Thor Motor Factors Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 02112909 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 August 2022

for

Thor Motor Factors Limited

Page

Company information

1

Chartered accountants' report

2

Statement of financial position

3

to

4

Notes to the financial statements

5

to

7

Director:

R Morjaria

Registered office:

185 Fengate

Peterborough

PE1 5PE

Registered number:

02112909 (England and Wales)

Accountants:

Moore Thompson

27 Market Place

Market Deeping

Peterborough

Cambs

PE6 8EA

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of financial position. Readers are cautioned that the Income statement and certain other primary statements and the Report of the director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Thor Motor Factors Limited for the year ended 31 August 2022 which comprise the Income statement, Statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Thor Motor Factors Limited in accordance with the terms of our engagement letter dated 14 December 2020. Our work has been undertaken solely to prepare for your approval the financial statements of Thor Motor Factors Limited and state those matters that we have agreed to state to the director of Thor Motor Factors Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Thor Motor Factors Limited and its director for our work or for this report.

It is your duty to ensure that Thor Motor Factors Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Thor Motor Factors Limited. You consider that Thor Motor Factors Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Thor Motor Factors Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Moore Thompson

27 Market Place

Market Deeping

Peterborough

Cambs

PE6 8EA

25 May 2023

Fixed assets

Tangible assets

5

341,833

205,641

Investments

6

200,045

88,000

541,878

293,641

Current assets

Stocks

580,659

470,597

Debtors

7

2,729,339

2,436,438

Cash at bank and in hand

146,562

68,998

3,456,560

2,976,033

Creditors

Amounts falling due within one year

8

2,800,059

2,106,341

Net current assets

656,501

869,692

Total assets less current liabilities

1,198,379

1,163,333

Creditors

Amounts falling due after more than one year

9

(33,823

)

(14,221

)

Provisions for liabilities

(15,933

)

(9,217

)

Net assets

1,148,623

1,139,895

Capital and reserves

Called up share capital

159,154

159,154

Share premium

75,490

75,490

Capital redemption reserve

3,000

3,000

Retained earnings

910,979

902,251

1,148,623

1,139,895

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 25 May 2023 and were signed by:

R Morjaria - Director

1.	Statutory information

Thor Motor Factors 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.	Statement of compliance

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.

3.	Accounting policies

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

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.

Land & Buildings

2% per annum

Fixtures & Fittings

25% reducing balance

Motor Vehicles

25% reducing balance

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4.	Employees and directors

The average number of employees during the year was 23 (2021 - 22 ) .

5.	Tangible fixed assets

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

Cost

At 1 September 2021

223,305

148,860

372,165

Additions

-

193,998

193,998

At 31 August 2022

223,305

342,858

566,163

Depreciation

At 1 September 2021

67,022

99,502

166,524

Charge for year

4,466

53,340

57,806

At 31 August 2022

71,488

152,842

224,330

Net book value

At 31 August 2022

151,817

190,016

341,833

At 31 August 2021

156,283

49,358

205,641

6.	Fixed asset investments

Other

investments

£

Cost

At 1 September 2021

88,000

Additions

112,045

At 31 August 2022

200,045

Net book value

At 31 August 2022

200,045

At 31 August 2021

88,000

The Fixed Asset Investment is a 75% shareholding of Ordinary shares in Thor Car Parts and Accessories Limited. The shareholders' funds as at 31st May 2022 were £999,646 (2021 - £935,912)

7.

Debtors: amounts falling due within one year

2022

2021

£

£

Trade debtors

1,266,918

937,404

Amounts owed by group undertakings

1,453,356

1,470,408

Other debtors

9,065

28,626

2,729,339

2,436,438

8.

Creditors: amounts falling due within one year

2022

2021

£

£

Bank loans and overdrafts

469,669

-

Hire purchase contracts

67,593

8,982

Trade creditors

1,173,769

1,018,168

Amounts owed to group undertakings

942,233

855,136

Taxation and social security

99,979

134,055

Other creditors

46,816

90,000

2,800,059

2,106,341

9.

Creditors: amounts falling due after more than one year

2022

2021

£

£

Hire purchase contracts

33,823

14,221

10.	Related party disclosures

The company's ultimate controlling party is Thor Holdings Limited by virtue of the ownership of 100% of the issued share capital in the company.