Thetford Compactors Finance Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01567358 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2021

for

Thetford Compactors Finance Limited

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

8

DIRECTORS:

Mr J R Ellis

Miss M Ellis

SECRETARY:

Miss M Ellis

REGISTERED OFFICE:

Rymer Point

Bury Road

Thetford

Norfolk

IP24 2PN

REGISTERED NUMBER:

01567358 (England and Wales)

ACCOUNTANTS:

Knights Lowe

Chartered Accountants

Eldo House, Kempson Way

Suffolk Business Park

Bury St Edmunds

Suffolk

IP32 7AR

BANKERS:

Barclays Bank PLC

20/21 Cornhill

Bury St Edmunds

Suffolk

IP33 1DY

FIXED ASSETS

Tangible assets

4

294,043

397,018

CURRENT ASSETS

Debtors

5

1,183,519

780,108

Cash at bank

72,016

137,006

1,255,535

917,114

CREDITORS

Amounts falling due within one year

6

784,586

270,842

NET CURRENT ASSETS

470,949

646,272

TOTAL ASSETS LESS CURRENT LIABILITIES

764,992

1,043,290

CREDITORS

Amounts falling due after more than one year

7

233,239

339,605

NET ASSETS

531,753

703,685

CAPITAL AND RESERVES

Called up share capital

9

10,000

10,000

Retained earnings

521,753

693,685

SHAREHOLDERS' FUNDS

531,753

703,685

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 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 26 September 2022 and were signed on its behalf by:

Mr J R Ellis - Director

1.	STATUTORY INFORMATION

Thetford Compactors Finance 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with group companies.

Turnover

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

Amounts receivable under rental agreements are credited to the profit and loss as invoiced on a monthly basis.

No adjustment has been made for invoices raised where part of the invoice relates to the following year as the directors consider this would detract from the financial statements showing a true and fair view.

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.

Assets held for hiring

-

the remaining term of the lease

Fixtures and fittings

-

25% - 100% on cost

Motor vehicles

-

20% - 50% on cost

Financial instruments

Debt instruments, like loans and other accounts receivable and payable, are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payment discounted at a market rate of interest for a similar debt instrument.

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 Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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.

Impairment review

At each reporting date fixed assets, including tangible fixed assets and investments but excluding investment properties, are assessed to determine whether there is an indication that the carrying amount of an asset may be more than its recoverable amount and that the asset should be impaired. If there is an indication of possible impairment, the recoverable amount of an asset, which is the higher of its value in use and its net realisable value, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is written down to its estimated recoverable amount and an impairment loss is recognised in profit and loss.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2020 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2021

5,873,397

Additions

47,635

At 31 December 2021

5,921,032

DEPRECIATION

At 1 January 2021

5,476,379

Charge for year

150,610

At 31 December 2021

5,626,989

NET BOOK VALUE

At 31 December 2021

294,043

At 31 December 2020

397,018

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

Plant and

machinery

etc

£

COST

At 1 January 2021

750,811

Additions

47,635

At 31 December 2021

798,446

DEPRECIATION

At 1 January 2021

353,990

Charge for year

150,610

At 31 December 2021

504,600

NET BOOK VALUE

At 31 December 2021

293,846

At 31 December 2020

396,821

5.

DEBTORS

2021

2020

£

£

Amounts falling due within one year:

Trade debtors

292,090

309,982

Amounts owed by group undertakings

564,188

22,572

Other debtors

327,241

446,793

1,183,519

779,347

Amounts falling due after more than one year:

Other debtors

-

761

Aggregate amounts

1,183,519

780,108

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

35,175

31,492

Hire purchase contracts

126,479

141,983

Trade creditors

9,490

9,490

Amounts owed to group undertakings

532,513

-

Taxation and social security

50,252

75,072

Other creditors

30,677

12,805

784,586

270,842

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

23,450

58,625

Hire purchase contracts

209,789

280,980

233,239

339,605

8.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Bank loans

58,625

90,117

Hire purchase contracts

336,268

422,963

394,893

513,080

The security provided in respect of the bank loans includes fixed and floating charges over the company's assets.

The hire purchase contracts are secured on the underlying assets.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

10,000

Ordinary

£1

10,000

10,000

10.	CONTINGENT LIABILITIES

The company has given a cross guarantee and debenture over the group bank overdraft facility. The overall group bank balance was in credit as at 31 December 2021 and at 31 December 2020.

11.	PARENT COMPANY

Thetford International Compactors Limited is the company's ultimate parent company.

Thetford International Compactors Limited's registered office and principal place of business is:

Rymer Point, Bury Road, Thetford, Norfolk IP24 2PN.