Registration number:
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Thirdway Interiors Limited
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Brebners
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Thirdway Interiors Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Statement of Income and Retained Earnings |
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Statement of Financial Position |
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Notes to the Financial Statements |
Thirdway Interiors Limited
Company Information
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Directors |
B J P Gillam M J Booth |
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Registered office |
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Auditor |
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Thirdway Interiors Limited
Strategic Report for the Year Ended 31 December 2025
The directors present their strategic report for the year ended 31 December 2025.
Principal Activity and Business Review
There have not been any significant changes in the company’s principal activity during the period under review. The company is a leading supplier of design and build services to commercial property owners and tenants.
Financial Key Performance Indicators
The company's key financial and other performance indicators during the year were as follows:
|
Unit |
2025 |
2024 |
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Gross profit |
£ |
25,644,418 |
23,179,101 |
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Gross margin |
% |
24 |
27 |
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Profit/(loss) before tax |
£ |
6,346,302 |
6,049,595 |
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Net assets |
£ |
13,412,347 |
16,806,216 |
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Turnover |
£ |
107,296,470 |
87,164,456 |
The current asset ratio for the year ended 31 December 2025 was 1.3 (2024: 1.6).
Turnover in 2025 was 23% higher than in 2024 and generated an increase in gross profit of 11%. Continued strong delivery, returning customers, established brand and reputation together with opportunities created from group companies continued to generate revenue for Thirdway Interiors.
During the year ended 31 December 2025, there was increased pressure on costs resulting in a reduction of 3% in gross margin.
The growth in turnover has resulted in an increase in profit before tax of £300k compared to 2024 which represents a growth of 5%.
The benefit of organising people into specialist teams, focusing on particular customer niches, continues to allow us to focus on the market segments in which we are best positioned to grow, while the continued investment in the training and development of our team ensures we have the best talent available in all areas of the business.
The directors are satisfied with the statement of financial position at 31 December 2025 with £13,412,347 of net assets and £12,909,940 of net current assets including £8,474,681 cash at bank.
With these significant financial resources available, the directors believe that Thirdway Interiors Limited remains well placed to exploit future opportunities as and when they arise.
Non-Financial Key Performance Indicators
The company seeks to ensure that responsible business practice is fully integrated into the management of all its operations and into the culture of all parts of its business. It believes that the consistent adoption of responsible business practice is essential for operational excellence, which in turn, ensures the delivery of its core objectives of sustained real growth in profitability.
Given the company's size and diversity, the directors take a wide range of non-financial performance indicators into account.
Thirdway Interiors Limited
Strategic Report for the Year Ended 31 December 2025
Financial Instruments, Principal Risks and Uncertainties
Competitive risk
The company operates in competitive markets and has a number of key competitors. The company manages this risk by providing high quality designs to its clients at competitive prices. We place a large emphasis on building long lasting relationships, with both our customers, as well as our supplier base. We believe that the quality of our work also stands us in great stead when facing a highly competitive market.
Market risk
The market is subject to fluctuations due to wider economic factors that affect demand for office space and related design and build services. The company manages this risk by periodically reviewing:
a) its current cost base to ensure it is appropriate to current market volumes; and
b) the level of appeal and marketability of its current market offering to ensure it is appropriate and kept up to date to meet current market requirements.
Credit risk and financial instruments
The company may offer credit terms to its customers which allow payment of the debt after delivery of the goods or services. The company is at risk to the extent that a customer may be unable to pay the debt on the specified due date. This risk is mitigated by maintaining strong ongoing customer relationships and closely monitoring outstanding debts from all sources.
The company's exposure to exchange risk is minimal as the majority of sales and purchases contracted are in Sterling. The company uses cash at bank and no other financial instruments. The company had no hedging arrangements on 31 December 2025.
Liquidity risk
The objective of the company in managing liquidity risk is to ensure that it can meet its financial obligations as and when they fall due. The company prepares monthly cash flow forecasts to ensure that liquidity is maintained and adjusts its cost base as required. The company maintains a positive cash balance at all times and while there is an overdraft facility available, this has not been utilised during the period and the company does not currently forecast that this will be required in the future.
