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Unaudited Financial Statements for the Year Ended 29 February 2020 |
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Thrift Retail Ltd |
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Unaudited Financial Statements for the Year Ended 29 February 2020 |
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for |
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Thrift Retail Ltd |
Thrift Retail Ltd (Registered number: 10630791) |
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Contents of the Financial Statements |
for the year ended 29 February 2020 |
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Page |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 4 |
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Thrift Retail Ltd |
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Company Information |
for the year ended 29 February 2020 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Certified Chartered Accountants (ACCA) |
94 West Street |
Crawley |
West Sussex |
RH11 8AW |
Thrift Retail Ltd (Registered number: 10630791) |
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Statement of Financial Position |
29 February 2020 |
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2020 | 2019 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 | ( |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 9 |
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Share premium |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS |
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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. |
Thrift Retail Ltd (Registered number: 10630791) |
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Statement of Financial Position - continued |
29 February 2020 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
signed on its behalf by: |
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Thrift Retail Ltd (Registered number: 10630791) |
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Notes to the Financial Statements |
for the year ended 29 February 2020 |
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1. | STATUTORY INFORMATION |
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Thrift Retail Ltd is a
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number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Significant judgements and estimates |
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting |
estimates if necessary. It also requires management to exercise judgement in applying the company accounting |
policies. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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Tangible fixed assets |
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Plant and machinery | - |
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Computer equipment | - |
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Thrift Retail Ltd (Registered number: 10630791) |
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Notes to the Financial Statements - continued |
for the year ended 29 February 2020 |
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3. | ACCOUNTING POLICIES - continued |
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Financial instruments |
The company has elected to apply the provisions of Section 11 Basic Financial Instruments and Section 12 Other |
Financial Instruments Issues of FRS 102 to all of its financial instruments |
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Financial instruments are recognised in the company's balance sheet when the company becomes party to the |
contractual provisions of the instrument. |
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Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a |
legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to |
realise the asset and settle the liability simultaneously. |
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Basic financial assets |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price |
including transaction costs and are subsequently carried at amortised cost using the effective interest method, unless |
the arrangement consitutes a financing transaction, where the transaction is measured at the present value if the future |
receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not |
amortised. |
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Classification of 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 company after |
deducting all of its liabilities. |
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Basic financial liabilities |
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares |
that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing |
transaction, where the debt instrument is measured at the present value of future payments discounted at a market |
rate of interest. Financial liabilities classified as payable within one year are not amortised. |
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Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
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Trade creditor are obligations to pay for goods or services that have been acquired in the ordinary course of business |
from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, |
they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and |
subsequently at amortised cost using the effective interest method. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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 statement of financial position date. |
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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 profit or loss in the period to which they relate. |
Thrift Retail Ltd (Registered number: 10630791) |
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Notes to the Financial Statements - continued |
for the year ended 29 February 2020 |
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3. | ACCOUNTING POLICIES - continued |
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Cash and cash equivalents |
Cash and cash equivalents comprise of cash on hand and demand deposits and other short-term highly liquid |
investments that are readily convertible to a known amount of cash and are subject to an insignificant risk to changes |
in value. |
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Going concern |
The financial statements have been prepared on a going concern basis. The company incurred losses during the year, |
however the director has been successful in attracting further investment since the end of the accounting period and |
will continue to support the company to meet its obligations, if and when they become due. The director is therefore |
of the opinion that he should continue to adopt the going concern basis of accounting in preparing the financial |
statements. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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5. | TANGIBLE FIXED ASSETS |
Plant and | Computer |
machinery | equipment | Totals |
£ | £ | £ |
COST |
At 1 March 2019 |
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Additions |
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At 29 February 2020 |
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DEPRECIATION |
At 1 March 2019 |
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Charge for year |
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At 29 February 2020 |
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NET BOOK VALUE |
At 29 February 2020 |
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At 28 February 2019 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Other debtors |
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Thrift Retail Ltd (Registered number: 10630791) |
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Notes to the Financial Statements - continued |
for the year ended 29 February 2020 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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8. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2020 | 2019 |
£ | £ |
Within one year |
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9. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2020 | 2019 |
value: | £ | £ |
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Ordinary | £0.0001 | 2 | 2 |
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Ordinary | £0.0001 | - | - |
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Seed ordinary | £0.0001 | 1 | - |
3 | 2 |
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The following fully paid shares were allotted during the year at a premium as shown below: |
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1,950 Ordinary shares of £0.0001 each at £95.01 per share |
319 Ordinary shares of £0.0001 each at £80.75 per share |
5,009 Seed ordinary shares of £0.0001 each at £133.86 per share |
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10. | RELATED PARTY DISCLOSURES |
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During the year, the director settled expenses totalling £ (2019: £2,743) on behalf of the company. |
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At the date of the financial statements, the company owed the director £32,514 (2019 - 6,237). The loans are interest |
free and repayable on demand. |
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11. | ULTIMATE CONTROLLING PARTY |
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The controlling party is Mr J Metcalfe. |