Caseware UK (AP4) 2024.0.164 2024.0.164 2025-09-30 2025-09-30 2025-09-30 0 board 2024-10-01 false Specialist IT professional services firm 0 false false false 02149616 2024-10-01 2025-09-30 02149616 2025-09-30 02149616 2023-10-01 2024-09-30 02149616 2024-09-30 02149616 2023-10-01 02149616 1 2024-10-01 2025-09-30 02149616 1 2023-10-01 2024-09-30 02149616 d:CompanySecretary1 2024-10-01 2025-09-30 02149616 d:Director1 2024-10-01 2025-09-30 02149616 d:Director5 2024-10-01 2025-09-30 02149616 d:Director6 2024-10-01 2025-09-30 02149616 d:Director7 2024-10-01 2025-09-30 02149616 d:RegisteredOffice 2024-10-01 2025-09-30 02149616 d:Agent1 2024-10-01 2025-09-30 02149616 e:FurnitureFittings 2024-10-01 2025-09-30 02149616 e:FurnitureFittings 2025-09-30 02149616 e:FurnitureFittings 2024-09-30 02149616 e:FurnitureFittings e:OwnedOrFreeholdAssets 2024-10-01 2025-09-30 02149616 e:ComputerEquipment 2024-10-01 2025-09-30 02149616 e:ComputerEquipment 2025-09-30 02149616 e:ComputerEquipment 2024-09-30 02149616 e:ComputerEquipment e:OwnedOrFreeholdAssets 2024-10-01 2025-09-30 02149616 e:OwnedOrFreeholdAssets 2024-10-01 2025-09-30 02149616 e:CurrentFinancialInstruments 2024-10-01 2025-09-30 02149616 e:CurrentFinancialInstruments 2025-09-30 02149616 e:CurrentFinancialInstruments 2024-09-30 02149616 e:CurrentFinancialInstruments 1 2025-09-30 02149616 e:CurrentFinancialInstruments 1 2024-09-30 02149616 e:Non-currentFinancialInstruments 2025-09-30 02149616 e:Non-currentFinancialInstruments 2024-09-30 02149616 e:ShareCapital 2024-10-01 2025-09-30 02149616 e:ShareCapital 2025-09-30 02149616 e:ShareCapital 2023-10-01 2024-09-30 02149616 e:ShareCapital 2024-09-30 02149616 e:ShareCapital 2023-10-01 02149616 e:SharePremium 2024-10-01 2025-09-30 02149616 e:SharePremium 2025-09-30 02149616 e:SharePremium 1 2024-10-01 2025-09-30 02149616 e:SharePremium 2023-10-01 2024-09-30 02149616 e:SharePremium 2024-09-30 02149616 e:SharePremium 2023-10-01 02149616 e:SharePremium 1 2023-10-01 2024-09-30 02149616 e:CapitalRedemptionReserve 2024-10-01 2025-09-30 02149616 e:CapitalRedemptionReserve 2025-09-30 02149616 e:CapitalRedemptionReserve 1 2024-10-01 2025-09-30 02149616 e:CapitalRedemptionReserve 2023-10-01 2024-09-30 02149616 e:CapitalRedemptionReserve 2024-09-30 02149616 e:CapitalRedemptionReserve 2023-10-01 02149616 e:CapitalRedemptionReserve 1 2023-10-01 2024-09-30 02149616 e:ForeignCurrencyTranslationReserve 2024-10-01 2025-09-30 02149616 e:ForeignCurrencyTranslationReserve 2025-09-30 02149616 e:ForeignCurrencyTranslationReserve 1 2024-10-01 2025-09-30 02149616 e:ForeignCurrencyTranslationReserve 2023-10-01 2024-09-30 02149616 e:ForeignCurrencyTranslationReserve 2024-09-30 02149616 e:ForeignCurrencyTranslationReserve 2023-10-01 02149616 e:ForeignCurrencyTranslationReserve 1 2023-10-01 2024-09-30 02149616 e:RetainedEarningsAccumulatedLosses 2024-10-01 2025-09-30 02149616 e:RetainedEarningsAccumulatedLosses 2025-09-30 02149616 e:RetainedEarningsAccumulatedLosses 1 2024-10-01 2025-09-30 02149616 e:RetainedEarningsAccumulatedLosses 2023-10-01 2024-09-30 02149616 e:RetainedEarningsAccumulatedLosses 2024-09-30 02149616 e:RetainedEarningsAccumulatedLosses 2023-10-01 02149616 e:RetainedEarningsAccumulatedLosses 1 2023-10-01 2024-09-30 02149616 d:OrdinaryShareClass1 2024-10-01 2025-09-30 02149616 d:OrdinaryShareClass1 2025-09-30 02149616 d:OrdinaryShareClass1 2024-09-30 02149616 d:FRS102 2024-10-01 2025-09-30 02149616 d:Audited 2024-10-01 2025-09-30 02149616 d:FullAccounts 2024-10-01 2025-09-30 02149616 d:PrivateLimitedCompanyLtd 2024-10-01 2025-09-30 02149616 e:Subsidiary1 2024-10-01 2025-09-30 02149616 e:Subsidiary1 1 2024-10-01 2025-09-30 02149616 e:Subsidiary2 2024-10-01 2025-09-30 02149616 e:Subsidiary2 1 2024-10-01 2025-09-30 02149616 e:Subsidiary3 2024-10-01 2025-09-30 02149616 e:Subsidiary3 1 2024-10-01 2025-09-30 02149616 e:Subsidiary4 2024-10-01 2025-09-30 02149616 e:Subsidiary4 1 2024-10-01 2025-09-30 02149616 e:Subsidiary5 2024-10-01 2025-09-30 02149616 e:Subsidiary5 1 2024-10-01 2025-09-30 02149616 e:BetweenOneFiveYears 2025-09-30 02149616 e:BetweenOneFiveYears 2024-09-30 02149616 e:MoreThanFiveYears 2025-09-30 02149616 e:MoreThanFiveYears 2024-09-30 02149616 e:LandBuildingsUnderOperatingLeases 2025-09-30 02149616 e:LandBuildingsUnderOperatingLeases 2024-09-30 02149616 e:LandBuildingsUnderOperatingLeases e:WithinOneYear 2025-09-30 02149616 e:LandBuildingsUnderOperatingLeases e:WithinOneYear 2024-09-30 02149616 e:PlantEquipmentOtherAssetsUnderOperatingLeases 2025-09-30 02149616 e:PlantEquipmentOtherAssetsUnderOperatingLeases 2024-09-30 02149616 e:PlantEquipmentOtherAssetsUnderOperatingLeases e:WithinOneYear 2025-09-30 02149616 e:PlantEquipmentOtherAssetsUnderOperatingLeases e:WithinOneYear 2024-09-30 02149616 e:PlantEquipmentOtherAssetsUnderOperatingLeases