Company registration number 03308698 (England and Wales)
THOMAS SINDEN LTD
ANNUAL REPORT AND AUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
THOMAS SINDEN LTD
COMPANY INFORMATION
Directors
G Sinden
S T McMahon
S J Wood
Company number
03308698
Registered office
137-145 Church Road
Harold Wood
Romford
Essex
RM3 0SH
Auditor
Xeinadin Audit Limited
The Old Grange
Warren Estate
Lordship Road
Writtle
Essex
CM1 3WT
Business address
137-145 Church Road
Harold Wood
Romford
Essex
RM3 0SH
THOMAS SINDEN LTD
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5 - 8
Independent auditor's report
9 - 11
Income statement
12
Statement of financial position
14 - 15
Statement of changes in equity
16
Statement of cash flows
17
Notes to the financial statements
18 - 36
THOMAS SINDEN LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

The directors present the strategic report for the year ended 31 March 2025.

Review of the business

The detailed results and financial position of the Company are as set out in the financial statements below.

High levels of opportunity remain available in our chosen markets, enabling us to continue to be selective in what we bid for. Our strategy of building good long term relationships with customers continues to pay off, with a large proportion of our work coming from repeat business, and an increasing volume secured through pre-construction services agreements and negotiation.

We continue to build resilience in our work profile through the diversity of sectors in which we operate, including: education, residential, healthcare, heritage, commercial, community and leisure. Our capabilities include projects from under £1m up to circa £35m.

The Building Safety Act Gateway process continues to affect timescales for getting Higher Risk Buildings (HRBs) to site.

In the year we have continued to invest in our information technology and management systems to provide best in class tools to our project teams, remove inefficient manual processes and allow our staff to focus on value adding activities.

The hard work put in by our management team over the past few years to establish a solid reputation for reliable and high quality delivery has been rewarded with a substantial growth in turnover this year to a record £65.2m. This is in line with the Directors' plan for controlled and sustainable growth, diluting our fixed overhead costs, resulting in an improvement to net margins. Our existing management team have capability to take turnover to £100m with minimal increase to overhead.

Over the year there have continued to be business failures within the industry. Whilst conditions have remained challenging we are pleased to report that Thomas Sinden have weathered this storm well through rigour in our bidding processes, and diligence in our management of project delivery, leaving us in a strong position.

Our cash position has strengthened during the year with year end net cash at £10.2m. We continue to pay our supply chain promptly, frequently paying before the due date. We recognize the importance of this to ensure that we maintain excellent relationships with our supply chain partners, who are key to our ability to deliver schemes meeting customer time, cost and quality objectives.

The outlook for the coming year is positive with a strong order book.

THOMAS SINDEN LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
Principal risks and uncertainties

Principal Risks to our business are categorised as follows, together with brief details of the mitigation measures we employ against each risk:

- maintaining high levels of health and safety of our staff and subcontractors, mitigated through investment in training, our health and safety team, and maintaining industry leading processes

- uncertainty in the economic climate, including inflation and interest rates, mitigated through inclusion of risk allowances within contract prices

- continued supply of profitable work opportunities, mitigated through diversity of sectors in which we operate and sizes of project which we undertake

- capacity within the supply chain, mitigated through maintaining excellent relationships with our preferred suppliers, and ensuring we pay on time, so that we are their preferred client

- retention and recruitment of high calibre technical staff, mitigated by providing competitive remuneration and opportunities for training and development to provide job satisfaction

- client and subcontractor financial stability given the economic climate, mitigated through regular monitoring of financial metrics and putting in place financial security measures where possible, such as cross company guarantees and escrows.

- the threat of fraud and social engineering in light of the volume of cyber attacks that are taking place in the world mitigated through staff training and use of strong cyber security protocols.

Corporate Social Responsibility

Thomas Sinden recognises the responsibilities it has in reducing the impact we have on the environment through our operations and the opportunities we have to engage with Local Communities, promote Equality and Diversity, deliver real training and development initiatives and promote a safe working environment for our own workforce and other stakeholders on the projects we work on.

We promote Safety, Health, Environment and Quality through our company ethos and reinforced by our management systems which are ISO45001, ISO14001 and ISO9001 accredited.

The Directors have put in place a strategy for the business to achieve Net Zero by 2040, with targets and initiatives in place to monitor and reduce our carbon emissions from now until that goal is met.

Staff engagement, equality, diversity, training and development are all core values within our business, and these are reinforced through individual Personal Development Plans, regular reviews, an open-door policy to line managers and reinforced through our Investors in People Gold Accreditation.

We actively engage with the communities with whom we work, being involved in local employment, training and apprenticeship schemes, interaction with community groups, businesses and schools, using local suppliers wherever possible and ensuring that we work with our clients to deliver sustainable buildings and leaving a positive legacy.

