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REGISTERED NUMBER: 13939055 (England and Wales)















GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST OCTOBER 2024

FOR

THOROGOOD NEWCO LIMITED

THOROGOOD NEWCO LIMITED (REGISTERED NUMBER: 13939055)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST OCTOBER 2024










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Consolidated Statement of Comprehensive
Income

8

Consolidated Balance Sheet 9

Company Balance Sheet 10

Consolidated Statement of Changes in Equity 11

Company Statement of Changes in Equity 12

Consolidated Cash Flow Statement 13

Notes to the Consolidated Cash Flow Statement 14

Notes to the Consolidated Financial Statements 15


THOROGOOD NEWCO LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST OCTOBER 2024







DIRECTORS: A J Thorogood
W J Thorogood





REGISTERED OFFICE: Whitwell House, Hammonds Road
Little Baddow
Chelmsford
Essex
CM3 4BQ





REGISTERED NUMBER: 13939055 (England and Wales)





AUDITORS: Clemence Hoar Cummings
Chartered Accountants and Statutory Auditor
Riverside House
1-5 Como Street
Romford
Essex
RM7 7DN

THOROGOOD NEWCO LIMITED (REGISTERED NUMBER: 13939055)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31ST OCTOBER 2024


The directors present their strategic report of the company and the group for the year ended 31st October 2024.

REVIEW OF BUSINESS
We have faced a challenging trading environment during the year, influenced by external economic pressures, market volatility, and increased competition. This was exacerbated by the decision of a few national chains by centralising their purchasing for the entire country with the resultant loss of these accounts. These factors have impacted profitability and growth prospects, prompting the need for strategic adjustments which have been made. We have focused on consolidating our existing business, aiming to strengthen its position by broadening its product and service offerings to current customers which we hope will also be attractive to new customers. This approach is designed to deepen customer relationships, enhance customer loyalty, and drive revenue growth through cross-selling and upselling initiatives.

During the year the group made an operating profit of £642,137 before tax (2023: £1,016,884)
The directors are confident that the company will continue to be profitable for the year ended 31 October 2025.

PRINCIPAL RISKS AND UNCERTAINTIES
The group has an active risk management process in place designed to identify, manage and mitigate business risks. Relevant reporting of these risks and monitoring of actions and controls is conducted by the relevant business function.

The group's business is direct;y impacted by the external environment, regulations and competitive marketplace in which it operates.

ON BEHALF OF THE BOARD:





A J Thorogood - Director


9th February 2025

THOROGOOD NEWCO LIMITED (REGISTERED NUMBER: 13939055)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31ST OCTOBER 2024


The directors present their report with the financial statements of the company and the group for the year ended 31st October 2024.

DIVIDENDS
No dividends will be distributed for the year ended 31st October 2024.

DIRECTORS
A J Thorogood has held office during the whole of the period from 1st November 2023 to the date of this report.

Other changes in directors holding office are as follows:

W J Thorogood - appointed 24th February 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Clemence Hoar Cummings, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





A J Thorogood - Director


9th February 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
THOROGOOD NEWCO LIMITED


Opinion
We have audited the financial statements of Thorogood NewCo Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31st October 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of 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:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31st October 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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.

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 the 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 directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
THOROGOOD NEWCO LIMITED


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 its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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 group's and 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
THOROGOOD NEWCO LIMITED


Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We have designed our work to ensure that laws and regulations have been adhered to, and the transactions undertaken by the company are properly reflected in the financial statements. We designed procedures which included, but were not limited to:
Agreeing financial statement disclosure to underlying supporting documentation.
Enquiring of management as to actual and potential liabilities.

We have obtained a detailed understanding of the Company's internal control systems and we have used the knowledge gained to identify any areas of risk of mis-statement or fraud. To address the risk of fraud through management bias and override of controls, we tested journal entries to identify unusual transactions. Making enquiries to management as to where it could be considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud.

We have then designed our audit tests in each area to identify whether in respect of the transactions we have selected for testing the relevant controls have operated as expected. We plan our work specifically to identify any areas where there is a susceptibility to mis-statement or fraud such as understatement of income and then design tests to mitigate this risk. Our work includes a review of the income recognition process to confirm that sales are recorded correctly. We have evaluated the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

We have concluded on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion.

Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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 is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
THOROGOOD NEWCO LIMITED


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 a Report of the Auditors 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.




David Belbin BSc BFP FCA DChA (Senior Statutory Auditor)
for and on behalf of Clemence Hoar Cummings
Chartered Accountants and Statutory Auditor
Riverside House
1-5 Como Street
Romford
Essex
RM7 7DN

9th February 2025

THOROGOOD NEWCO LIMITED (REGISTERED NUMBER: 13939055)

CONSOLIDATED
STATEMENT OF COMPREHENSIVE
INCOME
FOR THE YEAR ENDED 31ST OCTOBER 2024

2024 2023
Notes £    £   

TURNOVER 13,385,659 14,885,355

Cost of sales 8,324,682 9,257,771
GROSS PROFIT 5,060,977 5,627,584

Administrative expenses 4,418,840 4,610,700
OPERATING PROFIT and
PROFIT BEFORE TAXATION 642,137 1,016,884

Tax on profit 5 146,284 342,777
PROFIT FOR THE FINANCIAL YEAR 495,853 674,107

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

495,853

674,107

Profit attributable to:
Owners of the parent 495,853 674,107

Total comprehensive income attributable to:
Owners of the parent 495,853 674,107

THOROGOOD NEWCO LIMITED (REGISTERED NUMBER: 13939055)

CONSOLIDATED BALANCE SHEET
31ST OCTOBER 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 7 - -
Tangible assets 8 1,193,383 1,169,578
Investments 9 - -
1,193,383 1,169,578

CURRENT ASSETS
Stocks 10 163,384 112,065
Debtors 11 1,608,242 1,840,379
Cash at bank and in hand 1,744,505 1,494,140
3,516,131 3,446,584
CREDITORS
Amounts falling due within one year 12 1,788,199 1,904,103
NET CURRENT ASSETS 1,727,932 1,542,481
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,921,315

2,712,059

CREDITORS
Amounts falling due after more than
one year

13

(82,371

)

(374,919

)

PROVISIONS FOR LIABILITIES 15 (299,185 ) (293,234 )
NET ASSETS 2,539,759 2,043,906

CAPITAL AND RESERVES
Called up share capital 16 70 70
Retained earnings 17 2,539,689 2,043,836
SHAREHOLDERS' FUNDS 18 2,539,759 2,043,906

The financial statements were approved by the Board of Directors and authorised for issue on 9th February 2025 and were signed on its behalf by:





A J Thorogood - Director


THOROGOOD NEWCO LIMITED (REGISTERED NUMBER: 13939055)

COMPANY BALANCE SHEET
31ST OCTOBER 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 7 - -
Tangible assets 8 - -
Investments 9 1,250,000 1,250,000
1,250,000 1,250,000
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,250,000

1,250,000

CAPITAL AND RESERVES
Called up share capital 16 70 70
Retained earnings 17 1,249,930 1,249,930
SHAREHOLDERS' FUNDS 18 1,250,000 1,250,000

Company's profit for the financial year - -

The financial statements were approved by the Board of Directors and authorised for issue on 9th February 2025 and were signed on its behalf by:





A J Thorogood - Director


THOROGOOD NEWCO LIMITED (REGISTERED NUMBER: 13939055)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31ST OCTOBER 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1st November 2022 70 1,369,729 1,369,799

Changes in equity
Total comprehensive income - 674,107 674,107
Balance at 31st October 2023 70 2,043,836 2,043,906

Changes in equity
Total comprehensive income - 495,853 495,853
Balance at 31st October 2024 70 2,539,689 2,539,759

THOROGOOD NEWCO LIMITED (REGISTERED NUMBER: 13939055)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31ST OCTOBER 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1st November 2022 70 1,249,930 1,250,000

Changes in equity
Balance at 31st October 2023 70 1,249,930 1,250,000

Changes in equity
Balance at 31st October 2024 70 1,249,930 1,250,000

THOROGOOD NEWCO LIMITED (REGISTERED NUMBER: 13939055)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST OCTOBER 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 521,061 851,332
Tax paid (95,855 ) (45,087 )
Net cash from operating activities 425,206 806,245

Cash flows from investing activities
Purchase of tangible fixed assets (275,594 ) (69,104 )
Sale of tangible fixed assets 27,001 272,653
Net cash from investing activities (248,593 ) 203,549

Cash flows from financing activities
Increase in hire purchase liability 73,752 (75,379 )
Net cash from financing activities 73,752 (75,379 )

Increase in cash and cash equivalents 250,365 934,415
Cash and cash equivalents at
beginning of year

2

1,494,140

559,725

Cash and cash equivalents at end
of year

2

1,744,505

1,494,140

THOROGOOD NEWCO LIMITED (REGISTERED NUMBER: 13939055)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST OCTOBER 2024


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£    £   
Profit before taxation 642,137 1,016,884
Depreciation charges 217,910 196,821
Loss on disposal of fixed assets 6,878 10,226
866,925 1,223,931
Increase in stocks (51,319 ) (3,269 )
(Increase)/decrease in trade and other debtors (142,782 ) 505,192
Decrease in trade and other creditors (151,763 ) (874,522 )
Cash generated from operations 521,061 851,332

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31st October 2024
31.10.24 1.11.23
£    £   
Cash and cash equivalents 1,744,505 1,494,140
Year ended 31st October 2023
31.10.23 1.11.22
£    £   
Cash and cash equivalents 1,494,140 559,725


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.11.23 Cash flow At 31.10.24
£    £    £   
Net cash
Cash at bank and in hand 1,494,140 250,365 1,744,505
1,494,140 250,365 1,744,505
Debt
Finance leases (93,137 ) (73,752 ) (166,889 )
(93,137 ) (73,752 ) (166,889 )
Total 1,401,003 176,613 1,577,616

THOROGOOD NEWCO LIMITED (REGISTERED NUMBER: 13939055)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST OCTOBER 2024


1. STATUTORY INFORMATION

Thorogood NewCo 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 General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2022, is being amortised evenly over its estimated useful life of one years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Motor vehicles - 25% on reducing balance, 16.67% on reducing balance and 16.67% on cost

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, 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 balance sheet date.

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

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

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

THOROGOOD NEWCO LIMITED (REGISTERED NUMBER: 13939055)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST OCTOBER 2024


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

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

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 2,417,905 2,765,986
Social security costs 251,908 282,460
Other pension costs 41,830 46,623
2,711,643 3,095,069

The average number of employees during the year was as follows:
2024 2023

Employees 51 57

2024 2023
£    £   
Directors' remuneration - -

4. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Other operating leases 338,991 261,803
Depreciation - owned assets 187,418 196,821
Depreciation - assets on hire purchase contracts 30,492 -
Loss on disposal of fixed assets 6,878 10,226
Auditors remuneration 14,200 12,000

THOROGOOD NEWCO LIMITED (REGISTERED NUMBER: 13939055)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST OCTOBER 2024


5. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 157,897 49,543

Deferred taxation (11,613 ) 293,234
Tax on profit 146,284 342,777

UK corporation tax has been charged at 25 % (2023 - 55.52 %).