e:BetweenOneFiveYears 2025-09-30 02149616 e:PlantEquipmentOtherAssetsUnderOperatingLeases e:BetweenOneFiveYears 2024-09-30 02149616 e:PlantEquipmentOtherAssetsUnderOperatingLeases e:MoreThanFiveYears 2025-09-30 02149616 e:PlantEquipmentOtherAssetsUnderOperatingLeases e:MoreThanFiveYears 2024-09-30 02149616 1 2024-10-01 2025-09-30 02149616 d:Consolidated 2025-09-30 02149616 d:ConsolidatedGroupCompanyAccounts 2024-10-01 2025-09-30 02149616 1 2024-10-01 2025-09-30 02149616 2 2024-10-01 2025-09-30 02149616 6 2024-10-01 2025-09-30 02149616 e:ShareCapital 1 2024-10-01 2025-09-30 02149616 e:ShareCapital 1 2023-10-01 2024-09-30 02149616 e:AcceleratedTaxDepreciationDeferredTax 2025-09-30 02149616 e:AcceleratedTaxDepreciationDeferredTax 2024-09-30 02149616 e:TaxLossesCarry-forwardsDeferredTax 2025-09-30 02149616 e:TaxLossesCarry-forwardsDeferredTax 2024-09-30 02149616 e:OtherDeferredTax 2025-09-30 02149616 e:OtherDeferredTax 2024-09-30 02149616 f:PoundSterling 2024-10-01 2025-09-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 02149616 THOROGOOD ASSOCIATES LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
THOROGOOD ASSOCIATES LIMITED
COMPANY INFORMATION
Directors | Mr T R Jones
| Mr P W Nicol
| Ms S E Boyer
| Mrs I R Harris
Company secretary | Ms S E Boyer
Registered number | 02149616
Registered office | Ealing Cross
| 85 Uxbridge Road
| London
| W5 5BW
Independent auditor | Grant Thornton UK LLP
| Chartered Accountants & Statutory Auditor
| Victoria House
| 199 Avebury Boulevard
| Milton Keynes
| MK9 1AU
Bankers | HSBC Bank plc
| 1 Corn Market
| High Wycombe
| Bucks
| HP11 2AY
Solicitors | Faegre Drinker Biddle & Reath LLP
| Level 18
| 8 Bishopsgate
| London
| EC2N 4BQ
THOROGOOD ASSOCIATES LIMITED
CONTENTS
| Page
Group Strategic Report | 1 - 3
Directors' Report | 4 - 5
Independent Auditor's Report | 6 - 10
Consolidated Statement of Comprehensive Income | 11
Consolidated Statement of Financial Position | 12
Company Statement of Financial Position | 13
Consolidated Statement of Changes in Equity | 14
Company Statement of Changes in Equity | 15
Consolidated Statement of Cash Flows | 16 - 17
Notes to the Financial Statements | 18 - 36
THOROGOOD ASSOCIATES LIMITED
GROUP STRATEGIC REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2025 Thorogood is a professional services firm specializing in Data Science, Data Engineering, Data Visualization and AI. Our clients are very large companies; they use our services to help them to manage the complexity and risk inherent in large-scale operations, to increase productivity and to identify new opportunities for growth and profitability, including understanding and harnessing the potential of Generative AI in our domain. The UK parent company, Thorogood Associates Limited, has a Singapore branch office and three active wholly-owned subsidiaries: Thorogood Associates Inc. in the USA, Thorogood Associates India Private Limited in India and Thorogood Associates (Brazil) – Business Intelligence and Analytics Consultancy Ltda in Brazil. All the legal entities support each other in the delivery of services to the group’s clients. The financial results are the consolidated financial results of the group.
Business review
In the year ended 30 September 2025 the group produced a profit before tax of £119,073 (2024: £1,372,115). Our extended global presence in the US, India, Singapore and Brazil, the group continues to access new markets and regions, attract new customers and strengthen regional links with our Europe, Asia Pacific and North America based customers. We continue to recruit consulting capacity in all markets and to drive skills growth throughout the business in a world where technology and technological possibilities are changing very quickly. The group’s ability to execute projects is positively differentiated from those of our competitors. The group strategy is supported by the Thorogood Operating Model: recruiting exceptional talent, developing superior delivery capabilities in all our practices and driving for faultless execution of client projects. Under the Model, the group offers its customers a high value-added service. As adoption of AI becomes embedded in solutions and delivery, we position Thorogood to be a trusted source of Data & AI consulting services for large organizations. We focus on the assured delivery of benefit from the application of data engineering, data visualization, data science, machine learning and generative AI to business goals. Thorogood guides customers sensibly and confidently toward responsible and innovative solutions that drive valuable business outcomes. We help customers gain competitive advantage by pairing AI and Machine Learning tools with technology solutions to meet their business goals.
