thorntons limited

thorntons limited Company Information

Share THORNTONS LIMITED
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Company Number

00174706

Industry

Manufacture of cocoa, and chocolate confectionery

 

Shareholders

ferholding uk limited

Group Structure

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Contact

Registered Address

889 greenford road, greenford, middlesex, UB6 0HE

thorntons limited Estimated Valuation

£122.4m

Pomanda estimates the enterprise value of THORNTONS LIMITED at £122.4m based on a Turnover of £66m and 1.86x industry multiple (adjusted for size and gross margin).

thorntons limited Estimated Valuation

£101.2m

Pomanda estimates the enterprise value of THORNTONS LIMITED at £101.2m based on an EBITDA of £8.2m and a 12.33x industry multiple (adjusted for size and gross margin).

thorntons limited Estimated Valuation

£80.8m

Pomanda estimates the enterprise value of THORNTONS LIMITED at £80.8m based on Net Assets of £36.5m and 2.21x industry multiple (adjusted for liquidity).

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Thorntons Limited Overview

Thorntons Limited is a live company located in middlesex, UB6 0HE with a Companies House number of 00174706. It operates in the manufacture of cocoa and chocolate confectionery sector, SIC Code 10821. Founded in May 1921, it's largest shareholder is ferholding uk limited with a 100% stake. Thorntons Limited is a mature, large sized company, Pomanda has estimated its turnover at £66m with declining growth in recent years.

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Thorntons Limited Health Check

Pomanda's financial health check has awarded Thorntons Limited a 5 rating. We use a traffic light system to show it exceeds the industry average on 6 measures and has 2 areas for improvement. Company Health Check FAQs

Health Check Image
Health Rating5out of 5
positive_score

6 Strong

positive_score

4 Regular

positive_score

2 Weak

size

Size

annual sales of £66m, make it larger than the average company (£20.5m)

£66m - Thorntons Limited

£20.5m - Industry AVG

growth

Growth

3 year (CAGR) sales growth of -14%, show it is growing at a slower rate (5.3%)

-14% - Thorntons Limited

5.3% - Industry AVG

production

Production

with a gross margin of 30.3%, this company has a lower cost of product (24.6%)

30.3% - Thorntons Limited

24.6% - Industry AVG

profitability

Profitability

an operating margin of 5.1% make it more profitable than the average company (3.5%)

5.1% - Thorntons Limited

3.5% - Industry AVG

employees

Employees

with 478 employees, this is above the industry average (155)

478 - Thorntons Limited

155 - Industry AVG

paystructure

Pay Structure

on an average salary of £41.3k, the company has an equivalent pay structure (£38.3k)

£41.3k - Thorntons Limited

£38.3k - Industry AVG

efficiency

Efficiency

resulting in sales per employee of £138k, this is equally as efficient (£141.7k)

£138k - Thorntons Limited

£141.7k - Industry AVG

debtordays

Debtor Days

it gets paid by customers after 0 days, this is earlier than average (41 days)

0 days - Thorntons Limited

41 days - Industry AVG

creditordays

Creditor Days

its suppliers are paid after 51 days, this is slower than average (46 days)

51 days - Thorntons Limited

46 days - Industry AVG

stockdays

Stock Days

it holds stock equivalent to 59 days, this is in line with average (52 days)

59 days - Thorntons Limited

52 days - Industry AVG

cashbalance

Cash Balance

has cash to cover current liabilities for 0 weeks, this is less cash available to meet short term requirements (5 weeks)

0 weeks - Thorntons Limited

5 weeks - Industry AVG

debtlevel

Debt Level

it has a ratio of liabilities to total assets of 68.3%, this is a similar level of debt than the average (64.6%)

68.3% - Thorntons Limited

64.6% - Industry AVG

THORNTONS LIMITED financials

EXPORTms excel logo

Thorntons Limited's latest turnover from August 2023 is £66 million and the company has net assets of £36.5 million. According to their latest financial statements, Thorntons Limited has 478 employees and maintains cash reserves of £589 thousand as reported in the balance sheet.

