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Thornwood Developments 2020 Ltd
Unaudited Financial Statements
For The Year Ended 31 October 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 12963021
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 190,000 -
Tangible Assets 5 48,185 356,713
238,185 356,713
CURRENT ASSETS
Debtors 6 109,128 257,943
Cash at bank and in hand 109,113 102,808
218,241 360,751
Creditors: Amounts Falling Due Within One Year 7 (170,927 ) (224,683 )
NET CURRENT ASSETS (LIABILITIES) 47,314 136,068
TOTAL ASSETS LESS CURRENT LIABILITIES 285,499 492,781
Creditors: Amounts Falling Due After More Than One Year 8 (143,173 ) (336,584 )
NET ASSETS 142,326 156,197
CAPITAL AND RESERVES
Called up share capital 10 100 100
Share premium account (40,162 ) -
Profit and Loss Account 182,388 156,097
SHAREHOLDERS' FUNDS 142,326 156,197
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For the year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Thomas Johnson
Director
28th July 2025
The notes on pages 3 to 6 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Thornwood Developments 2020 Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12963021 . The registered office is 28 Harwood Court, Riverside Park, Middlesbrough, TS2 1PU.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to the profit and loss account over its estimated economic life of .... years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% RB
Motor Vehicles 25% RB
Computer Equipment 25% RB
2.5. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.6. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.
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2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 16 (2023: 14)
16 14
4. Intangible Assets
Goodwill
£
Cost
As at 1 November 2023 -
Additions 200,000
As at 31 October 2024 200,000
Amortisation
As at 1 November 2023 -
Provided during the period 10,000
As at 31 October 2024 10,000
Net Book Value
As at 31 October 2024 190,000
As at 1 November 2023 -
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5. Tangible Assets
Investment Properties Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £ £
Cost
As at 1 November 2023 326,659 1,375 51,209 846 380,089
Additions - - 32,914 1,279 34,193
Disposals (326,659 ) - - - (326,659 )
As at 31 October 2024 - 1,375 84,123 2,125 87,623
Depreciation
As at 1 November 2023 - 602 22,404 370 23,376
Provided during the period - 193 15,430 439 16,062
As at 31 October 2024 - 795 37,834 809 39,438
Net Book Value
As at 31 October 2024 - 580 46,289 1,316 48,185
As at 1 November 2023 326,659 773 28,805 476 356,713
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 107,260 256,248
Prepayments and accrued income 1,868 1,695
109,128 257,943
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 3,724 6,337
Trade creditors 4,114 44,781
Corporation tax 12,664 35,412
PAYE 13,450 11,507
VAT 74,990 106,980
Subcontractors (136 ) 18,289
Inter company loan account (3,173 ) (4,673 )
Directors loan account - A Ferri - 4,838
Accruals 1,200 1,200
Directors' loan accounts 64,094 12
170,927 224,683
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 11,173 -
Bank loans 132,000 336,584
143,173 336,584
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9. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 3,724 6,337
Later than one year and not later than five years 11,173 -
14,897 6,337
14,897 6,337
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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