Registration number:
Thornton Roofing (Ireland) Limited
for the Year Ended 31 March 2025
Thornton Roofing (Ireland) Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Statement of Cash Flows |
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Notes to the Financial Statements |
Thornton Roofing (Ireland) Limited
Company Information
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Directors |
Mrs Kathleen Ann Thornton Mr James Thornton Mr Stephen Thornton Mrs Jennifer Neeson Mr Adam Thornton |
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Company secretary |
Mrs Jennifer Neeson |
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Registered office |
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Auditors |
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Thornton Roofing (Ireland) Limited
Strategic Report for the Year Ended 31 March 2025
The directors present their strategic report for the year ended 31 March 2025.
Principal activity
The principal activity of the company is roofing & cladding contractors.
Fair review of the business
The company continued to strengthen its position within the roofing and cladding sector during the year. All departments remained active, delivering projects across the UK and Ireland. The company’s commitment to high operational standards was further recognised through the receipt of a Gold Award from the National Federation of Roofing Contractors (NFRC) for its health and safety performance.
For the year ended March 2025, revenue grew by 12% and employee numbers increased by 13%. This level of performance is regarded as positive given the wider economic pressures affecting the construction sector. The company maintained a strong financial position throughout the year and worked closely with clients and supply-chain partners to manage volatility in programme delivery and material availability.
Looking ahead, the next financial year is expected to be more challenging, with delays projected on several key projects due to external factors outside the company’s control. In response, the company continues to promote its reactive, refurbishment and short-programme services to help mitigate the impact of deferred project revenue. The Board remains confident that the business is well positioned to navigate these challenges.
At the year end, the company held assets of £8,985,824 (2024 - £7,159,790) and liabilities of £3,255,074 (2024 - £2,194,040). Net assets increased by £765,000, and the directors were satisfied with the level of retained reserves.
The company expanded its manufacturing capability to include the fabrication of aluminium glazing systems, responding to growing customer demand for a single-source external envelope solution. Early full-envelope projects have been successful and have provided valuable insights to support future delivery.
The company adopted a globally recognised digital project management suite to enhance project control and collaboration. This has improved transparency between office and field teams and enabled remote working where required.
The company's key financial and other performance indicators during the year were as follows:
|
Financial KPIs |
Unit |
2025 |
2024 |
|
Turnover |
£ |
16,599,026 |
14,859,902 |
|
Gross Profit |
£ |
4,213,808 |
4,191,100 |
|
Employee Numbers |
Number |
93 |
82 |
Thornton Roofing (Ireland) Limited
Strategic Report for the Year Ended 31 March 2025
Principal risks and uncertainties
In common with all companies operating in the construction sector, the company faces challenging trading conditions. These conditions are compounded by the ongoing Ukraine war and the global inflationary pressures affecting the market dynamics.
Inflation
One of the key challenges the company encounters is the continual rise of inflationary pressure on materials, labour, and energy. This upward trend in costs strains the ability to recover these expenses in the competitive marketplace and can impact project delivery within agreed timelines. The company explores bulk purchasing agreements and alternative suppliers to mitigate these rising costs and effectively manage pricing and resource strategies during the tender stages.
Health and Safety
The company is committed to maintaining its ISO 45001 certification and implementing the highest standard of health and safety management across office, site, and manufacturing environments for its people and customers. Given the significant risks associated with working at height, the company ensures all operatives are adequately trained and aware of the potential hazards.
Labour Supply
The availability of skilled labour resources remains a critical challenge. There is a skills shortage resulting from an ageing workforce and fewer young people wanting to get involved in construction, which is partially responsible for inflating labour costs for skilled operatives. The company is implementing an apprenticeship programme and hopes to expand it further next year.
Competition
Operating in a competitive, cost-driven marketplace, the company has invested in its design and pre-construction resources to facilitate early contractor involvement. This aims to secure projects earlier to enable effective commercial and operational planning.
Environment
The company maintains ISO 14001 certification and reviews environmental legislation annually to ensure compliance, prevent pollution and minimise waste. It has joined the Business in the Community (BITC) Climate Action Pledge and is committed to reducing greenhouse gas emissions by 50% by 2030 and to monitoring scope 3 emissions annually. Progress is reviewed at Board level each year.
