R. Thornton & Co. Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02745517 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2019

FOR

R. THORNTON & CO. LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

T A Hickey

S Beresford

REGISTERED OFFICE:

Unit 1

Linton Industrial Estate

Linton

Morpeth

Northumberland

NE61 5SD

REGISTERED NUMBER:

02745517 (England and Wales)

AUDITORS:

Greaves Grindle

Chartered Accountants and Statutory Auditors

Victoria House

Bondgate Within

Alnwick

Northumberland

NE66 1TA

FIXED ASSETS

Tangible assets

4

1,272,397

1,157,752

CURRENT ASSETS

Stocks

513,000

299,817

Debtors

5

1,358,248

971,312

Cash at bank and in hand

2,035

5,651

1,873,283

1,276,780

CREDITORS

Amounts falling due within one year

6

1,814,577

1,359,776

NET CURRENT ASSETS/(LIABILITIES)

58,706

(82,996

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,331,103

1,074,756

CREDITORS

Amounts falling due after more than one year

7

(389,546

)

(254,024

)

PROVISIONS FOR LIABILITIES

(115,370

)

(77,495

)

NET ASSETS

826,187

743,237

CAPITAL AND RESERVES

Called up share capital

54,100

54,100

Retained earnings

772,087

689,137

SHAREHOLDERS' FUNDS

826,187

743,237

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 18 October 2019 and were signed on its behalf by:

T A Hickey - Director

1.	STATUTORY INFORMATION

R. Thornton & Co. Limited is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents the aggregate value of goods and services supplied during the financial year exclusive of value added

tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

UK Land and buildings

-

2% on cost

Plant and machinery

-

at variable rates on reducing balance

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing

stocks to their present location and condition.

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.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire

purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over

their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the

future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 48 (2018 - 40 ) .

4.	TANGIBLE FIXED ASSETS

UK Land

and

Plant and

buildings

machinery

Totals

£

£

£

COST

At 1 June 2018

94,528

2,256,177

2,350,705

Additions

-

349,413

349,413

Disposals

-

(92,500

)

(92,500

)

At 31 May 2019

94,528

2,513,090

2,607,618

DEPRECIATION

At 1 June 2018

-

1,192,953

1,192,953

Charge for year

-

177,962

177,962

Eliminated on disposal

-

(35,694

)

(35,694

)

At 31 May 2019

-

1,335,221

1,335,221

NET BOOK VALUE

At 31 May 2019

94,528

1,177,869

1,272,397

At 31 May 2018

94,528

1,063,224

1,157,752

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

£

COST

At 1 June 2018

864,325

Additions

349,413

Disposals

(92,500

)

Reclassification/transfer

292,150

At 31 May 2019

1,413,388

DEPRECIATION

At 1 June 2018

320,492

Charge for year

143,143

Eliminated on disposal

(35,694

)

At 31 May 2019

427,941

NET BOOK VALUE

At 31 May 2019

985,447

At 31 May 2018

543,833

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

1,107,363

770,093

Other debtors

250,885

201,219

1,358,248

971,312

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

212,248

127,677

Hire purchase contracts

315,265

354,668

Trade creditors

732,937

624,051

Taxation and social security

81,596

132,028

Other creditors

472,531

121,352

1,814,577

1,359,776

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Hire purchase contracts

389,546

254,024

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Alan Clark (Senior Statutory Auditor)

for and on behalf of Greaves Grindle