| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 December 2025 |
| for |
| Thatchreed Limited |
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 December 2025 |
| for |
| Thatchreed Limited |
| Thatchreed Limited (Registered number: 01532407) |
| Contents of the Financial Statements |
| for the Year Ended 31 December 2025 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Thatchreed Limited |
| Company Information |
| for the Year Ended 31 December 2025 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Unit 1 The Cam Centre |
| Wilbury Way |
| Hitchin |
| Hertfordshire |
| SG4 0TW |
| Thatchreed Limited (Registered number: 01532407) |
| Balance Sheet |
| 31 December 2025 |
| 2025 | 2024 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 5 |
| Tangible assets | 6 |
| Investments | 7 |
| CURRENT ASSETS |
| Stocks | 8 |
| Debtors | 9 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 10 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital | 12 |
| Other reserves |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 11,315,116 | 10,808,577 |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| Thatchreed Limited (Registered number: 01532407) |
| Balance Sheet - continued |
| 31 December 2025 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Thatchreed Limited (Registered number: 01532407) |
| Notes to the Financial Statements |
| for the Year Ended 31 December 2025 |
| 1. | STATUTORY INFORMATION |
| Thatchreed Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | STATEMENT OF COMPLIANCE |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The amounts are rounded to the nearest £1. |
| Significant judgements and estimates |
| The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
| Turnover |
| 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 following criteria must also be met before turnover is recognised: |
| Turnover from sales of goods is recognised when all of the following conditions are satisfied: |
| - Company has transferred the significant risks and rewards of ownership to the buyer; |
| - The company retains neither continuing managerial involvement to the degree usually associated |
| with ownership nor effective control over the goods sold; |
| - The amount of turnover can be measured reliably; |
| - It is probable that the company will receive the consideration due under the transaction; and |
| - The costs incurred or to be incurred in respect of the transactions can be measured reliably |
| 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. |
| Tangible fixed assets |
| Freehold property | - |
| Plant and machinery | - |
| Motor vehicles | - |
| Computer equipment | - |
| Stocks |
| Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. |
| 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. |
| Thatchreed Limited (Registered number: 01532407) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2025 |
| 3. | ACCOUNTING POLICIES - continued |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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. |
| 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. |
| Foreign currencies |
| Foreign currency transactions are transactions which are translated in to functional currency using spot exchange rates at the dated of the transactions. |
| At each period end foreign currency monetary items are translated using the closing rate. Any changes in balances converted to sterling are recognised in the profit and loss account. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| 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. |
| 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. |
| Debtors |
| Trade debtors are amounts due from customers for merchandise sold in the ordinary course of business. |
| Other debtors include prepayments and other amounts due to the company. |
| Trade debtors are recognised at the transaction price. 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. |
| 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 and other creditors are recognised at the transaction price. |
| Thatchreed Limited (Registered number: 01532407) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2025 |
| 3. | ACCOUNTING POLICIES - continued |
| Derivatives |
| The company entered into foreign exchange forward contracts in the period in order to manage its exposure to foreign exchange risk. |
| The asset and liability relating to these contracts are included within debtors and creditors. The forward contract has been included at the mid-market value at the year end, with the resulting unrealised gain/loss recognised within the profit and loss in the year. Gains and losses arising are subject to corporation tax when realised. |
| 4. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 5. | INTANGIBLE FIXED ASSETS |
| Computer |
| software |
| £ |
| COST |
| At 1 January 2025 |
| and 31 December 2025 |
| AMORTISATION |
| At 1 January 2025 |
| Amortisation for year |
| At 31 December 2025 |
| NET BOOK VALUE |
| At 31 December 2025 |
| At 31 December 2024 |
| 6. | TANGIBLE FIXED ASSETS |
| Freehold | Plant and | Motor | Computer |
| property | machinery | vehicles | equipment | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 January 2025 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) |
| At 31 December 2025 |
| DEPRECIATION |
| At 1 January 2025 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) |
| At 31 December 2025 |
| NET BOOK VALUE |
| At 31 December 2025 |
| At 31 December 2024 |
| Thatchreed Limited (Registered number: 01532407) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2025 |
| 7. | FIXED ASSET INVESTMENTS |
| The company owns 100% of the 1,000 Ordinary £1 shares of Canvastentshop Limited (a company incorporated in England and Wales). The registered office is the same as this company. Canvastentshop Limited was dormant throughout the year to 31 December 2025. |
| 8. | STOCKS |
| 2025 | 2024 |
| £ | £ |
| Finished goods |
| 9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Trade debtors |
| Bad debt provision | (3,661 | ) | (3,535 | ) |
| Other debtors |
| Forward Contract asset | 388,346 | - |
| Prepayments |
| 10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Tax |
| Social security and other taxes |
| VAT | 246,382 | 201,672 |
| Other creditors |
| Forward contract liability | 379,647 | - |
| Pensions unpaid | 3,314 | 3,314 |
| Directors' current accounts | 4,138 | 23,124 |
| Directors' loan accounts | 59,201 | 57,556 |
| Accrued expenses |
| 11. | LEASING AGREEMENTS |
| The company has a lease in place for the business premises in respect of the 50% owned by Thatchreed Limited (S.A) Retirement Benefit Scheme. The lease was renewed from 1 September 2025 ending 31 August 2030 with an annual commitment of £180,000. |
| 12. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2025 | 2024 |
| value: | £ | £ |
| Ordinary | 1 | 282 | 282 |
| Ordinary A | 1 | 141 | 141 |
| 423 | 423 |
| Ordinary A shares do not hold the entitlement to a capital distribution in the event the company is subject to winding up or sale. All other rights remain pari-passu between the two classes of shares. |
| Thatchreed Limited (Registered number: 01532407) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2025 |
| 13. | RELATED PARTY DISCLOSURES |
| During the year rent of £156,667 (2024: £140,000) was paid to the pension scheme for use of premises by the company. The pension scheme Thatchreed Limited (S.A) Retirement Benefit Scheme owns 50% of the business premises. At the year end the company owed the pension scheme £nil. |
| At the balance sheet date the company owed D J Griffith £4,138 (2024: £23,124), G J Griffith £59,201 (2024: £57,556), both directors of the company. There are no terms of repayment and interest of 4% is being charged on the balance. |
| At the balance sheet date the company owed its subsidiary company, Canvastentshop Limited, £1,000 (2024: £1,000), the amount is repayable on demand. |
| At the balance sheet date the company owed £1,350 (2024: £1,350) to Reynards Holdings Limited, the parent company. The amount is repayable on demand. |
| An unlimited inter-company guarantee exists between the company and Reynards Holdings Limited, the parent company, whereby the company acts as a guarantor. |
| All transactions took place at arms length. |
| 14. | ULTIMATE CONTROLLING PARTY |
| The ultimate controlling party is |
| D Griffith owns and controls the parent company, Reynards Holdings Limited. |