Human Resource
The company understands that its most important resource is its people. Their skills, knowledge, and experience are all crucial to meeting customers' requirements. The company recognises the critical importance of the upcoming shift in procurement for high-risk buildings and is diligently preparing to comply with competency guidance through training and CPD programmes.
Liquidity Risk
The company manages financial risk by ensuring sufficient liquidity to meet ongoing operations and future developments. It seeks to retain profits and utilise short-term finance to ensure adequate funds are available to meet obligations as they arise. The company currently has no funding issues.
Credit Risk
The company performs appropriate credit checks on all contractors before contract signature and takes out credit insurance. If credit insurance is unattainable, fortnightly payment plans with customers are implemented to mitigate risk.
Thornton Roofing (Ireland) Limited
Strategic Report for the Year Ended 31 March 2025
Approved and authorised by the
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Thornton Roofing (Ireland) Limited
Directors' Report for the Year Ended 31 March 2025
The directors present their report and the financial statements for the year ended 31 March 2025.
Directors of the company
The directors who held office during the year were as follows:
Financial instruments
Objectives and policies
Through financial instruments held the company's operations expose it to a variety of financial risks that include price risk, credit risk, liquidity risk and cash flow risk.
Price risk, credit risk, liquidity risk and cash flow risk
The company is exposed to the price risk of materials through its operations. The directors have sought to manage this risk by the implementation of strict controls and purchasing of materials.
The company requires that appropriate credit checks are carried out on all contractors before contract signature. The use of outside credit reference agencies and the request for direct financial inforrnation from contractors enables management of credit risk. Provisions for bad debts are made on historical evidence and available current information which might indicate a reduction in the recoverability of cash flows.
The company seeks to retain profits and the use of short term finance to ensure sufficient funds are available to meet obligations as they fall due.
Research and development
The company continues to work with its clients to solve complex building issues. This involves the initial design process, prototyping and sampling to provide bespoke solutions to unique and often technologically challenging problems.
As a result of this the company continues to extend its known knowledge particularly in relation to external rendering and cladding intallation.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved and authorised by the
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Thornton Roofing (Ireland) Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Thornton Roofing (Ireland) Limited
Independent Auditor's Report to the Members of Thornton Roofing (Ireland) Limited
Opinion
We have audited the financial statements of Thornton Roofing (Ireland) Limited (the 'company') for the year ended 31 March 2025, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Thornton Roofing (Ireland) Limited
Independent Auditor's Report to the Members of Thornton Roofing (Ireland) Limited
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities [set out on page 6], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Thornton Roofing (Ireland) Limited
Independent Auditor's Report to the Members of Thornton Roofing (Ireland) Limited
We considered the opportunities and incentives that may exist within the company for fraud and identified the greatest potential for fraud in relation to revenue recognition and payment of amounts from the company. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.
We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations in Companies Act 2006 were considered in this context.
In addition, we considered provisions of relevant laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty.
Our procedures to respond to risks identified included the following:
• reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
• enquiring of management regarding actual and potential litigation and claims;
• performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
• reading minutes of meetings of those charged with governance and reviewing regulatory correspondence with Companies House;
• in addressing the risk of fraud through management override of controls we, tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in making accounting estimates are indicative of a potential bias; evaluated the business rationale of any significant transactions; and where possible obtained direct confirmation of balances independently from the relevant party.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Thornton Roofing (Ireland) Limited
Independent Auditor's Report to the Members of Thornton Roofing (Ireland) Limited
......................................
