,188
49,322,508
2023
2022
£
£
Turnover analysed by geographical market
UK
34,513,769
47,671,591
Europe
769,331
1,158,148
Rest of world
30,088
492,769
35,313,188
49,322,508
2023
2022
£
£
Other revenue
Interest income
-
44
Grants received
-
105
THF HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
4
Operating (loss)/profit
2023
2022
£
£
Operating (loss)/profit for the year is stated after charging/(crediting):
Exchange (gains)/losses
(24,090)
235,840
Research and development costs
73,109
110,284
Government grants
-
(105)
Depreciation of owned tangible fixed assets
748,642
570,214
Loss on disposal of tangible fixed assets
3,936
-
Amortisation of intangible assets
663,575
291,659
Impairment of intangible assets
935,580
-
0
Operating lease charges
1,855,170
1,520,610
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
15,000
16,380
Audit of the financial statements of the company's subsidiaries
40,650
44,227
55,650
60,607
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Production
275
367
-
-
Admin and support
76
133
-
-
Management
43
29
31
26
Total
394
529
31
26
THF HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
6
Employees
(Continued)
- 27 -

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
11,830,449
15,883,198
2,200,401
1,862,653
Social security costs
1,242,152
1,619,371
261,308
237,853
Pension costs
230,210
230,795
57,981
46,021
13,302,811
17,733,364
2,519,690
2,146,527
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
601,305
693,500
Company pension contributions to defined contribution schemes
22,968
23,201
624,273
716,701

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2022 - 4).

Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
169,125
192,500
Company pension contributions to defined contribution schemes
4,000
3,330
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
-
0
44
THF HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 28 -
9
Interest payable and similar expenses
2023
2022
£
£
Interest on bank overdrafts and loans
257,814
154,996
Other interest on financial liabilities
-
1,810
Interest on finance leases and hire purchase contracts
86,023
56,201
Other interest
107,816
-
Total finance costs
451,653
213,007
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
-
0
23,452
Adjustments in respect of prior periods
(23,316)
(132,109)
Total current tax
(23,316)
(108,657)
Deferred tax
Origination and reversal of timing differences
(736,158)
248
Changes in tax rates
-
0
66,186
Adjustment in respect of prior periods
879
-
0
Total deferred tax
(735,279)
66,434
Total tax credit
(758,595)
(42,223)
THF HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
10
Taxation
(Continued)
- 29 -

The actual credit for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
(Loss)/profit before taxation
(4,561,531)
79,207
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
(1,072,872)
15,049
Tax effect of expenses that are not deductible in determining taxable profit
312,451
138,813
Tax effect of utilisation of tax losses not previously recognised
11,924
-
0
Adjustments in respect of prior years
(28,866)
(172,733)
Effect of change in corporation tax rate
(4,293)
-
Permanent capital allowances in excess of depreciation
29,588
(37,369)
Deferred tax adjustments in respect of prior years
(8,289)
(20,657)
Effect of different UK tax rates on some earnings
-
0
34,674
Other tax adjustments reliefs and transfers
1,762
-
0
Taxation credit
(758,595)
(42,223)
11
Impairments

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

2023
2022
Notes
£
£
In respect of:
Goodwill
12
935,580
-
Recognised in:
Administrative expenses
935,580
-

The impairment losses in respect of financial assets are recognised in other gains and losses in the income statement.

THF HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 30 -
12
Intangible fixed assets
Group
Goodwill
Software
Contractual customer relationships
Total
£
£
£
£
Cost
At 1 January 2023
2,320,567
209,006
80,000
2,609,573
Additions
-
0
59,969
-
0
59,969
At 31 December 2023
2,320,567
268,975
80,000
2,669,542
Amortisation and impairment
At 1 January 2023
803,035
78,606
26,667
908,308
Amortisation charged for the year
581,952
53,919
27,704
663,575
Impairment losses
935,580
-
0
-
0
935,580
At 31 December 2023
2,320,567
132,525
54,371
2,507,463
Carrying amount
At 31 December 2023
-
0
136,450
25,629
162,079
At 31 December 2022
1,517,532
130,400
53,333
1,701,265
Company
Goodwill
Contractual customer relationships
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
245,577
80,000
325,577
Amortisation and impairment
At 1 January 2023
245,577
26,667
272,244
Amortisation charged for the year
-
0
26,667
26,667
At 31 December 2023
245,577
53,334
298,911
Carrying amount
At 31 December 2023
-
0
26,666
26,666
At 31 December 2022
-
0
53,333
53,333

More information on impairment movements in the year is given in note 11.

