REGISTERED NUMBER: 11180708 (England and Wales)

Financial Statements

for the Year Ended 31 December 2024

for

Thorncliffs Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

J L Priestley

E N Roach

J E Wetton

REGISTERED OFFICE:

Melbourne Park House

Royal Oak Business Park

East Road

Sleaford

Lincolnshire

NG34 7EQ

REGISTERED NUMBER:

11180708 (England and Wales)

SENIOR STATUTORY AUDITOR:

James Sewell BA(Hons) FCA CTA

AUDITORS:

Wright Vigar Limited

Statutory Auditors

Chartered Accountants & Business Advisers

15 Newland

Lincoln

Lincolnshire

LN1 1XG

FIXED ASSETS

Tangible assets

4

767,339

768,125

CURRENT ASSETS

Stocks

3,249,912

4,215,481

Debtors

5

85,928

173,693

Cash at bank

1,056

61,056

3,336,896

4,450,230

CREDITORS

Amounts falling due within one year

6

3,628,814

4,281,609

NET CURRENT (LIABILITIES)/ASSETS

(291,918

)

168,621

TOTAL ASSETS LESS CURRENT LIABILITIES

475,421

936,746

CREDITORS

Amounts falling due after more than one year

7

(162,547

)

(471,156

)

PROVISIONS FOR LIABILITIES

(15,086

)

(47,417

)

NET ASSETS

297,788

418,173

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

297,688

418,073

SHAREHOLDERS' FUNDS

297,788

418,173

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 30 September 2025 and were signed on its behalf by:

J L Priestley - Director

1.	STATUTORY INFORMATION

Thorncliffs 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.

At the year end the net current liabilities exceeded net current assets by £291,918 (2023: net current assets of £168,621). The company has the continued support of the parent company and on that basis the directors consider it appropriate to prepare the financial statements on a going concern basis.

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.

Land and buildings - Not depreciated

Plant and machinery - 20% straight line

Motor vehicles - 31-36% straight line

Office equipment - 25% straight line

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 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 ordinary shares.

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 cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, 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.

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.

Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in the profit or loss.

Hire purchase and leasing commitments

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest of the remaining balance of the liability.

Rentals payable under operating leases including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.

Going concern

Despite the balance sheet showing excess of current liabilities over current assets of £291,918 (2023: £168,621 asset) the director considers the going concern basis to be appropriate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 8 ) .

4.	TANGIBLE FIXED ASSETS

Land and

Plant and

Motor

Office

Buildings

machinery

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 January 2024

506,738

115,542

93,846

161,089

877,215

Additions

-

1,000

66,000

-

67,000

At 31 December 2024

506,738

116,542

159,846

161,089

944,215

DEPRECIATION

At 1 January 2024

-

40,487

39,256

29,347

109,090

Charge for year

-

17,840

33,665

16,281

67,786

At 31 December 2024

-

58,327

72,921

45,628

176,876

NET BOOK VALUE

At 31 December 2024

506,738

58,215

86,925

115,461

767,339

At 31 December 2023

506,738

75,055

54,590

131,742

768,125

Included within fixed assets are assets held under hire purchase agreements with a net book value of £45,355 (2023: £51,270). Depreciation charged on these assets in the year amounted to £5,915 (2023: £5,915).

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

79,847

121,778

Other debtors

6,081

51,915

85,928

173,693

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

1,199,855

3,495,239

Hire purchase contracts (see note 8)

242,012

455,429

Trade creditors

118,330

288,116

Amounts owed to group undertakings

2,000,000

-

Taxation and social security

57,117

34,756

Other creditors

11,500

8,069

3,628,814

4,281,609

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Hire purchase contracts (see note 8)

162,547

471,156

8.	LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2024

2023

£

£

Net obligations repayable:

Within one year

242,012

455,429

Between one and five years

162,547

471,156

404,559

926,585

9.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Bank overdrafts

1,199,855

3,495,239

Hire purchase contracts

404,559

926,585

1,604,414

4,421,824

Included in hire purchase contracts are debts of £40,595 which are secured against the relevant leased assets held within fixed assets.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

10,000

Ordinary

1p

100

100

11.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

James Sewell BA(Hons) FCA CTA (Senior Statutory Auditor)

for and on behalf of Wright Vigar Limited

12.	RELATED PARTY DISCLOSURES

The company has entered into an inter-company guarantee to secure the bank borrowings of the Melbourne Holdings Limited Group.

During the year the company entered into the following transactions with related parties:

Entities with control, joint control or significant influence over the entity

2024

2023

£

£

Sales

57,067

3,309

Purchases

230,464

213,107

Amount due from related party

1,102

84

Amount due to related party

2,000,000

-

Other Related Parties

2024

2023

£

£

Sales

136,150

7,963

Purchases

-

148

Amount due from related party

19,875

7,528

The immediate parent company is Melbourne Construction Limited. Melbourne Construction Limited's registered office is:

Melbourne Park House

Royal Oak Business Park

East Road

Sleaford

Lincolnshire

NG34 7EQ

The ultimate holding company is Melbourne Holdings Limited. Consolidated financial statements for the ultimate holding company are filed with the Registrar of Companies where copies may be obtained.

13.	ULTIMATE CONTROLLING PARTY

The company is a subsidiary of Melbourne Construction Limited.

Melbourne Holdings Limited is ultimately controlled by J L Priestley.