Company Registration No. 09660853 (England and Wales)
Thor Developments (UK) Limited
Unaudited accounts
for the year ended 31 March 2022
Thor Developments (UK) Limited
Unaudited accounts
Contents
Thor Developments (UK) Limited
Company Information
for the year ended 31 March 2022
Directors
Paul Sullivan
Frances Sullivan
Company Number
09660853 (England and Wales)
Registered Office
117 St Davids Crescent
Penarth
CF64 3NB
Accountants
Evans Entwistle
Villa House
7 Herbert Terrace
Penarth
Vale of Glamorgan
CF64 2AH
Chartered Management Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of
Thor Developments (UK) Limited
for the year ended 31 March 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Thor Developments (UK) Limited for the year ended 31 March 2022 which comprise of the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.
As a CIMA Registered Member in Practice and Practising Certificate holder, I am subject to its ethical and other professional requirements which are detailed at https://www.cimaglobal.com/Members/Your-Membership-Information/Members-handbook/Licensing-and-monitoring/Members-in-practice/
Our work has been undertaken in accordance with the requirements of the Chartered Institute of Management Accountants as detailed at http://www.cimaglobal.com.
Evans Entwistle
Member in Practice
Villa House
7 Herbert Terrace
Penarth
Vale of Glamorgan
CF64 2AH
29 December 2022
Thor Developments (UK) Limited
Statement of financial position
as at
31 March 2022
Tangible assets
16,423
6,460
Cash at bank and in hand
21,556
42,175
Creditors: amounts falling due within one year
(19,321)
(39,175)
Net current assets
9,913
15,835
Total assets less current liabilities
26,336
22,295
Creditors: amounts falling due after more than one year
(26,240)
(13,957)
Provisions for liabilities
Called up share capital
1
1
Profit and loss account
11
8,337
Shareholders' funds
12
8,338
For the year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 29 December 2022 and were signed on its behalf by
Paul Sullivan
Director
Company Registration No. 09660853
Thor Developments (UK) Limited
Notes to the Accounts
for the year ended 31 March 2022
Thor Developments (UK) Limited is a private company, limited by shares, registered in England and Wales, registration number 09660853. The registered office is 117 St Davids Crescent, Penarth, CF64 3NB.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
10 years straight line
Motor vehicles
4 years straight line
Computer equipment
3 years straight line
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Thor Developments (UK) Limited
Notes to the Accounts
for the year ended 31 March 2022
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 April 2021
-
25,283
662
25,945
Additions
18,080
-
-
18,080
Disposals
-
(8,283)
-
(8,283)
At 31 March 2022
18,080
17,000
662
35,742
At 1 April 2021
-
18,918
567
19,485
Charge for the year
1,657
-
95
1,752
On disposals
-
(1,918)
-
(1,918)
At 31 March 2022
1,657
17,000
662
19,319
At 31 March 2022
16,423
-
-
16,423
At 31 March 2021
-
6,365
95
6,460
Amounts falling due within one year
Other debtors
7,678
2,095
6
Creditors: amounts falling due within one year
2022
2021
Bank loans and overdrafts
4,256
20,000
Obligations under finance leases and hire purchase contracts
6,958
-
Taxes and social security
4,681
13,362
7
Creditors: amounts falling due after more than one year
2022
2021
Obligations under finance leases and hire purchase contracts
11,440
-
Thor Developments (UK) Limited
Notes to the Accounts
for the year ended 31 March 2022
8
Deferred taxation
2022
2021
Accelerated capital allowances
84
-
Charged to the profit and loss account
84
-
Provision at end of year
84
-
9
Share capital
2022
2021
Allotted, called up and fully paid:
1 Ordinary shares of £1 each
1
1
10
Average number of employees
During the year the average number of employees was 1 (2021: 1).