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REGISTERED NUMBER: 02318779 (England and Wales)















GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST OCTOBER 2024

FOR

S. THOROGOOD & SONS (COVENT GARDEN)
LIMITED

S. THOROGOOD & SONS (COVENT GARDEN)
LIMITED (REGISTERED NUMBER: 02318779)

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 Income Statement 8

Consolidated Other Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 16


S. THOROGOOD & SONS (COVENT GARDEN)
LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST OCTOBER 2024







DIRECTORS: A J Thorogood
T J Thorogood
W J Thorogood





SECRETARY: A J Thorogood





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





REGISTERED NUMBER: 02318779 (England and Wales)





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

S. THOROGOOD & SONS (COVENT GARDEN)
LIMITED (REGISTERED NUMBER: 02318779)

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
The group has faced a challenging trading environment during the year, influenced by external economic pressures, market volatility, and increased competition. Despite this the Group has traded well. We have focused on consolidating its existing business and will continue to do so, aiming to strengthen our position by broadening product and service offerings to current customers as well as new ones. This approach is designed to deepen customer relationships, enhance customer loyalty, and drive revenue growth through cross-selling and upselling initiatives. While consolidating the existing business remains the primary focus, the group is also exploring potential opportunities for both horizontal and vertical integration. Horizontal integration, through strategic partnerships or acquisitions, could offer access to new markets and customer segments, while vertical integration would provide greater control over the supply chain, reduce costs, and improve operational efficiencies. The group continues to assess these opportunities carefully, ensuring that any decisions align with long-term strategic goals and financial sustainability.

The group made an operating profit of £904,076 (2023: operating profit of £788,982).
The directors are confident that the fruit and vegetable wholesale business will continue to be profitable for the year ended 31 October 2025.

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

The company's business is directly impacted by the external environment, regulations and competitive marketplace in which it operates .

ON BEHALF OF THE BOARD:





A J Thorogood - Secretary


9th February 2025

S. THOROGOOD & SONS (COVENT GARDEN)
LIMITED (REGISTERED NUMBER: 02318779)

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
The total distribution of dividends for the year ended 31st October 2024 will be £ 41,833 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1st November 2023 to the date of this report.

A J Thorogood
T J Thorogood
W J Thorogood

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 - Secretary


9th February 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
S. THOROGOOD & SONS (COVENT GARDEN)
LIMITED


Opinion
We have audited the financial statements of S. Thorogood & Sons (Covent Garden) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31st October 2024 which comprise the Consolidated Income Statement, Consolidated Other 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
S. THOROGOOD & SONS (COVENT GARDEN)
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
S. THOROGOOD & SONS (COVENT GARDEN)
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
S. THOROGOOD & SONS (COVENT GARDEN)
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

S. THOROGOOD & SONS (COVENT GARDEN)
LIMITED (REGISTERED NUMBER: 02318779)

CONSOLIDATED
INCOME STATEMENT
FOR THE YEAR ENDED 31ST OCTOBER 2024

2024 2023
Notes £    £   

TURNOVER 26,118,565 25,165,030

Cost of sales 21,382,726 20,582,353
GROSS PROFIT 4,735,839 4,582,677

Administrative expenses 3,944,570 3,805,198
791,269 777,479

Other operating income 112,807 11,503
OPERATING PROFIT 4 904,076 788,982

Interest receivable and similar income 9,636 495
913,712 789,477

Interest payable and similar expenses 5 455 495
PROFIT BEFORE TAXATION 913,257 788,982

Tax on profit 6 291,813 214,230
PROFIT FOR THE FINANCIAL YEAR 621,444 574,752
Profit attributable to:
Owners of the parent 621,444 574,752

S. THOROGOOD & SONS (COVENT GARDEN)
LIMITED (REGISTERED NUMBER: 02318779)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31ST OCTOBER 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 621,444 574,752


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

621,444

574,752

Total comprehensive income attributable to:
Owners of the parent 621,444 574,752

S. THOROGOOD & SONS (COVENT GARDEN)
LIMITED (REGISTERED NUMBER: 02318779)

CONSOLIDATED BALANCE SHEET
31ST OCTOBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 399,685 599,527
Tangible assets 10 583,410 466,659
Investments 11 - -
983,095 1,066,186

CURRENT ASSETS
Stocks 12 128,312 134,198
Debtors 13 2,844,064 2,888,057
Investments 14 341,365 276,558
Cash at bank and in hand 2,757,953 2,193,079
6,071,694 5,491,892
CREDITORS
Amounts falling due within one year 15 2,974,656 3,114,354
NET CURRENT ASSETS 3,097,038 2,377,538
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,080,133

3,443,724

PROVISIONS FOR LIABILITIES 17 99,391 42,593
NET ASSETS 3,980,742 3,401,131

CAPITAL AND RESERVES
Called up share capital 18 660 660
Capital redemption reserve 19 340 340
Retained earnings 19 3,979,742 3,400,131
SHAREHOLDERS' FUNDS 3,980,742 3,401,131

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


S. THOROGOOD & SONS (COVENT GARDEN)
LIMITED (REGISTERED NUMBER: 02318779)

COMPANY BALANCE SHEET
31ST OCTOBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 577,400 455,303
Investments 11 1,572,000 1,572,000
2,149,400 2,027,303

CURRENT ASSETS
Stocks 12 82,249 84,109
Debtors 13 2,142,072 2,278,931
Investments 14 341,365 276,558
Cash at bank and in hand 2,437,222 1,655,173
5,002,908 4,294,771
CREDITORS
Amounts falling due within one year 15 3,561,167 3,262,003
NET CURRENT ASSETS 1,441,741 1,032,768
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,591,141

3,060,071

PROVISIONS FOR LIABILITIES 17 99,212 42,414
NET ASSETS 3,491,929 3,017,657

CAPITAL AND RESERVES
Called up share capital 18 660 660
Capital redemption reserve 19 340 340
Retained earnings 19 3,490,929 3,016,657
SHAREHOLDERS' FUNDS 3,491,929 3,017,657

Company's profit for the financial year 516,105 420,928

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


S. THOROGOOD & SONS (COVENT GARDEN)
LIMITED (REGISTERED NUMBER: 02318779)

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

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1st November 2022 660 2,863,004 340 2,864,004

Changes in equity
Dividends - (37,625 ) - (37,625 )
Total comprehensive income - 574,752 - 574,752
Balance at 31st October 2023 660 3,400,131 340 3,401,131

Changes in equity
Dividends - (41,833 ) - (41,833 )
Total comprehensive income - 621,444 - 621,444
Balance at 31st October 2024 660 3,979,742 340 3,980,742

S. THOROGOOD & SONS (COVENT GARDEN)
LIMITED (REGISTERED NUMBER: 02318779)

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

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1st November 2022 660 2,633,354 340 2,634,354

Changes in equity
Dividends - (37,625 ) - (37,625 )
Total comprehensive income - 420,928 - 420,928
Balance at 31st October 2023 660 3,016,657 340 3,017,657

Changes in equity
Dividends - (41,833 ) - (41,833 )
Total comprehensive income - 516,105 - 516,105
Balance at 31st October 2024 660 3,490,929 340 3,491,929

S. THOROGOOD & SONS (COVENT GARDEN)
LIMITED (REGISTERED NUMBER: 02318779)

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

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 992,210 1,266,544
Interest element of hire purchase
payments paid

(455

)

(495

)
Tax paid (215,679 ) (134,403 )
Net cash from operating activities 776,076 1,131,646

Cash flows from investing activities
Purchase of tangible fixed assets (208,133 ) (73,949 )
Sale of tangible fixed assets 39,001 -
Interest received 9,636 495
Net cash from investing activities (159,496 ) (73,454 )

Cash flows from financing activities
Capital repayments in year (13,124 ) (13,574 )
Amount introduced by directors 3,251 -
Amount withdrawn by directors - 13,316
Equity dividends paid (41,833 ) (37,625 )
Net cash from financing activities (51,706 ) (37,883 )

