| Thistledown Investments Limited |
| Registered number: |
03650397 |
| Balance Sheet |
| as at 31 December 2024 |
|
| Notes |
|
|
2024 |
|
|
2023 |
| £ |
£ |
| Fixed assets |
| Investments |
4 |
|
|
- |
|
|
1 |
|
| Current assets |
| Stocks |
|
|
752 |
|
|
752 |
| Debtors |
5 |
|
11,500,158 |
|
|
11,619,253 |
| Investments held as current assets |
6 |
|
5,954,727 |
|
|
1,841,955 |
| Cash at bank and in hand |
|
|
3,683,329 |
|
|
7,825,160 |
|
|
|
21,138,966 |
|
|
21,287,120 |
|
| Creditors: amounts falling due within one year |
7 |
|
(9,941,045) |
|
|
(18,925,205) |
|
| Net current assets |
|
|
|
11,197,921 |
|
|
2,361,915 |
|
| Net assets |
|
|
|
11,197,921 |
|
|
2,361,916 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
2 |
|
|
2 |
| Profit and loss account |
|
|
|
11,197,919 |
|
|
2,361,914 |
|
| Shareholders' funds |
|
|
|
11,197,921 |
|
|
2,361,916 |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
| Alexander Campbell Anderson |
| Director |
| Approved by the board on 25 September 2025 |
|
|
|
| The notes on pages 7 to 10 form part of these financial statements. |
|
| Thistledown Investments Limited |
| Notes to the Accounts |
| for the year ended 31 December 2024 |
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
The financial statements are presented in pound sterling. |
|
|
Going concern |
|
Management assess the going concern of the entity on a routine basis. There has been nothing noted to suggest that the entity is unable to continue to trade for the 12 months following the signing of the financial statements. |
|
|
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 rendering of investment services. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Plant and machinery |
20% reducing balance basis |
|
Motor vehicles |
25% reducing balance basis |
|
|
Investments |
|
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. |
|
|
Stocks |
|
Stock is valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost is based on the cost of purchase on a first in first out basis. Net realisable value is based on estimated selling price less additional costs to completion and disposal. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
| 1 |
Accounting policies (continued) |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Financial Instruments |
|
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
|
|
Deferred taxation |
|
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date, where transactions or events that result in an obligation to pay more or a right to pay less tax in the future have occurred by the balance sheet date with certain limited exceptions. |
|
Deferred tax is calculated on an undiscounted basis at the tax rates that are expected to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws enacted or subsequently enacted at the balance sheet date. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
Leased assets |
|
Assets leased to customers under agreements which transfer substantially all the risks and rewards associated with ownership, other than legal title, are classified as finance leases. All other assets leased to customers are classified as operating lease assets.
The net investment in finance leases represents total minimum lease payments less gross earnings allocated to future periods. Income from finance leases is credited to the profit and loss account using the sum of digits method to give a constant periodic rate of return on the net investment.
Operating lease assets are reported at cost less depreciation as calculated using the depreciation rates stated above. Operating lease rentals are credited to profit and loss account on a receivable basis over the term of the lease. |
|
|
Pensions |
|
Contributions to defined contribution plans are expensed in the period to which they relate. |
|
|
| 2 |
Employees |
2024 |
|
2023 |
| Number |
Number |
|
|
Average number of persons employed by the company |
4 |
|
5 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Plant and machinery etc |
| £ |
|
Cost |
|
At 1 January 2024 |
22,923 |
|
Disposals |
(22,923) |
|
At 31 December 2024 |
- |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 January 2024 |
22,923 |
|
On disposals |
(22,923) |
|
At 31 December 2024 |
- |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 December 2024 |
- |
|
|
| 4 |
Investments |
| Investments in |
| subsidiary |
| undertakings |
| £ |
|
Cost |
|
At 1 January 2024 |
1 |
|
Disposals |
(1) |
|
|
At 31 December 2024 |
- |
|
|
The company held no investments in subsidiary undertakings at the year end. |
|
| 5 |
Debtors |
2024 |
|
2023 |
| £ |
£ |
|
|
Trade debtors |
- |
|
10,800 |
|
Loan receivable |
|
|
|
|
11,500,158 |
|
11,440,397 |
|
Net investment in finance leases |
|
|
|
|
- |
|
168,056 |
|
|
|
|
|
|
11,500,158 |
|
11,619,253 |
|
|
The cost of the assets employed in the finance leases is £510,000 (2023: £510,000). |
|
|
Amounts due after more than one year included above: |
2024 |
|
2023 |
| £ |
£ |
|
|
Loan receivable |
|
|
|
|
10,877,139 |
|
10,752,276 |
|
Net investment in finance leases |
|
|
|
|
- |
|
- |
|
|
|
|
|
|
10,877,139 |
|
10,752,276 |
|
|
| 6 |
Investments held as current assets |
2024 |
|
2023 |
| £ |
£ |
|
Fair value |
|
Unlisted investments |
2,931,437 |
|
1,841,955 |
|
Fixed term deposits |
3,023,290 |
|
- |
|
|
|
|
|
|
5,954,727 |
|
1,841,955 |
|
|
|
|
|
|
|
|
|
|
Increase/(decrease) in fair value included in the profit and loss account for the financial year |
|
Unlisted investments |
1,100,465 |
|
- |
|
|
|
|
|
|
|
|
|
|
Historical cost |
4,854,262 |
|
1,841,955 |
|
|
|
|
|
|
|
|
|
|
The company’s unlisted investments have been revalued to fair value at 31 December 2024, based on the syndicate’s market valuation carried out by independent valuers. |
|
| 7 |
Creditors: amounts falling due within one year |
2024 |
|
2023 |
| £ |
£ |
|
|
Other loans |
9,930,238 |
|
18,902,469 |
|
Trade creditors |
152 |
|
176 |
|
Taxation and social security costs |
9,305 |
|
21,560 |
|
Accruals |
|
|
|
|
1,350 |
|
1,000 |
|
|
|
|
|
|
9,941,045 |
|
18,925,205 |
|
|
|
|
|
|
|
|
|
|
| 8 |
Related party transactions |
|
|
Transactions with related parties |
|
During the year the company entered into the following transactions with related parties: |
|
|
|
|
|
|
|
2024 |
|
2023 |
| £ |
£ |
|
|
Turnover |
25,234 |
|
66,495 |
|
Cost of sales |
(247,477) |
|
34,222 |
|
|
Amounts due from/(to) related parties |
|
The following amounts were outstanding at the reporting end date |
|
|
|
|
|
|
|
2024 |
|
2023 |
| £ |
£ |
|
|
Trade debtors |
- |
|
10,800 |
|
Loans receivable |
438,235 |
|
503,337 |
|
Net investment in finance leases |
|
|
|
|
- |
|
168,056 |
|
Other loans |
(9,930,238) |
|
(18,902,469) |