Key performance indicators
The company continues to focus on the key financial performance indicators of revenue growth and free cash flow and its precursors, gross and net profit margin. The group has very little debt but maintains borrowing facilities to provide liquidity, flexibility, and financial resilience. The group continually evaluates all available measures and opportunities to manage its cash flow to support its business and employees. The strategic priority continues to be balanced growth from both existing and new clients. An integrated business development team in collaboration with country management teams focuses on winning new business with new clients and on maintaining connections with existing customers as well as developing global strategic capability, business focus, and client management alongside strong, market relevant technical execution. Page 1
THOROGOOD ASSOCIATES LIMITED
GROUP STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025
Sustainability
In addition to these financial measures, the company is using its talents and skills to design and drive a sustainability strategy, build reporting capability and set company goals. As an organization, Thorogood is determined to make a positive impact on the world that we live in. As a professional consultancy, our own environmental footprint is very low. We have committed to reducing and recycling waste, the responsible disposal of e-waste, and learning within our company to understand the impact of our activities and to make well informed decisions about the way we interact internally and with partners in order to perform our business in a considered, responsible manner. We believe the biggest impact we can have on the environment is by working with our customers - some of the largest organizations in the world - to help transform them to become more sustainable. The challenge these organizations face is huge, and the key to tackling this Sustainability imperative is embedded in digital transformation. To meet the challenge, companies fundamentally have to understand their impact on the environment and how to reverse or mitigate it. The key to tackling sustainability lies in creating business solutions that allow companies to collect, manage, analyse, and act on their sustainability data. We have been helping our customers do this for over ten years, and will continue to do so, using those skills to drive our own transformation as well.
Risk and uncertainties
Volatility, Uncertainty, Complexity and Ambiguity (VUCA) The group depends on the overall demand for IT and Data and AI services and on the economic health of its customers. Financial downturns, unstable market conditions and uncertainty may cause the group’s customers to decrease or defer their IT budgets which could reduce spend and adversely impact the group’s business, operating results and financial condition. The renewal of contracts in a timely manner is uncertain and based on the financial success and performance criteria of its customers. The group has been expanding its geographical reach to enter new countries in order to mitigate individual customer and contract risks. Economic downturns, volatility in geopolitical and geoeconomic relations between major economies are driving market volatility and uncertainty, which could impact on the overall group results. The group’s Operating Model allows it to respond flexibly to changing demand. The management focus on free cash flow and the opportunity to review and change our reliance on fixed overheads such as office space enables the group to focus on customer delivery and employee safety, while remaining effective, productive and profitable. The group’s global and country management structure protects the group from events that hinder the achievement of the group’s performance objectives. The board meet with the management teams on a regular basis to help review, monitor and mitigate the risks facing the group. Operational risk The group’s client base consists of very large companies who expect and demand strong results. We do not have exclusive relationships with these companies and hence the loss of major customers could significantly harm our business, operating results and financial condition. Page 2
THOROGOOD ASSOCIATES LIMITED
GROUP STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025 Risk and uncertainties (continued) Inflation, Cost of Living and Supply Chain Risk As a professional services consultancy, our biggest costs are our people and our premises. The labour market for the technical skills our business requires is very competitive. We respond to the risks of the market and the need to address cost of living pressures by regularly assessing the market and our competitors. Our business model is built around providing challenging and rewarding careers in order to attract and retain staff. We continue to assess our premises, aiming to find appropriate, safe, collaborative environments, balancing financial commitments with flexibility. The group can accommodate these risks by remaining technically and strategically relevant to the market, continually sharing our value proposition and ensuring our rates reflect our costs and demonstrate a cost-effective investment for our customers. Foreign exchange risk The group transacts in many different currencies including US Dollars, the British Pound, the Euro, the Indian Rupee, Singapore Dollar and Brazilian Real. Given the group’s aim to increase its international business we expect the number of transactions in foreign currencies to increase. Foreign exchange risk for the group is monitored by the ultimate parent company. Legislative risk The group operates in multiple jurisdictions including the USA, India, Singapore, Brazil, the UK and the rest of Europe. The future performance of the business could be affected by changes made to local legislation in each jurisdiction.
Future developments
The speed of new advancements in AI capability and the enormous investment in AI technology and in infrastructure to support the huge computing power that the models and tools demand continue to create pressure for our customers to adopt more predictive, generative, and automated capabilities in order to compete effectively. As our work profile is increasingly enriched by generative and agentic AI, the group remains focused on the intersection of technical, analytical, and business understanding to create value and understanding with our customer solutions. At a time of rapid technological change and global uncertainty, the directors remain vigilant in the assessment of changing technology and market factors, committed to our core values and delivering good business outcomes for our customers. This report was approved by the board and signed on its behalf.
Mr T R Jones Director
Date: 5 June 2026
Page 3
THOROGOOD ASSOCIATES LIMITED
DIRECTORS' REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2025 The directors present their report and the financial statements for the year ended 30 September 2025.
Principal activities
The group is a specialist IT professional services firm. It conceives, designs, builds and supports data and AI systems.
Results and dividends
The loss for the year, after taxation, amounted to £66,249 (2024: profit £872,307). Dividends paid in the year amount to £1,000,258 (2024: £865,547). There was a post year end dividend payment of £Nil (2024: £1,000,258).
Directors
The directors who served during the year, and up to the date of signing this report, were:
Mr T R Jones
Mr P W Nicol
Ms S E Boyer
Mrs I R Harris
Directors' responsibilities statement
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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, including FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’). 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 and 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; and ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group will continue in business. 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 the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Qualifying third party indemnity provisions
Qualifying indemnity insurance was in place during the year which was also in force at the date of this report. Page 4
THOROGOOD ASSOCIATES LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025
Going concern
The directors have reviewed the group’s budgets and forecast for the next 12 month from the date of this report, as well as its liquid resources, medium term plans and the potential impact of governmental and legislative change, geopolitical action, inflation and exchange rate volatility and other economic events on its operations, supply chain, customer demand and working capital. The group has also performed a downside scenario which, while considered highly unlikely, demonstrates that the group will have sufficient cash resources for a period of at least one year. As a result, the group feels confident that it has sufficient resources to be a going concern.
Matters covered in the Group Strategic Report
As permitted under s414C(11) of the Companies Act 2006, the directors have included information in the Strategic Report that otherwise would be required under s416(4) to be disclosed in the Director's Report, including information in respect of business activities, principal risks and uncertainties and future developments.
Subsequent events
There have been no significant events affecting the company since the reporting date.
Disclosure of information to auditor
The directors confirm that: ∙so far as each director is aware, there is no relevant audit information of which the company and the group's auditor is unaware, and ∙the directors have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company and the group's auditor is aware of that information.
Auditor
The auditor, Grant Thornton UK LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board and signed on its behalf.
Mr T R Jones Director
Date: 5 June 2026
Page 5
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THOROGOOD ASSOCIATES LIMITED
Opinion
We have audited the financial statements of Thorogood Associates Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2025, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity, the Consolidated Statement of Cash Flows and notes to the financial statements, including a summary of 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 of the parent company's affairs as at 30 September 2025 and of the group's loss for the year then ended; ∙the financial statements have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙the financial statements 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 the 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
We are responsible for concluding on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's and the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify the auditor’s opinion. Our conclusions are based on the audit evidence obtained up to the date of our report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. In our evaluation of the directors' conclusions, we considered the inherent risks associated with the group's and the parent company's business model including effects arising from macro-economic uncertainties such as the cost of living crisis, we assessed and challenged the reasonableness of estimates made by the directors and the related disclosures and analysed how those risks might affect the group's and the parent company's financial resources or ability to continue operations over the going concern period. Page 6
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THOROGOOD ASSOCIATES LIMITED (CONTINUED) Conclusions relating to going concern (continued) 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 the 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.
Other information
The other information comprises the information included in the Annual Report and Financial Statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is 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 the audit: ∙the information given in the Strategic Report and the Directors' Report for the financial year 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. Page 7
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THOROGOOD ASSOCIATES LIMITED (CONTINUED)
Matter on which we are required to report under the Companies Act 2006
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 identified material misstatements in the Strategic Report or the Directors' Report. Matters on which we are required to report by exception 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' Responsibilities Statement set out on page 4, 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 group's and 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 group or the parent company or to cease operations, or have no realistic alternative but to do so. Page 8
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THOROGOOD ASSOCIATES LIMITED (CONTINUED)
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: ∙We obtained an understanding of the legal and regulatory frameworks that are applicable to the group and the parent company. We determined that the following laws and regulations are most significant: Companies Act 2006, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. In addition, we concluded that there are certain significant laws and regulations that may have an effect on the determination of the amounts and disclosures in the financial statements and those laws and regulations relating to the taxation laws; ∙We understood how the group and the parent company is complying with those legal and regulatory frameworks by making enquiries of management and those responsible for legal and compliance matters into whether there were any risks of fraud arising from the Group’s day to day operations and whether there were any instances of non-compliance with laws and regulations or whether they had knowledge of actual, suspected or alleged fraud. We corroborated our enquiries through our review of the board minutes; ∙We assessed the susceptibility of the group and the parent company’s financial statements to material misstatement. Including how fraud might occur, by evaluating management’s incentives and opportunities for manipulation of the financial statements. This included the evaluation of the risk of management override of controls and through manipulation of accounting estimates. Audit procedures performed included: −Identifying and assessing the design and implementation of controls that management has in place to prevent and detect fraud; −Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations and journals posted by senior management; and −Challenging assumptions and judgements made by management in its significant accounting estimates. ∙These audit procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error and detecting irregularities that result from fraud is inherently more difficult than detecting those that result from error, as fraud may involve collusion, deliberate concealment, forgery or intentional misrepresentations. Also, the further removed non-compliance with laws and regulations is from events and transactions reflected in the financial statements, the less likely we would become aware of it; Page 9
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THOROGOOD ASSOCIATES LIMITED (CONTINUED) Auditor's responsibilities for the audit of the financial statements (continued) ∙The engagement lead's assessment of the appropriateness of the collective competence and capabilities of the engagement team included consideration of the engagement team's: −Understanding of, and practical experience with audit engagements of a similar nature and complexity through appropriate training and participation; −Knowledge of the industry in which the client operates; and −Understanding of the legal and regulatory requirements specific to the group and parent company. ∙We communicated relevant laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: 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. Taras Kulyk Senior Statutory Auditor for and on behalf of Grant Thornton UK LLP Statutory Auditor, Chartered Accountants Milton Keynes 5 June 2026 Page 10
THOROGOOD ASSOCIATES LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 SEPTEMBER 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 11,987,213 | 15,175,406
Cost of sales |  | (5,338,336) | (7,190,439)
Gross profit |  | 6,648,877 | 7,984,967
Administrative expenses |  | (6,517,742) | (6,633,169)
Other operating income |  | 9,946 | -
Operating profit | 5 | 141,081 | 1,351,798
Interest receivable and similar income | 9 | 19,149 | 22,191
Interest payable and similar expenses | 10 | (41,157) | (1,874)
Profit before taxation |  | 119,073 | 1,372,115
Tax on profit | 11 | (185,322) | (499,808)
(Loss)/profit for the financial year |  | (66,249) | 872,307
Foreign exchange movement |  | (87,649) | (92,866)
Other comprehensive loss for the year |  | (87,649) | (92,866)
Total comprehensive (loss)/income for the year |  | (153,898) | 779,441
All results are derived from continuing operations. There were no recognised gains and losses for 2025 or 2024 other than those included in the Consolidated Statement of Comprehensive Income. There was no other comprehensive income for 2025 (2024: £Nil).
The notes on pages 18 to 36 form part of these financial statements.
