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 2021

FOR

R. THORNTON & CO. LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

T A Hickey

N Heads

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

2,388,965

1,850,848

CURRENT ASSETS

Stocks

668,592

341,906

Debtors

5

1,936,819

1,790,184

Cash at bank and in hand

198,681

78,431

2,804,092

2,210,521

CREDITORS

Amounts falling due within one year

6

3,180,194

2,507,622

NET CURRENT LIABILITIES

(376,102

)

(297,101

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,012,863

1,553,747

CREDITORS

Amounts falling due after more than one year

7

(1,212,705

)

(655,650

)

PROVISIONS FOR LIABILITIES

(109,835

)

(124,807

)

NET ASSETS

690,323

773,290

CAPITAL AND RESERVES

Called up share capital

54,100

54,100

Retained earnings

636,223

719,190

SHAREHOLDERS' FUNDS

690,323

773,290

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 24 February 2022 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

-

not provided

Plant and machinery

-

at variable rates on reducing balance

Government grants

Government grants are accounted for under the accrual model, depending on whether they are revenue or capital-based grants as follows:

- grants relating to revenue are recognised in profit and loss on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate

- grants that are received in respect of expenses or losses already incurred by the entity are recognised in profit and loss in the period when the grant becomes receivable

- capital-based grants are recognised in profit and loss on a systematic basis over the useful economic life of the asset

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 43 (2020 - 47 ) .

4.	TANGIBLE FIXED ASSETS

UK Land

and

Plant and

buildings

machinery

Totals

£

£

£

COST

At 1 June 2020

94,528

3,196,593

3,291,121

Additions

-

959,494

959,494

Disposals

-

(318,413

)

(318,413

)

At 31 May 2021

94,528

3,837,674

3,932,202

DEPRECIATION

At 1 June 2020

-

1,440,273

1,440,273

Charge for year

-

317,491

317,491

Eliminated on disposal

-

(214,527

)

(214,527

)

At 31 May 2021

-

1,543,237

1,543,237

NET BOOK VALUE

At 31 May 2021

94,528

2,294,437

2,388,965

At 31 May 2020

94,528

1,756,320

1,850,848

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

Plant and

machinery

£

COST

At 1 June 2020

2,241,263

Additions

854,100

Transfer to ownership

(674,850

)

At 31 May 2021

2,420,513

DEPRECIATION

At 1 June 2020

622,720

Charge for year

263,119

Transfer to ownership

(318,174

)

At 31 May 2021

567,665

NET BOOK VALUE

At 31 May 2021

1,852,848

At 31 May 2020

1,618,543

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

1,681,572

1,470,933

Other debtors

255,247

319,251

1,936,819

1,790,184

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

69,879

-

Hire purchase contracts

543,062

477,645

Trade creditors

2,201,886

1,310,021

Taxation and social security

85,460

209,294

Other creditors

279,907

510,662

3,180,194

2,507,622

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

180,121

-

Hire purchase contracts

1,032,584

655,650

1,212,705

655,650

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