Data source: Companies HousePomanda Estimates

Aug 2023Aug 2022Aug 2021Aug 2020Aug 2019Aug 2018Aug 2017Aug 2016Aug 2015Jun 2014Jun 2013Jun 2012Jun 2011Jun 2010
Turnover65,976,00076,512,00086,491,000103,718,000122,321,000135,166,000139,794,000191,301,000224,545,000222,437,000221,052,000217,144,000218,255,000214,553,000
Other Income Or Grants00000000000000
Cost Of Sales45,998,00056,040,00075,472,00081,653,00099,372,000102,493,00097,133,000118,036,000131,048,000125,249,000124,293,000121,507,000117,516,000108,009,000
Gross Profit19,978,00020,472,00011,019,00022,065,00022,949,00032,673,00042,661,00073,265,00093,497,00097,188,00096,759,00095,637,000100,739,000106,544,000
Admin Expenses16,643,00017,412,00036,857,00055,756,00054,607,00064,705,00077,641,00090,102,000101,740,00088,551,00089,664,00095,940,00099,887,00098,962,000
Operating Profit3,335,0003,060,000-25,838,000-33,691,000-31,658,000-32,032,000-34,980,000-16,837,000-8,243,0008,637,0007,095,000-303,000852,0007,582,000
Interest Payable2,600,0001,061,000993,0003,645,0003,502,0003,014,0001,620,0001,342,0002,339,0002,691,0002,832,0001,876,0001,934,0001,657,000
Interest Receivable00115,00000020,000377,00073,00022,00025,0002,00011,000212,000
Pre-Tax Profit2,617,0001,878,000-26,716,000-37,661,000-35,023,000-35,860,000-37,523,000-19,145,000-11,820,0005,968,0004,288,000-2,214,000-1,071,0006,137,000
Tax-1,773,00020,324,0008,755,0002,226,000-535,000-2,445,0006,463,000197,0004,060,000-696,000-1,208,0001,316,000818,000-1,783,000
Profit After Tax844,00022,202,000-17,961,000-35,435,000-35,558,000-38,305,000-31,060,000-18,948,000-7,760,0005,272,0003,080,000-898,000-253,0004,354,000
Dividends Paid00000000000167,0004,054,0004,553,000
Retained Profit844,00022,202,000-17,961,000-35,435,000-35,558,000-38,305,000-31,060,000-18,948,000-7,760,0005,272,0003,080,000-1,065,000-4,307,000-199,000
Employee Costs19,728,00023,294,00038,752,00041,987,00046,900,00053,443,00053,758,00055,709,00071,292,00066,083,00061,956,00059,874,00064,930,00066,583,000
Number Of Employees4785501,0741,7992,2012,6342,9623,1303,3613,8723,8193,7784,2104,382
EBITDA*8,206,00010,444,000-17,344,000-15,406,000-25,339,000-26,154,000-26,450,000-9,847,000-1,608,00016,087,00015,671,0009,716,00013,070,00018,847,000