Health and Safety risk
The company performs large scale property fit out works that carry significant health and safety risks to employees, clients and contractors unless carried out in a safe manner. The company employs a dedicated Health and Safety Director who reports to the board and regularly reviews health and safety policies and practices to ensure they adequately address the risks faced. Staff members receive regular health and safety training and risk assessments are conducted as needed for work conducted by staff members and contractors.
Contract risk
The company takes on risks in relation to potential cost over runs on new design and build projects and in relation to potential late delivery. The company operates a strict governance procedure which ensures that all risk is considered and mitigated. The procedure includes internal senior leadership and in-house legal team sign off on all new customer contracts to ensure that they are priced appropriately, that delivery timescales are realistic and that risk is mitigated by back to backing of associated risks with sub-contractors.
Thirdway Interiors Limited
Strategic Report for the Year Ended 31 December 2025
Research and Development
The company continues to undertake research and development in order to improve and diversify its service offering.
Future Prospects and Subsequent Events
The company continues to be well positioned as a leader in its target market. The directors do not anticipate any changes in the company’s principal activities but will continue to ensure its services meet market needs.
The directors are confident the pipeline for 2026 demonstrates that revenue will continue to remain strong and healthy due to the successful portfolio built and number of partnerships formed. It is expected that the commercial design and build market will continue to show significant demand as employers re-work their office spaces following a couple of years of lower use, and the continuing evolution of how office space is and can be used by our clients.
The company will continue to co-operate with fellow group subsidiaries including Tribe Furniture Limited, Thirdway Architecture Limited and Thirdway Pulse Limited where there are good synergies that enable improved service offerings to clients.
Streamlined energy and carbon reporting
The UK Government's Streamlined Energy and Carbon Reporting (SECR) policy was implemented on 1 April 2019. The table below represents the company's energy use and associated greenhouse gas (GHG) emissions from electricity and fuel in the UK for the year ended 31 December 2025.
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2025 |
2024 |
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Total Energy Consumption (kWh) |
225,587 |
235,587 |
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Made up of: |
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Electricity |
225,587 |
235,587 |
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Scope 1 - Direct CHG emissions in kg CO2e |
- |
- |
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Scope 2 – Indirect CHG emissions in kg CO2e |
39,931 |
48,778 |
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Carbon dioxide |
39,453 |
48,279 |
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Methane |
203 |
212 |
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Nitrogen dioxide |
275 |
287 |
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Intensity ratio kg CO2e per employee |
231 |
296 |
Thirdway has produced this SECR in accordance with requirements of the Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018 (“the 2018 Regulations”), and pursuant to additional disclosure requirements as applied from 1 April 2019 for large unquoted companies to disclose annual energy use and greenhouse gas emissions (GHGs).
Emissions have been grouped according to the GHG Protocol Corporate Standard.
Thirdway Interiors Limited
Strategic Report for the Year Ended 31 December 2025
Requirements
UK Energy Use (2024 & 2025)
Associated GHG Emissions (2024 & 2025)
Previous Year’s Energy Use & GHG Emissions (2024)
Intensity Ratio (2024 & 2025)
Energy Efficiency Actions Taken (2025)
Methodology Used (2025)
We have used the following data sources for the report:
Energy and Fuel Data - energy supplier billing data
Intensity Ratio - based on energy consumed per employee
Energy efficiency actions taken in the financial year
• Full use of light sensors throughout our premises at Morelands, Old Street. This ensures lights in the different spaces of our premises will only come on if there are people and motion in those areas.
• All large appliances (dishwashers, microwaves) used within our premises have an energy rating of ‘A’ and low flow water regulators
• All appliances are set to go into low power mode after a short period of inactivity.
• Heating and cooling systems are only active during working hours.
• Windows are opened during warmer months to reduce cooling requirements and circulate air.
• Unit switching off at weekends and bank holidays.