We are one of only a handful of platinum members of the 5% Club, which exists to promote the aim of employers reaching a target of 5% of their workforce being in apprenticeships, on graduate or formal training programmes or employed as sponsored students. Throughout the year we have had in excess of 10% of our workforce in 'earn and learn' roles. We remain committed to continued investment in developing the next generation of construction professionals.

We support a number of charities through staff and site organised events and ensure that all of our operations and activities are carried out in a considerate, sustainable and ethical manner.

THOMAS SINDEN LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
Key performance indicators

We have set out below the KPI's we use to manage the business. Each of these KPI's are being reviewed and actively managed.

 

Profitability - ongoing contracts are reviewed on monthly basis to ensure profitability is sufficient to cover overheads in the short to medium term.

 

Cash flow Management - the cashflow is monitored on a rolling 12 month forward looking basis to ensure we have sufficient liquidity to cover our obligations in the short to medium term

 

Site audit scores - sites are generally audited by the SHEQ team at least once per month and scores/trends analysed to provide feedback on performance and guide training

 

Energy, fuel and water usage and total carbon emissions - this is monitored per £1m of project value to ensure we are driving reduction in our environmental footprint

 

Completion of projects to time - monitored to ensure that we are driving to achieve or improve against client expectations.

 

Customer and consultant feedback - we monitor feedback received closely to highlight any potential improvements we can make to our delivery

 

Percentage of work from repeat customers - we monitor this to ensure that we are maintaining a strong pipeline of work built on long term relationships

 

Section 172(1) Statement
Long term decisions and actions

The Company has a strong, driven Board of Directors with a significant level of experience in the construction industry.  The Board meet on a monthly basis to discuss key aspects of the business including health and safety, operations, sales, finance and overall strategy.  During these meetings the Board considers how decisions taken will affect key stakeholders of the business such as shareholders, employees, customers, suppliers, local communities, regulators and the wider environment.

 

The directors have acted and continue to act in a way that they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole.

 

The interests of our employees

At the year end the Company had 141 employees.  The Board considers the Company's employees as the key asset of the business.  The Company invests heavily in training and development of staff, which has been recognised through award of Platinum status by the 5% Club and Investors In People Gold accreditation.  Wherever possible staff are promoted from within.  Employees are encouraged to share their ideas to support continuous improvement of the business, and regular updates are provided to employees about what is happening across the Company via the Group 'TeamLink' intranet.  

 

Given the nature of the Company's activities, health and safety is of paramount importance and regular updates, training and briefings are held with the workforce.

 

Engagement with suppliers, customers and the environment

Members of the Board and senior management team regularly meet with key suppliers and customers to enhance relationships and ensure the best interests of all parties are met.  Our relationships with key suppliers are vitally important and are the responsibility of the Board and senior management.  A key aspect of our supply chain policy is to ensure that suppliers are paid on time, or early, to ensure that we are a favoured customer.

 

The Board ensures that other stakeholders such as the Company's bankers and sureties are kept informed of the Company's activities through regular issue of management information and face to face meetings.

THOMAS SINDEN LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -
Impact on the community and the environment

The Board recognise that a responsible business requires a firm commitment to protecting the environment and supporting local communities.  The Board have prioritised procurement of renewable or zero-carbon energy contracts for its head office and key sites, installed electric vehicle charging facilities and invested in hybrid and electric vehicles.  The Company undertakes a wide range of community support projects, including work placements, apprenticeships, school and university careers events, and prioritising local employment.

 

 

High standards of business conduct

 

The Company upholds high standards in the way it conducts its business, both in dealings with external stakeholders and in the way it treats its employees.  The Board pride themselves on having highly skilled and motivated employees throughout the business.  The Company is an equal opportunities employer with no barriers on age, sex, disability, religion or sexual orientation.  Employees are judged on ability and application and are treated with respect, honesty, consistency and compassion.

 

The Company adheres to all relevant legislation and ensures robust business processes and procedures through its ISO 9001, 14001 and 45001 accreditations, which are independently audited by the British Standards Institute.

 

On behalf of the board

G Sinden
Director
10 July 2025
THOMAS SINDEN LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 5 -

The directors present their annual report and financial statements for the year ended 31 March 2025.

Principal activities

The principal activity of the company continued to be that of a construction services provider, carrying out new build, refurbishment and fit out projects primarily across the following sectors:

 

Residential

Education

Re-cladding and fire remediation

Heritage

Healthcare

Commercial

Community and leisure

 

We have established a reputation for delivering high quality projects for clients with a strong track record of working with local authorities, housing associations, charities and private sector clients.

 

We have developed strong teams, both internally and in partnership with our supply chain, to work collaboratively to deliver customer focussed solutions and quality driven projects under both traditional and design and build contract arrangements.

