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Company registration number: 03570148
Thornley & Lumb Partnership Limited
Unaudited filleted financial statements
31 March 2025
Thornley & Lumb Partnership Limited
Contents
Statement of financial position
Notes to the financial statements
Thornley & Lumb Partnership Limited
Statement of financial position
31 March 2025
2025 2024
Note £ £ £ £
Fixed assets
Tangible assets 5 142,548 127,070
_______ _______
142,548 127,070
Current assets
Stocks 82,240 38,800
Debtors 6 654,257 1,125,962
Cash at bank and in hand 815,113 269,918
_______ _______
1,551,610 1,434,680
Creditors: amounts falling due
within one year 7 ( 471,881) ( 213,362)
_______ _______
Net current assets 1,079,729 1,221,318
_______ _______
Total assets less current liabilities 1,222,277 1,348,388
Creditors: amounts falling due
after more than one year 8 ( 70,749) ( 126,760)
Provisions for liabilities ( 12,905) ( 11,450)
_______ _______
Net assets 1,138,623 1,210,178
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 1,138,523 1,210,078
_______ _______
Shareholders funds 1,138,623 1,210,178
_______ _______
For the year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- 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;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 27 June 2025 , and are signed on behalf of the board by:
Mr. M P Thornley
Director
Company registration number: 03570148
Thornley & Lumb Partnership Limited
Notes to the financial statements
Year ended 31 March 2025
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Century House, 257 Cutler Heights Lane, Bradford, BD4 9JG.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 15 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 34 (2024: 29 ).
5. Tangible assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 1 April 2024 238,207 153,010 391,217
Additions 26,844 26,990 53,834
Disposals - ( 13,999) ( 13,999)
_______ _______ _______
At 31 March 2025 265,051 166,001 431,052
_______ _______ _______
Depreciation
At 1 April 2024 177,655 86,492 264,147
Charge for the year 13,109 22,755 35,864
Disposals - ( 11,507) ( 11,507)
_______ _______ _______
At 31 March 2025 190,764 97,740 288,504
_______ _______ _______
Carrying amount
At 31 March 2025 74,287 68,261 142,548
_______ _______ _______
At 31 March 2024 60,552 66,518 127,070
_______ _______ _______
6. Debtors
2025 2024
£ £
Trade debtors 586,682 630,339
Amounts owed by group undertakings - 473,566
Other debtors 67,575 22,057
_______ _______
654,257 1,125,962
_______ _______
7. Creditors: amounts falling due within one year
2025 2024
£ £
Bank loans and overdrafts 74,435 59,069
Trade creditors 17,240 11,648
Corporation tax 212,849 24,473
Social security and other taxes 128,442 91,673
Other creditors 38,915 26,499
_______ _______
471,881 213,362
_______ _______
8. Creditors: amounts falling due after more than one year
2025 2024
£ £
Bank loans and overdrafts - 96,811
Other creditors 70,749 29,949
_______ _______
70,749 126,760
_______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2025
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr. K H Beall - 50,000 50,000
_______ _______ _______
2024
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr. K H Beall - - -
_______ _______ _______
The loan is provided on an interest free basis and is repayable on demand
10. Related party transactions
The following amounts were outstanding at the reporting end date:
Balance owed by/(owed to)
2025 2024
£ £
Thornley & Lumb (Holdings) Limited - 473,566
_______ _______
11. Controlling party
The ultimate controlling party is Thornley & Lumb (Holdings) Limited.