Thornton Shipbrokers Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—5

Registered number: 01177124

		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	4		22,889		22,889
Investment Properties	5		1,500,000		2,750,000
Investments	6		367,438		344,634

			1,890,327		3,117,523
CURRENT ASSETS
Debtors	7	146,022		119,371
Cash at bank and in hand		1,049,794		9,444

		1,195,816		128,815
Creditors: Amounts Falling Due Within One Year	8	(118,861 )		(113,047 )

NET CURRENT ASSETS (LIABILITIES)			1,076,955		15,768

TOTAL ASSETS LESS CURRENT LIABILITIES			2,967,282		3,133,291

Creditors: Amounts Falling Due After More Than One Year	9		-		(250,000 )

NET ASSETS			2,967,282		2,883,291

CAPITAL AND RESERVES
Called up share capital	10		2,401,000		2,401,000
Revaluation reserve	12		436,690		423,432
Profit and Loss Account			129,592		58,859

SHAREHOLDERS' FUNDS			2,967,282		2,883,291

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Thornton Shipbrokers Limited

Balance Sheet (continued)

As At 31 July 2024

For the year ending 31 July 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 Nicholas Southcott

Director

29 September 2025

The notes on pages 3 to 5 form part of these financial statements.

1. General Information

Thornton Shipbrokers Limited is a private company, limited by shares, incorporated in England & Wales, registered number 01177124 . The registered office is 34/36 Fore Street, Bovey Tracey, TQ13 9AE.

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 - Other Intangible

Other intangible assets are .... 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:

Freehold	No Depreciation
Leasehold	1.3% straight line

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.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 4 (2023: 3)

4. Intangible Assets

	Other
	£
Cost
As at 1 August 2023	36,009

As at 31 July 2024	36,009

Amortisation
As at 1 August 2023	13,120

As at 31 July 2024	13,120

...CONTINUED

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Thornton Shipbrokers Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 July 2024

Net Book Value
As at 31 July 2024	22,889

As at 1 August 2023	22,889

5. Investment Property

	2024
	£
Fair Value
As at 1 August 2023	2,750,000
Disposals	(1,250,000 )

As at 31 July 2024	1,500,000

6. Investments

	Listed	Unlisted	Total
	£	£	£
Cost or Valuation
As at 1 August 2023	108,584	236,050	344,634
Additions	283	-	283
Disposals	(2,004 )	-	(2,004 )
Revaluations	54,265	(29,740 )	24,525

As at 31 July 2024	161,128	206,310	367,438

Provision
As at 1 August 2023	-	-	-

As at 31 July 2024	-	-	-

Net Book Value
As at 31 July 2024	161,128	206,310	367,438

As at 1 August 2023	108,584	236,050	344,634

7. Debtors

	2024	2023
	£	£
Due within one year
Trade debtors	(1,600 )	-
Prepayments and accrued income	490	-
Net wages	-	4,371
Directors' loan accounts	34,132	-

	33,022	4,371
Due after more than one year
Inter Company Loan - Scoble Basin Ltd	113,000	115,000

	146,022	119,371

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Thornton Shipbrokers Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 July 2024

8. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Trade creditors	5,158	1,339
Accruals and deferred income	1,324	1,129
Directors' loan accounts	112,379	110,579

	118,861	113,047

9. Creditors: Amounts Falling Due After More Than One Year

	2024	2023
	£	£
Handelsbanken Bank loan (Long term liabilities - creditors > 1 year)	-	250,000

10. Share Capital

	2024	2023
	£	£
Allotted, Called up and fully paid	2,401,000	2,401,000

11. Directors Advances, Credits and Guarantees

Included within Debtors are the following loans to directors:

	As at 1 August 2023	Amounts advanced	Amounts repaid	Amounts written off	As at 31 July 2024
	£	£	£	£	£
Mr William Southcott	-	(5,000 )	-	-	(5,000 )
Mr Nicholas Southcott	-	(20,632 )	-	-	(20,632 )
Mr David Southcott	-	(8,500 )	-	-	(8,500 )
Mr Gordon Southcott	147,097	(34,718 )	-	-	112,378

The above loan is unsecured, interest free and repayable on demand.

12. Reserves

	Revaluation Reserve
	£
As at 1 August 2023	423,432
Surplus on revaluation	13,258

As at 31 July 2024	436,690

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