Thornton Sugar Ltd Small abbreviated accounts

THORNTON SUGAR LIMITED - Company Information

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COMPANY REGISTRATION NUMBER 07876622

THORNTON SUGAR LTD

UNAUDITED ABBREVIATED ACCOUNTS

31 March 2015

RUMFORD & CO

Chartered Accountants

8 Churchill Court

58 Station Road

North Harrow

HA2 7SA

THORNTON SUGAR LTD

CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE

PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF

THORNTON SUGAR LTD

PERIOD FROM 1 JANUARY 2014 TO 31 MARCH 2015

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abbreviated accounts of Thornton Sugar Ltd for the period ended 31 March 2015 which comprise the Balance Sheet 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 at icaew.com/regulations.

This report is made solely to the director of Thornton Sugar Ltd in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the abbreviated accounts of Thornton Sugar Ltd and state those matters that we have agreed to state to him in this report in accordance with AAF 02/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Thornton Sugar Ltd and its director for our work or for this report.

It is your duty to ensure that Thornton Sugar Ltd has kept adequate accounting records and to prepare statutory abbreviated accounts that give a true and fair view of the assets, liabilities, financial position and profit of Thornton Sugar Ltd. You consider that Thornton Sugar Ltd is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the abbreviated accounts of Thornton Sugar Ltd. 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 abbreviated accounts.

RUMFORD & CO Chartered Accountants

8 Churchill Court 58 Station Road North Harrow HA2 7SA

29 December 2015

THORNTON SUGAR LTD

ABBREVIATED BALANCE SHEET

31 March 2015

	31 Mar 15	31 Dec 13
Note	£	£	£
FIXED ASSETS	2
Intangible assets		2,800,000	-
Tangible assets		46,685	-
		---------------	-----
		2,846,685	-
		---------------	-----

CURRENT ASSETS

Debtors	2,855,883		-
Cash at bank and in hand	774,855		1
	---------------		-----
	3,630,738		1
CREDITORS: Amounts falling due within one year	5,298,097		-
	---------------		-----
NET CURRENT (LIABILITIES)/ASSETS		( 1,667,359)	1
		---------------	-----
TOTAL ASSETS LESS CURRENT LIABILITIES		1,179,326	1
		---------------	-----

CAPITAL AND RESERVES

Called up equity share capital	3		100	1
Profit and loss account		1,179,226	-
		---------------	-----
SHAREHOLDERS' FUNDS		1,179,326	1
		---------------	-----

For the period from 1 January 2014 to 31 March 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These abbreviated accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime.

These abbreviated accounts were approved and signed by the director and authorised for issue on 29 December 2015 .

A Thornton

Company Registration Number: 07876622

THORNTON SUGAR LTD

NOTES TO THE ABBREVIATED ACCOUNTS

PERIOD FROM 1 JANUARY 2014 TO 31 MARCH 2015

1. ACCOUNTING POLICIES

Basis of accounting

The financial statements have been prepared under the historical cost convention, and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover

The turnover shown in the profit and loss account represents amounts invoiced during the period for the supply of sugar and sugar related products. Turnover is recognised on proof of delivery of the goods.

Goodwill

Positive purchased goodwill arising on acquisitions is capitalised, classified as an asset on the Balance Sheet and amortised over its useful economic life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed five years. Useful ecomonic lives are reviewed at the end of each reporting period and revised if necessary, subject to the constraint that the revised life shall not exceed 20 years from the date of acquisition. The carrying amount at the date of revision is depreciated over the revised estimate of remaining useful economic life.

Amortisation

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

Goodwill - over 5 years

Fixed assets

All fixed assets are initially recorded at cost.

Depreciation

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

Fixtures & Fittings - 25% on written down value

Motor Vehicles - 25% on cost

Equipment - 25% on written down value

Operating lease agreements

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

Deferred taxation

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. Deferred taxation is calculated at the rates of tax that are expected to apply in the periods when the timing differences will reverse and has not been discounted.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

2. FIXED ASSETS

Intangible Assets	Tangible Assets	Total
£	£	£

COST

Additions	3,500,000	66,398	3,566,398
	---------------	----------	---------------
At 31 March 2015	3,500,000	66,398	3,566,398
	---------------	----------	---------------

DEPRECIATION

Charge for period	700,000	19,713	719,713
	-----------	----------	-----------
At 31 March 2015	700,000	19,713	719,713
	-----------	----------	-----------

NET BOOK VALUE

At 31 March 2015	2,800,000	46,685	2,846,685
	---------------	----------	---------------

At 31 December 2013	–	–	–
	---------------	----------	---------------

3. SHARE CAPITAL

Allotted, called up and fully paid:

31 Mar 15 31 Dec 13

No	£	No	£
Ordinary A shares shares (2013 - 1) of £ 1 each	70	70	1	1
Ordinary B shares shares of £ 1 each	15	15	-	-
Ordinary C shares shares of £ 1 each	15	15	-	-
	-----	-----	-----	-----
	100	100	1	1
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