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REGISTERED NUMBER: 11116145 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 January 2020

for

Thrifted Limited

Thrifted Limited (Registered number: 11116145)






Contents of the Financial Statements
for the Year Ended 31 January 2020




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Thrifted Limited

Company Information
for the Year Ended 31 January 2020







DIRECTOR: Mr J Kemp





REGISTERED OFFICE: Unit C3
Ensign Estate, Botany Way
Purfleet
Essex
RM19 1TB





REGISTERED NUMBER: 11116145 (England and Wales)





ACCOUNTANTS: Farnell Clarke Limited
Evolution House
Delft Way
Norwich Airport
Norwich
Norfolk
NR6 6BB

Thrifted Limited (Registered number: 11116145)

Balance Sheet
31 January 2020

31.1.20 31.1.19
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 5,524 6,214
Tangible assets 5 22,685 15,554
28,209 21,768

CURRENT ASSETS
Stocks 92,265 91,350
Cash at bank 66,019 61,695
158,284 153,045
CREDITORS
Amounts falling due within one year 6 152,312 151,364
NET CURRENT ASSETS 5,972 1,681
TOTAL ASSETS LESS CURRENT
LIABILITIES

34,181

23,449

PROVISIONS FOR LIABILITIES 4,310 2,955
NET ASSETS 29,871 20,494

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 29,771 20,394
29,871 20,494

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Thrifted Limited (Registered number: 11116145)

Balance Sheet - continued
31 January 2020


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 19 October 2020 and were signed by:





Mr J Kemp - Director


Thrifted Limited (Registered number: 11116145)

Notes to the Financial Statements
for the Year Ended 31 January 2020

1. STATUTORY INFORMATION

Thrifted Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of ten years.

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 etc - 33% on cost, 25% on reducing balance and 15% on reducing balance

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Thrifted Limited (Registered number: 11116145)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2020

2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2019 - 4 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 February 2019
and 31 January 2020 6,904
AMORTISATION
At 1 February 2019 690
Charge for year 690
At 31 January 2020 1,380
NET BOOK VALUE
At 31 January 2020 5,524
At 31 January 2019 6,214

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 February 2019 19,261
Additions 11,358
At 31 January 2020 30,619
DEPRECIATION
At 1 February 2019 3,707
Charge for year 4,227
At 31 January 2020 7,934
NET BOOK VALUE
At 31 January 2020 22,685
At 31 January 2019 15,554

Thrifted Limited (Registered number: 11116145)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2020

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.20 31.1.19
£    £   
Bank loans and overdrafts 5,241 16,958
Trade creditors 14,968 15,557
Tax 4,301 1,838
Social security and other taxes 1,203 2,006
Net wages 4,355 2,202
Pension payable 85 -
VAT 21,731 8,835
Loan 60,000 60,000
Director's current account 40,428 42,618
Accrued expenses - 1,350
152,312 151,364

7. RELATED PARTY DISCLOSURES

During the year, total dividends of £14,000 were paid to the director .

8. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr J Kemp.