Page 11
THOROGOOD ASSOCIATES LIMITED REGISTERED NUMBER:02149616
CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 SEPTEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 12 |  | 246,016 |  | 305,918
Current assets |  |  |  |  |
Debtors: amounts falling due after more than one year | 14 | 62,184 |  | 62,184 |
Debtors: amounts falling due within one year | 14 | 4,515,311 |  | 4,327,158 |
Cash at bank and in hand | 15 | 1,116,268 |  | 2,867,485 |
|  | 5,693,763 |  | 7,256,827 |
Creditors: amounts falling due within one year | 16 | (1,258,661) |  | (1,704,054) |
Net current assets |  |  | 4,435,102 |  | 5,552,773
Total assets less current liabilities |  |  | 4,681,118 |  | 5,858,691
Other provisions | 18 |  | (6,938) |  | (30,355)
Net assets |  |  | 4,674,180 |  | 5,828,336
Capital and reserves |  |  |  |  |
Called up share capital | 20 |  | 40,333 |  | 40,333
Share premium account | 21 |  | 275,225 |  | 275,225
Capital redemption reserve | 21 |  | 27,329 |  | 27,329
Foreign exchange reserve | 21 |  | (490,870) |  | (403,221)
Profit and loss account | 21 |  | 4,822,163 |  | 5,888,670
Equity attributable to owners of the parent company |  |  | 4,674,180 |  | 5,828,336
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
Mr T R Jones
Director
Date: 5 June 2026
The notes on pages 18 to 36 form part of these financial statements. Page 12
THOROGOOD ASSOCIATES LIMITED REGISTERED NUMBER:02149616
COMPANY STATEMENT OF FINANCIAL POSITION AS AT 30 SEPTEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 12 |  | 61,559 |  | 46,684
Investments | 13 |  | 244,648 |  | 244,648
|  |  | 306,207 |  | 291,332
Current assets |  |  |  |  |
Debtors: amounts falling due after more than one year | 14 | 62,184 |  | 62,184 |
Debtors: amounts falling due within one year | 14 | 3,808,588 |  | 3,704,748 |
Cash at bank and in hand | 15 | 377,961 |  | 1,143,685 |
|  | 4,248,733 |  | 4,910,617 |
Creditors: amounts falling due within one year | 16 | (2,102,451) |  | (1,606,424) |
Net current assets |  |  | 2,146,282 |  | 3,304,193
Net assets |  |  | 2,452,489 |  | 3,595,525
Capital and reserves |  |  |  |  |
Called up share capital | 20 |  | 40,333 |  | 40,333
Share premium account | 21 |  | 275,225 |  | 275,225
Capital redemption reserve | 21 |  | 27,329 |  | 27,329
Foreign exchange reserve | 21 |  | 39,700 |  | 34,067
Profit and loss account | 21 |  | 2,069,902 |  | 3,218,571
Total equity |  |  | 2,452,489 |  | 3,595,525
The company has taken advantage of the exemption allowed under section 408 of the Companies Act and has not presented its own Statement of Comprehensive Income in these financial statements. The company's total comprehensive loss for the year was £148,411 (2024: profit £538,194). The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
Mr T R Jones
Director
Date: 5 June 2026
The notes on pages 18 to 36 form part of these financial statements. Page 13
THOROGOOD ASSOCIATES LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 SEPTEMBER 2025
| Called up share capital | Share premium account | Capital redemption reserve | Foreign exchange reserve | Profit and loss account | Total equity
| £ | £ | £ | £ | £ | £
At 1 October 2023 | 40,333 | 275,225 | 27,329 | (310,355) | 5,881,910 | 5,914,442
Comprehensive income for the year |  |  |  |  |  |
Profit for the year | - | - | - | - | 872,307 | 872,307
Foreign exchange movement | - | - | - | (92,866) | - | (92,866)
Total comprehensive income for the year | - | - | - | (92,866) | 872,307 | 779,441
Dividends: Equity capital | - | - | - | - | (865,547) | (865,547)
At 1 October 2024 | 40,333 | 275,225 | 27,329 | (403,221) | 5,888,670 | 5,828,336
Comprehensive loss for the year |  |  |  |  |  |
Loss for the year | - | - | - | - | (66,249) | (66,249)
Foreign exchange movement | - | - | - | (87,649) | - | (87,649)
Total comprehensive loss for the year | - | - | - | (87,649) | (66,249) | (153,898)
Dividends: Equity capital | - | - | - | - | (1,000,258) | (1,000,258)
At 30 September 2025 | 40,333 | 275,225 | 27,329 | (490,870) | 4,822,163 | 4,674,180
| The notes on pages 18 to 36 form part of these financial statements.
Page 14
THOROGOOD ASSOCIATES LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 SEPTEMBER 2025
| Called up share capital | Share premium account | Capital redemption reserve | Foreign exchange reserve | Profit and loss account | Total equity
| £ | £ | £ | £ | £ | £
At 1 October 2023 | 40,333 | 275,225 | 27,329 | 24,496 | 3,545,923 | 3,913,306
Comprehensive income for the year |  |  |  |  |  |
Profit for the year | - | - | - | - | 538,194 | 538,194
Foreign exchange movement | - | - | - | 9,571 | - | 9,571
Total comprehensive income for the year | - | - | - | 9,571 | 538,194 | 547,765
Dividends: Equity capital | - | - | - | - | (865,546) | (865,546)
At 1 October 2024 | 40,333 | 275,225 | 27,329 | 34,067 | 3,218,571 | 3,595,525
Comprehensive loss for the year |  |  |  |  |  |
Loss for the year | - | - | - | - | (148,411) | (148,411)
Foreign exchange movement | - | - | - | 5,633 | - | 5,633
Total comprehensive loss for the year | - | - | - | 5,633 | (148,411) | (142,778)
Dividends: Equity capital | - | - | - | - | (1,000,258) | (1,000,258)
At 30 September 2025 | 40,333 | 275,225 | 27,329 | 39,700 | 2,069,902 | 2,452,489
| The notes on pages 18 to 36 form part of these financial statements.