THF HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 31 -
13
Tangible fixed assets
Group
Freehold land and buildings
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Equipment
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 January 2023
1,012,823
4,813,994
3,278,136
946,769
500,591
400,676
10,952,989
Additions
4,500
46,590
1,270,364
169,382
7,111
-
0
1,497,947
Disposals
-
0
(2,252)
(25,337)
(506)
(1,019)
-
0
(29,114)
Transfers
(678,344)
-
0
-
0
-
0
-
0
-
0
(678,344)
At 31 December 2023
338,979
4,858,332
4,523,163
1,115,645
506,683
400,676
11,743,478
Depreciation and impairment
At 1 January 2023
13,238
557,454
1,292,681
501,689
203,056
171,122
2,739,240
Depreciation charged in the year
8,652
108,928
370,155
126,153
72,800
61,954
748,642
Eliminated in respect of disposals
-
0
(319)
(15,331)
-
0
-
0
-
0
(15,650)
At 31 December 2023
21,890
666,063
1,647,505
627,842
275,856
233,076
3,472,232
Carrying amount
At 31 December 2023
317,089
4,192,269
2,875,658
487,803
230,827
167,600
8,271,246
At 31 December 2022
999,585
4,256,540
1,985,455
445,080
297,535
229,554
8,213,749
THF HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 32 -
Company
Leasehold land and buildings
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 January 2023
3,899,351
23,428
79,751
4,002,530
Additions
-
0
2,368
2,273
4,641
At 31 December 2023
3,899,351
25,796
82,024
4,007,171
Depreciation and impairment
At 1 January 2023
301,008
7,339
19,838
328,185
Depreciation charged in the year
77,976
4,614
15,030
97,620
At 31 December 2023
378,984
11,953
34,868
425,805
Carrying amount
At 31 December 2023
3,520,367
13,843
47,156
3,581,366
At 31 December 2022
3,598,343
16,089
59,913
3,674,345

The carrying value of land and buildings comprises:

Group
Company
2023
2022
2023
2022
£
£
£
£
Long leasehold
639,675
651,042
-
0
-
0

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2023
2022
2023
2022
£
£
£
£
Plant and equipment
867,177
1,159,398
-
0
-
0
Fixtures and fittings
68,595
179,942
-
0
-
0
Motor vehicles
104,422
139,246
-
0
-
0
1,040,194
1,478,586
-
-
14
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
2,445,210
4,101,587
THF HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
14
Fixed asset investments
(Continued)
- 33 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023 and 31 December 2023
4,101,587
Impairment
At 1 January 2023
-
Impairment losses
1,656,377
At 31 December 2023
1,656,377
Carrying amount
At 31 December 2023
2,445,210
At 31 December 2022
4,101,587
15
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Contract Candles & Diffusers Ltd
1 Mcmillan Close, Saltwell Business Park, Low Fell, Gateshead, NE9 5BF
Ordinary
100.00
Lower Lodge Candles Limited
1 Mcmillan Close, Saltwell Business Park, Low Fell, Gateshead, NE9 5BF
Ordinary
100.00
Oakleaf Candles Limited
1 Mcmillan Close, Saltwell Business Park, Low Fell, Gateshead, NE9 5BF
Ordinary
100.00
Contract Candles Limited
1 Mcmillan Close, Saltwell Business Park, Low Fell, Gateshead, NE9 5BF
Ordinary
100.00
THF Homes Limited
1 Mcmillan Close, Saltwell Business Park, Low Fell, Gateshead, NE9 5BF
Ordinary
100.00
THF Glassware Limited
1 Mcmillan Close, Saltwell Business Park, Low Fell, Gateshead, NE9 5BF
Ordinary
100.00
THFS Digital Limited
1 Mcmillan Close, Saltwell Business Park, Low Fell, Gateshead, NE9 5BF
Ordinary
60.00
Functional Fitness South East Limited
1 Mcmillan Close, Saltwell Business Park, Low Fell, Gateshead, NE9 5BF
Ordinary
100.00
Colorlites Holdings Limited
1 Mcmillan Close, Saltwell Business Park, Low Fell, Gateshead, NE9 5BF
Ordinary
100.00
Colorlites Limited
1 Mcmillan Close, Saltwell Business Park, Low Fell, Gateshead, NE9 5BF
Ordinary
100.00
JFD (Midhurst) Limited
1 Mcmillan Close, Saltwell Business Park, Low Fell, Gateshead, NE9 5BF
Ordinary
100.00
Coloured Bottles Limited
1 Mcmillan Close, Saltwell Business Park, Low Fell, Gateshead, NE9 5BF
Ordinary
100.00
THF HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
15
Subsidiaries
(Continued)
- 34 -