Results and dividends

The results for the year are set out on page 12.

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

Directors

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

G Sinden
S T McMahon
S J Wood
Supplier payment policy

The company's current policy concerning the payment of trade creditors is to follow the CBI's Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1DU).

 

The company's current policy concerning the payment of trade creditors is to:

 

Trade creditors of the company at the year end were equivalent to 26 days purchases, based on the average daily amount invoiced by suppliers during the year.

Auditors

The auditors, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

THOMAS SINDEN LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 6 -
Energy and carbon report
2025
2024
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
- Gas combustion
-
153,459
- Electricity purchased
462,628
310,987
- Fuel consumed for transport and on-site use
621,119
417,198
1,083,747
881,644
2025
2024
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
-
3.89
- Fuel consumed for transport and on-site use
97.49
95.91
97.49
99.80
Scope 2 - indirect emissions
- Electricity purchased
27.66
26.93
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the company
-
-
Total gross emissions
125.15
126.73
Intensity ratio
Tonnes CO₂e per full-time employee
0.86
1.20
Quantification and reporting methodology

Thomas Sinden calculates its carbon footprint in line with the requirements of the Streamlined Energy and Carbon Reporting (SECR) framework. The company uses SmartWaste to monitor and record Scope 1, Scope 2, and selected Scope 3 emissions, covering key emission sources including:

To ensure consistency, transparency, and comparability, Thomas Sinden uses the SmartCarbon methodology, which is fully aligned with the Greenhouse Gas Protocol (GHG Protocol) — the internationally recognised standard for greenhouse gas accounting.

All emissions calculations use the UK Government GHG Conversion Factors for Company Reporting, published annually by the UK Government. Where specific carbon factors have been provided in energy contracts, Thomas Sinden has used these factors to improve accuracy.

This methodology ensures that energy consumption and associated greenhouse gas emissions are measured accurately across the organisation’s operations, and reported in accordance with SECR requirements.

Intensity measurement

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO₂e per full time employee, the recommended ratio for the sector.

THOMAS SINDEN LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 7 -
Measures taken to improve energy efficiency

During the 2024–25 financial year, Thomas Sinden has implemented several key energy efficiency measures as part of its ongoing commitment to reducing carbon emissions and improving energy performance across its operations.

One of the most impactful actions taken has been the procurement of renewable or zero-carbon energy contracts across six sites, including for the company’s head office. These contracts have directly contributed to a carbon reduction of approximately 70.203 tonnes CO₂e across the business over the reporting year.

In addition, the company has introduced Measurable.Energy ports at its head office to monitor and manage real-time energy consumption. These ports are equipped with integrated AI technology, which actively regulates the operation of individual electrical equipment based on usage patterns and demand. This system enables dynamic energy optimisation, contributing to energy savings of up to 20% at the site.

Statement of directors' responsibilities

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 International Financial Reporting Standards (IFRSs) as adopted by the United Kingdom. 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, International Accounting Standard 1 requires that directors:

 

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.

Statement of disclosure to auditor

Each director in office at the date of approval of this annual report confirms that:

 

This confirmation is given and should be interpreted in accordance with the provisions of section 418 of the Companies Act 2006.

Information disclosed in the Strategic Report

Information on risks to the business and its future development is included in the Strategic Report.

THOMAS SINDEN LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 8 -
On behalf of the board
G Sinden
Director
10 July 2025
THOMAS SINDEN LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THOMAS SINDEN LTD
- 9 -
Opinion

We have audited the financial statements of Thomas Sinden Ltd (the 'company') for the year ended 31 March 2025 which comprise the income statement, the statement of comprehensive income, the statement of financial position, 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 UK adopted international accounting standards.

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:

THOMAS SINDEN LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THOMAS SINDEN LTD (CONTINUED)
- 10 -
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.

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of the company of not complying with such laws and regulations, including fraud, where non-compliance could have a material impact on the financial statements. This included those regulations directly related to the financial statements, including financial reporting and tax legislation. In relation to the industry, this included health and safety and employment legislation.

 

The risks were discussed with the audit team and we remained alert to any indications of non-compliance throughout the audit. We carried out specific procedures to address the risks identified as follows:

 

- Review of the control environment

- Meeting key personnel responsible for specific functions relating to laws and regulations

- Review of legal fees incurred

- Agreeing the financial statement disclosures to underlying supporting documentation

- Reviewing the key accounting policies and estimates

 

To address the risk of management override of controls, we carried out testing of journal entries and other adjustments for appropriateness and evaluated the business rationale of significant transactions outside of the normal course of business.

 

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 will be 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 and misrepresentation.

 

THOMAS SINDEN LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THOMAS SINDEN LTD (CONTINUED)
- 11 -

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.

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.