Increase in cash and cash equivalents 564,874 1,020,309
Cash and cash equivalents at
beginning of year

2

2,193,079

1,172,770

Cash and cash equivalents at end
of year

2

2,757,953

2,193,079

S. THOROGOOD & SONS (COVENT GARDEN)
LIMITED (REGISTERED NUMBER: 02318779)

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 913,257 788,982
Depreciation charges 266,471 260,503
Profit on disposal of fixed assets (14,248 ) -
Gain on revaluation of fixed assets (64,807 ) (11,503 )
Finance costs 455 495
Finance income (9,636 ) (495 )
1,091,492 1,037,982
Decrease/(increase) in stocks 5,886 (11,028 )
Decrease in trade and other debtors 43,993 387,502
Decrease in trade and other creditors (149,161 ) (147,912 )
Cash generated from operations 992,210 1,266,544

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 2,757,953 2,193,079
Year ended 31st October 2023
31.10.23 1.11.22
£    £   
Cash and cash equivalents 2,193,079 1,172,770


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 2,193,079 564,874 2,757,953
2,193,079 564,874 2,757,953

Liquid resources
Current asset investments 276,558 64,807 341,365
276,558 64,807 341,365
Debt
Finance leases (39,351 ) 13,124 (26,227 )
(39,351 ) 13,124 (26,227 )
Total 2,430,286 642,805 3,073,091

S. THOROGOOD & SONS (COVENT GARDEN)
LIMITED (REGISTERED NUMBER: 02318779)

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


1. STATUTORY INFORMATION

S. Thorogood & Sons (Covent Garden) 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.

The directors believe the company has enough resources to survive the current uncertainty due to the coronavirus.

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 2021, is being amortised evenly over its estimated useful life of five 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.
Short leasehold - 10% on cost
Buildings - 2% on cost
Plant and machinery - 25% on cost and 10% on reducing balance
Fixtures and fittings - 10% on reducing balance and 2% on cost
Motor vehicles - 33% on cost, 25% on reducing balance and 16.67% on reducing balance
Computer equipment - 33% on cost and 25% on reducing balance

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, 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.


S. THOROGOOD & SONS (COVENT GARDEN)
LIMITED (REGISTERED NUMBER: 02318779)

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


2. ACCOUNTING POLICIES - continued
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.

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.

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 2,009,700 1,811,012
Social security costs 274,681 231,052
Other pension costs 127,726 157,236
2,412,107 2,199,300

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

Staff 36 31
Directors 3 3
39 34

2024 2023
£    £   
Directors' remuneration 121,332 123,914
Directors' pension contributions to money purchase schemes 88,400 119,507

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Hire of plant and machinery 55,924 56,159
Other operating leases 205,622 217,659
Depreciation - owned assets 66,629 60,664
Profit on disposal of fixed assets (14,248 ) -
Goodwill amortisation 199,842 199,843
Auditors remuneration 21,523 18,976
Foreign exchange differences (604 ) (2,817 )

S. THOROGOOD & SONS (COVENT GARDEN)
LIMITED (REGISTERED NUMBER: 02318779)

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


5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Leasing 455 495

6. 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 235,015 213,990

Deferred taxation 56,798 240
Tax on profit 291,813 214,230

UK corporation tax has been charged at 25 % (2023 - 22.52 %).

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

2024 2023
£    £   
Profit before tax 913,257 788,982
Profit multiplied by the standard rate of corporation tax in the UK
of 25 % (2023 - 22.518 %)

228,314

177,663

Effects of:
Expenses not deductible for tax purposes 1,074 27,384
Income not taxable for tax purposes - 2,590
Depreciation in excess of capital allowances 5,627 6,353

Deferred tax 56,798 240
date of reorganisation

Total tax charge 291,813 214,230

7. INDIVIDUAL INCOME STATEMENT

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.


8. DIVIDENDS
2024 2023
£    £   
Interim 41,833 37,625

S. THOROGOOD & SONS (COVENT GARDEN)
LIMITED (REGISTERED NUMBER: 02318779)

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


9. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1st November 2023
and 31st October 2024 999,212
AMORTISATION
At 1st November 2023 399,685
Amortisation for year 199,842
At 31st October 2024 599,527
NET BOOK VALUE
At 31st October 2024 399,685
At 31st October 2023 599,527

Company
Goodwill
£   
COST
At 1st November 2023
and 31st October 2024 85,771
AMORTISATION
At 1st November 2023
and 31st October 2024 85,771
NET BOOK VALUE
At 31st October 2024 -
At 31st October 2023 -

S. THOROGOOD & SONS (COVENT GARDEN)
LIMITED (REGISTERED NUMBER: 02318779)

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


10. TANGIBLE FIXED ASSETS

Group
Short Plant and
leasehold Buildings machinery
£    £    £   
COST
At 1st November 2023 32,389 199,770 61,161
Additions - 45,247 38,387
Disposals - - -
At 31st October 2024 32,389 245,017 99,548
DEPRECIATION
At 1st November 2023 15,019 35,882 3,311
Charge for year 2,024 4,277 6,349
Eliminated on disposal - - -
At 31st October 2024 17,043 40,159 9,660
NET BOOK VALUE
At 31st October 2024 15,346 204,858 89,888
At 31st October 2023 17,370 163,888 57,850

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1st November 2023 274,800 178,854 80,412 827,386
Additions - 121,378 3,121 208,133
Disposals - (104,307 ) - (104,307 )
At 31st October 2024 274,800 195,925 83,533 931,212
DEPRECIATION
At 1st November 2023 149,879 96,438 60,198 360,727
Charge for year 12,483 33,358 8,138 66,629
Eliminated on disposal - (79,554 ) - (79,554 )
At 31st October 2024 162,362 50,242 68,336 347,802
NET BOOK VALUE
At 31st October 2024 112,438 145,683 15,197 583,410
At 31st October 2023 124,921 82,416 20,214 466,659

S. THOROGOOD & SONS (COVENT GARDEN)
LIMITED (REGISTERED NUMBER: 02318779)

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


10. TANGIBLE FIXED ASSETS - continued

Company
Short Plant and
leasehold Buildings machinery
£    £    £   
COST
At 1st November 2023 32,389 199,770 143,039
Additions - 45,247 37,428
Disposals - - -
At 31st October 2024 32,389 245,017 180,467
DEPRECIATION
At 1st November 2023 15,019 35,882 85,355
Charge for year 2,024 4,277 5,959
Eliminated on disposal - - -
At 31st October 2024 17,043 40,159 91,314
NET BOOK VALUE
At 31st October 2024 15,346 204,858 89,153
At 31st October 2023 17,370 163,888 57,684

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1st November 2023 274,801 171,079 82,405 903,483
Additions - 121,378 - 204,053
Disposals - (104,307 ) - (104,307 )
At 31st October 2024 274,801 188,150 82,405 1,003,229
DEPRECIATION
At 1st November 2023 149,879 99,080 62,965 448,180
Charge for year 12,483 25,547 6,913 57,203
Eliminated on disposal - (79,554 ) - (79,554 )
At 31st October 2024 162,362 45,073 69,878 425,829
NET BOOK VALUE
At 31st October 2024 112,439 143,077 12,527 577,400
At 31st October 2023 124,922 71,999 19,440 455,303

S. THOROGOOD & SONS (COVENT GARDEN)
LIMITED (REGISTERED NUMBER: 02318779)

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


11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertaki
£   
COST
At 1st November 2023
and 31st October 2024 1,572,000
NET BOOK VALUE
At 31st October 2024 1,572,000
At 31st October 2023 1,572,000

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries


Mushroom Man.Co.Uk Limited
Registered office: Whitwell House Hammonds Road, Little Baddow, Chelmsford, Essex, England, CM3 4BQ
Nature of business: Wholesale of fruit and vegetables
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 1,664,178 1,355,947
Profit for the year 308,231 353,672

S. Thorogood & Sons (Direct) Ltd
Registered office: Whitwell House Hammonds Road, Little Baddow, Chelmsford, Essex, England, CM3 4BQ
Nature of business: Wholesale of fruit and vegetables
%
Class of shares: holding
Ordinary 100.00
2024
£   
Loss for the year (3,049 )

For the year ended 31 October 2024 S. Thorogood and Sons (Covent Garden) Ltd guarantees the outstanding liabilities for S. Thorogood & Sons (Direct) Ltd (Registered Number: 15681721) under s479C of the Companies Act 2006.


