Company Registration No. 16115296 (England and Wales)
C J THORNE HOLDINGS LIMITED
CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
30 APRIL 2025
The Courtyard
Shoreham Road
Upper Beeding
Steyning
West Sussex
BN44 3TN
C J THORNE HOLDINGS LIMITED
CONTENTS
Page
Company information
1
Strategic report
2 - 3
Directors' report
4 - 5
Directors' responsibilities statement
6
Independent auditor's report
7 - 10
Profit and loss account
11
Group statement of comprehensive income
12
Group balance sheet
13
Company balance sheet
14
Group statement of changes in equity
15
Company statement of changes in equity
16
Group statement of cash flows
17
Company statement of cash flows
18
Notes to the financial statements
19 - 31
C J THORNE HOLDINGS LIMITED
COMPANY INFORMATION
- 1 -
Directors
C M Thorne
(Appointed 3 December 2024)
K J Thorne
(Appointed 3 December 2024)
Company number
16115296
Registered office
The Courtyard
Shoreham Road
Upper Beeding
Steyning
West Sussex
BN44 3TN
Auditor
TC Group
The Courtyard
Shoreham Road
Upper Beeding
Steyning
West Sussex
BN44 3TN
C J THORNE HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 30 APRIL 2025
- 2 -

In December 2024, C J Thorne & Co Limited was acquired via C J Thorne Holdings Limited by Thorne Employee Ownership Trust. The results presented in these consolidated financial statements represent the final 5 months trade of C J Thorne & Co Limited to 30th April 2025. The following strategic review is taken from C J Thorne and Co Limited annual financial statements to 30th April 2025.

The results for the year and financial position of the Group are as shown in the annexed financial statements.

With turnover increasing slightly on the previous year, we were able to maintain profit margins despite some challenging weather conditions that inhibited productivity for a significant part of the year. The Group was able to maintain employment for all of its staff in what remains a very competitive employment market, and ultimately showed a net profit for the 2024-25 period.

The major schemes in the year were Horsted Keynes WwTW, a sewage treatment works extension for CMDP / Southern Water; Tilting Weir installations in various locations across Pevensey Levels for the Water Levels Management Board; Ditchling WwTW, a sewage treatment works extension for bWGM / Southern Water. These were complemented by regular contracts with SES Water, East Sussex Highways, Cappagh Browne and Wealden District Council, and all of these are likely to be repeat customers in 2025/26 .

The Directors are satisfied overall that the required diversification of our range of Clients is being achieved, whilst maintaining and developing relationships with our existing Client base. The offering of the respective skill sets of C J Thorne & Co., Hobart Paving and J P Hunter Surfacing have helped to attract new Clients and enabled us to offer a “one-stop shop” service both to new and existing Clients, and this created additional opportunity in the year.

ISO9001, ISO14001 and ISO45001 standards were maintained and improved in respect of our Quality, Environmental and Safety Management Systems during the year, demonstrating our commitment to formalised management systems across the Group’s operations. The standards were re-certified in an interim external audit.

Staffing levels were consolidated and whilst there was some natural wastage, the Group has attracted new staff across all three divisions. Further steps towards succession planning have been taken with the appointment of a new Operations Director, a promotion from within the existing senior management team.

CAPEX was maintained in line with projections and over £1m was spent on new plant and vehicles, with a focus on sustainability. Key investments included new 3-8 tonne excavators, 1-3T Dumpers and new welfare units, with plant continuing to run on Hydrated Vegetable Oil as opposed to diesel with Client agreement.

The primary goals of the Business remain consolidating and increasing our market share as a specialist civil engineering contractor with an increasingly diverse Client base, but particularly in the Water Industry in what will doubtless be a challenging first year of AMP8 (2025-2030). We will look to consolidate key long-term Client relationships and develop new ones both with Tier 1 contractors and directly with the water companies, as well as further expanding our influence with the south east’s Highways authorities as we have during 2024/25.

C J THORNE HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2025
- 3 -
Future Workload

Our order book for the first quarter of the financial year is strong with some residual projects from the previous year, but Q2 and Q3 are less certain, with the focus likely to be on consolidation. All three divisions of the Group anticipate increasing levels of workload across all sectors going forward into 2026.

Relationships developed with a number of Utility partners have given us a broad cross-section of work, with no excessive dependence on any one Client, and away from utilities we have orders from a range of local authority, industrial and developer Clients, as well as our existing regular Customers.

Due to the likely glacial progress of projects in the water industry in the first year of AMP8, we do not expect to see significant growth over the next 12 months, but will maintain our focus on consistent levels of profitability, whilst looking forward to developing new opportunities across the sectors in which we are working.

Future Developments

The sale of the business to the Employee Ownership Trust was a key part of the outgoing shareholders’ next stage of succession planning, and whilst the existing Directors have remained in place, we will continue to plan the evolution of the senior management team to take us forward for the next 5-10 years.

We will be working closely with our supply chain partners to plan investment in upgrading and updating our plant and vehicles. This will form a key feature of our plans towards the end of 2025, as we expand our fleet to meet the requirements of the business in delivering Client expectations.

Similarly, investment in training our staff will be maintained at least at the levels of 2024-25 as we look to continue to recruit and train the best people in the industry.

On behalf of the board

C M Thorne
Director
27 November 2025
C J THORNE HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 30 APRIL 2025
- 4 -

The directors present their annual report and financial statements for the period ended 30 April 2025.

Principal activities

The principal activity of the company is that of a holding company. The principal activity of the group continued to be that of civil engineering contractors.

Results and dividends

The results for the period are set out on page 11.

Ordinary dividends were paid amounting to £50,486. The directors do not recommend payment of a further dividend.

Directors

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

C M Thorne
(Appointed 3 December 2024)
K J Thorne
(Appointed 3 December 2024)
Financial instruments
Liquidity risk

The group manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the group has sufficient liquid resources to meet the operating needs of the business.

Interest rate risk

The group is exposed to fair value interest rate risk on its fixed rate borrowings and cash flow interest rate risk on floating rate deposits, bank overdrafts and loans. The group uses interest rate derivatives to manage the mix of fixed and variable rate debt so as to reduce its exposure to changes in interest rates.

Credit risk

Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board.

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

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 auditor of the company 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 auditor of the company 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.

C J THORNE HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2025
- 5 -
On behalf of the board
C M Thorne
Director
27 November 2025
C J THORNE HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 30 APRIL 2025
- 6 -

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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

C J THORNE HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF C J THORNE HOLDINGS LIMITED
- 7 -
Opinion

We have audited the financial statements of C J Thorne Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 30 April 2025 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company 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:

- give a true and fair view of the state of the group's and the parent company's affairs as at 30 April 2025 and of the group's profit for the period then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

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 group and parent 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 group's and parent 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.

C J THORNE HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF C J THORNE HOLDINGS LIMITED
- 8 -

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:

- the information given in the strategic report and the directors' r eport for the financial period for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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:

- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

- the parent company financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, 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 parent 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 parent company or to cease operations, or have no realistic alternative but to do so.

C J THORNE HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF C J THORNE HOLDINGS LIMITED
- 9 -
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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Extent to which the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management.

Our approach was as follows:

- We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussion with the directors and other management (as required by auditing standards), and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations;

- We considered the legal and regulatory frameworks directly applicable to the financial statements reporting framework (FRS 102 and the Companies Act 2006), the relevant tax compliance regulations in the UK, and the relevant waste regulations in the UK (including the Waste (England and Wales) Regulations 2011);

- We considered the nature of the industry, the control environment and business performance, including the key drivers for management’s remuneration;

- We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit;

- We considered the procedures and controls that the company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls.

C J THORNE HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF C J THORNE HOLDINGS LIMITED
- 10 -

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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.

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.

Chris Checkley FCCA (Senior Statutory Auditor)
For and on behalf of TC Group
Statutory Auditor
3 December 2025
Office: Steyning
C J THORNE HOLDINGS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 30 APRIL 2025
- 11 -
Period
ended
30 April
2025
Notes
£
Turnover
3
5,048,156
Cost of sales
(4,023,610)
Gross profit
1,024,546
Administrative expenses
(814,769)
Operating profit
4
209,777
Interest receivable and similar income
7
9,013
Profit before taxation
218,790
Tax on profit
8
(52,834)
Profit for the financial period
165,956
Profit for the financial period is all attributable to the owners of the parent company.
C J THORNE HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 APRIL 2025
- 12 -
Period
ended
30 April
2025
£
Profit for the period
165,956
Other comprehensive income
-
Cash flow hedges gain arising in the period
-
0
Total comprehensive income for the period
165,956
Total comprehensive income for the period is all attributable to the owners of the parent company.
C J THORNE HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
30 APRIL 2025
30 April 2025
- 13 -
2025
Notes
£
£
Fixed assets
Tangible assets
9
12,708
Current assets
Stocks
12
31,253
Debtors
13
2,541,212
Cash at bank and in hand
1,492,166
4,064,631
Creditors: amounts falling due within one year
14
(3,089,492)
Net current assets
975,139
Total assets less current liabilities
987,847
Provisions for liabilities
Provisions
15
209,055
(209,055)
Net assets
778,792
Capital and reserves
Called up share capital
17
2,048,000
Capital redemption reserve
2,000
Merger reserve
(1,950,000)
Profit and loss reserves
678,792
Total equity
778,792

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

The financial statements were approved by the board of directors and authorised for issue on 27 November 2025 and are signed on its behalf by:
27 November 2025
C M Thorne
Director
Company registration number 16115296 (England and Wales)
C J THORNE HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 30 APRIL 2025
30 April 2025
- 14 -
2025
Notes
£
£
Fixed assets
Investments
10
98,000
Capital and reserves
Called up share capital
17
2,048,000
Other reserves
(1,950,000)
Total equity
98,000

As permitted by s408 Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £0.

The financial statements were approved by the board of directors and authorised for issue on 27 November 2025 and are signed on its behalf by:
27 November 2025
C M Thorne
Director
Company registration number 16115296 (England and Wales)
C J THORNE HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 APRIL 2025
- 15 -
Share capital
Capital redemption reserve
Merger reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 3 December 2024
-
-
-
-
-
Period ended 30 April 2025:
Profit and total comprehensive income
-
-
-
165,956
165,956
Dividends
-
-
-
(50,486)
(50,486)
Transfers
-
-
-
1,088,322
1,088,322
Other movements
2,048,000
2,000
(1,950,000)
(525,000)
(425,000)
Balance at 30 April 2025
2,048,000
2,000
(1,950,000)
678,792
778,792
C J THORNE HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 APRIL 2025
- 16 -
Share capital
Merger reserve
Total
£
£
£
Balance at 3 December 2024
-
-
-
Period ended 30 April 2025:
Profit and total comprehensive income
-
-
-
0
Other movements
2,048,000
(1,950,000)
98,000
Balance at 30 April 2025
2,048,000
(1,950,000)
98,000
C J THORNE HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 APRIL 2025
- 17 -
2025
Notes
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
20
764,028
Income taxes refunded
8,837
Net cash inflow/(outflow) from operating activities
772,865
Investing activities
Purchase of tangible fixed assets
(2,829)
Purchase of subsidiaries, net of cash acquired
1,190,603
Interest received
9,013
Net cash generated from/(used in) investing activities
1,196,787
Financing activities
Proceeds from issue of shares
98,000
Dividends paid to equity shareholders
(575,486)
Net cash used in financing activities
(477,486)
Net increase in cash and cash equivalents
1,492,166
Cash and cash equivalents at beginning of period
-
Cash and cash equivalents at end of period
1,492,166
C J THORNE HOLDINGS LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 APRIL 2025
- 18 -
2025
Notes
£
£
Cash flows from operating activities
Investing activities
Purchase of subsidiaries
(98,000)
Net cash used in investing activities
(98,000)
Financing activities
Proceeds from issue of shares
98,000
Net cash generated from/(used in) financing activities
98,000
Net increase in cash and cash equivalents
-
Cash and cash equivalents at beginning of period
-
Cash and cash equivalents at end of period
-
0
C J THORNE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2025
- 19 -
1
Accounting policies
Company information

C J Thorne Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is The Courtyard, Shoreham Road, Upper Beeding, Steyning, West Sussex, BN44 3TN.

The group consists of C J Thorne Holdings Limited and all of its subsidiaries.

1.1
Reporting period

The financial statements for the period ending 30 April 2025 are presented on a 5 month period from the date of incorporation of this company which is 03 December 2024.

1.2
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 a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.3
Business combinations

The company was incorporated during the year as part of a group reorganisation in which it became the new parent company of the group.

This transaction has been accounted for using the merger accounting method on the grounds that it involved a combination of entities under common control and did not result in any change in the ultimate ownership or control of the group.

Under merger accounting:

- The assets and liabilities of the existing group are recognised at their pre-reorganisation carrying amounts

- No fair value adjustments are made and no goodwill arises

- The results of the group are presented as if the new parent company has been the holding company throughout the current period

- The difference between the nominal value of shares issued by the company and the nominal value of shares acquired in the subsidiary is recognised within equity as a merger reserve

Accordingly, the consolidated financial statements represent a continuation of the existing group, rather than the creation of a new group.

C J THORNE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 20 -
1.4
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company C J Thorne Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 30 April 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.5
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group 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.

1.6
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

1.7
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:

Fixtures and fittings
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

C J THORNE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 21 -
1.8
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.9
Impairment of fixed assets

At each reporting period end date, the group 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.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

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.

C J THORNE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 22 -
1.10
Stocks

Stock and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Long term contract balances are stated at net cost less foreseeable losses less any applicable payments on

account. The amount recorded as turnover in respect of long-term contracts is ascertained by reference to the value of the work carried out to date. Attributable profit is recognised as the difference between recorded turnover and related costs.

1.11
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.

1.12
Financial instruments

The group 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.

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.

1.13
Equity instruments

Equity instruments issued by the group 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 group.

1.14
Taxation

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

C J THORNE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 23 -
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 group’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 if, and only if, there is 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.

1.15
Provisions

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i s measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.16
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.

1.17
Retirement benefits

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

C J THORNE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 24 -
1.18
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease d asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

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

Revenue recognition

Revenue and associated costs for longer term projects are recognised at key milestones. For ongoing projects at the year end, management exercises judgement to estimate the stage of completion for each to assess the milestones reached and therefore the level of revenue and associated costs to recognise in profit and loss. The assessments made carry an inherent element of estimation uncertainty however the group has relevant controls in place to mitigate this. The estimates impact amounts recoverable on long term contracts and cost of sales accruals.

Retentions

Management adopt a risk based policy of recognition of retentions based on time and risk profile of the project. The assessments made carry an inherent element of estimation uncertainty however the group has relevant controls in place to mitigate this. The estimate impacts accrued income.

3
Turnover and other revenue
2025
£
Other revenue
Interest income
9,013
C J THORNE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2025
- 25 -
4
Operating profit
2025
£
Operating profit for the period is stated after charging:
Fees payable to the group's auditor for the audit of the group's financial statements
23,000
Depreciation of owned tangible fixed assets
2,380
Operating lease charges
80,105
5
Employees

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

Group
Company
2025
2025
Number
Number
Administration
7
-
Contract administrators
10
-
Operations
66
-
Total
83
0

Their aggregate remuneration comprised:

Group
Company
2025
2025
£
£
Wages and salaries
2,013,536
-
0
Social security costs
179,214
-
Pension costs
54,127
-
0
2,246,877
-
0
C J THORNE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2025
- 26 -
6
Directors' remuneration
2025
£
Remuneration for qualifying services
71,532
Company pension contributions to defined contribution schemes
14,269
85,801
7
Interest receivable and similar income
2025
£
Interest income
Interest on bank deposits
9,013
2025
Investment income includes the following:
£
Interest on financial assets not measured at fair value through profit or loss
9,013
8
Taxation
2025
£
Current tax
UK corporation tax on profits for the current period
52,834
C J THORNE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2025
8
Taxation
(Continued)
- 27 -

The actual charge for the period can be reconciled to the expected charge/(credit) for the period based on the profit or loss and the standard rate of tax as follows:

2025
£
Profit before taxation
218,790
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00%
54,698
Tax effect of expenses that are not deductible in determining taxable profit
51,829
Group relief
(45,950)
Permanent capital allowances in excess of depreciation
1,094
Research and development tax credit
(8,837)
Taxation charge
52,834
9
Tangible fixed assets
Group
Fixtures and fittings
£
Cost
At 3 December 2024
-
0
Additions
2,829
Business combinations
12,259
At 30 April 2025
15,088
Depreciation and impairment
At 3 December 2024
-
0
Depreciation charged in the period
2,380
At 30 April 2025
2,380
Carrying amount
At 30 April 2025
12,708
The company had no tangible fixed assets at 30 April 2025.
C J THORNE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2025
- 28 -
10
Fixed asset investments
Group
Company
2025
2025
Notes
£
£
Investments in subsidiaries
11
-
0
98,000
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 3 December 2024
-
Additions
98,000
At 30 April 2025
98,000
Carrying amount
At 30 April 2025
98,000
11
Subsidiaries

Details of the company's subsidiaries at 30 April 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
C J Thorne & Co Limited
The Courtyard, Shoreham Road, Upper Beeding, Steyning, West Sussex, BN44 3TN
Ordinary
100.00
12
Stocks
Group
Company
2025
2025
£
£
Raw materials and consumables
31,253
-
C J THORNE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2025
- 29 -
13
Debtors
Group
Company
2025
2025
Amounts falling due within one year:
£
£
Trade debtors
1,897,161
-
0
Gross amounts owed by contract customers
67,452
-
0
Prepayments and accrued income
576,599
-
0
2,541,212
-
14
Creditors: amounts falling due within one year
Group
Company
2025
2025
£
£
Trade creditors
1,196,842
-
0
Corporation tax payable
61,671
-
0
Other taxation and social security
290,281
-
Other creditors
1,347,450
-
0
Accruals and deferred income
193,248
-
0
3,089,492
-
0
15
Provisions for liabilities
Group
Company
2025
2025
£
£
Provisions
209,055
-
Movements on provisions:
Provisions
Group
£
At 3 December 2024 and 30 April 2025
209,055
C J THORNE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2025
- 30 -
16
Retirement benefit schemes
2025
Defined contribution schemes
£
Charge to profit or loss in respect of defined contribution schemes
54,127

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

17
Share capital
Group and company
2025
2025
Ordinary share capital
Number
£
Issued and fully paid
Ordinary of £1 each
2,048,000
2,048,000
18
Operating lease commitments
Lessee

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

Group
Company
2025
2025
£
£
Within one year
41,080
-
Between two and five years
37,927
-
79,007
-
19
Controlling party

The ultimate controlling party is Thorne Employee Ownership Trust.

In December 2024, C J Thorne & Co Limited was acquired via C J Thorne Holdings Limited by Thorne Employee Ownership Trust. The group reorganisation occurred under common control and merger accounting rules have been applied. As a result, a merger reserve is shown in these financial statements at a value of £1,950,000.

C J THORNE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2025
- 31 -
20
Cash generated from/(absorbed by) group operations
2025
£
Profit for the period after tax
165,956
Adjustments for:
Taxation charged
52,834
Investment income
(9,013)
Depreciation and impairment of tangible fixed assets
2,380
Increase in provisions
717,554
Movements in working capital:
Increase in stocks
(7,108)
Increase in debtors
(713,935)
Increase in creditors
555,360
Cash generated from/(absorbed by) operations
764,028
21
Cash absorbed by operations - company
2025
£
Profit for the period after tax
-
Cash absorbed by operations
-
22
Analysis of changes in net funds - group
3 December 2024
Cash flows
Acquisitions and disposals
30 April 2025
£
£
£
£
Cash at bank and in hand
-
203,563
1,288,603
1,492,166
23
Analysis of changes in net funds - company
3 December 2024
30 April 2025
£
£
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