Thorson Estates Limited Filleted accounts for Companies House (small and micro)

THORSON ESTATES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 11878093

Thorson Estates Limited

Filleted Unaudited Financial Statements

31 March 2023

Thorson Estates Limited

Financial Statements

Year ended 31 March 2023

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Thorson Estates Limited

Statement of Financial Position

31 March 2023

	2023	2022
Note	£	£

Fixed assets

Tangible assets	5	102,293	189,912

Current assets

Debtors	6	3,656,338	1,768,879
Cash at bank and in hand		64,173	1,947,508
		------------	------------
		3,720,511	3,716,387

Creditors: amounts falling due within one year	7	4,042,822	4,090,459
		------------	------------
Net current liabilities		322,311	374,072
		---------	---------
Total assets less current liabilities		( 220,018)	( 184,160)
		---------	---------
Net liabilities		( 220,018)	( 184,160)
		---------	---------

Capital and reserves

Called up share capital	1	1
Profit and loss account	( 220,019)	( 184,161)
	---------	---------
Shareholders deficit	( 220,018)	( 184,160)
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Thorson Estates Limited

Statement of Financial Position (continued)

31 March 2023

These financial statements were approved by the board of directors and authorised for issue on 7 December 2023 , and are signed on behalf of the board by:

Mr J W Cowley

Director

Company registration number: 11878093

Thorson Estates Limited

Notes to the Financial Statements

Year ended 31 March 2023

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 71 New Dover Road, Canterbury, Kent, CT 3DZ, United Kingdom.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The directors have considered the results of the company for the year and as a result, the accounts have been prepared on a going concern basis.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	20% reducing balance
Fixtures and fittings	-	10% straight line
Motor vehicles	-	25% reducing balance
Equipment	-	33% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Government grants

Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).

5. Tangible assets

	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 April 2022	94,600	9,634	155,083	29,601	288,918
Additions	5,500	2,174	–	7,945	15,619
Disposals	–	–	( 155,083)	–	( 155,083)
	---------	--------	---------	--------	---------
At 31 March 2023	100,100	11,808	–	37,546	149,454
	---------	--------	---------	--------	---------
Depreciation
At 1 April 2022	3,166	597	83,703	11,540	99,006
Charge for the year	18,287	1,181	–	12,390	31,858
Disposals	–	–	( 83,703)	–	( 83,703)
	---------	--------	---------	--------	---------
At 31 March 2023	21,453	1,778	–	23,930	47,161
	---------	--------	---------	--------	---------
Carrying amount
At 31 March 2023	78,647	10,030	–	13,616	102,293
	---------	--------	---------	--------	---------
At 31 March 2022	91,434	9,037	71,380	18,061	189,912
	---------	--------	---------	--------	---------

6. Debtors

	2023	2022
	£	£
Trade debtors	6,353	–
Amounts owed by group undertakings and undertakings in which the company has a participating interest	1,317,172	86,767
Other debtors	2,332,813	1,682,112
	------------	------------
	3,656,338	1,768,879
	------------	------------

7. Creditors: amounts falling due within one year

	2023	2022
	£	£
Trade creditors	( 5,237)	16,406
Amounts owed to group undertakings and undertakings in which the company has a participating interest	( 98,942)	2,544,442
Social security and other taxes	74,168	–
Other creditors	4,072,833	1,529,611
	------------	------------
	4,042,822	4,090,459
	------------	------------

8. Related party transactions

At the year end the company owed a Director £4,066,957 (2022: £1,506,244). At the year end the company was owed £100,000 (2022: £1,927,319) by companies under common control. At the year end the company owed £nil (2022: £nil) to companies under common control.