Page 15
THOROGOOD ASSOCIATES LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial year | (66,249) | 872,307
Adjustments for: |  |
Depreciation of tangible assets | 131,790 | 144,908
Interest payable | 41,157 | 1,874
Interest receivable | (19,149) | (22,191)
Taxation charge | 185,322 | 499,807
Decrease/(Increase) in debtors | 178,272 | (8,030)
Decrease in creditors | (445,310) | (415,085)
Decrease in provisions | (23,418) | -
Corporation tax (paid)/received | (551,746) | 16,675
Foreign exchange movement on group tangible assets | 12,596 | 21,518
Foreign exchange movement | (64,009) | 95,535
Net cash (used in)/generated from operating activities | (620,744) | 1,207,318
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (84,566) | (190,385)
Interest received | 19,149 | 22,191
Net cash used in investing activities | (65,417) | (168,194)
Page 16
THOROGOOD ASSOCIATES LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025
|  | 2025 | 2024
|  | £ | £
Cash flows from financing activities |  |
Repayment of loans | - | (42,365)
Dividends paid | (1,000,258) | (865,546)
Interest paid | (41,157) | (1,874)
Net cash used in financing activities | (1,041,415) | (909,785)
Net (decrease)/increase in cash and cash equivalents | (1,727,576) | 129,339
Cash and cash equivalents at beginning of year | 2,867,485 | 2,926,546
Foreign exchange gains and losses | (23,641) | (188,400)
Cash and cash equivalents at the end of year | 1,116,268 | 2,867,485
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 1,116,268 | 2,867,485
The notes on pages 18 to 36 form part of these financial statements.
Page 17
THOROGOOD ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
1. | General information
Thorogood Associates Limited is a private company limited by shares, incorporated in England and Wales. Its registered number is 02149616, and its registered head office is located at Ealing Cross, 85 Uxbridge Road, London, England, W5 5BW. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with 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 group management to exercise judgement in applying the group's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Financial Reporting Standard 102 - reduced disclosure exemptions – company only
The parent company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": ∙the requirements of Section 7 Statement of Cash Flows; ∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); ∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); ∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; and ∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
| 2.3 | Basis of consolidation
The consolidated financial statements present the results of the company and its own subsidiaries ("the group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases. Page 18
THOROGOOD ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.4 | Going concern
The directors have reviewed the group’s budgets and forecast for the next 12 month from the date of this report, as well as its liquid resources, medium term plans and the potential impact of governmental and legislative change, geopolitical action, inflation and exchange rate volatility and other economic events on its operations, supply chain, customer demand and working capital. The group has also performed a downside scenario which, while considered highly unlikely, demonstrates that the group will have sufficient cash resources for a period of at least one year. As a result, the group feels confident that it has sufficient resources to be a going concern.
| 2.5 | Foreign currency translation
Functional and presentation currency The group's functional and presentational currency is GBP and all values are rounded to the nearest pound (£) except where otherwise stated. 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. On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.
| 2.6 | Revenue
Revenue is the total amount receivable by the company for services provided, excluding VAT and trade discounts, in respect of activities on behalf of customers and clients provided during the year. Revenue is recognised as time is worked. Projects are reviewed at the year end to ensure that any revenue which should be directly attributable to the financial year is recognised. Page 19
THOROGOOD ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.7 | Operating leases
Rentals paid under operating leases are charged to profit or loss 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. The group has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard 01 October 2021 to continue to be charged over the period to the first market rent review rather than the term of the lease.
| 2.8 | Leased assets
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Consolidated Statement of Comprehensive Income so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
| 2.9 | Pensions
Defined contribution pension plan The group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the group pays fixed contributions into a separate entity. Once the contributions have been paid the group 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 Statement of Financial Position. The assets of the plan are held separately from the group in independently administered funds.
| 2.10 | Interest income
Interest income is recognised in the Consolidated Statement of Comprehensive Income using the effective interest method.
| 2.11 | Finance costs
Finance costs are charged to the Statement of Comprehensive Income 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. Page 20
THOROGOOD ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.12 | Current and deferred taxation
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 reporting date in the countries where the company and the group operate and generate income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting 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; ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and ∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future. 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 reporting date.
| 2.13 | 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. Depreciation is provided on the following basis:
|  |  |  | Equipment and fittings | - | 5 years
|  |  |  | Computers | - | 4 years
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. Page 21
THOROGOOD ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.14 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.15 | 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.
| 2.16 | Provisions for liabilities
Provisions are made where an event has taken place that gives the group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. Provisions are charged as an expense to profit or loss in the year that the group becomes aware of the obligation, and are measure at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.
| 2.17 | Financial instruments
The group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Financial instruments are recognised in the group's Statement of Financial Position when the group becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The group's cash and cash equivalents, trade and most other debtors due within the operating cycle fall into this category of financial instruments. Page 22
THOROGOOD ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.17 | Financial instruments (continued)
Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Basic financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the group will continue to recognise the value of the portion of the risks and rewards retained. Page 23
THOROGOOD ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.17 | Financial instruments (continued)
Derecognition of financial liabilities Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
| 2.18 | Invoice discounting
Amounts due in respect of invoice discounting are disclosed as current liabilities. The group can use the invoice discounting facilities to draw down an advance based on a percentage of the value of sales invoices, as agreed with the discounting provider, subject to an overall borrowing limit. The management and collection of debtors remain with the group.
| 2.19 | 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 at an annual general meeting.
