ACCOUNTS - Final Accounts

An analysis of turnover by class of business is as follows:

Registered number: SC664370

THUNDER HOLDINGS LIMITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

THUNDER HOLDINGS LIMITED

COMPANY INFORMATION

Directors	C Drysdale
	N Drysdale


Registered number	SC664370


Registered office	Unit S and Warehouse 5
	Telford Road
	Glenrothes
	KY7 4NX


Independent auditors	Sumer Auditco Limited
	Chartered Accountants
	Pentland House
	Saltire Centre
	Glenrothes
	Fife
	KY6 2AH

THUNDER HOLDINGS LIMITED

CONTENTS

	Page
Group strategic report	1
Directors' report	2 - 3
Independent auditors' report	4 - 7
Consolidated statement of comprehensive income	8
Consolidated statement of financial position	9
Company statement of financial position	10
Consolidated statement of changes in equity	11
Company statement of changes in equity	12
Consolidated statement of cash flows	13 - 14
Consolidated analysis of net debt	14
Notes to the financial statements	15 - 34

THUNDER HOLDINGS LIMITED

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 30 APRIL 2025

Introduction

The directors have pleasure in presenting their strategic report for the year ended 30th April 2025.

Business review

The directors are pleased to report further positive results in the year under review with small decrease in turnover and increased profitability.
The directors' are confident that performance will be strong in the forthcoming year but are mindful of changeable economic factors both nationally and internationally and the potential risk and challenges that that generates.
The Group’s key performance indicators include that of turnover growth, gross margin and net profit. Turnover for the year has decreased by 3.7% to £15,256,045 compared to the prior year £15,846,437. Gross margin has been largely maintained during the year with a rate of 13.9% compared to 15.2% in the previous year and net profit before tax decreased by £335,694 from £1,086,018 in 2024 to £1,421,712 in 2025.
The Board of Directors continue to recognise that this could not be achieved without the valued ongoing support of all our employees and key suppliers.

Principal risks and uncertainties

The Group faces a number of operating risks and uncertainties that could impact performance. Steps are taken to understand these risks and to mitigate them to achieve the directors' long-term goal of creating a sustainable business which delivers growth and profitability.
The main commercial risks is the availability, price and source information for goods which they trade. This is in line with other businesses operating in this sector. These risks are managed by thorough risk management and due diligence procedures being operated and controlled by the directors.
The Group's principal financial instrument is bank deposits. The main purpose of bank deposits is to finance company operations and provide sufficient working capital levels.
Due to the nature of the financial instruments used by the company there is no exposure to price risk.

This report was approved by the board on 16 December 2025 and signed on its behalf.

C Drysdale

Director

Page 1

THUNDER HOLDINGS LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 30 APRIL 2025

The directors present their report and the financial statements for the year ended 30 April 2025.

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 the Group and of the profit or loss of the Group for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the Group's financial statements and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of the group was wholesalers of alcoholic drinks, soft drinks and foodstuffs, together with the manufacture of alcoholic drinks, soft drinks, squashes and cordials.

Results and dividends

The profit for the year, after taxation, amounted to £788,704 (2024 - £1,014,898).

Particulars of dividends paid are detailed in the notes to the financial statements.

Directors

The directors who served during the year were:

C Drysdale

N Drysdale

Future developments

The Company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of future developments.

Page 2

THUNDER HOLDINGS LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 30 APRIL 2025

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditors, Sumer Auditco Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 16 December 2025 and signed on its behalf.

C Drysdale

Director

Page 3

THUNDER HOLDINGS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THUNDER HOLDINGS LIMITED

Opinion

We have audited the financial statements of Thunder Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 April 2025, which comprise the Consolidated statement of comprehensive income, the Consolidated statement of financial position, the Company statement of financial position, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, 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 Group's and of the parent Company's affairs as at 30 April 2025 and of the Group's 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 directors' 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 Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are 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.

Page 4

THUNDER HOLDINGS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THUNDER HOLDINGS LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

∙the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Group strategic report and the 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 the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

∙adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or

∙the parent Company 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 Directors' responsibilities statement set out on page 2, 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 Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.

