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Registered number: 01321878
THURSFORD ENTERPRISES LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 MARCH 2020
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THURSFORD ENTERPRISES LIMITED
REGISTERED NUMBER: 01321878
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2020
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Net current assets/(liabilities)
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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THURSFORD ENTERPRISES LIMITED
REGISTERED NUMBER: 01321878
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2020
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
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J R Cushing OBE
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THURSFORD ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
Thursford Enterprises is a private Company limited by shares, incorporated in England and Wales, registration number 01321878. The registered office is Laurel Farm, Thursford, Fakenham, Norfolk, NR21 0AS.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The financial statements are presented in Sterling, which is the functional currency of the Company, and rounded to the nearest £.
The following principal accounting policies have been applied:
The directors have considered the company’s and wider group’s position at the time of signing the financial statements, and in particular the effects of the Covid-19 pandemic and its potential impact on the company and group.
The 2021 financial year was inevitably impacted by the Covid-19 pandemic. Santa’s Magical Journey was unable to operate for Christmas 2020, and wedding and Holly Lodge bookings were disrupted. In addition, the parent charity’s museum did not open in summer 2020, and the 2020 Christmas Show was cancelled. This had a significant impact on the company as it activities draw on the charity’s customers. The company did however successfully operate the new ‘Enchanted Journey of Light’ in December 2020. By careful management the company successfully negotiated the immediate impact of the pandemic.
The company’s working capital requirements are supported by share capital and a loan from the company’s parent charity, who have confirmed they do not intend to demand repayment of the loan unless the company is able to repay it.
The directors have considered the potential financial implications of various future operating possibilities, including downside scenarios should social distancing measures continue for longer than anticipated, or further lockdowns be introduced. They have also taken into account the company’s and group’s working capital facilities and the availability of further facilities should these be required, together with the range of measures they have taken, and may take, to mitigate ongoing costs.
Based on this, the directors have concluded that they have a reasonable expectation that the company will have adequate resources to continue in operational existence for the foreseeable future, and at least twelve months from the date of signing these financial statements. They therefore continue to adopt the going concern basis of accounting in preparing these financial statements.
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THURSFORD ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
2.Accounting policies (continued)
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:
Turnover generated from the sale of tickets is recognised on the day which the ticket grants admission.
Turnover generated from the sales of souvenirs is recognised on the day which the goods were sold in the shops.
Turnover generated from events and catering is recognised on the day which the event takes place.
Turnover generated from bed and breakfast bookings is recognised over the period which the booking relates to.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
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 income.
If the company expects to make a gift aid payment within nine months of the year end that will be utilised against current period profits, no provision is included for the tax that will be mitigated by the post year end gift aid payment.
Gift Aid payments to the parent charity are recognised when the Company has a legal obligation to make the payment, or when paid, whichever is earlier.
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THURSFORD ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
2.Accounting policies (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.
Freehold land is not depreciated.
Depreciation is provided on the following basis:
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40% first year then reducing balance basis 25% thereafter
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Equipment and fixtures & fittings
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Reducing balance over the life of the assets - 5 to 30 years
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Impairment of fixed assets and goodwill
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Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.
At each reporting date, stocks are assessed for impairment. If stock is 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
Short term debtors are measured at transaction price, less any impairment.
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THURSFORD ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
2.Accounting policies (continued)
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short term creditors are measured at the transaction price.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from related parties.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of income and retained earnings.
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The average monthly number of employees, including directors, during the year was 50 (2019 - 63).
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THURSFORD ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
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In May 2019 the freehold property was sold to the company's parent charity for £825,000.
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Stock recognised in cost of sales during the year as an expense was £450,374 (2018: £412,658). An impairment loss of £nil (2018: £nil) was recognised in cost of sales against stock during the year due to slow-moving and obsolete stock.
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THURSFORD ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Included within amounts owed to group undertakings is £315,632 due to The Thursford Collection, the Parent Charity. The amount is secured by a fixed and floating charge over the Company and all property and assets present and future, including goodwill, book debts, uncalled capital, buildings, fixtures, fixed plant and machinery.
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Creditors: Amounts falling due after more than one year
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Accruals and deferred income
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Related party transactions
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The Company has taken advantage of the exemption available under FRS102 section 33 not to disclose the transactions between wholly owned members of a group.
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THURSFORD ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
The Thursford Collection, a charitable company (registered number 01279056) holds 100% of the share capital of the company and is the smallest and largest group to consolidate these financial statements. The consolidated financial statements of The Thursford Collection are publicly available from Laurel Farm, Thursford, Fakenham, Norfolk NR21 0AS.
The auditors' report on the financial statements for the year ended 31 March 2020 was unqualified.
The audit report was signed on 24 June 2021 by Joanne Fox BA FCA (Senior statutory auditor) on behalf of Larking Gowen LLP.
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