REGISTERED NUMBER: 00645458 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2024

FOR

W.C.THORNTON & SON LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr J H Thornton

Mr W N Thornton

SECRETARY:

Mr W N Thornton

REGISTERED OFFICE:

Brook House Cottage

Brock

Preston

Lancashire

PR3 0RD

REGISTERED NUMBER:

00645458 (England and Wales)

ACCOUNTANTS:

SBCA Chartered Accountants

17 Moor Park Avenue

Preston

Lancashire

PR1 6AS

FIXED ASSETS

Tangible assets

4

823,909

819,817

Investments

5

4,412,295

2,910,528

5,236,204

3,730,345

CURRENT ASSETS

Stocks

6

883,700

848,040

Debtors

7

87,776

321,862

Cash at bank and in hand

71,519

184,822

1,042,995

1,354,724

CREDITORS

Amounts falling due within one year

8

(992,780

)

(1,013,980

)

NET CURRENT ASSETS

50,215

340,744

TOTAL ASSETS LESS CURRENT LIABILITIES

5,286,419

4,071,089

CREDITORS

Amounts falling due after more than one year

9

(1,200,000

)

-

PROVISIONS FOR LIABILITIES

10

(52,924

)

(48,156

)

NET ASSETS

4,033,495

4,022,933

CAPITAL AND RESERVES

Called up share capital

11

3,206

3,206

Capital redemption reserve

12

6,100

6,100

Retained earnings

12

4,024,189

4,013,627

SHAREHOLDERS' FUNDS

4,033,495

4,022,933

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29th April 2025 and were signed on its behalf by:

Mr J H Thornton - Director

Mr W N Thornton - Director

1.	STATUTORY INFORMATION

W.C.Thornton & Son Limited 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.

The financial statements have been prepared under the historical cost convention, except for modification to fair value basis for certain fixed assets, as specified in the accounting policies below.

Turnover

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

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2% on cost

Plant and machinery

-

10% on reducing balance

Fixtures and fittings

-

33% on reducing balance

Motor vehicles

-

25% on reducing balance

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

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

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 cash flows discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities:

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.

Basic financial liabilities:

Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future cash flows 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.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if the payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest rate method.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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

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

Investments in shares or bonds are included at fair value through profit and loss.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1st January 2024

949,416

502,074

6,897

75,361

1,533,748

Additions

-

17,755

865

30,000

48,620

Disposals

-

(10,794

)

(2,820

)

(847

)

(14,461

)

At 31st December 2024

949,416

509,035

4,942

104,514

1,567,907

DEPRECIATION

At 1st January 2024

327,456

337,003

4,019

45,453

713,931

Charge for year

14,665

17,650

1,121

7,477

40,913

Eliminated on disposal

-

(7,465

)

(2,534

)

(847

)

(10,846

)

At 31st December 2024

342,121

347,188

2,606

52,083

743,998

NET BOOK VALUE

At 31st December 2024

607,295

161,847

2,336

52,431

823,909

At 31st December 2023

621,960

165,071

2,878

29,908

819,817

5.	FIXED ASSET INVESTMENTS

Other

investment

£

COST OR VALUATION

At 1st January 2024

2,910,528

Additions

1,206,000

Revaluations

295,767

At 31st December 2024

4,412,295

NET BOOK VALUE

At 31st December 2024

4,412,295

At 31st December 2023

2,910,528

6.

STOCKS

31.12.24

31.12.23

£

£

Stocks

883,700

848,040

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

67,103

36,382

Other debtors

20,673

285,480

87,776

321,862

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade creditors

30,090

37,169

Taxation and social security

63,061

60,554

Other creditors

899,629

916,257

992,780

1,013,980

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Other creditors

1,200,000

-

10.	PROVISIONS FOR LIABILITIES

31.12.24

31.12.23

£

£

Deferred tax

Accelerated capital allowances

52,924

48,156

Deferred

tax

£

Balance at 1st January 2024

48,156

Charge to Statement of Income and Retained Earnings during year

4,768

Balance at 31st December 2024

52,924

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

£

3,206

Ordinary A

£1

3,206

3,206

12.

RESERVES

Capital

Retained

redemption

earnings

reserve

Totals

£

£

£

At 1st January 2024

4,013,627

6,100

4,019,727

Profit for the year

68,932

68,932

Dividends

(58,370

)

(58,370

)

At 31st December 2024

4,024,189

6,100

4,030,289