Andrea Kaley
Senior Statutory Auditor
Xeinadin Audit Limited
The Old Grange
Warren Estate
Lordship Road
Writtle
Essex
CM1 3WT
10 July 2025
THOMAS SINDEN LTD
INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025
- 12 -
2025
2024
Notes
£
£
Revenue
5
65,245,868
37,999,002
Cost of sales
(58,486,455)
(32,832,172)
Gross profit
6,759,413
5,166,830
Other operating income
40,539
23,613
Administrative expenses
(4,708,245)
(4,267,140)
Operating profit
6
2,091,707
923,303
Investment revenues
10
191,935
193,608
Finance costs
11
(216,817)
(277,593)
Profit before taxation
2,066,825
839,318
Income tax expense/(income)
12
(579,900)
377,798
Profit and total comprehensive income for the year
25
1,486,925
1,217,116
THOMAS SINDEN LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
- 13 -
2025
2024
£
£
Profit for the year
1,486,925
1,217,116
Other comprehensive income:
Total comprehensive income for the year
1,486,925
1,217,116

The notes on pages 18 to 36 form part of these financial statements.

THOMAS SINDEN LTD
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2025
31 March 2025
- 14 -
2025
2024
Notes
£
£
ASSETS
Non-current assets
Intangible assets
13
259,204
339,604
Property, plant and equipment
14
349,967
148,626
Right-of-use assets
14
244,478
372,031
Investments
15
602,300
602,300
Tax receivable
690,028
669,894
Other receivables
16
3,931,231
4,053,740
Deferred tax asset
21
184,000
763,900
6,261,208
6,950,095
Current assets
Trade and other receivables
16
18,637,374
14,273,015
Cash and cash equivalents
10,216,339
4,809,969
28,853,713
19,082,984
Total assets
35,114,921
26,033,079
EQUITY
Called up share capital
23
22,000
22,000
Share premium account
24
73,898
73,898
Retained earnings
25
12,513,882
11,026,957
Total equity
12,609,780
11,122,855
LIABILITIES
Non-current liabilities
Borrowings
17
446,925
1,724,634
Lease liabilities
19
127,557
262,128
574,482
1,986,762
Current liabilities
Trade and other payables
18
21,220,603
12,022,984
Current tax liabilities
14,448
8,818
Borrowings
17
451,105
761,711
Lease liabilities
19
244,503
129,949
21,930,659
12,923,462
Total liabilities
22,505,141
14,910,224
Total equity and liabilities
35,114,921
26,033,079
THOMAS SINDEN LTD
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 MARCH 2025
31 March 2025
- 15 -
The financial statements were approved by the board of directors and authorised for issue on 10 July 2025 and are signed on its behalf by:
G Sinden
Director
Company registration number 03308698 (England and Wales)
THOMAS SINDEN LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 16 -
Share capital
Share premium account
Retained earnings
Total
£
£
£
£
Balance at 1 April 2023
22,000
73,898
9,809,841
9,905,739
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
1,217,116
1,217,116
Balance at 31 March 2024
22,000
73,898
11,026,957
11,122,855
Year ended 31 March 2025:
Profit and total comprehensive income
-
-
1,486,925
1,486,925
Balance at 31 March 2025
22,000
73,898
12,513,882
12,609,780
THOMAS SINDEN LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
- 17 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
1
8,830,180
(875,307)
Interest paid
(216,817)
(277,593)
Income taxes (paid)/refunded
(14,505)
247,948
Net cash inflow/(outflow) from operating activities
8,598,858
(904,952)
Investing activities
Purchase of intangible assets
-
0
(213,216)
Purchase of property, plant and equipment
(200,382)
(23,429)
Interest received
191,935
193,608
Net cash used in investing activities
(8,447)
(43,037)
Financing activities
Movement on group company loans
(1,189,517)
(31,819)
Movement on related party loans
(24,494)
(14,403)
Repayment of bank loans
(1,588,315)
(727,663)
Movement on directors' loans
(251,766)
(1,727)
Payment of lease liabilities
(129,949)
(125,485)
Net cash used in financing activities
(3,184,041)
(901,097)
Net increase/(decrease) in cash and cash equivalents
5,406,370
(1,849,086)
Cash and cash equivalents at beginning of year
4,809,969
6,659,055
Cash and cash equivalents at end of year
10,216,339
4,809,969
THOMAS SINDEN LTD
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 18 -
1
Cash generated from/(absorbed by) operations
2025
2024
£
£
Profit for the year before taxation
2,066,825
839,318
Adjustments for:
Finance costs
216,817
277,593
Investment income
(191,935)
(193,608)
Amortisation and impairment of intangible assets
80,401
54,225
Depreciation and impairment of property, plant and equipment
236,526
161,477
Movements in working capital:
Increase in trade and other receivables
(2,766,729)
(3,377,815)
Increase in trade and other payables
9,188,275
1,363,503
Cash generated from/(absorbed by) operations
8,830,180
(875,307)
2
Analysis of changes in net funds
1 April 2024
Cash flows
New finance leases
31 March 2025
£
£
£
£
Cash at bank and in hand
4,809,969
5,406,370
-
10,216,339
Borrowings excluding overdrafts
(2,486,345)
1,588,315
-
(898,030)
Obligations under finance leases
(392,077)
129,949
(109,932)
(372,060)
1,931,547
7,124,634
(109,932)
8,946,249
1 April 2023
Cash flows
New finance leases
31 March 2024
Prior year:
£
£
£
£
Cash at bank and in hand
6,659,055
(1,849,086)
-
4,809,969
Borrowings excluding overdrafts
(3,214,008)
727,663
-
(2,486,345)
Obligations under finance leases
(517,562)
125,485
-
(392,077)
2,927,485
(995,938)
-
1,931,547
THOMAS SINDEN LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 19 -
3
Accounting policies
Company information

