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Registered number: 08926825 THIRSTY HORSES SOLUTIONS LTD FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
THIRSTY HORSES SOLUTIONS LTD REGISTERED NUMBER: 08926825 BALANCE SHEET AS AT 31 MARCH 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 4 |  | 398,563 |  | 518,359
Tangible assets | 5 |  | 2,806 |  | 2,545
|  |  | 401,369 |  | 520,904
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 6 | 48,299 |  | 180,033 |
Cash at bank and in hand | 7 | - |  | 5,618 |
|  | 48,299 |  | 185,651 |
Creditors: amounts falling due within one year | 8 | (609,197) |  | (616,484) |
Net current liabilities |  |  | (560,898) |  | (430,833)
Total assets less current liabilities |  |  | (159,529) |  | 90,071
Creditors: amounts falling due after more than one year | 9 |  | (19,364) |  | (16,422)
Provisions for liabilities |  |  |  |  |
Deferred tax | 11 | - |  | (25,683) |
|  |  | - |  | (25,683)
Net (liabilities)/assets |  |  | (178,893) |  | 47,966
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 2,875 |  | 2,875
Share premium account |  |  | 398,625 |  | 398,625
Profit and loss account |  |  | (580,393) |  | (353,534)
|  |  | (178,893) |  | 47,966
Page 1
THIRSTY HORSES SOLUTIONS LTD REGISTERED NUMBER: 08926825 BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2024 The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................ R Pendleton
Director
Date: 10 November 2025
The notes on pages 3 to 11 form part of these financial statements. Page 2
THIRSTY HORSES SOLUTIONS LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
1. | General information
The company is a private company limited by shares, which is incorporated under the Companies Act 2006 and registered in England and Wales (no. 08926825). The address of the registered office is C/O Langtons, The Plaza, 100 Old Hall Street, Liverpool, L3 9QJ. These financial statements present information about the company as an individual undertaking, it is not a member of a group of companies. The principal activity is that of software development. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The following principal accounting policies have been applied:
| 2.2 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.3 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset. Page 3
THIRSTY HORSES SOLUTIONS LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 2.Accounting policies (continued)
| 2.4 | Research and development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years. If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
| 2.5 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.6 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.7 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.8 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds. Page 4
THIRSTY HORSES SOLUTIONS LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 2.Accounting policies (continued)
| 2.9 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.10 | Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. The estimated useful lives range as follows:
|  |  |  | Development expenditure | - | 5 | years
|  |  |  | Computer software | - | 10 | years
| 2.11 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Page 5
THIRSTY HORSES SOLUTIONS LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 2.Accounting policies (continued)
| 2.11 | Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Office equipment | - | 20% | On cost
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.12 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.13 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.14 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.15 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
3. | Employees
| The average monthly number of employees, including directors, during the year was 5 (2023 - 5).
Page 6
THIRSTY HORSES SOLUTIONS LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
4. | Intangible assets
|  | Develpmnt. expenditure | Computer software | Total
|  | £ | £ | £
| Cost |  |  |
| At 1 April 2023 | 892,312 | 1,500 | 893,812
| Additions | 37,076 | - | 37,076
| At 31 March 2024 | 929,388 | 1,500 | 930,888
| Amortisation |  |  |
| At 1 April 2023 | 375,003 | 450 | 375,453
| Charge for the year on owned assets | 156,722 | 150 | 156,872
| At 31 March 2024 | 531,725 | 600 | 532,325
| Net book value |  |  |
| At 31 March 2024 | 397,663 | 900 | 398,563
| At 31 March 2023 | 517,309 | 1,050 | 518,359
Page 7
THIRSTY HORSES SOLUTIONS LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
5. | Tangible fixed assets
|  | Office equipment
|  | £
| Cost or valuation |
| At 1 April 2023 | 3,433
| Additions | 795
| At 31 March 2024 | 4,228
| Depreciation |
| At 1 April 2023 | 888
| Charge for the year on owned assets | 534
| At 31 March 2024 | 1,422
| Net book value |
| At 31 March 2024 | 2,806
6. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade debtors | 46,799 | 104,340
| Other debtors | 1,500 | 47,984
| Prepayments and accrued income | - | 27,709
|  | 48,299 | 180,033
7. | Cash and cash equivalents
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Cash at bank and in hand | - | 5,618
| Less: bank overdrafts | (26,176) | -
|  | (26,176) | 5,618
Page 8
THIRSTY HORSES SOLUTIONS LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
8. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Bank overdrafts | 26,176 | -
| Bank loans | 2,209 | 4,817
| Trade creditors | 41,972 | 87,297
| Other taxation and social security | 219,205 | 165,009
| Other creditors | 153,574 | 106,717
| Accruals and deferred income | 166,061 | 252,644
|  | 609,197 | 616,484
| The following liabilities were secured:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Bank overdrafts | 26,176 | -
|  | 26,176 | -
| Details of security provided:
The bank overdrafts are secured by fixed and floating charges held against the assets of the company.
9. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Bank loans | 19,364 | 16,422
|  | 19,364 | 16,422
Page 9
THIRSTY HORSES SOLUTIONS LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
10. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Amounts falling due within one year |  |
| Bank loans | 2,209 | 4,817
| Amounts falling due 1-2 years |  |
| Bank loans | 2,266 | 4,817
| Amounts falling due 2-5 years |  |
| Bank loans | 7,149 | 11,605
| Amounts falling due after more than 5 years |  |
| Bank loans | 9,949 | -
|  | 21,573 | 21,239
Page 10
THIRSTY HORSES SOLUTIONS LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
11. | Deferred taxation
|  | 2024
|  | £
| At beginning of year | (25,683)
| Charged to profit or loss | 25,683
| At end of year | -
| The deferred taxation balance is made up as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Fixed asset timing differences | - | (100,666)
| Short term timing differences | - | 8,468
| Losses carried forward | - | 66,515
|  | - | (25,683)
12. | Pension commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £3,198 (2023 - £1,247) . Contributions totalling £4,956 (2023 - £2,909) were payable to the fund at the balance sheet date and are included in creditors.
Page 11