Page 5

THUNDER HOLDINGS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THUNDER HOLDINGS LIMITED (CONTINUED)

Auditors' 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 Auditors' 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 Group financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and enquiries of legal counsel. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

Page 6

THUNDER HOLDINGS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THUNDER HOLDINGS LIMITED (CONTINUED)

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 Auditors' 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.

Mark Gibson (Senior statutory auditor)

for and on behalf of

Sumer Auditco Limited (Statutory auditors)

Chartered Accountants

Pentland House

Saltire Centre

Glenrothes

Fife

KY6 2AH

16 December 2025

Page 7

THUNDER HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 30 APRIL 2025


	2025	2024
	£	£


Turnover	4	15,256,045	15,846,437
Cost of sales		(13,134,862)	(13,438,979)
Gross profit		2,121,183	2,407,458
Administrative expenses		(1,225,427)	(1,243,778)
Other operating income	5	117,221	127,301
Operating profit	6	1,012,977	1,290,981
Gain/(Loss) on disposal of investments and impairment		(45,694)	45,000
Interest receivable and similar income	9	118,735	13,877
Profit before taxation		1,086,018	1,349,858
Tax on profit	10	(297,314)	(334,960)
Profit for the financial year		788,704	1,014,898

Profit for the year attributable to:
Owners of the parent Company		788,704	1,014,898

There were no recognised gains and losses for 2025 or 2024 other than those included in the consolidated statement of comprehensive income.

There was no other comprehensive income for 2025 (2024:£NIL).

The notes on pages 15 to 34 form part of these financial statements.

Page 8

THUNDER HOLDINGS LIMITED

REGISTERED NUMBER: SC664370

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 30 APRIL 2025

		2025		2024
		£		£

Fixed assets
Tangible assets	14		1,423,944		1,372,719
Investments	15		60,000		85,744
Investment property	16		784,805		784,805
			2,268,749		2,243,268
Current assets
Stocks	17	3,681,387		3,358,883
Debtors: amounts falling due within one year	18	452,106		1,010,930
Cash at bank and in hand	19	3,342,396		2,953,871
		7,475,889		7,323,684
Creditors: amounts falling due within one year	20	(1,283,905)		(1,667,046)
Net current assets			6,191,984		5,656,638
Total assets less current liabilities			8,460,733		7,899,906
Provisions for liabilities
Deferred taxation	22	(687)		(73,564)
			(687)		(73,564)
Net assets			8,460,046		7,826,342

Capital and reserves
Called up share capital	23	50,000	50,000
Profit and loss account	24	8,410,046	7,776,342
		8,460,046	7,826,342

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 16 December 2025.

C Drysdale

Director

The notes on pages 15 to 34 form part of these financial statements.

Page 9

THUNDER HOLDINGS LIMITED

REGISTERED NUMBER: SC664370

COMPANY STATEMENT OF FINANCIAL POSITION

AS AT 30 APRIL 2025

		2025		2024
		£		£

Fixed assets
Tangible assets	14		1,423,944		1,182,215
Investments	15		110,052		135,746
Investment Property	16		784,805		784,805
			2,318,801		2,102,766
Current assets
Debtors: amounts falling due within one year	18	3,582,793		3,353,596
Cash at bank and in hand	19	2,161,552		1,532,921
		5,744,345		4,886,517
Creditors: amounts falling due within one year	20	(427,979)		(187,035)
Net current assets			5,316,366		4,699,482
Total assets less current liabilities			7,635,167		6,802,248

Provisions for liabilities
Deferred taxation	22	(73,187)		(25,938)
			(73,187)		(25,938)
Net assets			7,561,980		6,776,310

Capital and reserves
Called up share capital	23		50,000		50,000
Profit and loss account brought forward		6,726,310		6,319,462
Profit for the year		940,670		571,453
Other changes in the profit and loss account		(155,000)		(164,605)
Profit and loss account carried forward			7,511,980		6,726,310
			7,561,980		6,776,310

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 16 December 2025.

C Drysdale

Director

The notes on pages 15 to 34 form part of these financial statements.