For and on behalf of
Ballyclare
Co Antrim
BT39 9BG
Thornton Roofing (Ireland) Limited
Profit and Loss Account for the Year Ended 31 March 2025
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Note |
2025 |
2024 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
|
|
|
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Administrative expenses |
( |
( |
|
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Operating profit |
1,044,131 |
1,796,666 |
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Amounts written off investments |
- |
( |
|
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Interest payable and similar expenses |
( |
( |
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|
(13,490) |
(1,005,738) |
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Profit before tax |
|
|
|
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Tax on profit |
( |
( |
|
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Profit for the financial year |
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The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Thornton Roofing (Ireland) Limited
Statement of Comprehensive Income for the Year Ended 31 March 2025
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2025 |
2024 |
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Profit for the year |
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Total comprehensive income for the year |
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Thornton Roofing (Ireland) Limited
(Registration number: NI041349)
Balance Sheet as at 31 March 2025
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Note |
2025 |
2024 |
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Fixed assets |
|||
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Tangible assets |
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Current assets |
|||
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
|||
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Called up share capital |
850,000 |
850,000 |
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Retained earnings |
4,880,750 |
4,115,750 |
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Shareholders' funds |
5,730,750 |
4,965,750 |
Approved and authorised by the
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Thornton Roofing (Ireland) Limited
Statement of Changes in Equity for the Year Ended 31 March 2025
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Share capital |
Retained earnings |
Total |
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At 1 April 2024 |
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Profit for the year |
- |
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At 31 March 2025 |
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Share capital |
Retained earnings |
Total |
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At 1 April 2023 |
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Profit for the year |
- |
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At 31 March 2024 |
850,000 |
4,115,750 |
4,965,750 |
Thornton Roofing (Ireland) Limited
Statement of Cash Flows for the Year Ended 31 March 2025
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Note |
2025 |
2024 |
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Cash flows from operating activities |
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Profit for the year |
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Adjustments to cash flows from non-cash items |
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Depreciation and amortisation |
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Finance costs |
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Income tax expense |
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Working capital adjustments |
|||
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(Increase)/decrease in stocks |
( |
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(Increase)/decrease in trade debtors |
( |
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Increase/(decrease) in trade creditors |
|
( |
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Cash generated from operations |
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Income taxes paid |
( |
- |
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Net cash flow from operating activities |
|
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Cash flows from investing activities |
|||
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Acquisitions of tangible assets |
( |
( |
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Cash flows from financing activities |
|||
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Interest paid |
( |
( |
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Repayments of bank loans |
( |
( |
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Payments to finance lease creditors |
( |
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Loans with related parties |
- |
( |
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Net cash flows from financing activities |
( |
( |
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Net increase in cash and cash equivalents |
|
|
|
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Cash and cash equivalents at 1 April |
|
|
|
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Cash and cash equivalents at 31 March |
1,613,657 |
787,806 |
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Thornton Roofing (Ireland) Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
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General information |
The company is a private company limited by share capital, incorporated in Northern Ireland.
The address of its registered office is:
Northern Ireland
These financial statements were authorised for issue by the
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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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
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.
The financial statements are presented in sterling £.
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.
Foreign currency transactions and balances
Tax
The tax expense for the period comprises current and deferred 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.
Thornton Roofing (Ireland) Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
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.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
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:
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Asset class |
Depreciation method and rate |
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Plant and machinery |
20% Reducing Balance Basis |
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Fixtures and fittings |
25% Reducing Balance Basis |
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Motor vehicles |
25% Reducing Balance Basis |
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Buildings |
2% Straight Line Basis |
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.
Thornton Roofing (Ireland) Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
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.
Where the outcome of contract work-in-progress can be reliably estimated, contract revenue and contract costs are recognised by reference to the stage of completion of the contract as at the year end. If the outcome of the contracts cannot be reliably estimated, revenue is recognised to the extent of costs incurred that are likely recoverable and contract costs are recognised as an expense in the period incurred. If a loss on a contract is anticipated the expected loss is provided for immediately.
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
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 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.
Thornton Roofing (Ireland) Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
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.
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.
