Company registration number 11370648 (England and Wales)
THE THRONE HOLDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
PAGES FOR FILING WITH REGISTRAR
THE THRONE HOLDINGS LIMITED
COMPANY INFORMATION
Director
Mr O O W Olatunji
Company number
11370648
Registered office
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
Accountants
Carpenter Box
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
THE THRONE HOLDINGS LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 6
THE THRONE HOLDINGS LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF THE THRONE HOLDINGS LIMITED FOR THE YEAR ENDED 30 APRIL 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The Throne Holdings Limited for the year ended 30 April 2023 which comprise, the balance sheet and the related notes 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 in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of The Throne Holdings Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial statements of The Throne Holdings Limited and state those matters that we have agreed to state to the board of directors of The Throne Holdings Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Throne Holdings Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that The Throne Holdings Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of The Throne Holdings Limited. You consider that The Throne Holdings Limited 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 financial statements of The Throne Holdings Limited. 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 financial statements.
Carpenter Box
15 January 2024
Chartered Accountants
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
THE THRONE HOLDINGS LIMITED
BALANCE SHEET
AS AT
30 APRIL 2023
30 April 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
3
3,590,832
1,682,328
Current assets
Debtors
4
10,838,872
10,172,127
Cash at bank and in hand
65,737
98,399
10,904,609
10,270,526
Creditors: amounts falling due within one year
5
(3,933,549)
(5,831,237)
Net current assets
6,971,060
4,439,289
Total assets less current liabilities
10,561,892
6,121,617
Creditors: amounts falling due after more than one year
6
(1,000,000)
Net assets
10,561,892
5,121,617
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
10,561,792
5,121,517
Total equity
10,561,892
5,121,617
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 15 January 2024
Mr O O W Olatunji
Director
Company registration number 11370648 (England and Wales)
THE THRONE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
- 3 -
1
Accounting policies
Company information
The Throne Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Amelia House, Crescent Road, Worthing, West Sussex, BN11 1RL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.
1.5
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.
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.
THE THRONE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 4 -
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 the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
2
Employees
The average monthly number of persons employed by the company during the year was 0 (2022 - 0).
3
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
226
301
Other investments
3,590,606
1,682,027
3,590,832
1,682,328
Fixed asset investments revalued
Investments relate to listed investments included at market value which has been derived from market information available.
THE THRONE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
3
Fixed asset investments
(Continued)
- 5 -
Movements in fixed asset investments
Shares in group undertakings
Other investments
Total
£
£
£
Cost or valuation
At 1 May 2022
301
1,682,027
1,682,328
Additions
25
3,600,000
3,600,025
Valuation changes
-
(39,529)
(39,529)
Investment charges
-
(13,517)
(13,517)
Dividends recieved
-
18,991
18,991
Disposals
(100)
(1,657,366)
(1,657,466)
At 30 April 2023
226
3,590,606
3,590,832
Carrying amount
At 30 April 2023
226
3,590,606
3,590,832
At 30 April 2022
301
1,682,027
1,682,328
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
1,071,302
13,121
Other debtors
9,767,570
10,159,006
10,838,872
10,172,127
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
5,496
Amounts owed to group undertakings
3,445,916
3,905,420
Taxation and social security
474,744
1,882,416
Other creditors
12,889
37,905
3,933,549
5,831,237
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
1,000,000
THE THRONE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 6 -
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
8
Directors' transactions
Dividends totalling £937,286 (2022 - £1,000,000) were paid in the year in respect of shares held by the company's director.
Advances or credits have been granted by the company to its directors as follows:
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
5,625,816
2,093,478
126,389
(937,301)
6,908,382
5,625,816
2,093,478
126,389
(937,301)
6,908,382