Thorpe's Joinery Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 03261375 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2017

FOR

THORPE'S JOINERY LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr D Dean

Mr SC Dunkley

Mr SH Simpson

Mr JC Thorpe

Mr PD Weston

SECRETARY:

Mr JC Thorpe

REGISTERED OFFICE:

Unit D

Harrison Road

Airfield Business Park

Market Harborough

Leicestershire

LE16 7UL

REGISTERED NUMBER:

03261375 (England and Wales)

SENIOR STATUTORY AUDITOR:

Mark Harrison BA FCA

AUDITORS:

Mark J Rees LLP, Statutory Auditor

Chartered Accountants

Granville Hall

Granville Road

Leicester

LE1 7RU

BANKERS:

Lloyds Bank Plc

7 High Street

Leicester

LE1 9FS

FIXED ASSETS

Tangible assets

4

1,124,538

754,456

CURRENT ASSETS

Stocks

137,998

115,998

Debtors

5

2,072,053

2,447,077

Cash at bank and in hand

828,060

633,950

3,038,111

3,197,025

CREDITORS

Amounts falling due within one year

6

2,080,362

2,101,496

NET CURRENT ASSETS

957,749

1,095,529

TOTAL ASSETS LESS CURRENT LIABILITIES

2,082,287

1,849,985

CREDITORS

Amounts falling due after more than one year

7

(164,725

)

(58,142

)

PROVISIONS FOR LIABILITIES

(101,508

)

(70,336

)

NET ASSETS

1,816,054

1,721,507

CAPITAL AND RESERVES

Called up share capital

2,105

2,105

Capital redemption reserve

895

895

Retained earnings

1,813,054

1,718,507

SHAREHOLDERS' FUNDS

1,816,054

1,721,507

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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 on 4 May 2018 and were signed on its behalf by:

Mr JC Thorpe - Director

1.	STATUTORY INFORMATION

Thorpe's Joinery 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

TURNOVER

Revenue comprises the fair value for the sale of goods and services excluding value added taxes and represents

net invoice value less estimated rebates, returns and settlement discounts, adjusted for contracts not completed at

the period end. The company supplies goods and services to customers from its manufacturing sites, under

standard terms and conditions. In all cases revenue is recognised when the risks and rewards of ownership are

transferred.

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.

Freehold property

-

2% on cost excluding land

Plant and machinery

-

over 10 years and over 4 years

Fixtures and fittings

-

over 3 years

Motor vehicles

-

25% on reducing balance

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 includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

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 TAXATION

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 of finance leases are capitalised in the balance sheet. Those 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 the profit and loss account over the relevant period. The

capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account 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 the profit and loss account in the period to which they relate.

DEBTORS

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured

initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the

effective interest method, less any impairment.

CREDITORS

Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans,

are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost

using the effective interest method.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 75 (2016 - 72 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 November 2016

394,802

907,792

131,561

129,464

1,563,619

Additions

-

412,678

38,156

1,116

451,950

Disposals

-

-

-

(10,607

)

(10,607

)

At 31 October 2017

394,802

1,320,470

169,717

119,973

2,004,962

DEPRECIATION

At 1 November 2016

29,004

575,711

117,819

86,629

809,163

Charge for year

5,712

54,863

10,065

10,864

81,504

Eliminated on disposal

-

-

-

(10,243

)

(10,243

)

At 31 October 2017

34,716

630,574

127,884

87,250

880,424

NET BOOK VALUE

At 31 October 2017

360,086

689,896

41,833

32,723

1,124,538

At 31 October 2016

365,798

332,081

13,742

42,835

754,456

Included in cost of land and buildings is freehold land of £ 109,016 (2016 - £ 109,016 ) which is not depreciated.

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

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 November 2016

40,730

90,958

131,688

Additions

309,883

-

309,883

Transfer to ownership

(40,730

)

(90,958

)

(131,688

)

At 31 October 2017

309,883

-

309,883

DEPRECIATION

At 1 November 2016

16,292

49,721

66,013

Charge for year

4,320

-

4,320

Transfer to ownership

(16,292

)

(49,721

)

(66,013

)

At 31 October 2017

4,320

-

4,320

NET BOOK VALUE

At 31 October 2017

305,563

-

305,563

At 31 October 2016

24,438

41,237

65,675

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

1,770,889

2,312,833

Other debtors

301,164

134,244

2,072,053

2,447,077

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

28,080

25,750

Hire purchase contracts (see note 8)

80,591

13,413

Trade creditors

1,098,295

584,048

Amounts owed to group undertakings

102,472

277,413

Amounts owed to associates

-

320,054

Taxation and social security

456,426

538,944

Other creditors

314,498

341,874

2,080,362

2,101,496

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans

28,040

58,142

Hire purchase contracts (see note 8)

136,685

-

164,725

58,142

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2017

2016

£

£

Net obligations repayable:

Within one year

80,591

13,413

Between one and five years

136,685

-

217,276

13,413

Non-cancellable

operating leases

2017

2016

£

£

Within one year

24,771

25,698

Between one and five years

36,146

52,993

60,917

78,691

9.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank loans

56,120

83,892

Hire purchase contracts

217,276

13,413

273,396

97,305

The bank loan is secured with a first legal charge against the land and building.

Amounts owing under hire purchase contracts are secured on the assets concerned.

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mark Harrison BA FCA (Senior Statutory Auditor)

for and on behalf of Mark J Rees LLP, Statutory Auditor

11.	RELATED PARTY DISCLOSURES

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 wholly owned subsidiaries within the group.

During the year the company purchased goods and services from Fabric Systems Limited amounting to £201,193

(2016: £408,446) and sold goods and services amounting to £44,057 (2016: £6,750). In addition the company

charged rent of £15,000 (2016: £15,000) and a management charge of £45,000 (2016: £45,000). At the year end

an amount of £590 (2016: £413 owing to) was owing by Fabric Systems Limited.

Fabric Systems Limited was a 90% subsidiary company of Thorpe Interior Group Limited prior to the sale of its

shareholding to Kvadrat Soft Cells A/S on 3 January 2017.

During the year the company sold goods and services to Omnis Exhibitions Limited, amounting to £25,253

(2016: £76,871) and purchased goods and services amounting to £786,578 (2016: £1,375,241). In addition the

company charged £30,000 (2016: £36,000) in management fees during the year. An amount of £8,079 (2016:

£320,054) was owed to Omnis Exhibitions Limited at the year end.

Omnis Exhibitions Limited is a subsidiary of Thorpe Interior Group Limited.

During the year Mr JA Thorpe, Mrs A Thorpe and Miss J Thorpe received rent of £48,396 (2016: £48,396) for

the use of the property that is owned by them.

Mr & Mrs Thorpe are the parents of and Miss J Thorpe is the sister of Mr JC Thorpe, director.

12.	ULTIMATE PARENT COMPANY

The ultimate parent company is Thorpe Interior Group Limited.