Registration number: 10648153

Thornicrofts Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 10

Thornicrofts Limited

Company Information

Directors

D W Fitzpatrick C Thornicroft

Registered office

Units 215-216 New Covent Garden Market Nine Elms Lane London SW8 5EN

Thornicrofts Limited

(Registration number: 10648153)
Balance Sheet as at 31 March 2026

	Note	2026 £	2025 £
Fixed assets
Intangible assets	4	-	20,000
Tangible assets	5	787,071	780,431
		787,071	800,431
Current assets
Stocks	6	45,000	43,750
Debtors	7	1,514,733	1,217,161
Cash at bank and in hand		1,338,685	1,045,457
		2,898,418	2,306,368
Creditors: Amounts falling due within one year	8	(1,193,285)	(960,174)
Net current assets		1,705,133	1,346,194
Total assets less current liabilities		2,492,204	2,146,625
Creditors: Amounts falling due after more than one year	8	(64,462)	(63,450)
Provisions for liabilities		(125,000)	(143,851)
Net assets		2,302,742	1,939,324
Capital and reserves
Called up share capital	9	10	10
Retained earnings		2,302,732	1,939,314
Shareholders' funds		2,302,742	1,939,324

Thornicrofts Limited

(Registration number: 10648153)
Balance Sheet as at 31 March 2026

For the financial year ending 31 March 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 and 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 23 October 2026 and signed on its behalf by:
 

......................................... D W Fitzpatrick Director

......................................... C Thornicroft Director

Thornicrofts Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026

1	General information

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

The address of its registered office is:
Units 215-216
New Covent Garden Market
Nine Elms Lane
London
SW8 5EN

These financial statements were authorised for issue by the Board on 23 October 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.

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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.

Thornicrofts Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026

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
Motor vehicles	25% reducing balance per annum
Office equipment	25% reducing balance per annum
Computer equipment	25% reducing balance per annum
Leasehold property	Over the term of the lease

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.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. 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.

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.

Thornicrofts Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 43 (2025 - 39).

Thornicrofts Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026

4	Intangible assets

	Internally generated software development costs  £	Total £
Cost or valuation
At 1 April 2025	20,000	20,000
Additions acquired separately	7,500	7,500
Disposals	(27,500)	(27,500)
At 31 March 2026	-	-
Amortisation
Carrying amount
At 31 March 2026	-	-
At 31 March 2025	20,000	20,000

5	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Motor vehicles  £	Total £
Cost or valuation
At 1 April 2025	613,862	100,795	581,114	1,295,771
Additions	102,909	6,844	70,199	179,952
Disposals	-	(55,827)	(92,487)	(148,314)
At 31 March 2026	716,771	51,812	558,826	1,327,409
Depreciation
At 1 April 2025	114,671	63,067	337,602	515,340
Charge for the year	60,210	6,985	78,404	145,599
Eliminated on disposal	-	(39,194)	(81,407)	(120,601)
At 31 March 2026	174,881	30,858	334,599	540,338
Carrying amount
At 31 March 2026	541,890	20,954	224,227	787,071
At 31 March 2025	499,191	37,728	243,512	780,431

Thornicrofts Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026

Included within the net book value of land and buildings above is £541,890 (2025 - £499,191) in respect of short leasehold land and buildings.
 

6

Stocks

	2026 £	2025 £
Other inventories	45,000	43,750

7

Debtors

Current	2026 £	2025 £
Trade debtors	1,195,804	1,004,491
Prepayments	56,777	68,590
Other debtors	262,152	144,080
	1,514,733	1,217,161

Thornicrofts Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026

8

Creditors

Creditors: amounts falling due within one year

	Note	2026 £	2025 £
Due within one year
Loans and borrowings	10	36,327	21,638
Trade creditors		692,548	611,157
Taxation and social security		438,059	288,572
Accruals and deferred income		18,233	29,978
Other creditors		8,118	8,829
		1,193,285	960,174

Creditors: amounts falling due after more than one year

	Note	2026 £	2025 £
Due after one year
Loans and borrowings	10	64,462	63,450

9	Share capital

Allotted, called up and fully paid shares

	2026		2025
	No.	£	No.	£
Ordinary shares of £1 each	10	10	10	10

10	Loans and borrowings

Non-current loans and borrowings

	2026 £	2025 £
Hire purchase contracts	64,462	63,450

Current loans and borrowings

	2026 £	2025 £
Hire purchase contracts	36,327	21,638

Thornicrofts Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026

11	Related party transactions

The director's loan was subject to the official rate of interest at the prevailing date, had no fixed repayment date and was unsecured.

Transactions with directors

2026	At 1 April 2025 £	Advances to director £	Repayments by director £	At 31 March 2026 £
C Thornicroft
Director's loan account	55,154	112,924	(50,600)	117,478
D W Fitzpatrick
Director's loan account	51,054	52,885	(54,640)	49,299

2025	At 1 April 2024 £	Advances to director £	Repayments by director £	At 31 March 2025 £
C Thornicroft
Director's loan account	(20,336)	75,490	-	55,154
D W Fitzpatrick
Director's loan account	(21,486)	75,000	(2,460)	51,054