Company registration number 02490195 (England and Wales)
THOMASON PARTNERSHIP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
THOMASON PARTNERSHIP LIMITED
COMPANY INFORMATION
Directors
R Levery
G A T Brown
H Mannings
Company number
02490195
Registered office
Unit 3, Brewery Yard
Deva City Office Park
Trinity Way
Manchester
M3 7BB
Auditor
Chadwick and Company (Manchester) Limited
272 Manchester Road
Droylsden
Manchester
M43 6PW
Bankers
Barclays Bank Plc
P O Box 673
Town Gate House
Church Street East
Woking, Guildford
Surrey
GU21 1XW
THOMASON PARTNERSHIP LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 22
THOMASON PARTNERSHIP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -

The directors present the strategic report for the year ended 30 June 2024.

Review of the business

The principal activity of the company continued to be that of a multi-discipline construction consultant offering civil, structural & facade engineering design, building surveying, quantity surveying, project & construction management and advisory services across the built environment.

 

In the year turnover increased by 22% from £10.5m to £12.8m, although this in part is associated with recovery of doubtful debts from previous years. The reported operating profit has remained stable at £2.6m, although is affected by distributions to the Employee Ownership Trust, who own 100% of the shares in the company. The balance sheet position remained strong over the year with net assets of £7.9m (2023: £5.9m).

 

Trading conditions remain competitive, recruitment of skilled staff and high wage inflation continue to cause challenges in achieving growth required to support increasing existing client demands, in some areas. The recruitment, and retention of staff remains a key area for the business and the success of doing so will greatly influence performance going forward. Staff training and personal development remains central to be able to deliver the services requested by our loyal client base.

 

Principal risks and uncertainties

The principal risks and uncertainties facing the company are as follows, along with the financial management objectives and policies:

 

Liquidity risk

The company manages its cash with internal governance and good discipline. The company has endured higher debtor levels in recent years due to slow processing of funding on our cladding remediation workstream. The company manages its cash to maximise interest, whilst retaining sufficient liquid resources to offset potential risks associated with uncertain economic times following the change of Government and to meet the operating needs of the business.

 

Credit risk

The company manages credit risk closely by focusing on providing services to existing clients, thereby reducing the risk on bad debts.

 

Trade debtors are reviewed on a regular basis and provision made for doubtful debts when necessary. It has been necessary to suspend services in some instances due an increasing perception that the company will tolerate late payment. This is being monitored closely to minimise the risk to the company.

 

Non financial risk

The strategic five-year plan is to develop the regional offices, that were established during the year, to expand regional coverage and to reduce staff travel. Success will be dependent on the recruitment of a small number of key staff to supplement existing resources and management in these regional offices.

 

The construction industry is slowly learning and adapting to a change in legislation associated with Higher Risk Buildings, which brings additional costs and reduced pace of project delivery. This is likely to take a number of years to develop before this becomes embedded within our processes.

 

Key performance indicators

We consider that our key performance indicators are those that provide services that our loyal clients require, without aiming for any growth beyond that generated by demand from repeat business from current clients and that generated by word-of-mouth referrals. Our financial performance indicator is solely the strength of our balance sheet.

 

THOMASON PARTNERSHIP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -

On behalf of the board

G A T Brown
Director
16 January 2025
THOMASON PARTNERSHIP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -

The directors present their annual report and financial statements for the year ended 30 June 2024.

Principal activities

The principal activity of the company continued to be that of construction consultants.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

No preference dividends were paid.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

R Levery
G A T Brown
H Mannings
Auditor

Chadwick and Company (Manchester) Limited were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
G A T Brown
Director
16 January 2025
THOMASON PARTNERSHIP LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

THOMASON PARTNERSHIP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THOMASON PARTNERSHIP LIMITED
- 5 -
Opinion

We have audited the financial statements of Thomason Partnership Limited (the 'company') for the year ended 30 June 2024 which comprise the profit and loss account, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

THOMASON PARTNERSHIP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THOMASON PARTNERSHIP LIMITED (CONTINUED)
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements, or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we are less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

THOMASON PARTNERSHIP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THOMASON PARTNERSHIP LIMITED (CONTINUED)
- 7 -

Other matters which we are required to address

The comparative figures are unaudited. We are satisfied we have obtained sufficient, appropriate audit evidence to ensure the opening balances do not contain misstatements that materially affect the current year’s financial statements.

