REGISTERED NUMBER: |
THEREFORE LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
REGISTERED NUMBER: |
THEREFORE LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
THEREFORE LIMITED (REGISTERED NUMBER: 02798150) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
THEREFORE LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
201 Haverstock Hill |
London |
NW3 4QG |
THEREFORE LIMITED (REGISTERED NUMBER: 02798150) |
BALANCE SHEET |
31 MARCH 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Stocks | 6 |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Capital redemption reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their 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. |
THEREFORE LIMITED (REGISTERED NUMBER: 02798150) |
BALANCE SHEET - continued |
31 MARCH 2023 |
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 |
THEREFORE LIMITED (REGISTERED NUMBER: 02798150) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
1. | STATUTORY INFORMATION |
Therefore Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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. |
Plant and machinery - 25% on cost |
Fixtures and fittings - 15% on cost |
Computer equipment - 25% on cost |
Short leasehold properties - Straight line over the life of the lease |
The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable. If the recoverable amount of the asset is estimated to be lower than the carrying amount, the carrying amount is reduced to its recoverable amount. An impairment loss is recognised in the Income Statement. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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 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. |
THEREFORE LIMITED (REGISTERED NUMBER: 02798150) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
2. | ACCOUNTING POLICIES - continued |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
Foreign currencies |
Transactions in foreign currencies are initially recorded at the rate of exchange prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the end of the reporting period at the rates prevailing on the reporting period date. Non-monetary assets measured using the historical cost method and denominated in foreign currencies are not retranslated and remain recorded at the rate of exchange prevailing at the date of the transaction. Any exchange gains or losses are recognised in the Income Statement.. |
Provisions |
Provisions are recognised when the Company has a present obligation as a result of a past event, if it is probable that a transfer of economic benefits will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. |
Trade debtors |
Trade debtors are measured at the transaction price and subsequently measured at amortised cost. Due to the short-term nature of the balances they are held at an undiscounted amount with no amortisation using the effective interest rate method applied. |
A provision for impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect any amounts due according to the original terms. An impairment loss is recognised in net operating expenses in the Income Statement. |
Cash and cash equivalents |
Cash and cash equivalents in the balance sheet comprise of cash at bank and in hand and any short-term deposits with an original maturity date of three months or less. |
Trade creditors |
Trade creditors are measured at the transaction price and subsequently measured at amortised cost. Due to the short-term nature of the balances they are held at an undiscounted amount with no amortisation using the effective interest rate method applied. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
THEREFORE LIMITED (REGISTERED NUMBER: 02798150) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Short | Plant and | and | Computer |
leasehold | machinery | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 April 2022 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2022 |
Additions |
Disposals | ( |
) |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
6. | STOCKS |
2023 | 2022 |
£ | £ |
Stocks |
THEREFORE LIMITED (REGISTERED NUMBER: 02798150) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
VAT |
Accrued income |
Prepayments |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Corporation tax | ( |
) | ( |
) |
Social security and other taxes |
Accrued expenses |
9. | CAPITAL COMMITMENTS |
The Company has the following future minimum lease payments under non-cancellable operating leases for each of the following periods: |
2023 2022 |
£ £ |
Payments due: |
Not later than one year 140,000 147,500 |
Later than one year and not later than five years 443,333 583,333 |
---------- ----------- |
583,333 730,833 |
---------- ----------- |
The Company had no other off-balance sheet arrangements. |
10. | RELATED PARTY DISCLOSURES |
The Company entered into the following transactions with related parties during the year that were not concluded under normal market conditions: |
The Company made a loan of £50,000 to a company in which the Company itself has a participating interest. The loan was made for an indefinite period of time, but the Company can declare the principal amount due and payable at any time within 60 days. Interest is payable at an annual rate of 5%. As of the end of the reporting period, the outstanding balance of the loan was £50,000. |
The Company made a loan of £15,000 to a company that shares a common director with the Company. The loan was made for an indefinite period of time, but the Company can declare the principal amount due and payable at any time within 30 days. No interest is payable on the loan. As of the end of the reporting period, the outstanding balance of the loan was £15,000. |
The Company made a loan of £10,000 to a director. The loan is repayable in full by 31st December 2023. No interest is payable on the loan. As of the end of the reporting period, the outstanding balance of the loan was £10,000. |
THEREFORE LIMITED (REGISTERED NUMBER: 02798150) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
11. | POST BALANCE SHEET EVENTS |
On 14th June 2023 the Company entered into an agreement with an associated company to dispose of the business and assets of its sporting goods division. |