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REGISTERED NUMBER: 00262456 (England and Wales)
























UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

FOR

THORNES INDEPENDENT LIMITED

THORNES INDEPENDENT LIMITED (REGISTERED NUMBER: 00262456)

CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 30 September 2024










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


THORNES INDEPENDENT LIMITED

COMPANY INFORMATION
For The Year Ended 30 September 2024







DIRECTORS: Mrs C Thornes
Miss L J Thornes
Mr P Thornes





SECRETARY: Mrs C Thornes





REGISTERED OFFICE: Coach Station
Hull Road
Hemingbrough
Selby
North Yorkshire
YO8 6QG





REGISTERED NUMBER: 00262456 (England and Wales)





ACCOUNTANTS: Fortus Limited
Business Advisors & Accountants
Equinox House
Clifton Park, Shipton Road
York
YO30 5PA

THORNES INDEPENDENT LIMITED (REGISTERED NUMBER: 00262456)

STATEMENT OF FINANCIAL POSITION
30 September 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,023,293 603,681
Investments 5 150 150
1,023,443 603,831

CURRENT ASSETS
Stocks 6 5,055 5,055
Debtors 7 454,277 448,929
Cash at bank and in hand 41,510 73,600
500,842 527,584
CREDITORS
Amounts falling due within one year 8 182,079 143,231
NET CURRENT ASSETS 318,763 384,353
TOTAL ASSETS LESS CURRENT LIABILITIES 1,342,206 988,184

CREDITORS
Amounts falling due after more than
one year

9

(414,319

)

(98,461

)

PROVISIONS FOR LIABILITIES (159,474 ) (146,701 )
NET ASSETS 768,413 743,022

CAPITAL AND RESERVES
Called up share capital 1,650 1,650
Retained earnings 766,763 741,372
768,413 743,022

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2024 in accordance with Section 476 of the Companies Act 2006.

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

THORNES INDEPENDENT LIMITED (REGISTERED NUMBER: 00262456)

STATEMENT OF FINANCIAL POSITION - continued
30 September 2024


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 June 2025 and were signed on its behalf by:




Mr P Thornes - Director Miss L J Thornes - Director




Mrs C Thornes - Director


THORNES INDEPENDENT LIMITED (REGISTERED NUMBER: 00262456)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 30 September 2024


1. STATUTORY INFORMATION

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

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" including the provisions of Section 1A "Small Entities" 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.

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:

Plant and
machinery

- 20% reducing balance
Fixtures and fittings- Over 3 years straight line
Vehicles- See below

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.

The following vehicles and their depreciation rates are included within vehicles

Coaches- Over 10-15 years straight line (after allowing for the residual value)
Vintage- Over 30 years straight line (after allowing for the residual value)
Buses- Over 15 years straight line (after allowing for the residual value)
Motor cars and
vans

- Over 10 years straight line

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

THORNES INDEPENDENT LIMITED (REGISTERED NUMBER: 00262456)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 30 September 2024


2. ACCOUNTING POLICIES - continued

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 recognized in the company's statement of financial position 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 recognized amounts and there is an intention to settle on a net basis or to readies the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

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 company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors bank loans that are recognized 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 amortized.

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 recognized at transaction price.

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

Current or deferred taxation assets and liabilities are not discounted.

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

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

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

THORNES INDEPENDENT LIMITED (REGISTERED NUMBER: 00262456)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 30 September 2024


2. ACCOUNTING POLICIES - continued

Foreign currencies
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

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

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

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.

Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

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

Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors therefore continue to adopt the going concern basis of accounting in preparing the financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2023 - 10 ) .

THORNES INDEPENDENT LIMITED (REGISTERED NUMBER: 00262456)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 30 September 2024


4. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 October 2023 100,411 1,933,845 36,290 2,070,546
Additions 1,600 504,814 - 506,414
Disposals (15,631 ) (271,515 ) - (287,146 )
At 30 September 2024 86,380 2,167,144 36,290 2,289,814
DEPRECIATION
At 1 October 2023 83,197 1,347,378 36,290 1,466,865
Charge for year 3,585 74,860 - 78,445
Eliminated on disposal (15,274 ) (263,515 ) - (278,789 )
At 30 September 2024 71,508 1,158,723 36,290 1,266,521
NET BOOK VALUE
At 30 September 2024 14,872 1,008,421 - 1,023,293
At 30 September 2023 17,214 586,467 - 603,681

5. FIXED ASSET INVESTMENTS

2024 2023
£    £   

Shares in group undertakings and participating interests 150 150


The company owns 100% of the share capital of Independent Coachways Limited.

6. STOCKS
2024 2023
£    £   
Stocks 5,055 5,055

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 25,281 23,453
Amounts owed by group undertakings 398,604 396,725
Other debtors 30,392 28,751
454,277 448,929

THORNES INDEPENDENT LIMITED (REGISTERED NUMBER: 00262456)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 30 September 2024


8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts (see note 10) 85,625 25,731
Trade creditors 27,523 33,590
Taxation and social security 4,205 11,425
Other creditors 54,726 62,485
182,079 143,231

Obligations outstanding under Hire Purchase agreements are secured on the assets to which they relate.

Included within other creditors is £520 (2023: £836) relating to unpaid pension contributions

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 7,500 17,500
Hire purchase contracts (see note 10) 406,819 80,961
414,319 98,461

Obligations outstanding under Hire Purchase agreements are secured on the assets to which they relate.

During the year ended 30 September 2020 the company obtained finance through the government's Bounce-back Loan Scheme. The scheme provide a government-backed guarantee and therefore none of the company's assets are held as security by the provider of the loan.

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 85,625 25,731
Between one and five years 406,819 80,961
492,444 106,692

Non-cancellable operating leases
2024 2023
£    £   
Within one year - 3,510

THORNES INDEPENDENT LIMITED (REGISTERED NUMBER: 00262456)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 30 September 2024


11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 September 2024 and 30 September 2023:

2024 2023
£    £   
Mr P Thornes
Balance outstanding at start of year (2,789 ) (6,389 )
Amounts advanced 6,350 3,600
Amounts repaid (9,500 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (5,939 ) (2,789 )

Mrs C Thornes
Balance outstanding at start of year (45,566 ) (54,385 )
Amounts advanced 6,767 8,839
Amounts repaid (23 ) (20 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (38,822 ) (45,566 )

Miss L J Thornes
Balance outstanding at start of year (8,294 ) (12,367 )
Amounts advanced 4,772 4,075
Amounts repaid (16 ) (2 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (3,538 ) (8,294 )