Registration number: 11198343

Thor Safety Ltd

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 9

Thor Safety Ltd

Company Information

Directors

Kathryn Shorthouse Benjamin Conner Peasland Neil James Shorthouse

Registered office

Unit 6 Albion Works Moor Street Brierley Hill West Midlands DY5 3SZ

Accountants

N Clarke Accountancy Ltd ESD Business Park Wollaston Road Stourbridge West Midlands DY8 4HP

Thor Safety Ltd

(Registration number: 11198343)
Balance Sheet as at 28 February 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	4	66,994	79,780
Current assets
Stocks	5	5,000	5,000
Debtors	6	387,450	281,666
Cash at bank and in hand		7,719	-
		400,169	286,666
Creditors: Amounts falling due within one year	7	(241,783)	(211,439)
Net current assets		158,386	75,227
Total assets less current liabilities		225,380	155,007
Creditors: Amounts falling due after more than one year	7	(82,969)	(13,333)
Net assets		142,411	141,674
Capital and reserves
Called up share capital	8	100	100
Retained earnings		142,311	141,574
Shareholders' funds		142,411	141,674

For the financial year ending 28 February 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 8 October 2025 and signed on its behalf by:
 

Thor Safety Ltd

(Registration number: 11198343)
Balance Sheet as at 28 February 2025

......................................... Benjamin Conner Peasland Director

......................................... Neil James Shorthouse Director

Thor Safety Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 6 Albion Works
Moor Street
Brierley Hill
West Midlands
DY5 3SZ
England

These financial statements were authorised for issue by the Board on 8 October 2025.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Thor Safety Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Thor Safety Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2024 - 12).

Thor Safety Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

4	Tangible assets

	Plant and machinery £	Office equipment £	Motor vehicles  £	Total £
Cost or valuation
At 1 March 2024	75,899	9,432	107,608	192,939
Additions	14,187	1,822	31,999	48,008
Disposals	-	-	(62,622)	(62,622)
At 28 February 2025	90,086	11,254	76,985	178,325
Depreciation
At 1 March 2024	64,189	8,212	40,758	113,159
Charge for the year	7,724	811	16,556	25,091
Eliminated on disposal	-	-	(26,919)	(26,919)
At 28 February 2025	71,913	9,023	30,395	111,331
Carrying amount
At 28 February 2025	18,173	2,231	46,590	66,994
At 29 February 2024	11,710	1,220	66,850	79,780

5

Stocks

	2025 £	2024 £
Other inventories	5,000	5,000

6

Debtors

Current	2025 £	2024 £
Trade debtors	372,726	240,602
Prepayments	2,150	3,450
Other debtors	12,574	37,614
	387,450	281,666

Thor Safety Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

7

Creditors

Creditors: amounts falling due within one year

	Note	2025 £	2024 £
Due within one year
Loans and borrowings	9	34,118	30,411
Trade creditors		109,712	121,985
Taxation and social security		74,625	45,473
Accruals and deferred income		2,800	3,420
Other creditors		20,528	10,150
		241,783	211,439

Creditors: amounts falling due after more than one year

	Note	2025 £	2024 £
Due after one year
Loans and borrowings	9	82,969	13,333

8	Share capital

Allotted, called up and fully paid shares

	2025		2024
	No.	£	No.	£
Ordinary shares of £1 each	100	100	100	100

9	Loans and borrowings

Non-current loans and borrowings

	2025 £	2024 £
Bank borrowings	59,963	13,333
Hire purchase contracts	21,456	-
Other borrowings	1,550	-
	82,969	13,333

Thor Safety Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

Current loans and borrowings

	2025 £	2024 £
Bank borrowings	20,800	10,000
Bank overdrafts	-	4,244
Hire purchase contracts	9,897	16,167
Other borrowings	3,421	-
	34,118	30,411