Page 10

THUNDER HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 APRIL 2025

	Called up share capital	Profit and loss account	Equity attributable to owners of parent Company	Total equity
	£	£	£	£
At 1 May 2023	50,000	6,926,049	6,976,049	6,976,049

Profit for the year	-	1,014,898	1,014,898	1,014,898
Dividends: Equity capital	-	(164,605)	(164,605)	(164,605)

At 1 May 2024	50,000	7,776,342	7,826,342	7,826,342

Profit for the year	-	788,704	788,704	788,704
Dividends: Equity capital	-	(155,000)	(155,000)	(155,000)
At 30 April 2025	50,000	8,410,046	8,460,046	8,460,046

The notes on pages 15 to 34 form part of these financial statements.

Page 11

THUNDER HOLDINGS LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 APRIL 2025

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 May 2023	50,000	6,319,462	6,369,462

Profit for the year	-	571,453	571,453
Dividends: Equity capital	-	(164,605)	(164,605)

At 1 May 2024	50,000	6,726,310	6,776,310

Profit for the year	-	940,670	940,670
Dividends: Equity capital	-	(155,000)	(155,000)
At 30 April 2025	50,000	7,511,980	7,561,980

The notes on pages 15 to 34 form part of these financial statements.

Page 12

THUNDER HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 30 APRIL 2025

			2025	2024
			£	£

Cash flows from operating activities
Profit for the financial year	788,704	1,014,898
Adjustments for:
Amortisation of intangible assets	3,785	-
Depreciation of tangible assets	148,657	152,266
Impairments of other investments	45,694	-
Loss on disposal of tangible assets	(4,500)	-
Interest received	(118,735)	(13,877)
Taxation charge	297,314	334,960
(Increase) in stocks	(322,504)	(1,059,588)
Decrease in debtors	558,824	281,637
(Decrease)/increase in creditors	(383,141)	282,919
Corporation tax (paid)	(373,926)	(366,670)
Gain/(Loss) on disposal of other investment assets	-	(45,000)
Net cash generated from operating activities	640,172	581,545

Cash flows from investing activities
Purchase of tangible fixed assets	(199,882)	(20,907)
Sale of tangible fixed assets	4,500	-
Sale of investment properties	-	350,000
Purchase of unlisted and other investments	(20,000)	(75,694)
Sale of unlisted and other investments	-	100,000
Interest received	118,735	13,877
Net cash from investing activities	(96,647)	367,276

Page 13

THUNDER HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)

FOR THE YEAR ENDED 30 APRIL 2025

		2025	2024
		£	£


Cash flows from financing activities
Dividends paid	(155,000)	(164,605)
Net cash used in financing activities	(155,000)	(164,605)
Net increase in cash and cash equivalents	388,525	784,216
Cash and cash equivalents at beginning of year	2,953,871	2,169,655
Cash and cash equivalents at the end of year	3,342,396	2,953,871

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	3,342,396	2,953,871
	3,342,396	2,953,871

CONSOLIDATED ANALYSIS OF NET DEBT

FOR THE YEAR ENDED 30 APRIL 2025


At 1 May 2024	Cash flows	At 30 April 2025
£	£	£

Cash at bank and in hand	2,953,871	388,525	3,342,396

The notes on pages 15 to 34 form part of these financial statements.

Page 14

THUNDER HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

1.	General information

Thunder Holdings Limited is a private company limited by shares, registered in Scotland. The address of the registered office is Unit S and Warehouse 5, Telford Road, Glenrothes, KY7 4NX.
The financial statements are prepared in Sterling, which is the functional currency of the entity, and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below.

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 Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using merger accounting and the purchase method.
Under merger accounting, the statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their carrying values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the beginning of the financial year in which the combination occurred. The comparative results are also restated to include the total comprehensive income for all combining entities for the previous reporting period and their statement of financial position for the previous reporting date. They are deconsolidated from the date control ceases.
Under the purchase method, the statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102.

Page 15

THUNDER HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

2.Accounting policies (continued)

2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Group has transferred the significant risks and rewards of ownership to the buyer;

∙the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Group will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.6

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.

Page 16

THUNDER HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

2.Accounting policies (continued)

2.7

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 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 and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting 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;

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and

∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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 reporting date.

2.8

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.

2.9

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 17

THUNDER HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

2.Accounting policies (continued)

2.9

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:

Freehold property	-	2%
Plant and machinery	-	20%
Motor vehicles	-	25%
Office equipment	-	20%

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.

2.10

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.12

Associates and joint ventures

An entity is treated as a joint venture where the Group is a party to a contractual agreement with one or more parties from outside the Group to undertake an economic activity that is subject to joint control.

An entity is treated as an associated undertaking where the Group exercises significant influence in that it has the power to participate in the operating and financial policy decisions.
In the consolidated accounts, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate. The Consolidated statement of comprehensive income includes the Group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the Group. In the Consolidated statement of financial position, the interests in associated undertakings are shown as the Group's share of the identifiable net assets, including any unamortised premium paid on acquisition.
Any premium on acquisition is dealt with in accordance with the goodwill policy.

Page 18

THUNDER HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

2.Accounting policies (continued)

2.13

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 first in, first out 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.

2.14

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.

2.15

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.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

2.16

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.

2.17

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.

2.18

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Group's Statement of financial position when the Group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Page 19

THUNDER HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

2.Accounting policies (continued)

2.19

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

The most significant estimation within the Group's financial statements relates to depreciation. The directors review depreciation rates on a regular basis to ensure that the policy rate remains appropriate.
The directors also require to exercise judgement in assessing recoverability of trade debtors and make appropriate provision where their credit control procedures indicate that trade debtor balances may not be fully recoverable.

	Sale and distribution of beverages	15,256,045	15,846,437

All turnover arose within the United Kingdom.

5.	Other operating income
		2025	2024
		£	£

Equestrian income	18,416	42,568
Property rentals receivable	96,321	82,090
Insurance claims receivable	2,484	2,643
	117,221	127,301

Page 20

THUNDER HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

Depreciation of tangible assets	148,567	152,266
Exchange differences	-	2,182
(Profit)/Loss on disposal of other asset investments	-	(45,000)
Fees payable to the company's auditor for the audit of the company's financial statements	5,150	3,000
Fees payable to the company's auditor for the audit of the company's subsidaries	11,500	16,000
Impairment of other asset investments	45,694	-

7.	Employees
	Staff costs, including directors' remuneration, were as follows:

		Group	Group
		2025	2024
		£	£


Wages and salaries	1,539,237	1,480,803
Social security costs	131,366	126,221
Cost of defined contribution scheme	24,769	23,319
	1,695,372	1,630,343

The average monthly number of employees, including the directors, during the year was as follows:

	Group	Group	Company	Company
	2025	2024	2025	2024
	No.	No.	No.	No.

Directors	2	2	2	2
Production and deliver	44	47	-	-
Administration	19	17	-	-

	65	66	2	2

Page 21

THUNDER HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

8.	Directors' remuneration
		2025	2024
		£	£

Directors' emoluments	26,040	19,038
Group contributions to defined contribution pension schemes	384	384
	26,424	19,422

9.	Interest receivable
		2025	2024
		£	£

Bank interest receivable

118,735

13,877

Corporation tax
Current tax on profits for the year	369,925	359,509
Adjustments in respect of previous periods	266	-
	370,191	359,509

Total current tax	370,191	359,509

Deferred tax
Origination and reversal of timing differences	(72,877)	(24,549)
Total deferred tax	(72,877)	(24,549)


	Tax on profit	297,314	334,960

Page 22

THUNDER HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

10.Taxation (continued)

Profit on ordinary activities before tax

1,086,018

1,349,858

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	271,505	337,465
Effects of:
Non-tax deductible amortisation of goodwill and impairment	19,690	5,947
Unrecognised deferred tax	1,982	-
Depreciation on non-qualifying assets	4,137	4,137
Gain on sale of non-qualifying assets	-	(11,250)
Capital gains	-	3,339
Impact of rate change	-	(4,678)
Total tax charge for the year	297,314	334,960

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

11.	Dividends
		2025	2024
		£	£

	Dividends paid during the year	155,000	164,605
		155,000	164,605

12.	Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The profit after tax of the parent Company for the year was £940,670 (2024 - £571,453).

Page 23

THUNDER HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

13.	Intangible assets
	Group and Company

		Goodwill
		£
	Cost
	Additions	3,785
	At 30 April 2025	3,785
	Amortisation
	Charge for the year on owned assets	3,785
	At 30 April 2025	3,785
	Net book value
	At 30 April 2025	-
	At 30 April 2024	-

Page 24

THUNDER HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

14.	Tangible fixed assets
	Group

	Freehold property	Plant and machinery	Motor vehicles	Office equipment	Total
	£	£	£	£	£
Cost or valuation
At 1 May 2024	1,169,930	366,145	899,081	30,613	2,465,769
Additions	7,635	4,968	187,279	-	199,882
Disposals	-	-	(71,938)	-	(71,938)
At 30 April 2025	1,177,565	371,113	1,014,422	30,613	2,593,713
Depreciation
At 1 May 2024	58,422	364,250	663,037	7,341	1,093,050
Charge for the year on owned assets	23,548	1,909	117,077	6,123	148,657
Disposals	-	-	(71,938)	-	(71,938)
At 30 April 2025	81,970	366,159	708,176	13,464	1,169,769
Net book value
At 30 April 2025	1,095,595	4,954	306,246	17,149	1,423,944
At 30 April 2024	1,111,508	1,895	236,044	23,272	1,372,719

Page 25

THUNDER HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

14.Tangible fixed assets (continued)

	Company

	Freehold property	Plant and machinery	Motor vehicles	Office equipment	Total
	£	£	£	£	£
Cost or valuation
At 1 May 2024	1,169,930	366,145	597,926	30,613	2,164,614
Additions	7,635	4,968	187,279	-	199,882
Transfers intra group	-	-	301,155	-	301,155
Disposals	-	-	(71,938)	-	(71,938)
At 30 April 2025	1,177,565	371,113	1,014,422	30,613	2,593,713
Depreciation
At 1 May 2024	58,422	364,250	552,386	7,341	982,399
Charge for the year on owned assets	23,548	1,909	60,147	6,123	91,727
Transfers intra group	-	-	167,581	-	167,581
Disposals	-	-	(71,938)	-	(71,938)
At 30 April 2025	81,970	366,159	708,176	13,464	1,169,769
Net book value
At 30 April 2025	1,095,595	4,954	306,246	17,149	1,423,944
At 30 April 2024	1,111,508	1,895	45,540	23,272	1,182,215

Page 26

THUNDER HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

15.	Fixed asset investments
	Group

	Other fixed asset investments	Investment in joint ventures	Total
	£	£	£
Cost or valuation
At 1 May 2024	85,694	50	85,744
Additions	20,000	-	20,000
On acquisition of subsidiaries	-	(50)	(50)
At 30 April 2025	105,694	-	105,694
Impairment
Charge for the period	45,694	-	45,694
At 30 April 2025	45,694	-	45,694
Net book value
At 30 April 2025	60,000	-	60,000
At 30 April 2024	85,694	50	85,744

Page 27

THUNDER HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

	Company

	Investments in subsidiary companies	Other fixed asset investments	Investment in joint ventures	Total
	£	£	£	£
Cost or valuation
At 1 May 2024	50,002	85,694	50	135,746
Additions	50	20,000	-	20,050
On acquisition of subsidiaries	-	-	(50)	(50)
At 30 April 2025	50,052	105,694	-	155,746
Impairment
Charge for the period	-	45,694	-	45,694
At 30 April 2025	-	45,694	-	45,694
Net book value
At 30 April 2025	50,052	60,000	-	110,052
At 30 April 2024	50,002	85,694	50	135,746

Subsidiary undertakings
The following were subsidiary undertakings of the Company:
Name	Registered office	Class of shares	Holding

Allson Sparkle Limited	Unit S and Warehouse 5, Telford Road, Eastfield Industrial Estate, Glenrothes, Fife, Scotland, KY7 4NX	Ordinary	100%
Thunder Leisure Limited	Unit S and Warehouse 5, Telford Road, Eastfield Industrial Estate, Glenrothes, Fife, Scotland, KY7 4NX	Ordinary	100%
Boardwalk Bars & Bistros Limited	Unit S and Warehouse 5, Telford Road, Eastfield Industrial Estate, Glenrothes, Fife, Scotland, KY7 4NX	Ordinary	100%

For their respective period ended 30 April 2025, Thunder Leisure Limited and Boardwalk Bars & Bistros Limited are entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies via issuance of a section 479C guarantee.

