Silverfin false false 31/08/2024 01/09/2023 31/08/2024 S J Clark 22/07/2019 W H Haitink 31/07/2024 12/05/2023 C L J Reynolds 01/09/2023 A J Stazicker 09/10/2017 L A Tinsley 31/08/2016 29 August 2025 no description of principal activity 10351946 2024-08-31 10351946 bus:Director1 2024-08-31 10351946 bus:Director2 2024-08-31 10351946 bus:Director3 2024-08-31 10351946 bus:Director4 2024-08-31 10351946 bus:Director5 2024-08-31 10351946 2023-08-31 10351946 core:CurrentFinancialInstruments 2024-08-31 10351946 core:CurrentFinancialInstruments 2023-08-31 10351946 core:Non-currentFinancialInstruments 2024-08-31 10351946 core:Non-currentFinancialInstruments 2023-08-31 10351946 core:ShareCapital 2024-08-31 10351946 core:ShareCapital 2023-08-31 10351946 core:SharePremium 2024-08-31 10351946 core:SharePremium 2023-08-31 10351946 core:RetainedEarningsAccumulatedLosses 2024-08-31 10351946 core:RetainedEarningsAccumulatedLosses 2023-08-31 10351946 core:ComputerSoftware 2023-08-31 10351946 core:ComputerSoftware 2024-08-31 10351946 core:LeaseholdImprovements 2023-08-31 10351946 core:Vehicles 2023-08-31 10351946 core:FurnitureFittings 2023-08-31 10351946 core:OfficeEquipment 2023-08-31 10351946 core:ComputerEquipment 2023-08-31 10351946 core:LeaseholdImprovements 2024-08-31 10351946 core:Vehicles 2024-08-31 10351946 core:FurnitureFittings 2024-08-31 10351946 core:OfficeEquipment 2024-08-31 10351946 core:ComputerEquipment 2024-08-31 10351946 bus:OrdinaryShareClass1 2024-08-31 10351946 bus:OrdinaryShareClass2 2024-08-31 10351946 bus:OrdinaryShareClass3 2024-08-31 10351946 core:WithinOneYear 2024-08-31 10351946 core:WithinOneYear 2023-08-31 10351946 core:BetweenOneFiveYears 2024-08-31 10351946 core:BetweenOneFiveYears 2023-08-31 10351946 2023-09-01 2024-08-31 10351946 bus:FilletedAccounts 2023-09-01 2024-08-31 10351946 bus:SmallEntities 2023-09-01 2024-08-31 10351946 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 10351946 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 10351946 bus:Director1 2023-09-01 2024-08-31 10351946 bus:Director2 2023-09-01 2024-08-31 10351946 bus:Director3 2023-09-01 2024-08-31 10351946 bus:Director4 2023-09-01 2024-08-31 10351946 bus:Director5 2023-09-01 2024-08-31 10351946 core:ComputerSoftware core:TopRangeValue 2023-09-01 2024-08-31 10351946 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-09-01 2024-08-31 10351946 core:LeaseholdImprovements core:TopRangeValue 2023-09-01 2024-08-31 10351946 core:Vehicles core:TopRangeValue 2023-09-01 2024-08-31 10351946 core:FurnitureFittings core:TopRangeValue 2023-09-01 2024-08-31 10351946 core:OfficeEquipment core:TopRangeValue 2023-09-01 2024-08-31 10351946 core:ComputerEquipment core:TopRangeValue 2023-09-01 2024-08-31 10351946 2022-09-01 2023-08-31 10351946 core:ComputerSoftware 2023-09-01 2024-08-31 10351946 core:LeaseholdImprovements 2023-09-01 2024-08-31 10351946 core:Vehicles 2023-09-01 2024-08-31 10351946 core:FurnitureFittings 2023-09-01 2024-08-31 10351946 core:OfficeEquipment 2023-09-01 2024-08-31 10351946 core:ComputerEquipment 2023-09-01 2024-08-31 10351946 core:CurrentFinancialInstruments 2023-09-01 2024-08-31 10351946 core:Non-currentFinancialInstruments 2023-09-01 2024-08-31 10351946 bus:OrdinaryShareClass1 2023-09-01 2024-08-31 10351946 bus:OrdinaryShareClass1 2022-09-01 2023-08-31 10351946 bus:OrdinaryShareClass2 2023-09-01 2024-08-31 10351946 bus:OrdinaryShareClass2 2022-09-01 2023-08-31 10351946 bus:OrdinaryShareClass3 2023-09-01 2024-08-31 10351946 bus:OrdinaryShareClass3 2022-09-01 2023-08-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 10351946 (England and Wales)

THRUDARK LIMITED

Unaudited Financial Statements
For the financial year ended 31 August 2024
Pages for filing with the registrar

THRUDARK LIMITED

Unaudited Financial Statements

For the financial year ended 31 August 2024

Contents

THRUDARK LIMITED

BALANCE SHEET

As at 31 August 2024
THRUDARK LIMITED

BALANCE SHEET (continued)

As at 31 August 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 172,700 130,930
Tangible assets 4 197,478 192,967
370,178 323,897
Current assets
Stocks 6,243,450 3,413,220
Debtors 5 1,409,795 881,342
Cash at bank and in hand 433,823 570,130
8,087,068 4,864,692
Creditors: amounts falling due within one year 6 ( 4,985,841) ( 3,391,617)
Net current assets 3,101,227 1,473,075
Total assets less current liabilities 3,471,405 1,796,972
Creditors: amounts falling due after more than one year 7 ( 523,411) ( 30,047)
Net assets 2,947,994 1,766,925
Capital and reserves
Called-up share capital 8 190 171
Share premium account 4,431,587 2,002,138
Profit and loss account ( 1,483,783 ) ( 235,384 )
Total shareholders' funds 2,947,994 1,766,925

For the financial year ending 31 August 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of ThruDark Limited (registered number: 10351946) were approved and authorised for issue by the Board of Directors on 29 August 2025. They were signed on its behalf by:

C L J Reynolds
Director
THRUDARK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
THRUDARK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

ThruDark Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 4, Horizon Park, Innovation Close, Poole, BH12 4FP, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The functional currency of ThruDark Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

These financial statements are separate financial statements.