For the year ending 31 December 2023 the following subsidiaries were entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies:

Function Fitness South East Limited (company registered number 13257817)

THF Homes Limited (company registered number 13137765)

THF Digital Limited (company registered number 13553184)

THF Glassware Limited (company registered number 13439289)

For the year ending 31 December 2023 the following subsidiaries were entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies:

Oakleaf Candles Limited (company registered number 04597481)

Contract Candles Limited (company registered number 03077491)

Coloured Bottles Limited (company registered number 11365981)

16
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Raw materials and consumables
4,770,727
8,270,664
-
-
Work in progress
703,954
-
-
-
5,474,681
8,270,664
-
-
17
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
5,225,756
9,956,315
5,400
-
0
Corporation tax recoverable
-
0
78,683
-
0
122,034
Amounts owed by group undertakings
-
-
1,613,458
1,134,411
Other debtors
104,684
159,346
68,607
104,016
Prepayments and accrued income
338,920
660,518
21,817
30,688
5,669,360
10,854,862
1,709,282
1,391,149
Deferred tax asset (note 22)
50,235
-
0
52,954
-
0
5,719,595
10,854,862
1,762,236
1,391,149
Amounts falling due after more than one year:
Other debtors
34,256
34,526
-
0
-
0
Total debtors
5,753,851
10,889,388
1,762,236
1,391,149
THF HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 35 -
18
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
20
5,084,074
2,067,357
2,663,728
713,170
Obligations under finance leases
21
563,069
261,571
-
0
-
0
Other borrowings
20
4,420,681
8,923,963
-
0
-
0
Trade creditors
2,440,185
3,582,670
17,010
140,495
Amounts owed to group undertakings
-
0
-
0
2,777,514
772,292
Corporation tax payable
8,467
-
0
-
0
-
0
Other taxation and social security
1,655,564
2,154,779
287,498
93,332
Other creditors
314,348
652,589
42,247
625,648
Accruals and deferred income
1,157,374
527,374
21,482
46,799
15,643,762
18,170,303
5,809,479
2,391,736
19
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
20
291,091
2,991,853
-
0
2,649,156
Obligations under finance leases
21
1,227,703
925,950
-
0
-
0
1,518,794
3,917,803
-
2,649,156
20
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
5,375,165
3,778,200
2,663,728
3,362,326
Bank overdrafts
-
0
1,281,010
-
0
-
0
Other loans
4,420,681
8,923,963
-
0
-
0
9,795,846
13,983,173
2,663,728
3,362,326
Payable within one year
9,504,755
10,991,320
2,663,728
713,170
Payable after one year
291,091
2,991,853
-
0
2,649,156
THF HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
20
Loans and overdrafts
(Continued)
- 36 -

Company

The HSBC coronavirus business interruption loan is denominated in sterling with a nominal interest rate of 3.99% over the Bank of England base rate, and the final instalment is due on 1 December 2026. The carrying amount at year end is £773,333 (2022 - £1,093,333).

The HSBC flexible business loan is denominated in sterling with a nominal interest rate of 2% over the Bank of England base rate, and the final instalment is due on 7 February 2029. The carrying amount at year end is £1,357,878 (2022 - £1,570,834).

HSBC Business loan is denominated in sterling with a nominal interest rate of 4% over the Bank of England base rate, and the final instalment is due on 31 May 2026. The carrying amount at year end is £532,517 (2022 - £698,159).

Due to a breach of bank covenants within THF Holdings Ltd, long term loan balances totalling £1,901,257 have been reclassified as due within one year in the financial statements. HSBC have confirmed that no action is to be taken in respect of the breaches at this point, but they have not provided any formal waiver of the breaches.

Group

HSBC Bounceback loan is denominated in sterling with a nominal interest rate of 2.5%, and the final instalment is due on 14 February 2027. The carrying amount at year end is £31,565 (2022 - £41,292).

HSBC Mortgage is denominated in Sterling with a nominal interest rate of 4.9%, and the final instalment is due on 31 December 2042. The carrying amount at year end is £229,465 (2022 - £224,965).

HSBC Bounceback is denominated in Sterling with a nominal interest rate of 2.5%, and the final instalment is due on 31 January 2024. The carrying amount at year end is £31,566 (2022 - £41,293).