Page 28

THUNDER HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

16.	Investment property
	Group

		Freehold investment property
		£
	Valuation
	At 1 May 2024	784,805
	At 30 April 2025	784,805

The 2025 valuations were made by the directors', on an open market value for existing use basis.

	Company

		Freehold investment property
		£
	Valuation
	At 1 May 2024	784,805
	At 30 April 2025	784,805

The 2025 valuations were made by the directors', on an open market value for existing use basis.

17.	Stocks
		Group	Group
		2025	2024
		£	£

Work in progress	250,000	-
Finished goods and goods for resale	3,431,387	3,358,883
	3,681,387	3,358,883

Page 29

THUNDER HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

18.

Debtors

Group	Group	Company	Company
2025	2024	2025	2024
£	£	£	£


Trade debtors	310,434	351,252	-	-
Amounts owed by group undertakings	-	-	3,452,949	2,705,013
Other debtors	51,600	554,774	49,307	544,930
Prepayments and accrued income	90,072	104,904	80,537	103,653
	452,106	1,010,930	3,582,793	3,353,596

19.	Cash and cash equivalents
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

	Cash at bank and in hand	3,342,396	2,953,871	2,161,552	1,532,921

20.	Creditors: Amounts falling due within one year
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Trade creditors	619,334	1,009,790	147,826	5,588
Other taxation and social security	372,916	357,625	72,647	46,808
Other creditors	246,126	230,169	194,555	124,314
Accruals and deferred income	45,529	69,462	12,951	10,325
	1,283,905	1,667,046	427,979	187,035

Page 30

THUNDER HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

21.	Financial instruments
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Financial assets
Financial assets measured at fair value through profit or loss	3,342,396	2,953,871	2,161,552	1,532,921
Financial assets that are debt instruments measured at amortised cost	362,035	906,026	49,307	544,930
	3,704,431	3,859,897	2,210,859	2,077,851

	Financial liabilities
	Financial liabilities measured at amortised cost	840,320	1,239,959	342,381	129,902

	Financial assets measured at fair value through profit or loss comprise of cash at bank and in hand.
	Financial assets that are debt instruments measured at amortised cost comprise trade and other debtors.
	Financial liabilities measured at amortised cost comprise trade and other creditors.

22.	Deferred taxation
	Group

		2025
		£

	At beginning of year	(73,564)
	Charged to profit or loss	72,877
	At end of year	(687)

Page 31

THUNDER HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

22.Deferred taxation (continued)

Company

		2025
		£

	At beginning of year	(25,938)
	Charged to profit or loss	(47,249)
	At end of year	(73,187)

Group	Group	Company	Company
2025	2024	2025	2024
£	£	£	£

Accelerated capital allowances	(73,187)	(73,564)	(73,187)	(25,938)
Other timing differences	72,500	-	-	-
	(687)	(73,564)	(73,187)	(25,938)

23.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

50,000 (2024 - 50,000) Ordinary shares of £1.00 each	50,000	50,000

24.

Reserves

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses.

Page 32

THUNDER HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

25.	Business combinations

The parent company acquired the remaining 50% in Boardwalk Bars and Bistros Limited for a consideration of £nil.

Current Assets
Stocks	540,000	540,000
Cash at bank and in hand	100	100
Total Assets	540,100	540,100
Creditors
Due within one year	(543,885)	(543,885)
Total Identifiable net liabilities	(3,785)	(3,785)


	Goodwill	3,785
	Total purchase consideration	-

	The goodwill arising on acquisition is attributable to the trade of the Company and its subsidiaries.
	The results of Boardwalk Bars and Bistros Limited since acquisition are as follows:
				Current period since acquisition
				£

(Loss) for the period since acquisition

(221,595)

26.	Pension commitments

The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £24,769 (2024 - £23,319). Contributions totaling £3,467 (2024 - £2,397) were payable to the fund at the balance sheet date.

Page 33

THUNDER HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

27.	Related party transactions
	The company has taken advantage of the exemption available in FRS 102 from disclosing related party transactions with wholly owned subsidiaries.

28.	Controlling party

The company was under the control of C J Drysdale throughout the current period and previous year.

Page 34