Company No: 04396014 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTORS	A D Keene
	D E Porter

REGISTERED OFFICE	3rd Floor
	1-3 Sun Street
	London
	England
	EC2A 2EP
	United Kingdom

COMPANY NUMBER

04396014 (England and Wales)

ACCOUNTANT	S&W Partners LLP
	45 Gresham Street
	London
	EC2V 7BG

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	4	10,867		18,983
Investments	5	1		1
		10,868		18,984
Current assets
Debtors
- due within one year	6	1,047,503		1,147,245
- due after more than one year	6	23,378		23,378
Cash at bank and in hand		104,629		252,321
		1,175,510		1,422,944
Creditors: amounts falling due within one year	7	( 984,177)		( 1,141,853)
Net current assets		191,333		281,091
Total assets less current liabilities		202,201		300,075
Creditors: amounts falling due after more than one year	8	( 6,667)		( 46,667)
Provision for liabilities	9	( 2,225)		( 2,770)
Net assets		193,309		250,638
Capital and reserves
Called-up share capital	10	145		145
Capital redemption reserve		55		55
Profit and loss account		193,109		250,438
Total shareholders' funds		193,309		250,638

For the financial year ending 31 March 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Income Statement has not been delivered.

The financial statements of Thomson Keene Associates Limited (registered number: 04396014) were approved and authorised for issue by the Board of Directors on 10 September 2025. They were signed on its behalf by:

A D Keene Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Thomson Keene Associates Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 . The address of the Company's registered office is 3rd Floor, 1-3 Sun Street, London, England, EC2A 2EP.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.


These financial statements are separate financial statements.

Going concern

The financial statements have been prepared on a going concern basis.

The directors have made an assessment in preparing these financial statements as to whether the Company is a going concern and have concluded that there are no material uncertainties that may cast significant doubt on the Company's ability to continue as a going concern for a period of at least 12 months from the date of approval of these financial statements.

Foreign currency

The company's functional and presentational currency is GBP.

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Income Statement.

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received, excluding discounts, rebates, Value added tax and other sales taxes. Revenue is recognised on the following basis:
Permanent placements: When the candidate takes up the post.
Support services: Over the period of which the services are provided.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.

Finance costs

Finance costs are charged to the Income Statement over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount.

Taxation

Current tax
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Land and buildings	depreciated over the life of the lease
Plant and machinery etc.	4 - 5 years straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss

Leases

The Company as lessee
Rentals paid under operating leases are charged to the Income Statement on a straight line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Fixed asset investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Trade and other debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Trade and other creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Income Statement.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.

Holiday Pay Accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

2. Critical accounting judgements and key sources of estimation uncertainty

No significant judgements have had to be made by the directors in preparing these financial statements

3. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	14		17

4. Tangible assets

	Land and buildings		Plant and machinery etc.		Total
	£		£		£
Cost
At 01 April 2024	23,219		50,561		73,780
Additions	0		3,722		3,722
At 31 March 2025	23,219		54,283		77,502
Accumulated depreciation
At 01 April 2024	17,439		37,358		54,797
Charge for the financial year	4,643		7,195		11,838
At 31 March 2025	22,082		44,553		66,635
Net book value
At 31 March 2025	1,137		9,730		10,867
At 31 March 2024	5,780		13,203		18,983

5. Fixed asset investments

Investments in subsidiaries

	2025
	£
Cost
At 01 April 2024	1
	0
At 31 March 2025	1
Carrying value at 31 March 2025	1
Carrying value at 31 March 2024	1

6. Debtors

	2025		2024
	£		£
Debtors: amounts falling due within one year
Trade debtors	524,356		584,402
Amounts owed by Group undertakings	292,702		330,224
Prepayments and accrued income	230,445		232,619
	1,047,503		1,147,245
Debtors: amounts falling due after more than one year
Other debtors	23,378		23,378

7. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans and overdrafts	348,352		392,866
Trade creditors	184,635		226,195
Accruals	162,958		202,049
Corporation tax	37,751		66,399
Other taxation and social security	160,452		183,735
Other creditors	90,029		70,609
	984,177		1,141,853

Included in Bank loans and overdrafts is a secured amount of £308,352 (2024: £352,866).
Details of security provided:
The company has a fixed and a floating charge over the company's assets, it's debtors and the undertaking of the company.

8. Creditors: amounts falling due after more than one year

	2025		2024
	£		£
Other creditors	6,667		46,667

9. Deferred tax

	2025		2024
	£		£
At the beginning of financial year	( 2,770)		( 2,390)
Credited/(charged) to the Income Statement	545		( 380)
At the end of financial year	( 2,225)		( 2,770)

The deferred taxation balance is made up as follows:

	2025		2024
	£		£
Accelerated capital allowances	( 2,433)		( 2,904)
Other timing differences	208		134
	( 2,225)		( 2,770)

10. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
14,500 Ordinary shares of £ 0.01 each	145		145

11. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

	2025		2024
	£		£
within one year	59,369		63,251
between one and five years	153,384		52,042
	212,753		115,293

Pensions

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £10,274 (2024: £13,205).

	2025		2024
	£		£
Unpaid contributions due to the fund (inc. in other creditors)	830		534

12. Related party transactions

Transactions with the entity's directors

	2025		2024
	£		£
Dividends paid during the year	144,000		180,000

The company is claiming exemptions confirmed in paragraph 33.1A of FRS 102, Related Party Disclosures, not to disclose transactions with wholly owned member companies of the group.