Thornton Properties Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Unaudited Financial Statements	3 to 8

Thornton Properties Limited

Company Information

Directors	Mr Michael John Holland Miss Samantha Jayne Holland Bradbury Mr Stefan Paul Holland Mr David Michael Holland

Registered office

2/4 Ash Lane Rustington Littlehampton West Sussex BN16 3BZ

Accountants

Lucraft Hodgson & Dawes LLP 2/4 Ash Lane Rustington West Sussex BN16 3BZ

Thornton Properties Limited

(Registration number: 06810524)
Balance Sheet as at 28 February 2026

	Note	2026 £	2025 £
Fixed assets
Tangible assets	4	325	458
Investment property	5	24,968,037	24,968,037
		24,968,362	24,968,495
Current assets
Debtors	6	1,699,768	1,611,934
Cash at bank and in hand		1,148,210	1,037,020
		2,847,978	2,648,954
Creditors: Amounts falling due within one year	7	(7,148,486)	(7,328,794)
Net current liabilities		(4,300,508)	(4,679,840)
Net assets		20,667,854	20,288,655
Capital and reserves
Called up share capital	8	1,100	1,100
Profit and loss account		20,666,754	20,287,555
Shareholders' funds		20,667,854	20,288,655

For the financial year ending 28 February 2026 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

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

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

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

Approved and authorised by the Board on 25 August 2026 and signed on its behalf by:
 

......................................... Mr Michael John Holland Director

Thornton Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2026

1	General information

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

The address of its registered office is:
2/4 Ash Lane
Rustington
Littlehampton
West Sussex
BN16 3BZ
United Kingdom

These financial statements were authorised for issue by the Board on 25 August 2026.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

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

Basis of preparation

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

These financial statements are presented in Sterling, which is also the company's functional currency. The financial statements are rounded to the nearest £1.

Going concern

The financial statements have been prepared on a going concern basis.

Thornton Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2026

2	Accounting policies (continued)

Revenue recognition

The majority of revenue comprises income from the letting of commercial property. Rents and service charges from letting are recognised net of losses from void periods, over the period of the letting.

Reverse premiums are recognised as they fall due for payment.

Other revenue is recognised in the period to which it relates.

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

Tax

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

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

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:

Asset class	Depreciation method and rate
Plant and machinery	20% reducing balance
Fixtures and fittings	20% reducing balance
Office equipment	33% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

Thornton Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2026

2	Accounting policies (continued)

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.

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.

Share capital

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

Dividends

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

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2025 - 3).

Thornton Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2026

4	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 March 2025	3,691	3,691
At 28 February 2026	3,691	3,691
Depreciation
At 1 March 2025	3,233	3,233
Charge for the year	133	133
At 28 February 2026	3,366	3,366
Carrying amount
At 28 February 2026	325	325
At 28 February 2025	458	458

Thornton Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2026

5	Investment properties

	2026 £
At 1 March	24,968,037
At 28 February	24,968,037

There has been no valuation of investment property by an independent valuer.

6

Debtors

Current	2026 £	2025 £
Trade debtors	219,386	79,194
Other debtors	1,480,382	1,532,740
	1,699,768	1,611,934

Thornton Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2026

7

Creditors

Creditors: amounts falling due within one year

	Note	2026 £	2025 £
Due within one year
Loans and borrowings	9	1,890,247	1,976,896
Trade creditors		27,182	44,791
Taxation and social security		175,888	253,129
Accruals and deferred income		82,480	81,275
Other creditors		4,972,689	4,972,703
		7,148,486	7,328,794