Thomas Sinden Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 137-145 Church Road, Harold Wood, Romford, Essex, RM3 0SH. The company's principal activities and nature of its operations are disclosed in the directors' report.

 

The company is part of a group.

3.1
Accounting convention

The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted for use in the United Kingdom and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS, except as otherwise stated.

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 pound.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Preparation of consolidated financial statements

The financial statements contain information about Thomas Sinden Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, Thomas Sinden (Holdings) Limited, 137-145 Church Road, Harold Wood, Romford, Essex, RM3 0SH.

3.2
Going concern

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

3.3
Revenue

Other than investment income, the company derives its revenue from its activity as a multi-sector contractor within the construction industry.

 

The revenue shown in the statement of profit or loss and other comprehensive income represents amounts invoiced during the year, exclusive of VAT, plus the value of ongoing services for long term contracts, recognised by reference to the stage of completion.

3.4
Intangible assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Amortisation is provided at the following annual rates in order to write off each asset over its estimated useful life.

 

Software development - 5 years straight line

 

THOMAS SINDEN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
3
Accounting policies
(Continued)
- 20 -
3.5
Property, plant and equipment

Property, plant and equipment 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:

Right of use assets
Over the remaining term of the lease
Leasehold improvements
10% on cost
Plant and equipment
15% on reducing balance
Computers
3 years straight line
Motor vehicles
25% on 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 recognised in the income statement.

3.6
Impairment of tangible and intangible assets

At each reporting end date, the company reviews the carrying amounts of its tangible and intangible 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.

Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually, and whenever there is an indication that the asset may be impaired.

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.

 

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.

3.7
Cash and cash equivalents

Cash represents cash in hand and deposits held on demand with financial institutions. Cash equivalents are short-term, highly-liquid investments with original maturities of three months or less (as at their date of acquisition). Cash equivalents are readily convertible to known amounts of cash and subject to an insignificant risk of change in that cash value.

3.8
Taxation

The tax expense represents the sum of the tax currently payable and the movement in the deferred tax provision.

THOMAS SINDEN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
3
Accounting policies
(Continued)
- 21 -
Current tax

The tax currently payable is based on taxable profit for the year and any other tax required by statute.

 

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 is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary 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 income statement, 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.

3.9
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 inventories or non-current 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.

3.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

3.11
Leases

At inception, the company assesses whether a contract is, or contains, a lease within the scope of IFRS 16. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where a tangible asset is acquired through a lease, the company recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are included within property, plant and equipment, apart from those that meet the definition of investment property.

THOMAS SINDEN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
3
Accounting policies
(Continued)
- 22 -

The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date plus any initial direct costs and an estimate of the cost of obligations to dismantle, remove, refurbish or restore the underlying asset and the site on which it is located, less any lease incentives received.

 

The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those of other property, plant and equipment. The right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.

The lease liability is initially measured at the present value of the lease payments that are unpaid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the company's incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise fixed payments, variable lease payments that depend on an index or a rate, amounts expected to be payable under a residual value guarantee, and the cost of any options that the company is reasonably certain to exercise, such as the exercise price under a purchase option, lease payments in an optional renewal period, or penalties for early termination of a lease.

The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in: future lease payments arising from a change in an index or rate; the company's estimate of the amount expected to be payable under a residual value guarantee; or the company's assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

The company has elected not to recognise right-of-use assets and lease liabilities for short-term leases of machinery that have a lease term of 12 months or less, or for leases of low-value assets including IT equipment. The payments associated with these leases are recognised in profit or loss on a straight-line basis over the lease term.

3.12

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities, including debtors, creditors and bank balances. Basic short term financial assets are measured at the transaction price, less any impairment and basic short term financial liabilities are measured at the transaction price.