* Earnings Before Interest, Tax, Depreciation and Amortisation

Aug 2023Aug 2022Aug 2021Aug 2020Aug 2019Aug 2018Aug 2017Aug 2016Aug 2015Jun 2014Jun 2013Jun 2012Jun 2011Jun 2010
Tangible Assets49,259,00033,328,00062,994,00064,685,00031,863,00029,527,00026,091,00023,156,00024,098,00046,216,00044,303,00049,567,00052,667,00058,533,000
Intangible Assets3,259,00027,124,000946,0002,000,0002,512,0003,431,0002,815,0002,135,0002,312,0001,789,0001,720,0002,140,0002,792,0003,451,000
Investments & Other7,462,00034,671,00023,544,00023,544,00023,544,00023,555,00023,555,00023,555,00027,361,00000000
Debtors (Due After 1 year)18,052,00019,166,0009,222,0005,843,0005,745,0006,829,0009,062,0009,602,0009,818,00000000
Total Fixed Assets78,032,000114,289,00096,706,00096,072,00063,664,00063,342,00061,523,00058,448,00063,589,00048,005,00046,023,00051,707,00055,459,00061,984,000
Stock & work in progress7,531,00012,530,0008,229,00014,305,00020,301,00025,526,00041,915,00040,617,00055,028,00047,573,00038,990,00038,070,00037,018,00030,393,000
Trade Debtors78,000834,000558,0001,158,0001,833,0001,744,0001,322,0004,157,00012,180,00014,685,00011,168,0008,883,0006,827,0006,831,000
Group Debtors20,952,00019,518,00020,976,00029,743,00042,242,00025,910,0008,327,0007,219,000000000
Misc Debtors7,880,0009,572,00014,841,0006,068,0005,222,0005,176,0009,598,0007,623,0008,025,0007,039,0007,417,0006,584,0009,190,0009,146,000
Cash589,00001,704,000302,0001,711,0001,259,0003,022,000293,0003,877,0001,085,0002,550,0002,918,0001,752,0001,626,000
misc current assets00000000000000
total current assets37,030,00042,454,00046,308,00051,576,00071,309,00059,615,00064,184,00059,909,00079,110,00070,382,00060,125,00056,455,00054,787,00047,996,000
total assets115,062,000156,743,000143,014,000147,648,000134,973,000122,957,000125,707,000118,357,000142,699,000118,387,000106,148,000108,162,000110,246,000109,980,000
Bank overdraft0978,0000000000028,300,00028,900,00020,900,00021,700,000
Bank loan0000000057,900,00031,900,0000000
Trade Creditors 6,464,0006,942,0006,661,0006,578,0008,212,0007,089,0009,226,0006,460,00016,369,00015,535,00014,735,00015,846,00015,072,00014,169,000
Group/Directors Accounts61,768,00071,124,00074,943,00041,651,000116,658,00065,624,00015,020,0004,515,0004,452,00000000
other short term finances00000000000000
hp & lease commitments664,0002,458,0005,472,0006,626,0000143,000279,000281,000478,000763,000983,0001,454,0001,986,0002,390,000
other current liabilities7,338,0008,651,00014,397,00016,735,00016,724,00016,357,00021,266,00014,911,00014,622,00019,902,00016,477,00013,493,00018,352,00012,132,000
total current liabilities76,234,00090,153,000101,473,00071,590,000141,594,00089,213,00045,791,00026,167,00093,821,00068,100,00060,495,00059,693,00056,310,00050,391,000
loans000075,000,00075,000,00075,000,00060,700,00002,732,0001,600,0003,306,0006,710,0007,114,000
hp & lease commitments2,309,00024,815,00024,863,00036,936,00000143,000439,000721,0001,366,000800,0001,653,0003,355,0003,557,000
Accruals and Deferred Income7,00027,00048,000321,000645,000809,0001,099,0001,391,0001,072,0000002,699,0002,827,000
other liabilities00000000029,593,00024,727,0002,490,00000
provisions00190,000335,00011,388,00013,322,00016,045,0003,810,0003,164,0003,816,0003,694,00064,758,00057,146,00054,474,000
total long term liabilities2,316,00024,842,00034,173,00057,233,000106,528,000104,126,000127,384,000117,475,00043,952,00032,867,00027,374,00036,522,00034,627,00033,621,000
total liabilities78,550,000114,995,000135,646,000128,823,000248,122,000193,339,000173,175,000143,642,000137,773,000100,967,00087,869,00096,215,00090,937,00084,012,000
net assets36,512,00041,748,0007,368,00018,825,000-113,149,000-70,382,000-47,468,000-25,285,0004,926,00017,420,00018,279,00011,947,00019,309,00025,968,000
total shareholders funds36,512,00041,748,0007,368,00018,825,000-113,149,000-70,382,000-47,468,000-25,285,0004,926,00017,420,00018,279,00011,947,00019,309,00025,968,000
Aug 2023Aug 2022Aug 2021Aug 2020Aug 2019Aug 2018Aug 2017Aug 2016Aug 2015Jun 2014Jun 2013Jun 2012Jun 2011Jun 2010
Operating Activities
Operating Profit3,335,0003,060,000-25,838,000-33,691,000-31,658,000-32,032,000-34,980,000-16,837,000-8,243,0008,637,0007,095,000-303,000852,0007,582,000
Depreciation4,545,0006,992,0007,384,00017,607,0005,100,0004,768,0007,520,0006,369,0005,708,0006,474,0007,290,0008,620,00010,576,0009,126,000
Amortisation326,000392,0001,110,000678,0001,219,0001,110,0001,010,000621,000927,000976,0001,286,0001,399,0001,642,0002,139,000
Tax-1,773,00020,324,0008,755,0002,226,000-535,000-2,445,0006,463,000197,0004,060,000-696,000-1,208,0001,316,000818,000-1,783,000
Stock-4,999,0004,301,000-6,076,000-5,996,000-5,225,000-16,389,0001,298,000-14,411,0007,455,0008,583,000920,0001,052,0006,625,00030,393,000
Debtors-2,128,0003,493,0002,785,000-12,230,00015,383,00011,350,000-292,000-1,422,0008,299,0003,139,0003,118,000-550,00040,00015,977,000
Creditors-478,000281,00083,000-1,634,0001,123,000-2,137,0002,766,000-9,909,000834,000800,000-1,111,000774,000903,00014,169,000
Accruals and Deferred Income-1,333,000-5,767,000-2,611,000-313,000203,000-5,199,0006,063,000608,000-4,208,0003,425,0002,984,000-7,558,0006,092,00014,959,000
Deferred Taxes & Provisions0-190,000-145,000-11,053,000-1,934,000-2,723,00012,235,000646,000-652,000122,000-61,064,0007,612,0002,672,00054,474,000
Cash flow from operations11,749,00017,298,000-7,971,000-7,954,000-36,640,000-33,619,00071,000-2,472,000-17,328,0008,016,000-48,766,00011,358,00016,890,00054,296,000
Investing Activities
capital expenditure3,063,000-3,896,000-5,749,000-50,595,000-7,736,000-9,930,000-12,145,000-5,871,00014,960,000-9,432,000-2,892,000-6,267,000-5,693,000-73,249,000
Change in Investments-27,209,00011,127,00000-11,00000-3,806,00027,361,00000000
cash flow from investments30,272,000-15,023,000-5,749,000-50,595,000-7,725,000-9,930,000-12,145,000-2,065,000-12,401,000-9,432,000-2,892,000-6,267,000-5,693,000-73,249,000
Financing Activities
Bank loans0000000-57,900,00026,000,00031,900,0000000
Group/Directors Accounts-9,356,000-3,819,00033,292,000-75,007,00051,034,00050,604,00010,505,00063,0004,452,00000000
Other Short Term Loans 00000000000000
Long term loans000-75,000,0000014,300,00060,700,000-2,732,0001,132,000-1,706,000-3,404,000-404,0007,114,000
Hire Purchase and Lease Commitments-24,300,000-3,062,000-13,227,00043,562,000-143,000-279,000-298,000-479,000-930,000346,000-1,324,000-2,234,000-606,0005,947,000
other long term liabilities00000000-29,593,0004,866,00022,237,0002,490,00000
share issue-6,080,00012,178,0006,504,000167,409,000-7,209,00015,391,0008,877,000-11,263,000-4,734,000-6,131,0003,252,000-6,297,000-2,352,00026,167,000
interest-2,600,000-1,061,000-878,000-3,645,000-3,502,000-3,014,000-1,600,000-965,000-2,266,000-2,669,000-2,807,000-1,874,000-1,923,000-1,445,000
cash flow from financing-42,336,0004,236,00025,691,00057,319,00040,180,00062,702,00031,784,000-9,844,000-9,803,00029,444,00019,652,000-11,319,000-5,285,00037,783,000
cash and cash equivalents
cash589,000-1,704,0001,402,000-1,409,000452,000-1,763,0002,729,000-3,584,0002,792,000-1,465,000-368,0001,166,000126,0001,626,000
overdraft-978,000978,0000000000-28,300,000-600,0008,000,000-800,00021,700,000
change in cash1,567,000-2,682,0001,402,000-1,409,000452,000-1,763,0002,729,000-3,584,0002,792,00026,835,000232,000-6,834,000926,000-20,074,000