 

 

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Michael Royle BA (Hons) FCA
Senior Statutory Auditor
For and on behalf of Chadwick and Company (Manchester) Limited
16 January 2025
Chartered Accountants
272 Manchester Road
Statutory Auditor
Droylsden
Manchester
M43 6PW
THOMASON PARTNERSHIP LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
12,855,791
10,509,875
Cost of sales
(7,325,025)
(5,732,508)
Gross profit
5,530,766
4,777,367
Administrative expenses
(2,890,319)
(2,173,779)
Operating profit
4
2,640,447
2,603,588
Interest receivable and similar income
7
47,092
11,116
Interest payable and similar expenses
8
(1,448)
-
0
Gifts to employee ownership trust
-
0
(1,140,000)
Profit before taxation
2,686,091
1,474,704
Tax on profit
9
(684,643)
(540,068)
Profit for the financial year
2,001,448
934,636

The profit and loss account has been prepared on the basis that all operations are continuing operations.

THOMASON PARTNERSHIP LIMITED
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
162,628
188,578
Current assets
Debtors
11
6,164,292
4,640,037
Cash at bank and in hand
3,883,316
2,740,897
10,047,608
7,380,934
Creditors: amounts falling due within one year
12
(2,244,969)
(1,574,707)
Net current assets
7,802,639
5,806,227
Total assets less current liabilities
7,965,267
5,994,805
Provisions for liabilities
Deferred tax liability
13
-
0
30,986
-
(30,986)
Net assets
7,965,267
5,963,819
Capital and reserves
Called up share capital
15
452
452
Capital redemption reserve
16
550
550
Profit and loss reserves
17
7,964,265
5,962,817
Total equity
7,965,267
5,963,819

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 16 January 2025 and are signed on its behalf by:
G A T Brown
Director
Company registration number 02490195 (England and Wales)
THOMASON PARTNERSHIP LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 10 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 July 2022
452
550
5,028,181
5,029,183
Year ended 30 June 2023:
Profit and total comprehensive income
-
-
934,636
934,636
Balance at 30 June 2023
452
550
5,962,817
5,963,819
Year ended 30 June 2024:
Profit and total comprehensive income
-
-
2,001,448
2,001,448
Balance at 30 June 2024
452
550
7,964,265
7,965,267
THOMASON PARTNERSHIP LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
- 11 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
20
1,824,796
2,892,710
Interest paid
(1,448)
-
0
Income taxes paid
(694,799)
(535,142)
Net cash inflow from operating activities
1,128,549
2,357,568
Investing activities
Purchase of tangible fixed assets
(33,222)
(25,088)
Gift to employee ownership trust
-
(1,140,000)
Interest received
47,092
11,116
Net cash generated from/(used in) investing activities
13,870
(1,153,972)
Net increase in cash and cash equivalents
1,142,419
1,203,596
Cash and cash equivalents at beginning of year
2,740,897
1,537,301
Cash and cash equivalents at end of year
3,883,316
2,740,897
THOMASON PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 12 -
1
Accounting policies
Company information

Thomason Partnership Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 3, Brewery Yard, Deva City Office Park, Trinity Way, Manchester, M3 7BB.

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.

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.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents amounts receivable for services net of VAT and trade discounts.

 

In respect of long term contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long term contracts and contracts for on-going services is recognised by reference to the stage of completion.

Revenue 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.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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:

Improvem'ts to leasehold property
Over the life of the lease
Plant and machinery
15% reducing balance
Computers
25% reducing balance

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.

THOMASON PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 13 -
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.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

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 balance sheet 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 and cash and bank balances, 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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

THOMASON PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 14 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

THOMASON PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 15 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

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
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

 

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

1.10
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 profit and loss account 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 is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. 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.

1.11
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.

