Company registration number 04289311 (England and Wales)
THORNSTAR INVESTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
THORNSTAR INVESTMENTS LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
THORNSTAR INVESTMENTS LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF THORNSTAR INVESTMENTS LIMITED FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Thornstar Investments Limited for the year ended 30 September 2024 set out on pages 2 to 8 from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Thornstar Investments Limited, as a body, in accordance with the terms of our engagement letter dated 30 March 2020. Our work has been undertaken solely to prepare for your approval the financial statements of Thornstar Investments Limited and state those matters that we have agreed to state to the board of directors of Thornstar Investments Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Thornstar Investments Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Thornstar Investments Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Thornstar Investments Limited. You consider that Thornstar Investments Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Thornstar Investments Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Spencer Gardner Dickins Limited
9 June 2025
Chartered Accountants
3 Coventry Innovation Village
Cheetah Road
Coventry
CV1 2TL
THORNSTAR INVESTMENTS LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
4,685
5,512
Investment properties
4
400,000
400,000
404,685
405,512
Current assets
Debtors
5
1,623
3,570
Cash at bank and in hand
7,500
10,341
9,123
13,911
Creditors: amounts falling due within one year
6
(281,606)
(286,308)
Net current liabilities
(272,483)
(272,397)
Total assets less current liabilities
132,202
133,115
Provisions for liabilities
(845)
(1,026)
Net assets
131,357
132,089
Capital and reserves
Called up share capital
7
2
2
Non-distributable profits reserve
8
116,261
116,261
Distributable profit and loss reserves
15,094
15,826
Total equity
131,357
132,089
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
THORNSTAR INVESTMENTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2024
30 September 2024
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 9 June 2025
A Irwin
Director
Company Registration No. 04289311
THORNSTAR INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
1
Accounting policies
Company information
Thornstar Investments Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3 Coventry Innovation Village, Cheetah Road, Coventry, CV1 2TL.
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 statement have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set below.
1.2
Going concern
The director has confirmed that he will continue to support the company for the foreseeable future, by providing it with sufficient working capital as and when required to enable the company to meet its ongoing liabilities as they fall due. The main creditor is the director and he has confirmed he will not demand repayment of this loan until the financial circumstances of the company permitstrue.
1.3
Turnover
Turnover is recognised as the amount receivable in respect of rent.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings and equipment
15% reducing balance
Computer equipment
15% 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 credited or charged to profit or loss.
1.5
Investment property
Investment property, which is property held to earn rentals and for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
THORNSTAR INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible 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).
1.7
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with 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.
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.9
Equity instruments
Equity instruments issued by the company 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 company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
THORNSTAR INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 6 -
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 profit and loss account, 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 when the company has 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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 October 2023 and 30 September 2024
31,598
Depreciation and impairment
At 1 October 2023
26,086
Depreciation charged in the year
827
At 30 September 2024
26,913
Carrying amount
At 30 September 2024
4,685
At 30 September 2023
5,512
4
Investment property
2024
£
Fair value
At 1 October 2023 and 30 September 2024
400,000
THORNSTAR INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
4
Investment property
(Continued)
- 7 -
Investment property comprises two residential properties. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 3 January 2023 by Loveitts. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The director believes that the fair value of the property has not changed significantly since the valuation.
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2024
2023
£
£
Cost
283,739
283,739
Accumulated depreciation
-
-
Carrying amount
283,739
283,739
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
250
240
Prepayments and accrued income
1,373
3,330
1,623
3,570
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
200
3,292
Corporation tax
720
Other creditors
278,082
279,756
Accruals and deferred income
3,324
2,540
281,606
286,308
THORNSTAR INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 8 -
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
8
Non-distributable profits reserve
2024
2023
£
£
At the beginning and end of the year
116,261
116,261
9
Related party transactions
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts owed to related parties
£
£
Key management personnel
278,082
279,756
The amounts owed to key management personnel shown above relate to unsecured loans carrying no interest and are repayable on demand.
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