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Registered number: 02731197
THE THOMAS SAUNDERS PARTNERSHIP LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
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THE THOMAS SAUNDERS PARTNERSHIP LIMITED
COMPANY INFORMATION
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Ecovis Wingrave Yeats UK Limited
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Mayor Brown International LLP
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THE THOMAS SAUNDERS PARTNERSHIP LIMITED
CONTENTS
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Statement of Changes in Equity
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Notes to the Financial Statements
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THE THOMAS SAUNDERS PARTNERSHIP LIMITED
REGISTERED NUMBER: 02731197
BALANCE SHEET
AS AT 31 AUGUST 2025
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Amounts recoverable on long term contracts
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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THE THOMAS SAUNDERS PARTNERSHIP LIMITED
REGISTERED NUMBER: 02731197
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2025
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
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.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 May 2026.
The notes on pages 4 to 15 form part of these financial statements.
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THE THOMAS SAUNDERS PARTNERSHIP LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2025
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Comprehensive income for the year
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Actuarial losses on pension scheme
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Realised gain on disposal of fixed asset investments
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Comprehensive income for the year
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Actuarial losses on pension scheme
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The notes on pages 4 to 15 form part of these financial statements.
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THE THOMAS SAUNDERS PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
The Thomas Saunders Partnership Limited is a private company, limited by shares, domiciled in England and Wales, registration number 02731197. The Company's registered office is Unit 2.3, The Loom, 14 Gower's Walk, London, E1 8PY.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The directors of the Company regularly perform forecasts and projections for the Company and closely manage the Company's working capital requirements. Based upon these projections, the directors consider that the Company will continue to be able to operate as a going concern over the foreseeable future and meets its liabilities as they fall due. The directors therefore continue to adopt the going concern basis of accounting in preparing the Company's financial statements.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
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 profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
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THE THOMAS SAUNDERS PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
2.Accounting policies (continued)
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 or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
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.
Depreciation is provided on the following basis:
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Long-term leasehold property
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over the length of the lease
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Equipment, fixtures and fittings
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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.
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THE THOMAS SAUNDERS PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
2.Accounting policies (continued)
Profit on long-term contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the year end, by recording turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of the total contract value which costs incurred to date bear to total expected costs for that contract. Revenues derived from variation on contracts are recognised only when they have been accepted by the customer. Full provision is made for losses on all contracts in the year in which they are first foreseen.
Turnover earned but not invoiced at the year end is included in amounts recoverable on long term contracts.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
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THE THOMAS SAUNDERS PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
2.Accounting policies (continued)
Defined contribution pension plan
The Company operates a defined contribution plan. 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 the Profit and loss account 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.
Defined benefit pension plan
The Company operates a defined benefit plan which closed to future accrual with effect from 31 August 2017. A defined benefit plan defines the pension benefit that the employee will receive on retirement, usually dependent upon several factors including but not limited to age, length of service and remuneration. A defined benefit plan is a pension plan that is not a defined contribution plan.
The liability recognised in the Balance sheet in respect of the defined benefit plan is the present value of the defined benefit obligation at the end of the balance sheet date less the fair value of plan assets at the balance sheet date (if any) out of which the obligations are to be settled.
The defined benefit obligation is calculated using the projected unit credit method. Annually the company engages independent actuaries to calculate the obligation. The present value is determined by discounting the estimated future payments using market yields on high quality corporate bonds that are denominated in sterling and that have terms approximating to the estimated period of the future payments ('discount rate').
The fair value of plan assets is measured in accordance with the FRS 102 fair value hierarchy and in accordance with the Company's policy for similarly held assets. This includes the use of appropriate valuation techniques.
Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income. These amounts together with the return on plan assets, less amounts included in net interest, are disclosed as 'Remeasurement of net defined benefit liability'.
The cost of the defined benefit plan, recognised in profit or loss as employee costs, except where included in the cost of an asset, comprises:
a) the increase in net pension benefit liability arising from employee service during the period; and
b) the cost of plan introductions, benefit changes, curtailments and settlements.
The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is recognised in profit or loss as a 'finance expense'.
Interest income is recognised in profit or loss using the effective interest method.
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THE THOMAS SAUNDERS PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
2.Accounting policies (continued)
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.
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Judgments in applying accounting policies and key sources of estimation uncertainty
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In the application of the 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 both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:
Defined benefit pension scheme
The Company has an obligation to maintain pension benefits for a number of past and present employees. The cost of these benefits and the present value of the obligation depend on a number of factors, including; life expectancy, asset valuations and the discount rate on corporate bonds. Management estimates these factors in determining the net pension obligation in the balance sheet. The assumptions reflect historical experience and current trends.
Deferred tax
The Company has losses carried forward which gives rise to deferred tax. The deferred tax asset has not been recognised in the accounts due to uncertainty about the timing and value of future profits against which the losses will be offset.
Amounts recoverable on contracts
In order for the Company to recognise revenues, related costs and profits associated with long term contracts, the directors need to estimate the final outcome of the contract as set out in note 2.6. Full provision is made for losses on all contracts in the year in which they are first foreseen.
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The average monthly number of employees, including directors, during the year was 31 (2024 - 25).
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THE THOMAS SAUNDERS PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
Factors affecting current year tax charges
The current rate of tax in the year was 25% (2024 - 25%).
Factors affecting future tax charges
The Company has tax losses of £1,153,519 (2024 - £1,625,130) available to offset against future trading profits.
A deferred tax asset of £288,379 (2024 - £406,283) has not been recognised.
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Long-term leasehold property
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Charge for the year on owned assets
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THE THOMAS SAUNDERS PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
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Amounts owed by group companies
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Prepayments and accrued income
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Amounts owed by group undertakings are unsecured, interest free and repayable on demand.
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Creditors: Amounts falling due within one year
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Payments received on account
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Amounts owed to group undertakings are unsecured, interest free and repayable on demand.
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Allotted, called up and fully paid
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10,000 (2024 - 10,000) Ordinary shares of £1.00 each
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THE THOMAS SAUNDERS PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
The Company operates a Defined Benefit Pension Scheme.
Defined contribution schemes
The Company operates a defined contribution scheme in the UK. The pension cost charge for the defined contribution scheme represents contributions payable by the Company into that scheme of £368,736 (2024 - £301,603).
Defined benefit schemes
The Company operates a defined benefit scheme in the UK. This is a separate trustee administered fund holding the pension scheme assets to meet long term pension liabilities. A full actuarial valuation was carried out at 30 April 2022 and updated to 31 August 2025 by a qualified actuary, independent of the scheme's sponsoring employer. The major assumption used by the actuary are shown below.
This most recent actuarial valuation showed an accounting deficit under FRS 102 of £2,389,000. The Company agreed with the trustees that it will aim to eliminate the deficit over a period of 18 years and 3 months from 1 May 2022 by the payment of monthly contributions of £16,750 per month from 1 May 2022 to 30 April 2023 and £210,000 per annum from 1 May 2023 to 31 July 2040 inclusive, increasing at 5% per annum with the first increase to take effect on 1 May 2024.
In addition and in accordance with the actuarial valuation, the Company has agreed with the trustees that it will pay monthly contributions of £8,167 as an allowance for scheme expenses and statutory levies.
Furthermore, for each financial year ending 31 August, subject to a minimum of Free Cash Flows of £400,000 (if the Net Cash Balance is less than £900,000) or £250,000 (if the Net Cash Balance is greater than £900,000) as derived from the annual company accounts, a special deficit contribution amounting to 50% of the Excess Free Cash Flows over and above the amount will be paid to the scheme.
Following the balance sheet date, The Trustee of the pension scheme, in consultation with the employer, purchased an insurance policy with Royal London Mutual Insurance Society Limited known as a bulk annuity policy. To support this, the employer also paid an additional voluntary contribution of £1,725,000 during the financial year.
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THE THOMAS SAUNDERS PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
10.Pension commitments (continued)
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Reconciliation of present value of plan liabilities:
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Reconciliation of present value of plan liabilities
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At the beginning of the year
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Reconciliation of present value of plan assets:
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Reconciliation of present value of plan assets
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At the beginning of the year
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Contributions by the company
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Composition of plan assets:
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Long dated nominal liability strategy
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THE THOMAS SAUNDERS PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
10.Pension commitments (continued)
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Fair value of plan assets
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Present value of plan liabilities
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Related deferred tax asset
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Net pension scheme liability
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The amounts recognised in profit or loss are as follows:
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Interest income on plan assets
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The cumulative amount of actuarial gains and losses recognised in the Statement of comprehensive income was £3,116,750 (2024 - £2,528,750).
The Company expects to contribute at least £1,983,727 to its Defined benefit pension scheme in the 2026 financial year to further support the purchase of the bulk annuity policy.
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THE THOMAS SAUNDERS PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
10.Pension commitments (continued)
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Principal actuarial assumptions at the balance sheet date (expressed as weighted averages):
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- at 65 for a male aged 45 now
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- for a female aged 65 now
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- at 65 for a female member aged 45 now
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THE THOMAS SAUNDERS PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
The TTSP Holdings Limited Employee Share Option Plan ('ESOP') was set up to incentivise employees. The Board of The Thomas Saunders Partnership Limited ('TTSP') recommends to the Board of TTSP Holdings Limited those employees to whom options should be granted. If the Board of TTSP Holdings Limited is in agreement it will request that Zedra Trust Company (Guernsey) Limited (the 'Trustee') make the shares available.
The price of an option is £0.10. When an option is granted the fair value of the option at the date of grant is charged to the profit and loss account and a capital contribution to the subsidiary is recorded in the accounts of TTSP Holdings Limited. As at 31 August 2025, the ESOP held 77,774 shares (2024 - 77,774).
During 2025 TTSP Holdings Limited did not grant any (2024 - Nil) share options. During the year no (2024 – Nil) share options were cancelled by virtue of resignation from employment. As at 31 August 2025, 9,298 share options were unexercised (2024 – 9,298).
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