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Estimates are based on historical experience and other assumptions that are considered reasonable in the circumstances. The actual amount or values may vary in certain instances from the assumptions and estimates made. Changes will be recorded, with corresponding effect in the financial statements, when, and if, better information is obtained. Critical judgements and sources of estimation uncertainty that management have made in the process of applying accounting policies disclosed herein and that have a significant effect on the amounts recognised in the financial statements relate to the following:’ Estimates The management has reviewed its judgements in relation to bad debts, going concern and asset impairment and there are no material estimates in the preparation of these financial statements. Judgements In the process of preparing the financial statements, no significant judgements were applied. Page 24
THOROGOOD ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
4. | Turnover
| Overseas turnover amounted to 28.4% (2024: 37.5%) of group turnover for the year. An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Provision of services | 11,987,213 | 15,175,406
Analysis of turnover by country of origin:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| United Kingdom | 8,584,463 | 9,479,816
| Singapore | 544,728 | 126,668
| United States | 2,858,022 | 5,521,390
| Brazil | - | 47,532
|  | 11,987,213 | 15,175,406
5. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Depreciation of tangible fixed assets (note 12) | 131,790 | 144,908
| Other operating lease rentals | 1,035,116 | 1,003,575
| Foreign exchange loss | 130,242 | 272,587
6. | Auditor's remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the group's auditor and its associates for the audit of the group's annual financial statements | 85,401 | 84,381
| Fees payable to the group's auditor and its associate in respect of: |  |
| Accounts production | 4,700 | 4,429
| Taxation compliance services | 17,750 | 36,708
Page 25
THOROGOOD ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
7. | Employees
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Wages and salaries | 6,133,549 | 8,119,521 | 2,779,867 | 3,236,892
| Social security costs | 632,897 | 692,804 | 361,504 | 374,080
| Cost of defined contribution scheme | 185,632 | 205,421 | 117,888 | 115,095
|  | 6,952,078 | 9,017,746 | 3,259,259 | 3,726,067
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Directors | 4 | 4
|  | Administration | 17 | 17
|  | Consultants | 176 | 197
|  |  | 197 | 218
8. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 708,224 | 747,659
| Group contributions to defined contribution pension schemes | 27,557 | 25,681
|  | 735,781 | 773,340
| During the year retirement benefits were accruing to 3 directors (2024: 3) in respect of defined contribution pension schemes.
| The highest paid director received remuneration of £414,943 (2024: £438,274).
| The value of the group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £17,590 (2024: £18,178).
| Under FRS102, key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the entity, directly or indirectly. The directors are considered to be key management.
Page 26
THOROGOOD ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
9. | Interest receivable and similar income
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 19,149 | 22,191
10. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest payable | 41,157 | 1,874
11. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Adjustments in respect of previous periods | 9,166 | 3,173
| Foreign tax |  |
| Foreign tax on income for the year | 352,903 | 514,944
| Total current tax | 362,069 | 518,117
| Deferred tax |  |
| Origination and reversal of timing differences | (175,446) | (18,309)
| Adjustments in respect of previous periods | (1,301) | -
| Total deferred tax | (176,747) | (18,309)
| Taxation on profit on ordinary activities | 185,322 | 499,808
Page 27
THOROGOOD ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 11.Taxation (continued)
| Factors affecting tax charge for the year The tax assessed for the year is higher than (2024: higher than) the standard rate of corporation tax in the UK of 25% (2024:25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 119,073 | 1,372,115
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024: 25%) | 29,768 | 343,029
| Effects of: |  |
| Foreign tax credits | 106,866 | 165,065
| Non deductible expenses | 43,014 | (11,503)
| Fixed asset differences | 37 | 44
| Adjustments to tax charge in respect of prior periods | 9,166 | 3,173
| Adjustments to tax charge in respect of prior periods - deferred tax | (1,301) | -
| Other permanent differences | (2,228) | -
| Total tax charge for the year | 185,322 | 499,808
Factors that may affect future tax charges Deferred tax balances have been measured at 25%, being the enacted UK corporation tax rate applicable to future periods at the balance sheet date. Page 28
THOROGOOD ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
12. | Tangible fixed assets
| Group
|  | Computers | Equipment and fittings | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 1 October 2024 | 1,303,583 | 752,044 | 2,055,627
| Additions | 65,272 | 19,294 | 84,566
| Foreign exchange movement | (66,798) | (21,957) | (88,755)
| At 30 September 2025 | 1,302,057 | 749,381 | 2,051,438
| Depreciation |  |  |
| At 1 October 2024 | 1,051,591 | 698,118 | 1,749,709
| Charge for the year on owned assets | 113,267 | 18,523 | 131,790
| Foreign exchange movement | (56,460) | (19,617) | (76,077)
| At 30 September 2025 | 1,108,398 | 697,024 | 1,805,422
| Net book value |  |  |
| At 30 September 2025 | 193,659 | 52,357 | 246,016
| At 30 September 2024 | 251,992 | 53,926 | 305,918
Page 29
THOROGOOD ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 12.Tangible fixed assets (continued)
| Company
|  | Computers | Equipment and fittings | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 1 October 2024 | 97,517 | 19,565 | 117,082
| Additions | 38,874 | 1,362 | 40,236
| Foreign exchange movement | (113) | (26) | (139)
| At 30 September 2025 | 136,278 | 20,901 | 157,179
| Depreciation |  |  |
| At 1 October 2024 | 64,906 | 5,492 | 70,398
| Charge for the year on owned assets | 20,664 | 4,660 | 25,324
| Foreign exchange movement | (94) | (8) | (102)
| At 30 September 2025 | 85,476 | 10,144 | 95,620
| Net book value |  |  |
| At 30 September 2025 | 50,802 | 10,757 | 61,559
| At 30 September 2024 | 32,611 | 14,073 | 46,684
Page 30
THOROGOOD ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
13. | Fixed asset investments
| Company
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| At 1 October 2024 | 244,648
| At 30 September 2025 | 244,648
| Net book value |
| At 30 September 2025 | 244,648
| At 30 September 2024 | 244,648
| Subsidiary undertakings
| The following were subsidiary undertakings of the company:
| Name | Registered office | Class of shares | Holding
| Thorogood Associates Inc | 100 Princeton South Corporate Center, Suite 160, Ewing, NJ 08628 | Ordinary | 100%
| Thorogood Associates India Private Limited | Unit 201, ACR Towers, No. 32 Residency Road Bangalore, India, 560 025 | Ordinary | 100%
| Thorogood Associates (Australia) PTY Limited | Level 17, 383 Kent Street, Sydney, NSW2000 | Ordinary | 100%
| Thorogood Associates (Brazil) - Business Intelligence and Analytics Consultancy Limitada | Av Bernardino de Campos, 98 3rd Floor, Suite 48, Paraiso, Sao Paulo, 04004-040 | Ordinary | 100%
| Thorogood Associates Europe Limited | 13-18 City Quay Dublin 2, Dublin, D02 ED70, Ireland | Ordinary | 100%
Page 31
THOROGOOD ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
14. | Debtors
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Due after more than one year |  |  |  |
| Other debtors | 62,184 | 62,184 | 62,184 | 62,184
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Due within one year |  |  |  |
| Trade debtors | 3,000,104 | 2,756,362 | 2,250,939 | 1,961,366
| Amounts owed by group undertakings | - | - | 642,331 | 899,096
| Other debtors | 925,546 | 1,347,559 | 528,874 | 643,865
| Dividends receivable | - | - | 193,412 | 174,156
| Tax recoverable | 336,303 | 146,626 | - | 9,166
| Deferred taxation | 253,358 | 76,611 | 193,032 | 17,099
|  | 4,515,311 | 4,327,158 | 3,808,588 | 3,704,748
| Trade debtors are stated after provisions for impairment of £Nil (2024: £Nil). Amounts owed by group undertakings are non-interest bearing, unsecured and repayable on demand.