 

Other financial liabilities, including loans, are measured at the transaction price and subsequently measured at amortised cost.

3.13

Fixed asset investments

Fixed asset investments comprise capital invested in a related LLP which is shown at historic cost and investments in wholly owned subsidiaries which are also shown at cost.

THOMAS SINDEN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 23 -
4
Critical accounting estimates and judgements

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, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

 

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

i) The stage of completion and expected profit margins on long term contracts, which may impact the carrying value of contract assets and liabilities at the balance sheet date.

 

ii) The company has entered into a long term lease with a related-party landlord thereby creating a right of use asset and corresponding lease liability. The hypothetical rate of interest that the company would have to pay to borrow the necessary funds to purchase an asset similar to that which is being leased has been estimated at the rate the company's bankers would charge, having regard to the credit worthiness of the company.

5
Revenue
2025
2024
£
£
Revenue analysed by class of business
Construction projects
65,245,868
37,999,002

Revenue from contracts with customers

The revenue amount shown above represents amounts invoiced during the year, exclusive of VAT, plus the value of ongoing services for long term contracts, recognised by reference to the stage of completion determined by cost valuation reports prepared on a regular basis. Amounts that have not been invoiced are treated as contract assets and amounts invoiced in advance of the stage completed are treated as contract liabilities. All contracts are of a similar nature with no significant economic differences.

 

Contract balances

2025
2024
£
£
Receivables included in "Trade and other receivables"
2,241,261
3,458,843
6
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Depreciation of property, plant and equipment
236,526
161,477
Amortisation of intangible assets (included within administrative expenses)
80,401
54,225
Cost of inventories recognised as an expense
58,486,455
32,832,172
THOMAS SINDEN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 24 -
7
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
35,000
36,000
For other services
Under / (over) provision for prior year
(17,127)
19,000
Non audit work
15,400
32,700
Total non-audit fees
(1,727)
51,700
8
Employees

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

2025
2024
Number
Number
Directors
3
3
Office staff
98
79
Site management and operatives
34
24
Total
135
106

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
10,288,712
7,239,117
Social security costs
975,060
739,287
Pension costs
303,378
280,976
11,567,150
8,259,380
9
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
524,060
389,184
Company pension contributions to defined contribution schemes
108,387
109,788
632,447
498,972

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2024 - 3).

THOMAS SINDEN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
9
Directors' remuneration
(Continued)
- 25 -
Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
242,681
155,750
Company pension contributions to defined contribution schemes
53,533
1,320
10
Investment income
2025
2024
£
£
Interest income
Interest receivable
191,935
193,608
11
Finance costs
2025
2024
£
£
Interest payable
191,329
261,479
Interest on lease liabilities
25,488
16,114
Total interest expense
216,817
277,593
12
Income tax expense
2025
2024
£
£
Deferred tax
Origination and reversal of temporary differences
579,900
(273,500)
Adjustment in respect of prior periods
-
0
(104,298)
579,900
(377,798)
THOMAS SINDEN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
12
Income tax expense
(Continued)
- 26 -

The charge for the year can be reconciled to the profit per the income statement as follows:

2025
2024
£
£
Profit before taxation
2,066,825
839,318
Expected tax charge based on a corporation tax rate of 25.00% (2024: 25.00%)
516,706
209,830
Effect of expenses not deductible in determining taxable profit
10,906
14,024
Depreciation on assets not qualifying for tax allowances
(4,048)
(38,941)
Under/(over) provided in prior years
-
0
(104,298)
Utilisation of losses brought forward
(523,564)
(184,913)
Deferred tax
579,900
(273,500)
Taxation charge/(credit) for the year
579,900
(377,798)

Current tax is recognised for the amount of corporation tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that have been enacted or substantively enacted by the reporting date.

 

Deferred tax represents the movement on the deferred tax asset in the year.

