ACCOUNTS - Final Accounts preparation

Company Registration Number 13536328

	THOROUGHWAY LIMITED

	AUDITED FINANCIAL STATEMENTS

	31 MARCH 2025

THOROUGHWAY LIMITED

REGISTERED NUMBER: 13536328

STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2025

		2025		2024
Note		£		£


Current assets
Stock	4	2,418,892		1,168,715
Debtors: amounts falling due within one year	5	62,809		-
Cash at bank and in hand	6	34,991		5,690
		2,516,692		1,174,405
Creditors: amounts falling due within one year	7	(2,900,019)		(1,362,479)
Net current liabilities			(383,327)		(188,074)
Total assets less current liabilities			(383,327)		(188,074)

Net liabilities			(383,327)		(188,074)

Capital and reserves
Called up share capital	8	300	300
Profit and loss account		(383,627)	(188,374)
		(383,327)	(188,074)

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 income statement 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:

................................................

Joshua Guy

Director

Date: 19 December 2025

The notes on pages 2 to 5 form part of these financial statements.

Page 1

THOROUGHWAY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1.	General information

The principal activity of Thoroughway Limited is the acquisition and leasing of land to support environmentally sustainable initiatives. Please see note 12 for controlling party information.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the requirements and the Companies Act 2006 and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liabilities Partnerships'. 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.

2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 2

THOROUGHWAY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.5

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 Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is 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.

2.7

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.

2.8

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.

2.9

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.

Employees

The average monthly number of employees, including directors, during the year was 4 (2024 - 4).

4.	Stocks
		2025	2024
		£	£

Raw materials and consumables	2,418,892	1,168,715
	2,418,892	1,168,715

Page 3

THOROUGHWAY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Debtors

					2025	2024
					£	£


Trade debtors	58,172	-
Other debtors	4,637	-
	62,809	-

6.	Cash and cash equivalents
		2025	2024
		£	£

Cash at bank and in hand	34,991	5,690
	34,991	5,690

7.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Trade creditors	16,786	2,077
Amounts owed to group undertakings	2,726,759	1,358,772
Other taxation and social security	17,407	-
Other creditors	6,006	1,630
Accruals and deferred income	133,061	-
	2,900,019	1,362,479

Page 4

THOROUGHWAY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

8.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

300 (2024 - 300) Ordinary shares of £1.00 each	300	300

9.	Pension commitments

The company operates a Defined Benefit Pension Scheme. However, the scheme is a multiple employer scheme and the company is unable to identify its share of the underlying assets and liabilities.

10.	Related party transactions
	The company has taken advantage of the exemption in Section 33 "Related Party Disclosures" from disclosing transactions with other members of the group, as permitted by FRS102.

11.	Controlling party

The immediate parent company is Pennine Energy Group Limited who are incorporated in England and Wales. The directors are of the opinion that no individual has control.

12.	Auditors' information

The auditors' report on the financial statements for the year ended 31 March 2025 was unqualified.

The audit report was signed on 19 December 2025 by Simon Turner (Senior Statutory Auditor) on behalf of Armstrong Watson Audit Limited.

Page 5