Thetford International Compactors Ltd - Accounts to registrar (filleted)

REGISTERED NUMBER: 00968063 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2024

for

Thetford International Compactors Ltd

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

10

DIRECTORS:

Mr J R Ellis

Mrs M Clark

SECRETARY:

Mrs M Clark

REGISTERED OFFICE:

Rymer Point

Bury Road

Thetford

Norfolk

IP24 2PN

REGISTERED NUMBER:

00968063 (England and Wales)

ACCOUNTANTS:

Knights Lowe Chartered Accountants

Eldo House

Kempson Way

Suffolk Business Park

Bury St Edmunds

Suffolk

IP32 7AR

BANKERS:

Barclays Bank PLC

20/21 Cornhill

Bury St Edmunds

Suffolk

IP33 1DY

FIXED ASSETS

Tangible assets

4

2,700,547

2,687,945

CURRENT ASSETS

Stocks

489,216

488,907

Debtors

5

681,665

777,182

Cash at bank and in hand

100,470

72,768

1,271,351

1,338,857

CREDITORS

Amounts falling due within one year

6

1,484,932

1,328,657

NET CURRENT (LIABILITIES)/ASSETS

(213,581

)

10,200

TOTAL ASSETS LESS CURRENT LIABILITIES

2,486,966

2,698,145

CREDITORS

Amounts falling due after more than one
year

7

(53,822

)

(35,752

)

PROVISIONS FOR LIABILITIES

10

(350,956

)

(341,999

)

NET ASSETS

2,082,188

2,320,394

CAPITAL AND RESERVES

Called up share capital

11

200,000

Revaluation reserve

12

1,306,676

1,317,321

Retained earnings

575,512

803,073

SHAREHOLDERS' FUNDS

2,082,188

2,320,394

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 September 2025 and were signed on its behalf by:

Mr J R Ellis - Director

1.	STATUTORY INFORMATION

Thetford International Compactors Ltd 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 Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Where services are provided under contracts it is the company's policy to recognise revenue by accrual of the right to consideration as contract activity progresses by reference to the value of the work performed.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

2% straight line on buildings

Plant and machinery

-

20% - 100% on cost

Fixtures and fittings

-

25% - 100% on cost

Motor vehicles

-

20% - 50% on cost

Freehold land is not depreciated.

Stocks

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

Financial instruments

Debt instruments, like loans and other accounts receivable and payable, are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payment discounted at a market rate of interest for a similar debt instrument.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the 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.

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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Investments

Fixed asset investments are stated at cost less provision for permanent diminution in value.

Impairment

At each reporting date, fixed assets, including tangible fixed assets, are assessed to determine whether there is an indication that the carrying amount of an asset may be more than its recoverable amount and that the asset should be impaired. If there is an indication of possible impairment, the recoverable amount of an asset, which is the higher of its value in use and its net realisable value, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is written down to its estimated recoverable amount and an impairment loss is recognised in profit and loss.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 27 (2023 - 23 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

COST OR VALUATION

At 1 January 2024

2,409,058

1,162,473

3,571,531

Additions

-

157,545

Disposals

-

(68,498

)

(68,498

)

At 31 December 2024

2,409,058

1,251,520

3,660,578

DEPRECIATION

At 1 January 2024

70,334

813,252

883,586

Charge for year

35,084

107,470

142,554

Eliminated on disposal

-

(66,109

)

(66,109

)

At 31 December 2024

105,418

854,613

960,031

NET BOOK VALUE

At 31 December 2024

2,303,640

396,907

2,700,547

At 31 December 2023

2,338,724

349,221

2,687,945

Included in cost or valuation of land and buildings is freehold land of £ 1,175,000 (2023 - £ 1,175,000 ) which is not depreciated.

Cost or valuation at 31 December 2024 is represented by:

Plant and

Land and

machinery

buildings

etc

Totals

£

Valuation in 2022

1,647,999

-

1,647,999

Cost

761,059

1,251,520

2,012,579

2,409,058

1,251,520

3,660,578

On 31 December 2022 the freehold land and buildings were revalued based on a professional valuation received from a chartered surveyor.

The residual life of the property has been reassessed at 50 years from 31 December 2022. The depreciation previously charged on the property was eliminated in the year to 31 December 2022.

Depreciation based on the revalued amount and the revised residual life commenced on 1 January 2023.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST OR VALUATION

At 1 January 2024

185,845

Additions

137,223

Transfer to ownership

(100,041

)

At 31 December 2024

223,027

DEPRECIATION

At 1 January 2024

100,389

Charge for year

53,161

Transfer to ownership

(99,541

)

At 31 December 2024

54,009

NET BOOK VALUE

At 31 December 2024

169,018

At 31 December 2023

85,456

5.

DEBTORS

2024

2023

£

Amounts falling due within one year:

Trade debtors

205,847

218,168

Amounts owed by group undertakings

174,464

214,622

Other debtors

254,173

298,325

634,484

731,115

Amounts falling due after more than one year:

Other debtors

47,181

46,067

Aggregate amounts

681,665

777,182

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Bank loans and overdrafts

181,840

179,779

Hire purchase contracts (see note 8)

63,026

41,965

Trade creditors

209,827

110,441

Amounts owed to group undertakings

551,480

456,648

Taxation and social security

96,889

77,185

Other creditors

381,870

462,639

1,484,932

1,328,657

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

Hire purchase contracts (see note 8)

53,822

35,752

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

2024

2023

£

Net obligations repayable:

Within one year

63,026

41,965

Between one and five years

53,822

35,752

116,848

77,717

Non-cancellable

operating leases

2024

2023

£

Within one year

-

4,950

9.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

Bank overdrafts

181,840

179,779

Hire purchase contracts

116,848

77,717

298,688

257,496

The hire purchase contracts are secured on the underlying assets.

The Company has provided it's bankers with a guarantee and debenture providing fixed and floating charges over the undertaking and all property and assets present and future including goodwill, bookdebts, uncalled capital, buildings, fixtures, fixed plant and machinery.

10.	PROVISIONS FOR LIABILITIES

2024

2023

£

Deferred tax

Accelerated capital allowances

67,452

52,620

Revaluation of property

283,504

289,379

350,956

341,999

Deferred

tax

£

Balance at 1 January 2024

341,999

Provided during year

8,957

Balance at 31 December 2024

350,956

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

104,000

Ordinary A

£1

104,000

2,000

Ordinary B

£1

2,000

94,000

Ordinary C

£1

94,000

200,000

12.

RESERVES

Revaluation

reserve

£

At 1 January 2024

1,317,321

Gain on revaluation of

property

(16,520

)

Deferred tax on property

revaluation

5,875

At 31 December 2024

1,306,676

13.	CONTINGENT LIABILITIES

The company has given a cross guarantee and debenture over the group bank overdraft facility.

14.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2024 and 31 December 2023:

2024

2023

£

Mr J R Ellis

Balance outstanding at start of year

85,343

176,007

Amounts advanced

399,874

435,496

Amounts repaid

(446,160

)

(526,160

)

Amounts written off

-

Amounts waived

-

Balance outstanding at end of year

39,057

85,343

Interest charged at HMRC official rate.

15.	FIXED ASSET INVESTMENTS

At the 31 December 2024 the company held 100% of the equity in the following undertakings that were acquired on 23 December 1993 for nil consideration

Thetford International Compactors Service Limited

Thetford Compactors Finance Limited

Thetford International Products Limited