THOMASON PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 16 -
1.12
Retirement benefits
The company contributes to the personal schemes of its staff members.
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
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.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Architectural services
12,855,791
10,509,875
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
12,855,791
10,509,875
2024
2023
£
£
Other revenue
Interest income
47,092
11,116
4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
10,000
-
0
Depreciation of owned tangible fixed assets
59,172
59,172
THOMASON PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 17 -
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Directors
3
3
Professional staff
59
54
Total
62
57

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
4,659,016
3,702,755
Social security costs
540,664
451,428
Pension costs
466,271
148,058
5,665,951
4,302,241
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
760,445
527,806
Company pension contributions to defined contribution schemes
64,224
21,400
824,669
549,206

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2023 - 3).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
388,158
288,771
Company pension contributions to defined contribution schemes
19,734
12,086
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
47,092
11,116
THOMASON PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
7
Interest receivable and similar income
(Continued)
- 18 -
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
47,092
11,116
8
Interest payable and similar expenses
2024
2023
£
£
Other finance costs:
Other interest
1,448
-
0
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
716,195
544,800
Deferred tax
Origination and reversal of timing differences
(31,552)
(4,732)
Total tax charge
684,643
540,068

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
2,686,091
1,474,704
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
671,523
368,676
Tax effect of expenses that are not deductible in determining taxable profit
1,164
288,295
Effect of change in corporation tax rate
-
0
(119,073)
Depreciation on assets not qualifying for tax allowances
2,170
2,170
Sundry matters
9,786
-
0
Taxation charge for the year
684,643
540,068
THOMASON PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 19 -
10
Tangible fixed assets
Improvem'ts to leasehold property
Plant and machinery
Computers
Total
£
£
£
£
Cost
At 1 July 2023
169,865
112,389
198,774
481,028
Additions
-
0
8,541
24,681
33,222
At 30 June 2024
169,865
120,930
223,455
514,250
Depreciation and impairment
At 1 July 2023
82,099
71,349
139,002
292,450
Depreciation charged in the year
33,972
8,400
16,800
59,172
At 30 June 2024
116,071
79,749
155,802
351,622
Carrying amount
At 30 June 2024
53,794
41,181
67,653
162,628
At 30 June 2023
87,766
41,040
59,772
188,578
11
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
3,927,726
2,267,525
Gross amounts owed by contract customers
2,004,803
2,169,420
Prepayments and accrued income
231,197
203,092
6,163,726
4,640,037
Deferred tax asset (note 13)
566
-
0
6,164,292
4,640,037
12
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
318,795
229,210
Corporation tax
316,196
294,800
Other taxation and social security
1,315,686
924,693
Accruals and deferred income
294,292
126,004
2,244,969
1,574,707
THOMASON PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 20 -
13
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Balances:
£
£
£
£
Accelerated capital allowances
-
30,986
(36,559)
-
Retirement benefit obligations
-
-
37,125
-
-
30,986
566
-
2024
Movements in the year:
£
Liability at 1 July 2023
30,986
Credit to profit or loss
(31,552)
Asset at 30 June 2024
(566)
14
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
466,271
148,058

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

15
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
450
450
450
450
2024
2023
2024
2023
Preference share capital
Number
Number
£
£
Issued and fully paid
Preference shares of £1 each
2
2
2
2
THOMASON PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 21 -
16
Capital redemption reserve
2024
2023
£
£
At the beginning and end of the year
550
550
17
Profit and loss reserves
2024
2023
£
£
At the beginning of the year
5,962,817
5,028,181
Profit for the year
2,001,448
934,636
At the end of the year
7,964,265
5,962,817
18
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
270,526
235,339
Between two and five years
752,124
723,138
In over five years
205,722
347,740
1,228,372
1,306,217
19
Related party transactions

The company is owned by Thomason Partnership Trustees Limited as the Trustee of the Thomason Partnership Employee Ownership Trust.

 

The company has made gifts totalling 2024 - £NIL (2023 - £1,140,000) to the Employee Ownership Trust.

THOMASON PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 22 -
20
Cash generated from operations
2024
2023
£
£
Profit for the year after tax
2,001,448
934,636
Adjustments for:
Taxation charged
684,643
540,068
Finance costs
1,448
-
0
Investment income
(47,092)
(11,116)
Gifts to employee ownership trust
-
0
1,140,000
Depreciation and impairment of tangible fixed assets
59,172
59,172
Movements in working capital:
(Increase)/decrease in debtors
(1,523,689)
281,670
Increase/(decrease) in creditors
648,866
(51,720)
Cash generated from operations
1,824,796
2,892,710
21
Analysis of changes in net funds
1 July 2023
Cash flows
30 June 2024
£
£
£
Cash at bank and in hand
2,740,897
1,142,419
3,883,316
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