12. STOCKS

Group Company
2024 2023 2024 2023
£    £    £    £   
Stocks 128,312 134,198 82,249 84,109

S. THOROGOOD & SONS (COVENT GARDEN)
LIMITED (REGISTERED NUMBER: 02318779)

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


13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 2,127,860 2,235,966 1,493,141 1,659,914
Loan with subsidiary - - 21,500 -
Other Debtors 511,937 456,898 444,535 442,828
VAT 63,705 43,249 53,068 35,377
Prepayments and accrued income 140,562 151,944 129,828 140,812
2,844,064 2,888,057 2,142,072 2,278,931

Included in other debtors is £359,791 due from companies within the Thorogood Newco Limited group, a company under common control (2023: £200,539).

14. CURRENT ASSET INVESTMENTS

Group Company
2024 2023 2024 2023
£    £    £    £   
Unlisted investments 341,365 276,558 341,365 276,558

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Hire purchase contracts (see note 16) 26,227 39,351 26,227 39,351
Trade creditors 2,052,786 2,162,310 1,696,187 1,842,561
Taxation 240,692 221,356 136,122 116,809
Social security and other taxes 84,475 74,632 62,586 63,385
Other creditors 133,572 334,360 131,809 299,550
Net wages (4,547 ) 3,927 (4,547 ) 3,927
Loan with subsidiary - 5,272 1,171,995 661,878
Directors' current accounts 32,328 29,077 32,328 29,077
Accrued expenses 409,123 244,069 308,460 205,465
2,974,656 3,114,354 3,561,167 3,262,003

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 26,227 39,351

S. THOROGOOD & SONS (COVENT GARDEN)
LIMITED (REGISTERED NUMBER: 02318779)

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


16. LEASING AGREEMENTS - continued

Company
Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 26,227 39,351

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year 52,939 142,228
Between one and five years - 52,939
52,939 195,167

Company
Non-cancellable operating leases
2024 2023
£    £   
Within one year 52,939 142,228
Between one and five years - 52,939
52,939 195,167

17. PROVISIONS FOR LIABILITIES

Group Company
2024 2023 2024 2023
£    £    £    £   
Deferred taxation 99,391 42,593 99,212 42,414

Group
Deferred
tax
£   
Balance at 1st November 2023 42,593
Provided during year 56,798
Balance at 31st October 2024 99,391

Company
Deferred
tax
£   
Balance at 1st November 2023 42,414
Provided during year 56,798
Balance at 31st October 2024 99,212

S. THOROGOOD & SONS (COVENT GARDEN)
LIMITED (REGISTERED NUMBER: 02318779)

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


18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
660 Ordinary £1 660 660

19. RESERVES

Group
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1st November 2023 3,400,131 340 3,400,471
Profit for the year 621,444 621,444
Dividends (41,833 ) (41,833 )
At 31st October 2024 3,979,742 340 3,980,082

Company
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1st November 2023 3,016,657 340 3,016,997
Profit for the year 516,105 516,105
Dividends (41,833 ) (41,833 )
At 31st October 2024 3,490,929 340 3,491,269


20. RELATED PARTY DISCLOSURES

Entities with control, joint control or significant influence over the entity
2024 2023
£    £   
Management and accommodation charges payable 112,350 97,501

Management & accommodation charges were paid to T&A Thorogood for provision of management and accommodation services.
TJ & AJ Thorogood are partners in T & A Thorogood.
The partners in T & A Thorogood own 77.27% of the issued share capital of the company.
The Group has offices on land belonging to AJ Thorogood.