| REGISTERED NUMBER: |
| Financial Statements |
| for the Year Ended 31 December 2025 |
| for |
| Thorncliffs Limited |
| REGISTERED NUMBER: |
| Financial Statements |
| for the Year Ended 31 December 2025 |
| for |
| Thorncliffs Limited |
| Thorncliffs Limited (Registered number: 11180708) |
| Contents of the Financial Statements |
| for the Year Ended 31 December 2025 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| Thorncliffs Limited |
| Company Information |
| for the Year Ended 31 December 2025 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| SENIOR STATUTORY AUDITOR: |
| AUDITORS: |
| Statutory Auditors |
| Chartered Accountants & Business Advisers |
| 15 Newland |
| Lincoln |
| Lincolnshire |
| LN1 1XG |
| Thorncliffs Limited (Registered number: 11180708) |
| Balance Sheet |
| 31 December 2025 |
| 2025 | 2024 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 11 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Thorncliffs Limited (Registered number: 11180708) |
| Notes to the Financial Statements |
| for the Year Ended 31 December 2025 |
| 1. | STATUTORY INFORMATION |
| Thorncliffs Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Computer software - 33% straight line |
| Tangible fixed assets |
| Land and buildings - Not depreciated |
| Improvements to property - 10-20% straight line |
| Plant and machinery - 20% straight line |
| Motor vehicles - 31-36% straight line |
| Office equipment - 25% straight line |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Financial instruments |
| The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. |
| Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income. |
| For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Thorncliffs Limited (Registered number: 11180708) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2025 |
| 2. | ACCOUNTING POLICIES - continued |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| Foreign exchange |
| Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in the profit or loss. |
| Hire purchase and leasing commitments |
| Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases. |
| Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest of the remaining balance of the liability. |
| Rentals payable under operating leases including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed. |
| Going concern |
| At the year end the net current liabilities exceeded net current assets by £231,692 (2024: £291,918). The company has the continued support of the parent company and on that basis the directors consider it appropriate to prepare the financial statements on a going concern basis. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | INTANGIBLE FIXED ASSETS |
| Other |
| intangible |
| assets |
| £ |
| COST |
| Additions |
| At 31 December 2025 |
| AMORTISATION |
| Charge for year |
| At 31 December 2025 |
| NET BOOK VALUE |
| At 31 December 2025 |
| Thorncliffs Limited (Registered number: 11180708) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2025 |
| 5. | TANGIBLE FIXED ASSETS |
| Improvements |
| Land and | to | Plant and |
| Buildings | property | machinery |
| £ | £ | £ |
| COST |
| At 1 January 2025 |
| Additions |
| Reclassification/transfer |
| At 31 December 2025 |
| DEPRECIATION |
| At 1 January 2025 |
| Charge for year |
| Reclassification/transfer |
| At 31 December 2025 |
| NET BOOK VALUE |
| At 31 December 2025 |
| At 31 December 2024 |
| Motor | Office |
| vehicles | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 January 2025 |
| Additions |
| Reclassification/transfer | ( |
) |
| At 31 December 2025 |
| DEPRECIATION |
| At 1 January 2025 |
| Charge for year |
| Reclassification/transfer | ( |
) |
| At 31 December 2025 |
| NET BOOK VALUE |
| At 31 December 2025 |
| At 31 December 2024 |
| Included within fixed assets are assets held under hire purchase agreements with a net book value of £39,440 (2024: £45,355). Depreciation charged on these assets in the year amounted to £5,915 (2024: £5,915). |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Thorncliffs Limited (Registered number: 11180708) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2025 |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts (see note 9) |
| Trade creditors |
| Amounts owed to group undertakings |
| Taxation and social security |
| Other creditors |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Hire purchase contracts (see note 9) |
| 9. | LEASING AGREEMENTS |
| Minimum lease payments under hire purchase fall due as follows: |
| 2025 | 2024 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| 10. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2025 | 2024 |
| £ | £ |
| Bank overdrafts |
| Hire purchase contracts | 254,807 | 404,559 |
| Included in hire purchase contracts are debts of £40,595 which are secured against the relevant leased assets held within fixed assets. |
| 11. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2025 | 2024 |
| value: | £ | £ |
| Ordinary | 1p | 100 | 100 |
| 12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| Thorncliffs Limited (Registered number: 11180708) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2025 |
| 13. | RELATED PARTY DISCLOSURES |
| The company has entered into an inter-company guarantee to secure the bank borrowings of the Melbourne Holdings Limited Group. |
| During the year the company entered into the following transactions with related parties: |
| Entities with control, joint control or significant influence over the entity |
| 2025 | 2024 |
| £ | £ |
| Sales | 13,157 | 57,067 |
| Purchases | 160,133 | 230,464 |
| Amount due from related party | 2,696 | 1,102 |
| Amount due to related party | 1,106 | 2,000,000 |
| Other Related Parties |
| 2025 | 2024 |
| £ | £ |
| Sales | 37,636 | 136,150 |
| Purchases | 1,351 | - |
| Amount due from related party | 29,160 | 19,875 |
| Amount due to related party | 1,605 | - |
| The immediate parent company is Melbourne Construction Limited. Melbourne Construction Limited's registered office is: |
| Melbourne Park House |
| Royal Oak Business Park |
| East Road |
| Sleaford |
| Lincolnshire |
| NG34 7EQ |
| The ultimate holding company is Melbourne Holdings Limited. Consolidated financial statements for the ultimate holding company are filed with the Registrar of Companies where copies may be obtained. |
| 14. | ULTIMATE CONTROLLING PARTY |
| The company is a subsidiary of Melbourne Construction Limited. |
| Melbourne Construction Limited is ultimately controlled by J L Priestley by virtue of a majority holding of direct and indirect shares. |