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 642,137 1,016,884
Profit multiplied by the standard rate of corporation tax in the UK
of 25 % (2023 - 22.518 %)

160,534

228,982

Effects of:
Expenses not deductible for tax purposes 3,492 4,017
Capital allowances in excess of depreciation (6,130 ) -
Depreciation in excess of capital allowances - 31,455
Utilisation of tax losses - (151,035 )
Adjustments to tax charge in respect of previous periods (17,563 ) (63,876 )
Deferred tax 5,951 293,234
Total tax charge 146,284 342,777

6. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


7. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1st November 2023
and 31st October 2024 (67,290 )
AMORTISATION
At 1st November 2023
and 31st October 2024 (67,290 )
NET BOOK VALUE
At 31st October 2024 -
At 31st October 2023 -

THOROGOOD NEWCO LIMITED (REGISTERED NUMBER: 13939055)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST OCTOBER 2024


8. TANGIBLE FIXED ASSETS

Group
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1st November 2023 942,761 517,003 1,459,764
Additions 56,492 219,102 275,594
Disposals - (85,899 ) (85,899 )
At 31st October 2024 999,253 650,206 1,649,459
DEPRECIATION
At 1st November 2023 148,533 141,653 290,186
Charge for year 97,746 120,164 217,910
Eliminated on disposal - (52,020 ) (52,020 )
At 31st October 2024 246,279 209,797 456,076
NET BOOK VALUE
At 31st October 2024 752,974 440,409 1,193,383
At 31st October 2023 794,228 375,350 1,169,578

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
Additions 219,102
At 31st October 2024 219,102
DEPRECIATION
Charge for year 30,492
At 31st October 2024 30,492
NET BOOK VALUE
At 31st October 2024 188,610

9. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1st November 2023
and 31st October 2024 1,250,000
NET BOOK VALUE
At 31st October 2024 1,250,000
At 31st October 2023 1,250,000


THOROGOOD NEWCO LIMITED (REGISTERED NUMBER: 13939055)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST OCTOBER 2024


10. STOCKS

Group
2024 2023
£    £   
Stocks 163,384 112,065

11. DEBTORS

Group
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 1,430,118 1,251,265
Amounts owed by participating interests - 374,919
Other debtors 36,250 (337,712 )
VAT 65,469 73,580
Prepayments and accrued income 76,405 103,408
1,608,242 1,465,460

Amounts falling due after more than one year:
Other debtors - 374,919

Aggregate amounts 1,608,242 1,840,379

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
2024 2023
£    £   
Hire purchase contracts (see note 14) 84,518 93,137
Trade creditors 756,964 749,258
Taxation 157,896 113,418
Social security and other taxes 54,580 70,783
Other creditors 82,435 217,731
Accrued expenses 651,806 659,776
1,788,199 1,904,103

Included in Accrued expenses is £356,761 due to S Thorogood & Sons (Covent Garden) Limited, a company under common control (2023: £200,100).

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group
2024 2023
£    £   
Hire purchase contracts (see note 14) 82,371 -
Amounts owed to group undertakings - 374,919
82,371 374,919

THOROGOOD NEWCO LIMITED (REGISTERED NUMBER: 13939055)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST OCTOBER 2024


14. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 84,518 93,137
Between one and five years 82,371 -
166,889 93,137

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year 41,746 100,191
Between one and five years - 41,746
41,746 141,937

15. PROVISIONS FOR LIABILITIES

Group
2024 2023
£    £   
Deferred taxation 299,185 293,234

Group
Deferred
tax
£   
Balance at 1st November 2023 293,234
Provided during year 5,951
Balance at 31st October 2024 299,185

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
7,000 Ordinary 0.01 70 70

THOROGOOD NEWCO LIMITED (REGISTERED NUMBER: 13939055)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST OCTOBER 2024


17. RESERVES

Group
Retained
earnings
£   

At 1st November 2023 2,043,836
Profit for the year 495,853
At 31st October 2024 2,539,689

Company
Retained
earnings
£   

At 1st November 2023 1,249,930
Profit for the year -
At 31st October 2024 1,249,930


18. RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS

Group
2024 2023
£    £   
Profit for the financial year 495,853 674,107
Net addition to shareholders' funds 495,853 674,107
Opening shareholders' funds 2,043,906 1,369,799
Closing shareholders' funds 2,539,759 2,043,906


Company
2024 2023
£    £   
Profit for the financial year - -
Opening shareholders' funds 1,250,000 1,250,000
Closing shareholders' funds 1,250,000 1,250,000