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Turnover |
The analysis of the company's turnover for the year from continuing operations is as follows:
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2025 |
2024 |
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Sale of goods |
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Other gains and losses |
The analysis of the company's other gains and losses for the year is as follows:
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2025 |
2024 |
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Gain from changes in provisions |
|
- |
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Operating profit |
Arrived at after charging/(crediting)
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2025 |
2024 |
|
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Depreciation expense |
|
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Interest payable and similar expenses |
|
2025 |
2024 |
|
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Interest on bank overdrafts and borrowings |
- |
|
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Interest on obligations under finance leases and hire purchase contracts |
|
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Thornton Roofing (Ireland) Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
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Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
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2025 |
2024 |
|
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Wages and salaries |
|
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Social security costs |
|
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Pension costs, defined contribution scheme |
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Other employee expense |
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The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
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2025 |
2024 |
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Production |
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Administration and support |
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|
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2025 |
2024 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
336,213 |
298,675 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
|
2025 |
2024 |
|
|
Accruing benefits under defined benefit pension scheme |
|
|
Thornton Roofing (Ireland) Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Auditors' remuneration |
|
2025 |
2024 |
|
|
Other fees to auditors |
||
|
Audit-related assurance services |
|
|
|
Taxation |
Tax charged/(credited) in the profit and loss account
|
2025 |
2024 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
|
|
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2024 - the same as the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2025 |
2024 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Tax increase from effect of capital allowances and depreciation |
|
|
|
Total tax charge |
|
|
Thornton Roofing (Ireland) Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
Deferred tax
Deferred tax assets and liabilities
|
2025 |
Asset |
Liability |
|
Accelerated tax depreciation |
- |
|
|
- |
|
|
2024 |
Asset |
Liability |
|
Accelerated tax depreciation |
- |
|
|
- |
|
|
Tangible assets |
|
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Total |
|
|
Cost or valuation |
||||
|
At 1 April 2024 |
|
|
|
|
|
Additions |
|
|
|
|
|
At 31 March 2025 |
|
|
|
|
|
Depreciation |
||||
|
At 1 April 2024 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
At 31 March 2025 |
|
|
|
|
|
Carrying amount |
||||
|
At 31 March 2025 |
|
|
|
|
|
At 31 March 2024 |
|
|
|
|
Included within the net book value of land and buildings above is £1,134,550 (2024 - £1,009,792) in respect of freehold land and buildings.
Assets held under finance leases and hire purchase contracts
The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:
|
2025 |
2024 |
|
|
Plant & Machinery |
29,696 |
37,120 |
|
Motor Vehicles |
248,237 |
330,983 |
|
277,933 |
368,103 |
Thornton Roofing (Ireland) Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Stocks |
|
2025 |
2024 |
|
|
Raw materials and consumables |
|
|
|
Work in progress |
|
|
|
|
|
|
Debtors |
|
Current |
Note |
2025 |
2024 |
|
Trade debtors |
|
|
|
|
Amounts owed by related parties |
|
|
|
|
Other debtors |
|
|
|
|
Prepayments |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
2025 |
2024 |
|
|
Cash at bank |
|
|
|
Short-term deposits |
|
|
|
|
|
|
Creditors |
|
Note |
2025 |
2024 |
|
|
Due within one year |
|||
|
Loans and borrowings |
|
|
|
|
Trade creditors |
|
|
|
|
Amounts due to related parties |
|
|
|
|
Social security and other taxes |
|
|
|
|
Outstanding defined contribution pension costs |
|
|
|
|
Other payables |
|
|
|
|
Accruals |
|
|
|
|
Income tax liability |
252,595 |
246,182 |
|
|
|
|
||
|
Due after one year |
|||
|
Loans and borrowings |
|
|
Thornton Roofing (Ireland) Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Provisions for liabilities |
|
Deferred tax |
Total |
|
|
At 1 April 2024 |
|
|
|
Increase (decrease) in existing provisions |
|
|
|
At 31 March 2025 |
|
|
|
|
||
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £
|
Share capital |
Allotted, called up and fully paid shares
|
2025 |
2024 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
850,000 |
|
850,000 |
|
Loans and borrowings |
Current loans and borrowings
|
2025 |
2024 |
|
|
Bank borrowings |
- |
|
|
Finance lease liabilities |
|
|
|
|
|
|
Non-current loans and borrowings
|
2025 |
2024 |
|
|
Finance lease liabilities |
|
|
Thornton Roofing (Ireland) Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Obligations under leases and hire purchase contracts |
Finance leases
The total of future minimum lease payments is as follows:
|
2025 |
2024 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
|
Related party transactions |
Summary of transactions with other related parties
|
|
|
|
|
Polar Rainwater Solutions Limited
|
|
Directors Current Account
|
|
Controlling Parties
|