Thorn 44 IT Consulting Ltd - Period Ending 2022-03-31

Thorn 44 IT Consulting Ltd

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3 to 4
Notes to the Unaudited Financial Statements	5 to 7

Thorn 44 IT Consulting Ltd

Company Information

Director

Mr A Thorn

Registered office

Argyll House Quarrywood Court Livingston West Lothian EH54 6AX

Accountants

Glen Drummond Ltd Chartered Accountants Argyll House Quarrywood Court Livingston West Lothian EH54 6AX

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Thorn 44 IT Consulting Ltd
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 Thorn 44 IT Consulting Ltd for the year ended 31 March 2022 as set out on pages 3 to 7 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 of Scotland, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Thorn 44 IT Consulting Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Thorn 44 IT Consulting Ltd and state those matters that we have agreed to state to the Board of Directors of Thorn 44 IT Consulting Ltd, as a body, in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Thorn 44 IT Consulting Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Thorn 44 IT Consulting Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Thorn 44 IT Consulting Ltd. You consider that Thorn 44 IT Consulting Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Thorn 44 IT Consulting 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 accounts.

......................................

Glen Drummond Ltd
Chartered Accountants
Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

3 October 2022

Thorn 44 IT Consulting Ltd

(Registration number: SC530815)
Balance Sheet as at 31 March 2022

	Note	2022 £	2021 £
Current assets
Debtors	4	-	2,399
Cash at bank and in hand		125	64
		125	2,463
Creditors: Amounts falling due within one year	5	(8,542)	(10,079)
Net liabilities		(8,417)	(7,616)
Capital and reserves
Called up share capital	6	100	100
Retained earnings		(8,517)	(7,716)
Shareholders' deficit		(8,417)	(7,616)

For the financial year ending 31 March 2022 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year 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 financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 3 October 2022
 

Thorn 44 IT Consulting Ltd

(Registration number: SC530815)
Balance Sheet as at 31 March 2022

......................................... Mr A Thorn Director

Thorn 44 IT Consulting Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

1	General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

These financial statements were authorised for issue by the director on 3 October 2022.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

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. There were no material departures from that standard.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentation currency of the financial statements is the Pound Sterling (£).

Going concern

The financial statements have been prepared on a going concern basis as the director has undertaken to support the company until profitability can be achieved.

Revenue recognition

Turnover comprises the fair value of the consideration derived from that of technology consultancy. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

Thorn 44 IT Consulting Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

Tax

The tax expense for the period comprises tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

At the balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Expenditure of £500 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the profit and loss account in the period it is incurred.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Thorn 44 IT Consulting Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

3	Staff numbers

The average number of persons employed by the company (including the director) during the year was 1 (2021 - 1).

4

Debtors

	2022 £	2021 £
Other debtors	-	2,399
	-	2,399

5

Creditors

Creditors: amounts falling due within one year

	2022 £	2021 £
Due within one year
Accruals and deferred income	-	50
Other creditors	8,542	10,029
	8,542	10,079

6	Share capital

Allotted, called up and fully paid shares

	2022		2021
	No.	£	No.	£
Ordinary shares of £1 each	100	100	100	100

7	Related party transactions

The company operates a loan account with the director, Mr A Thorn.
During the year, the company repaid loans totalling £1,487 to the director. At the year end, the balance due to the director was £8,542 (2021 - £10,029). This loan is unsecured, interest free and has no fixed repayment terms.