Going concern

The financial statements have been prepared on a going concern basis.

The Company has incurred a loss for the financial year, consistent with the prior year. However, it continues to maintain a net asset position of £2,947,994 (2023 – £1,766,925).

The directors have made an assessment in preparing these financial statements as to whether the Company is a going concern and have concluded that there are no material uncertainties that may cast significant doubt on the Company's ability to continue as a going concern for a period of at least 12 months from the date of approval of these financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise on monetary items.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on enacted or substantively enacted tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Computer software 3 years straight line
Research and development

Research expenditure is written off as incurred. Development expenditure is also written off, except where the directors are satisfied as to the technical, commercial and financial viability of individual projects. In such cases, the identifiable expenditure is capitalised as an intangible asset and amortised over the period during which the Company is expected to benefit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 3 years straight line
Vehicles 4 years straight line
Fixtures and fittings 3 years straight line
Office equipment 3 years straight line
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised 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 amortised.

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

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.

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

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 33 23

3. Intangible assets

Computer software Total
£ £
Cost
At 01 September 2023 242,924 242,924
Additions 104,459 104,459
Disposals ( 30,024) ( 30,024)
At 31 August 2024 317,359 317,359
Accumulated amortisation
At 01 September 2023 111,994 111,994
Charge for the financial year 62,683 62,683
Disposals ( 30,018) ( 30,018)
At 31 August 2024 144,659 144,659
Net book value
At 31 August 2024 172,700 172,700
At 31 August 2023 130,930 130,930

4. Tangible assets

Leasehold improve-
ments
Vehicles Fixtures and fittings Office equipment Computer equipment Total
£ £ £ £ £ £
Cost
At 01 September 2023 95,273 46,641 75,918 98,482 61,255 377,569
Additions 32,970 0 4,836 54,267 26,413 118,486
Disposals ( 4,661) ( 575) ( 359) ( 1,316) 0 ( 6,911)
At 31 August 2024 123,582 46,066 80,395 151,433 87,668 489,144
Accumulated depreciation
At 01 September 2023 79,044 13,339 45,478 23,603 23,138 184,602
Charge for the financial year 18,868 12,102 18,259 42,743 21,100 113,072
Disposals ( 3,758) ( 575) ( 359) ( 1,316) 0 ( 6,008)
At 31 August 2024 94,154 24,866 63,378 65,030 44,238 291,666
Net book value
At 31 August 2024 29,428 21,200 17,017 86,403 43,430 197,478
At 31 August 2023 16,229 33,302 30,440 74,879 38,117 192,967

5. Debtors

2024 2023
£ £
Trade debtors 62,796 35,286
Prepayments 120,724 450,412
Other debtors 1,226,275 395,644
1,409,795 881,342

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 960,895 655,561
Accruals 419,130 160,282
Other taxation and social security 281,536 435,204
Other creditors 3,324,280 2,140,570
4,985,841 3,391,617

Included in other creditors is a trade facility of £2,988,814 (2023 - £2,049,177) which is secured against the assets to which they relate to. Also included in other creditors is a finance lease of £6,637 (2023 - £6,637) which is secured against the asset to which it relates.

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Other creditors 523,411 30,047

Included in other creditors above is a finance lease of £23,411 (2023 - £30,047) which is secured against the asset to which it relates.

At the balance sheet date, the company owed a director £250,000 (2023 - £Nil) and Pull the Pin Holdings £250,000 (2023 - £Nil) of which a director has material interest. Both loans incur interest at a rate of 7.5%, are repayable within two years, and have been included within other creditors.

8. Called-up share capital and reserves

2024 2023
£ £
Allotted, called-up and fully-paid
100,000 Ordinary shares of £ 0.001 each (2023: 1,079 shares of £ 0.10 each) 100 101
86,620 A Ordinary shares of £ 0.001 each (2023: 673 shares of £ 0.10 each) 87 67
3,100 G ordinary shares of £ 0.001 each (2023: 31 shares of £ 0.10 each) 3 3
190 171
Presented as follows:
Called-up share capital presented as equity 190 171

On 5 January 2023, the company issued 79 Ordinary A shares. These were initially recorded as Ordinary shares and have since been reclassified to reflect their correct designation as Ordinary A shares in the current year financial statements.

On 5 October 2023 the company issued 79 Ordinary A shares with a nominal value of £0.1 at a premium of £10,126.58 per share.

On 13 August 2024 each number of shares and nominal value were sub-divided by 100.

On 3 October 2024 the company issued 14,096 Ordinary A shares with an aggregate nominal value of £14.10 through an advanced subscription agreement, at a premium of £142.69 per share. At the balance sheet date 11,420 Ordinary A shares with an aggregate nominal value of £11.42 were paid and have been included in share capital.

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 55,374 89,744
between one and five years 0 55,374
55,374 145,118