thorntons limited Credit Report and Business Information

Very Low Risk70 - 100
Low Risk50 - 70
Moderate Risk30 - 50
High Risk20 - 30
Very High Risk0 - 20
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Thorntons Limited Competitor Analysis

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thorntons limited directors

Thorntons Limited currently has 3 directors. The longest serving directors include Mr Philippe Steyaert (Sep 2021) and Mr Valentino Conti (Jan 2022).

officercountryagestartendrole
Mr Philippe SteyaertEngland62 years Sep 2021- Director
Mr Valentino ContiEngland49 years Jan 2022- Director
Mr Cristiano Santarelli55 years Jan 2023- Director

P&L

August 2023

turnover

66m

-14%

operating profit

3.3m

+9%

gross margin

30.3%

+13.17%

turnover

Turnover, or revenue, is the amount of sales generated by a company within the financial year.

Balance Sheet

August 2023

net assets

36.5m

-0.13%

total assets

115.1m

-0.27%

cash

589k

0%

net assets

Total assets minus all liabilities

thorntons limited company details

company number

00174706

Type

Private limited with Share Capital

industry

10821 - Manufacture of cocoa, and chocolate confectionery

incorporation date

May 1921

age

103

incorporated

UK

ultimate parent company

FERRERO INTERNATIONAL SA

accounts

Full Accounts

last accounts submitted

August 2023

previous names

thorntons plc (November 2016)

j.w. thornton limited (January 1988)

accountant

-

auditor

PRICEWATERHOUSECOOPERS LLP

address

889 greenford road, greenford, middlesex, UB6 0HE

Bank

BARCLAYS BANK PLC

Legal Advisor

-

thorntons limited Charges & Mortgages

A charge, or mortgage, refers to the rights a company gives to a lender in return for a loan, often in the form of security given over business assets.

We found 4 charges/mortgages relating to thorntons limited. Currently there are 3 open charges and 1 have been satisfied in the past.

thorntons limited Capital Raised & Share Issues BETA

When a company issues new shares, e.g. to new investors following a funding round, it is required to notify Companies House within one month of making an allotment of shares.

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thorntons limited Companies House Filings - See Documents

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