15. | Cash and cash equivalents
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Cash at bank and in hand | 1,116,268 | 2,867,485 | 377,961 | 1,143,685
Page 32
THOROGOOD ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
16. | Creditors: amounts falling due within one year
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Trade creditors | 167,467 | 191,648 | 157,222 | 146,469
| Amounts owed to group undertakings | - | - | 1,020,312 | 591,879
| Other taxation and social security | 332,506 | 417,246 | 476,084 | 410,077
| Other creditors | 758,688 | 1,095,160 | 448,833 | 457,999
|  | 1,258,661 | 1,704,054 | 2,102,451 | 1,606,424
| Amounts owed to group undertakings are non-interest bearing, unsecured and repayable on demand.
17. | Deferred taxation
| Group
|  | 2025 | 2024
|  | £ | £
| At beginning of year | 76,611 | 58,302
| Charged to profit or loss | 176,747 | 18,309
| At end of year | 253,358 | 76,611
| Company
|  | 2025 | 2024
|  | £ | £
| At beginning of year | 17,099 | (239)
| Charged to profit or loss | 175,933 | 17,338
| At end of year | 193,032 | 17,099
Page 33
THOROGOOD ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 17.Deferred taxation (continued)
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Accelerated capital allowances | (10,404) | (5,570) | (10,404) | (5,570)
| Other timing differences | 66,505 | 64,723 | 6,179 | 5,211
| Losses and other deductions | 197,257 | 17,458 | 197,257 | 17,458
|  | 253,358 | 76,611 | 193,032 | 17,099
| Comprising: |  |  |  |
| Asset | 253,358 | 76,611 | 193,032 | 17,099
18. | Provisions
| Group
|  | Rebates
|  | £
| At 1 October 2024 | 30,355
| Charged to profit or loss | 6,938
| Amounts used | (30,355)
| At 30 September 2025 | 6,938
19. | Analysis of net debt
|  | At 1 October 2024 | Cash flows | Other non-cash changes | At 30 September 2025
|  | £ | £ | £ | £
| Cash at bank and in hand | 2,867,485 | (1,727,576) | (23,641) | 1,116,268
Page 34
THOROGOOD ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
20. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Shares classified as equity Allotted, called up and fully paid |  |
|  | 40,333 (2024: 40,333) Ordinary shares of £1 each | 40,333 | 40,333
| There is a single class of ordinary shares. There are no restrictions on dividends and the repayment of capital.
21. | Reserves
The group's capital and reserves are as follows: Share premium account Includes only premiums received on issue of share capital. Any transaction costs associated with issuing of shares are deducted from share premium. Capital redemption reserve Includes amounts transferred following the redemption of the company's own shares. Foreign exchange reserve Includes foreign exchange differences arising from the consolidation of the group entities. Profit and loss account Includes all current and prior period retained profit and losses.
22. | Dividends
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Dividends paid | 1,000,258 | 865,547
23. | Contingent liabilities
There were no contingent liabilities at 30 September 2025 or 30 September 2024.
24. | Capital commitments
The group had no capital commitments at 30 September 2025 or 30 September 2024. Page 35
THOROGOOD ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
25. | Pension commitments
The group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £185,632 (2024: £205,421). Contributions totalling £25,809 (2024: £21,926) were payable to the fund at the reporting date and are included in creditors.
26. | Commitments under operating leases
| At the reporting date the group and the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Land and buildings |  |  |  |
| Not later than 1 year | 928,160 | 792,659 | 431,745 | 102,548
| Later than 1 year and not later than 5 years | 1,086,546 | 1,608,591 | - | -
| Later than 5 years | 51 | 49 | - | -
|  | 2,014,757 | 2,401,299 | 431,745 | 102,548
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Other |  |  |  |
| Not later than 1 year | 7,954 | 5,658 | - | -
| Later than 1 year and not later than 5 years | 33,467 | 14,518 | - | -
| Later than 5 years | 5,065 | 49 | - | -
|  | 46,486 | 20,225 | - | -
27. | Related party transactions
| The group has taken advantage of the exemptions offered by FRS 102 Section 33.1a to not disclose transactions with wholly owned group companies.
28. | Subsequent events
There have been no significant events affecting the company since the reporting date.
29. | Controlling party
In the opinion of the directors, Mr T R Jones is the company's ultimate controlling party by virtue of his majority shareholding in the company. Page 36