Thornton-Varley Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08275797 (England and Wales)

Unaudited Financial Statements for the Year Ended 5 April 2020

for

Thornton-Varley Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

C D Smith

Mrs L Zheng

REGISTERED OFFICE:

Unit 7 Kelleythorpe Industrial Estate

Kellythorpe

Driffield

East Yorkshire

YO25 9DJ

REGISTERED NUMBER:

08275797 (England and Wales)

ACCOUNTANTS:

Finnies Accountants Limited

Chartered Certified Accountants

4-6 Swaby's Yard

Walkergate

Beverley

East Yorkshire

HU17 9BZ

FIXED ASSETS

Tangible assets

4

661

1,302

CURRENT ASSETS

Stocks

7,097

9,966

Cash at bank and in hand

10,516

369

17,613

10,335

CREDITORS

Amounts falling due within one year

5

(34,571

)

(15,510

)

NET CURRENT LIABILITIES

(16,958

)

(5,175

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(16,297

)

(3,873

)

CAPITAL AND RESERVES

Called up share capital

6

100

100

Retained earnings

(16,397

)

(3,973

)

SHAREHOLDERS' FUNDS

(16,297

)

(3,873

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 5 April 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 5 April 2020 in accordance with Section 476 of the Companies Act 2006.

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.

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 and authorised for issue on 30 November 2020 and were signed on its behalf by:

C D Smith - Director

Mrs L Zheng - Director

1.	STATUTORY INFORMATION

Thornton-Varley 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.

With the advent of the COVID-19 pandemic we are in uncertain times and the directors are mindful of the impact on the future trading prospects for the company as it complies with the safety measures and emergency legislation recently announced by the United Kingdom Government.

Clearly this will have an impact on the future viability of the company. We have therefore updated our trading predictions based on the anticipated impact of a reduction in trade, whilst also having access to support currently being offered by the United Kingdom Government. We believe that our assumptions are realistic based on evidence currently available, and that the company will consequently have enough headroom within its liquid capital to continue for the foreseeable future.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment

-

33% pa on written down value

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2019 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 6 April 2019

and 5 April 2020

1,943

DEPRECIATION

At 6 April 2019

641

Charge for year

641

At 5 April 2020

1,282

NET BOOK VALUE

At 5 April 2020

661

At 5 April 2019

1,302

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

-

276

Company credit card

1,483

1,870

Directors' current accounts

32,278

12,404

Accrued expenses

810

960

34,571

15,510

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

100

Ordinary

£1

100

100

7.	RELATED PARTY DISCLOSURES

The directors have provided a loan to the company, this loan is unsecured, interest free and repayable upon demand.

8.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is C D Smith.