HSBC term loan is denominated in Sterling with a nominal interest rate of 2.4%, and the final instalment is due on 31 May 2025. The carrying amount at year end is £53,306 (2022 - £85,811).

HSBC Import Facility loan is denominated in Sterling with a nominal interest rate of 10.45%. The carrying amount at year end is £2,365,635 (2022 - £Nil).

Security

The loans are secured by a debenture including a fixed charge over all present freehold and leasehold property; first fixed charge over book and other debts, chattels, goodwill and uncalled capital, both present and future; and first floating charge over all assets and undertaking both present and future dated 21 January 2015.

The invoice financing creditor totalling £4,420,681 (2022 - £8,923,963) is secured by a debenture including a fixed charge over all property, a first fixed charge and a first floating charge over all assets dated 13/07/2005.

THF HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 37 -
21
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
563,069
261,571
-
0
-
0
In two to five years
1,227,703
925,950
-
0
-
0
1,790,772
1,187,521
-
-

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

22
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Group
£
£
£
£
Accelerated capital allowances
-
752,343
(978,385)
-
Tax losses
-
(59,863)
1,023,915
-
Retirement benefit obligations
-
(8,258)
-
-
Short term timing differences
-
-
4,705
-
-
684,222
50,235
-
Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Company
£
£
£
£
Accelerated capital allowances
-
64,327
(63,181)
-
Tax losses
-
-
114,783
-
Retirement benefit obligations
-
(932)
-
-
Short term timing differences
-
-
1,352
-
-
63,395
52,954
-
THF HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
22
Deferred taxation
(Continued)
- 38 -
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 January 2023
684,222
63,395
Credit to profit or loss
(734,457)
(116,349)
Asset at 31 December 2023
(50,235)
(52,954)
23
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
230,210
230,795

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

24
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
30,800
30,800
308
308
25
Reserves
Merger reserve

This reserve records the amount above the nominal value received for shares sold by way of a share-for-share exchange as part of a group re-organisation to make the company the parent of the THF Holdings Ltd group.

Revaluation reserve

This reserve records the value of asset revaluations and fair value movement on assets recognised in other comprehensive income.

Equity reserve

This reserve records retained earnings and accumulated losses.

THF HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 39 -
26
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
906,439
864,319
24,384
24,384
Between two and five years
1,062,440
1,549,843
6,984
31,332
In over five years
103,431
315,919
-
-
2,072,310
2,730,081
31,368
55,716
28
Directors' transactions
Description
% Rate
Opening balance
Amounts repaid
Closing balance
£
£
£
F L Hamilton-Fox - Directors loan
-
(44,673)
(2,543)
(47,216)
A Thompson - Directors loan
-
355,543
(326,816)
28,727
310,870
(329,359)
(18,489)
29
Controlling party

The ultimate controlling party is Mr A Thompson and Mrs A L Thompson.

THF HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 40 -
30
Cash generated from/(absorbed by) group operations
2023
2022
£
£
(Loss)/profit for the year after tax
(3,802,936)
121,430
Adjustments for:
Share of results of associates and joint ventures
-
(60,896)
Taxation credited
(758,595)
(42,223)
Finance costs
451,653
213,007
Investment income
-
0
(44)
Loss on disposal of tangible fixed assets
3,936
-
Amortisation and impairment of intangible assets
1,599,155
291,659
Depreciation and impairment of tangible fixed assets
748,642
570,214
Movements in working capital:
Decrease in stocks
2,795,983
210,495
Decrease in debtors
5,009,061
857,174
Decrease in creditors
(1,349,940)
(2,233,423)
Cash generated from/(absorbed by) operations
4,696,959
(72,607)
31
Analysis of changes in net debt - group
1 January 2023
Cash flows
New finance leases
31 December 2023
£
£
£
£
Cash at bank and in hand
216,901
501
-
217,402
Bank overdrafts
(1,281,010)
1,281,010
-
-
0
(1,064,109)
1,281,511
-
217,402
Borrowings excluding overdrafts
(12,702,163)
2,906,317
-
(9,795,846)
Obligations under finance leases
(1,187,521)
400,402
(1,003,653)
(1,790,772)
(14,953,793)
4,588,230
(1,003,653)
(11,369,216)
2023-12-312023-01-01falsefalseCCH SoftwareCCH Accounts Production 2024.310F L Hamilton-FoxA ThompsonA L ThompsonL E GrayR GrievesonM D ProudfootM D ProudfootS 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