THETFORD LIMITED

1. THETFORD LIMITED 1989-05-08 → present
2. THETFORD (AQUA) PRODUCTS LIMITED 1971-01-29 → 1989-05-08

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 102

Reporting scope

Standalone (parent only)

Auditor

Grant Thornton UK LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“The financial statements have been prepared on a going concern basis. Each year management produces a detailed business plan for the following year which considers the customer and product sales mix, the territory mix, cost inflations and reductions, detailed overhead costs and planned capital expenditure. Rolling forecasts are then produced on a quarterly basis. Whilst the main focus of the Board is on the product line result, the performance of the individual legal entities is also considered. Financial projections for Thetford Ltd have been produced covering the period to 31 December 2026, the sales projections being taken from the final business plan for 2025. These projections show the company trading profitably throughout 2024 and 2025, as it did for most of 2022. The company's results include significant non-cash charges to the accounts. It is therefore expected that profitable trading during 2025 will allow the company to generate surplus cash. This cash will then be available to reduce the inter-company loans that arose on the acquisition of the Thetford group by Monomoy Capital Partners. As at 31 December 2024 the company had already repaid $2.95m of the original $5.2m loan value. It is expected that the loan will be reduced further in 2025 but the exact reduction will depend on trading results and capital expenditure levels. The remaining $2.25m of loan is repayable on demand under the terms of the loan agreement between Yosemite Uk Holdco Ltd and it's immediate parent, Yosemite Intermediate II Inc. In the event of such a demand Yosemite UK Ltd would not have sufficient cash or resources to meet that demand from it's own assets or those of Thetford Limited. The legal entity at the top of the corporate structure, Trailblazer IV Inc, has given written assurances to Yosemite UK Holdco that the full repayment of the loan will not be demanded for at least 12 months from the date the 2024 accounts are signed. This addresses the uncertainty that would otherwise be there as to whether Yosemite UK Holdco can continue as a going concern. The company does not believe there are any other areas of uncertainty which call into question the ability of the company to continue to trade as a going concern.”

Significant events

• “Sales decreased by 16.5% with the turnover for the year amounting to £34,669,977 (2023: £41,514,522).”
• “The gross margin decreased compared to 2023 by 4.1% (8.1% in 2024 from 12.2% in 2023).”
• “The company reported a loss from operations of £341,662 compared to the prior year profit of £1,414,190.”
• “The company invested a further £133k in plant and machinery in the year (£171k all capex).”
• “In December 2024, the share premium was reduced by written resolution from £5,099,900 to £nil in order to increase its profits available for distribution to Yosemite UK Holdco.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

3

last 12 months

Capital events

2

last 24 months

Officers appointed

0

last 12 months

Officers resigned

0

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  -16.5%

  £41,514,522 → £34,669,977

• Cash

  +21.4%

  £689,021 → £836,622

• Net assets

  -35.3%

  £5,354,217 → £3,465,070

• Employees

  -11.9%

  210 → 185

• Operating profit

  -124.2%

  £1,414,190 → -£341,662

• Profit before tax

  -124.2%

  £1,414,190 → -£341,662

• Wages

  -18.1%

  £6,623,452 → £5,427,077

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers