Company Registration No. 01202925 (England and Wales)
Thornton Tomasetti Romsey Limited
Financial statements
for the year ended 31 December 2023
Pages for filing with the registrar
Thornton Tomasetti Romsey Limited
Contents
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 8
Thornton Tomasetti Romsey Limited
Statement of financial position
As at 31 December 2023
31 December 2023
1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
219,208
65,840
Current assets
Debtors
6
8,013,209
7,073,605
Cash at bank and in hand
298,329
343,252
8,311,538
7,416,857
Creditors: amounts falling due within one year
7
(1,467,913)
(1,084,416)
Net current assets
6,843,625
6,332,441
Total assets less current liabilities
7,062,833
6,398,281
Provisions for liabilities
(34,897)
(16,210)
Net assets
7,027,936
6,382,071
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
7,027,836
6,381,971
Total equity
7,027,936
6,382,071
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
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 by the board of directors and authorised for issue on 18 July 2024 and are signed on its behalf by:
Phillip Thompson
Director
Company Registration No. 01202925
Thornton Tomasetti Romsey Limited
Statement of changes in equity
For the year ended 31 December 2023
2
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2022
100
5,144,775
5,144,875
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
1,237,196
1,237,196
Balance at 31 December 2022
100
6,381,971
6,382,071
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
645,865
645,865
Balance at 31 December 2023
100
7,027,836
7,027,936
Thornton Tomasetti Romsey Limited
Notes to the financial statements
For the year ended 31 December 2023
3
1
Accounting policies
Company information
Thornton Tomasetti Romsey Limited is a private company limited by shares incorporated in England and Wales. The registered office is Montfort Lodge, Botley Road, Romsey, Hampshire, SO51 5SW.
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, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The financial statements are prepared on a going concern basis. The directors have taken into consideration forecasts produced that take into account the impact of the current economic climate on both the company and the sectors it operates in. The conclusion of the directors is that they still have a reasonable expectation the company will continue in operational existence for the foreseeable future. true
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other discounts.
Turnover from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
Thornton Tomasetti Romsey Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
4
1.4
Tangible fixed assets
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
Over the length of the lease
Plant and machinery
7 years straight line
Fixtures and fittings
7 years straight line
Computer equipment
3 or 5 years straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
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. Bank overdrafts are shown within borrowings in current liabilities.
1.7
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.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Thornton Tomasetti Romsey Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
5
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.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
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.
1.9
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. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Thornton Tomasetti Romsey Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
6
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.13
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Amounts recoverable on contracts
The key source of estimation uncertainty that has a significant effect on the amounts recognised in the financial statements is the calculation of amounts recoverable on contracts, which is defined in the turnover policy above.
Recoverability of intercompany debtors
The recoverability of intercompany debt remains a key area of judgement with the expectation being based on management's best estimate of recoverability.
Bad debt provision
The recoverability of debt remains a key area of judgement with the provision being based on management's best estimate of recoverability.
3
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
20,700
17,700
Thornton Tomasetti Romsey Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
7
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
28
30
5
Tangible fixed assets
Leasehold improvements
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2023
55,221
202,689
257,910
Additions
113,397
78,801
192,198
Disposals
(92,944)
(92,944)
At 31 December 2023
168,618
188,546
357,164
Depreciation and impairment
At 1 January 2023
24,698
167,372
192,070
Depreciation charged in the year
12,051
24,524
36,575
Eliminated in respect of disposals
(90,689)
(90,689)
At 31 December 2023
36,749
101,207
137,956
Carrying amount
At 31 December 2023
131,869
87,339
219,208
At 31 December 2022
30,523
35,317
65,840
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,093,173
1,242,203
Corporation tax recoverable
63,475
167,146
Amounts owed by group undertakings
6,498,183
5,271,901
Other debtors
358,378
392,355
8,013,209
7,073,605
Thornton Tomasetti Romsey Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
8
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
139,669
136,757
Amounts owed to group undertakings
583,060
195,606
Taxation and social security
275,916
232,673
Other creditors
469,268
519,380
1,467,913
1,084,416
8
Called up share capital
2023
2022
Ordinary share capital
£
£
Issued and fully paid
100 Ordinary shares of £1 each
100
100
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Jamie Cassell
Statutory Auditors:
Saffery LLP
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
243,758
292,500
11
Related party transactions
The company has taken advantage of the exemption available in Section 33 FRS 102 "Related Party Disclosures" to not disclose transactions with wholly owned group companies.
12
Parent company
The company is wholly owned by Thornton Tomasetti Holdings UK Limited. This is the smallest group to consolidate the company's financial statements. The ultimate parent company is Thornton Tomasetti, Inc. a company incorporated in the United States of America with a registered address of 120 Broadway, New York, NY 10271, USA. This is the largest group to consolidate the company's financial statements.
2023-12-312023-01-01false24 July 2024CCH SoftwareCCH Accounts Production 2023.300No description of principal activityThis audit opinion is unqualifiedG HewardPeter DimaggioPhillip ThompsonGary PanarielloCorrina Hallfalse2024-07-18012029252023-01-012023-12-31012029252023-12-31012029252022-12-3101202925core:LandBuildings2023-12-3101202925core:OtherPropertyPlantEquipment2023-12-3101202925core:LandBuildings2022-12-3101202925core:OtherPropertyPlantEquipment2022-12-3101202925core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3101202925core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3101202925core:CurrentFinancialInstruments2023-12-3101202925core:CurrentFinancialInstruments2022-12-3101202925core:ShareCapital2023-12-3101202925core:ShareCapital2022-12-3101202925core:RetainedEarningsAccumulatedLosses2023-12-3101202925core:RetainedEarningsAccumulatedLosses2022-12-3101202925core:ShareCapital2021-12-3101202925core:RetainedEarningsAccumulatedLosses2021-12-3101202925bus:Director32023-01-012023-12-3101202925core:RetainedEarningsAccumulatedLosses2022-01-012022-12-31012029252022-01-012022-12-3101202925core:RetainedEarningsAccumulatedLosses2023-01-012023-12-3101202925core:LandBuildingscore:LongLeaseholdAssets2023-01-012023-12-3101202925core:PlantMachinery2023-01-012023-12-3101202925core:FurnitureFittings2023-01-012023-12-3101202925core:ComputerEquipment2023-01-012023-12-3101202925core:LandBuildings2022-12-3101202925core:OtherPropertyPlantEquipment2022-12-31012029252022-12-3101202925core:LandBuildings2023-01-012023-12-3101202925core:OtherPropertyPlantEquipment2023-01-012023-12-3101202925core:WithinOneYear2023-12-3101202925core:WithinOneYear2022-12-3101202925bus:PrivateLimitedCompanyLtd2023-01-012023-12-3101202925bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3101202925bus:FRS1022023-01-012023-12-3101202925bus:Audited2023-01-012023-12-3101202925bus:Director12023-01-012023-12-3101202925bus:Director22023-01-012023-12-3101202925bus:Director42023-01-012023-12-3101202925bus:CompanySecretary12023-01-012023-12-3101202925bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP