Registration number: 01445698

Bernard Thorp & Co Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Unaudited Financial Statements	3 to 7

Bernard Thorp & Co Limited

Company Information

Directors

Mr Vincent Thierry Bastien Frey Mr Patrick Jean Philippe Frey

Registered office

107 Design Centre East Chelsea Harbour London SW10 0XF

Accountants

DTL Advisory Limited Chartered certified accountants5th Floor, North Side 7/10 Chandos Street London W1G 9DQ

Bernard Thorp & Co Limited

(Registration number: 01445698)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	4	174,769	218,385
Current assets
Stocks	5	49,271	75,097
Debtors	6	236,044	107,815
Cash at bank and in hand		42,176	21,005
		327,491	203,917
Creditors: Amounts falling due within one year	7	(1,557,376)	(1,095,075)
Net current liabilities		(1,229,885)	(891,158)
Net liabilities		(1,055,116)	(672,773)
Capital and reserves
Called up share capital	8	2,535	2,535
Share premium reserve		10,165	10,165
Retained earnings		(1,067,816)	(685,473)
Shareholders' deficit		(1,055,116)	(672,773)

For the financial year ending 31 December 2024 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 30 September 2025 and signed on its behalf by:
 

......................................... Mr Vincent Thierry Bastien Frey Director

Bernard Thorp & Co Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

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:
107 Design Centre East
Chelsea Harbour
London
SW10 0XF

These financial statements were authorised for issue by the Board on 30 September 2025.

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.

Going concern

The company is dependent on continued financial support from its parent company in the absence of external funding. The directors have obtained a formal undertaking from the parent company confirming its commitment to provide such financial support as is necessary to enable the company to meet its liabilities as they fall due for a period of at least 12 months from the date of approval of these financial statements.

Having considered this undertaking and the forecasts prepared, the directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future. Accordingly, they consider it appropriate to prepare the financial statements on a going concern basis.

Revenue recognition

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 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.

Bernard Thorp & Co Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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% on a straight line basis
Fixtures, fittings & equipment	20% on a straight line basis
Motor vehicles	25% on a straight line basis

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.

Bernard Thorp & Co Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

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.

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 5 (2023 - 5).

Bernard Thorp & Co Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

4	Tangible assets

	Fixtures and fittings £	Plant and machinery £	Office equipment £	Total £
Cost or valuation
At 1 January 2024	206,511	105,241	92,343	404,095
Additions	3,862	-	-	3,862
At 31 December 2024	210,373	105,241	92,343	407,957
Depreciation
At 1 January 2024	28,944	64,423	92,343	185,710
Charge for the year	26,744	20,734	-	47,478
At 31 December 2024	55,688	85,157	92,343	233,188
Carrying amount
At 31 December 2024	154,685	20,084	-	174,769
At 31 December 2023	177,567	40,818	-	218,385

5

Stocks

	2024 £	2023 £
Other inventories	49,271	75,097

6

Debtors

Current	Note	2024 £	2023 £
Trade debtors		143,492	2,816
Amounts owed by related parties		-	54,572
Prepayments		-	4,500
Other debtors		92,552	45,927
		236,044	107,815

7

Creditors

Creditors: amounts falling due within one year

Bernard Thorp & Co Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

	Note	2024 £	2023 £
Due within one year
Trade creditors		96,182	159,440
Amounts owed to group undertakings and undertakings in which the company has a participating interest		1,441,408	895,364
Taxation and social security		3,792	2,031
Accruals and deferred income		-	8,691
Other creditors		15,994	29,549
		1,557,376	1,095,075

8	Share capital

Allotted, called up and fully paid shares

	2024		2023
	No.	£	No.	£
Ordinary shares of £1 each	2,535	2,535	2,535	2,535

9

Dividends

10	Parent and ultimate parent undertaking

The company's immediate parent is Pierre Frey SA, incorporated in France.