13
Intangible assets
Software development
£
Cost
At 1 April 2023
188,791
Additions
213,216
At 31 March 2024
402,007
At 31 March 2025
402,007
THOMAS SINDEN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
13
Intangible assets
Software development
£
(Continued)
- 27 -
Amortisation and impairment
At 1 April 2023
8,178
Charge for the year
54,225
At 31 March 2024
62,403
Charge for the year
80,401
At 31 March 2025
142,803
Carrying amount
At 31 March 2025
259,204
At 31 March 2024
339,604
At 31 March 2023
180,613
THOMAS SINDEN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 28 -
14
Property, plant and equipment
Right of use assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 April 2023
765,320
260,878
50,340
78,699
216,766
163,267
1,535,270
Additions
-
0
-
0
16,693
-
0
6,736
-
0
23,429
Disposals
-
0
-
0
-
0
(78,699)
-
0
-
0
(78,699)
At 31 March 2024
765,320
260,878
67,033
-
0
223,502
163,267
1,480,000
Additions
-
0
-
0
62,084
-
0
112,151
136,079
310,314
At 31 March 2025
765,320
260,878
129,117
-
0
335,653
299,346
1,790,314
Accumulated depreciation and impairment
At 1 April 2023
265,736
157,348
32,250
78,212
206,987
136,032
876,565
Charge for the year
127,553
12,941
8,254
487
5,182
7,060
161,477
Eliminated on disposal
-
0
-
0
-
0
(78,699)
-
0
-
0
(78,699)
At 31 March 2024
393,289
170,289
40,504
-
0
212,169
143,092
959,343
Charge for the year
127,553
21,323
18,683
-
0
28,378
40,589
236,526
At 31 March 2025
520,842
191,612
59,187
-
0
240,547
183,681
1,195,869
THOMAS SINDEN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
14
Property, plant and equipment
Right of use assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
£
(Continued)
- 29 -
Carrying amount analysed between owned assets and right-of-use assets
At 31 March 2025
Owned assets
-
69,266
69,930
-
95,106
115,665
349,967
Right-of-use assets
244,478
-
-
-
-
-
244,478
244,478
69,266
69,930
-
95,106
115,665
594,445
At 31 March 2024
Owned assets
-
90,589
26,529
-
11,333
20,175
148,626
Right-of-use assets
372,031
-
-
-
-
-
372,031
372,031
90,589
26,529
-
11,333
20,175
520,657
THOMAS SINDEN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 30 -
15
Investments
Current
Non-current
2025
2024
2025
2024
£
£
£
£
Investments in subsidiaries
-
0
-
0
2,300
2,300
Loans to subsidiaries
-
-
250,000
250,000
Investments in associates
-
0
-
0
350,000
350,000
-
0
-
0
602,300
602,300

The company's investments at the Statement of Financial Position date in the share capital of companies include the following:

 

TS Joinery Solutions Limited

Registered office: 137-145 Church Road, Harold Wood, Romford, Essex, RM3 0SH

Nature of business: Dormant (formerly window and joinery installation)

Class of shares: Ordinary
Holding: 100%
2025
2024
£
£
Aggregate capital and reserves
(7,188)
(7,188)
Loss for the year
-
(562)
TS Civil Engineering Limited
Registered office: 137-145 Church Road, Harold Wood, Romford, Essex, RM3 0SH
Nature of business: Dormant (formerly civil engineering)
Class of shares: Ordinary
Holding: 100%
2025
2024
£
£
Aggregate capital and reserves
100,483
100,483
Loss for the year
-
(460)
THOMAS SINDEN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
15
Investments
(Continued)
- 31 -
Thomas Sinden Developments Limited
Registered office: 137-145 Church Road, Harold Wood, Romford, Essex, RM3 0SH
Nature of business: Dormant (formerly building project developments)
Class of shares: Ordinary
Holding: 100%
2025
2024
£
£
Aggregate capital and reserves
501,389
501,389
Loss for the year
-
(1,938)
16
Trade and other receivables
Current
Non-current
2025
2024
2025
2024
£
£
£
£
Trade receivables
6,058,113
1,882,663
1,305,208
1,235,605
Contract assets
2,241,261
3,458,843
-
0
-
0
Amounts owed by group undertakings
8,741,471
7,542,612
-
0
-
0
Amounts owed by related parties
871,517
654,912
2,626,023
2,818,135
Other receivables
725,012
733,985
-
-
18,637,374
14,273,015
3,931,231
4,053,740
17
Borrowings
Current
Non-current
2025
2024
2025
2024
£
£
£
£
Borrowings held at amortised cost:
Bank loans
451,105
761,711
446,925
1,724,634

The company's bank has a debenture over the company's assets dated 30 June 2017, a personal guarantee from G Sinden and an unlimited cross guarantee between the company and other entities within the Thomas Sinden Group.

THOMAS SINDEN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 32 -
18
Trade and other payables
2025
2024
£
£
Trade payables
4,182,438
4,745,201
Contract liabilities
13,825,128
5,297,110
Amounts owed to group undertakings
811,104
801,763
Social security and other taxation
1,847,130
1,105,263
Other payables
554,803
73,647
21,220,603
12,022,984
19
Lease liabilities
2025
2024
Maturity analysis
£
£
Within one year
251,532
141,600
In two to five years
129,800
271,400
Total undiscounted liabilities
381,332
413,000
Future finance charges and other adjustments
(9,272)
(20,923)
Lease liabilities in the financial statements
372,060
392,077

Lease liabilities are classified based on the amounts that are expected to be settled within the next 12 months and after more than 12 months from the reporting date, as follows:

2025
2024
£
£
Current liabilities
244,503
129,949
Non-current liabilities
127,557
262,128
372,060
392,077
2025
2024
Amounts recognised in profit or loss include the following:
£
£
Interest on lease liabilities
25,488
16,114
Other leasing information is included in note 20.
THOMAS SINDEN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 33 -
20
Other leasing information

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:

2025
2024
Non-cancellable operating leases
£
£
Within one year
267,402
176,576
Between two and five years
129,800
287,270
397,202
463,846
21
Deferred taxation
Assets
2025
2024
£
£
Deferred tax balances
184,000
763,900
Deferred tax assets are expected to be recovered as follows:
- Within one year
184,000
-
- After more than one year
-
763,900

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon during the current and prior reporting period.

Tax losses
£
Asset at 1 April 2023
490,400
Deferred tax movements in prior year
Credit/(charge) to profit or loss
273,500
Asset at 1 April 2024
763,900
Deferred tax movements in current year
Credit/(charge) to profit or loss
(579,900)
Asset at 31 March 2025
184,000

The deferred tax asset comprises timing differences between depreciation charged and capital allowances claimed of £(43,000) and unused tax losses of £227,000 calculated at the current tax rate of 25% as enacted. This asset is expected to be utilised within the next year.

THOMAS SINDEN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 34 -
22
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
303,378
280,976

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.

23
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
20,900
20,900
20,900
20,900
Ordinary B of £1 each
1,100
1,100
1,100
1,100
22,000
22,000
22,000
22,000

The two classes of shares rank equally in all respects except each class has its own right to dividends.

24
Share premium account
2025
2024
£
£
At the beginning and end of the year
73,898
73,898
25
Retained earnings
2025
2024
£
£
At the beginning of the year
11,026,957
9,809,841
Profit for the year
1,486,925
1,217,116
At the end of the year
12,513,882
11,026,957
THOMAS SINDEN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 35 -
26
Related party transactions
Remuneration of key management personnel

During the year, a total of key management personnel compensation of £632,447 (2024: £498,972) was paid.

 

Other transactions with related parties

The company's subsidiaries comprise:

 

Thomas Sinden Developments Ltd

TS Joinery Solutions Limited

TS Civil Engineering Limited

 

There were no material transactions between the company and any of its subsidiaries during the year.

2025
2024
Amounts due to related parties
£
£
Subsidiaries
553,917
550,237
2025
2024
Amounts due from related parties
£
£
Parent company
8,734,284
7,541,085
Thomas Sinden Estates LLP
3,497,540
3,473,045
12,231,824
11,014,130
During the year the company made a further advance to its parent of £1.2m.

The company is a member of Thomas Sinden Estates LLP. During the year the company engaged in the following transactions with the LLP:

2025
2024
£
£
Rent paid in respect of trading premises
141,600
141,600
Interest charged on non-current loan
156,159
146,315
Management fee receivable
6,000
6,000
Profit share
11,732
3,212
Other information

Amounts due from directors are shown in note 27.

27
Directors' transactions

The following advances and credits to a director subsisted during the years ended 31 March 2025 and 31 March 2024:

THOMAS SINDEN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
27
Directors' transactions
(Continued)
- 36 -
Advances
% Rate
Opening balance
Amounts advanced
Interest charged
Closing balance
£
£
£
£
S T McMahon - Loan
2.25
153,478
-
1,766
155,244
G Sinden - Loan
2.25
-
249,714
286
250,000
153,478
249,714
2,052
405,244

There were no terms attached to the loans and interest has been charged at the official rate.

28
Controlling party

The company's ultimate parent company is Thomas Sinden (Holdings) Limited, whose registered office is 137-145 Church Road, Harold Wood, Romford, RM3 0SH.

 

The company's ultimate controlling party is G Sinden.

29
Financial risk management

Liquidity Risk

Liquidity risk is the risk that the company cannot meet its obligations as they fall due or can only do so at a cost. This is mitigated by maintaining a healthy cash position and ensuring there are sufficient cash resources to meet working capital requirements in the short to medium term using cashflow forecasts, which covers the costs and forecast revenue for a 6 - 12 month period. Note 19 includes a maturity analysis of lease liabilities.

 

Credit Risk

The company's main credit risk is client and subcontractor financial stability given the current economic climate. This is mitigated through regular monitoring of financial metrics and putting in place financial security measures where possible, such as cross company guarantees and escrows.

 

Price Risk

The company is subject to uncertainty in the economic climate in relation to inflation and interest rate changes. This is mitigated through inclusion of risk allowances within contract prices.

 

Capital Risk

The company's objectives when measuring capital are to safeguard its ability to continue as a going concern. The company is not subject to any externally imposed capital requirements.

 

Capital is regarded as total equity, as recognised in the statement of financial position.

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