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Registered number: 03676570





 
Thurston Engineering Limited          
 
Financial statements          

For the year ended 31 December 2024          

 
Thurston Engineering Limited
Registered number:03676570

Balance sheet
As at 31 December 2024


2024 

2023 
                                                                                    Note
£
£
£
£

Fixed assets
  

Tangible assets
 4 
205,088
227,818

Current assets
  

Stock
  
100,437
96,583

Debtors
 5 
263,747
106,684

Cash at bank and in hand
 6 
7,421
112,132

  
371,605
315,399

Creditors: amounts falling due within one year
 7 
(139,371)
(115,820)

Net current assets
  
 
 
232,234
 
 
199,579

Total assets less current liabilities
  
437,322
427,397

Creditors: amounts falling due after more than one year
 8 
(4,167)
(14,167)

Provisions for liabilities
  

Deferred tax
 10 
(32,906)
(35,904)

Net assets
  
400,249
377,326


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
400,149
377,226

  
400,249
377,326


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board; and were signed on its behalf on 14 May 2025.






Simon Terry
Director

The notes on pages 2 to 10 form part of these financial statements. 
Page 1

 
Thurston Engineering Limited
 
 
Notes to the financial statements
For the year ended 31 December 2024

1.


General information

Thurston Engineering Limited is a private company, limited by shares and incorporated in England and Wales (Registered number: 00525874). Its registered office is Hallsford Bridge Industrial Estate, Stondon Road, Ongar, Essex, CM5 9RB.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Page 2

 
Thurston Engineering Limited
 
 
Notes to the financial statements
For the year ended 31 December 2024

2.Accounting policies (continued)

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 3

 
Thurston Engineering Limited
 
 
Notes to the financial statements
For the year ended 31 December 2024

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided at the following rates:

Long-term leasehold property
-
10% reducing balance
Plant and machinery
-
10% reducing balance
Motor vehicles
-
25% reducing balance
Office equipment
-
10% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Stock

Stock is stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. 

At each balance sheet date, stock is assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 4

 
Thurston Engineering Limited
 
 
Notes to the financial statements
For the year ended 31 December 2024

2.Accounting policies (continued)

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.13

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the company after the deduction of all its liabilities.

 

Page 5

 
Thurston Engineering Limited
 
 
Notes to the financial statements
For the year ended 31 December 2024

2.Accounting policies (continued)


2.13
Financial instruments (continued)

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.


3.


Employees

The average monthly number of employees, including directors, during the year was 7 (2023 - 8).

Page 6

 
Thurston Engineering Limited
 
 
Notes to the financial statements
For the year ended 31 December 2024

4.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£
£



Cost 


At 1 January 2024
176,757
439,142
18,251
39,101
673,251


Additions
-
371
-
-
371



At 31 December 2024

176,757
439,513
18,251
39,101
673,622



Depreciation


At 1 January 2024
119,285
279,774
17,480
28,894
445,433


Charge for the year on owned assets
5,927
11,615
193
1,027
18,762


Charge for the year on financed assets
-
4,339
-
-
4,339



At 31 December 2024

125,212
295,728
17,673
29,921
468,534



Net book value



At 31 December 2024
51,545
143,785
578
9,180
205,088



At 31 December 2023
57,472
159,368
771
10,207
227,818

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Plant and machinery
39,055
43,394

Page 7

 
Thurston Engineering Limited
 
 
Notes to the financial statements
For the year ended 31 December 2024

5.


Debtors

2024
2023
£
£


Trade debtors
53,212
72,779

Amounts owed by group undertakings
177,000
-

Prepayments and accrued income
33,535
33,905

263,747
106,684



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
7,421
112,132



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
22,763
11,103

Amounts owed to group undertakings
50,000
30,040

Corporation tax
12,689
17,794

Other taxation and social security
25,801
27,663

Obligations under finance lease and hire purchase contracts
10,000
10,000

Other creditors
1,252
733

Accruals and deferred income
16,866
18,487

139,371
115,820



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
4,167
14,167


Page 8

 
Thurston Engineering Limited
 
 
Notes to the financial statements
For the year ended 31 December 2024

9.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
10,000
10,000

Between 1-5 years
4,167
14,167

14,167
24,167


10.


Deferred taxation




2024
2023


£

£






At beginning of year
35,904
35,970


Released during the year
(2,998)
(66)



At end of year
32,906
35,904

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
32,906
35,904


11.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
The total contributions paid in the year amounted to £3,995 
(2023 - £4,067).  Contributions totalling £1,252 (2023 - £733) were payable to the fund at the balance sheet date and are included in creditors.


12.


Related party transactions

The directors have elected to take advantage of the exemption as set out in paragraph 33.1A of FRS 102, and have therefore not disclosed transactions with wholly owned members of the group.

Page 9

 
Thurston Engineering Limited
 
 
Notes to the financial statements
For the year ended 31 December 2024

13.


Controlling party

The ultimate parent undertaking is Crownfield Holdings Limited, a company incorporated in England and Wales. Its registered office is Thurston Building, Hallsford Bridge Industrial Estate, Ongar, Essex, CM5 9RB. 
The ultimate controlling parties are I H Terry and J I Terry who are directors of the company.


14.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.

The audit report was signed on 14 May 2025 by Laura Main (Senior statutory auditor) on behalf of Clay Ratnage Strevens & Hills.

 
Page 10