• Locked out setting on the controllers to stop misuse (creating max and min temps)
Comparison with prior year figures
The total energy consumption and absolute CO2e figures have fallen from 2024, leading to a reduction in intensity ratio per employee.
Section 172(1) statement
The Companies (Miscellaneous Reporting) Regulations 2018 require Directors to explain how they considered the interest of key stakeholders as set out in section 172(1) (A) to (F) of the Companies Act 2006 when performing their duty to promote the success of the company. The following paragraphs summarise how the Directors fulfil their duties.
Thirdway Interiors Limited
Strategic Report for the Year Ended 31 December 2025
Long term decision making
With a highly competitive and evolving market, it has remained necessary for the company to quickly adapt to the rapidly changing landscape. The business has retained identified key talent, but also sought to further strengthen our staff base across the business, particularly at the senior management level.
Following the appointment of our Head of Sustainability in Q4 of 2023, we have developed a Net Zero Carbon (NZC) roadmap and are committed to achieving NZC across scopes 1 and 2 by 2030, and scope 3 by 2045.
Our roadmap, aligned with the Science Based Targets initiative, focuses on reducing the carbon footprint of our operations and project outputs.
Our strategy also emphasises energy efficiency and the adoption of renewable energy where possible.
Our emissions reduction efforts prioritise areas where we can have the greatest impact, particularly in Purchased Goods & Services, Capital Goods (especially site materials), and Waste Generated in construction based operations.
Sustainability is considered key to long term decision making and the sustainability lead has been employed to work across the company and with clients to ensure that this is properly addressed.
The company has a number of long-standing client relationships and continues to invest resources in maintaining and improving those relationships, as repeat business has been a key tenet of the growth seen in 2025.
The company continued to work with a number of experienced Board advisers who have strong experience of organically growing revenues and profits to help set strategy and improve governance to promote the long-term success of the company.
Looking after people
The company worked hard on ensuring our roster for staff are the best possible, with continued significant investment in staff development activities. The company hired in new areas which present opportunities for growth as well as promoting from within. In addition, new appointments strengthened all areas of the business across 2025 and into 2026.
Continuing the sense of community and family was a key part of the strategy in 2025 and helped retain the market leading team that it has built. The company also sets out to be an employer of choice through its inclusive culture, open communication and by providing strong employee benefits.
The health, safety and wellbeing of staff remained critical in 2025 and investment was continued to ensure each member of the team received the support they needed. Additionally, there was a continued drive to enhance the safety, and physical and mental wellbeing of site personnel. Industry leading and externally verified accreditations, including Constructionline Gold status and SafeContractor SSIP, were achieved by demonstrating a drive to go above and beyond in safety, health and social values.
Fostering relationships with suppliers, customers and others
The company also recognised the need to work with and support suppliers and leveraged strong relationships with the local businesses that provide services for us, looked to understand their needs and how we could support them. The company continued to invest heavily in its account management team to ensure that customer needs were understood and met and restructured internally to ensure a better focus on each customer grouping.
Thirdway Interiors Limited
Strategic Report for the Year Ended 31 December 2025
Thirdway’s impact on the community and the environment
Thirdway aims to deliver through collaboration and innovation and sets out to “Make Life Work” through innovative designs and builds, while building long lasting relationships with clients and partners.
Thirdway developed its Environmental, Social and Corporate Governance (ESG) framework through the detailed development of the Environmental, Sustainability, and Corporate Social Responsibilities policies, along with the enhancements of the existing governance policies in place. A combined multi-disciplinary and collaborative approach has led to a robust and standardised approach to fulfilling related commitments and monitoring environmental and social impacts, while keeping compliance, both regulatory and best-practice a priority.
In conjunction with the ESG framework, we have also launched a new Environmental Policy and Sustainable Procurement Policy this year, in order to provide a clear governance framework for the consistent delivery of sustainability across projects and operations.
The key areas of environmental considerations all affected policies capture are:
• consideration in advance where possible of the environmental effects of any significant new development and to adjust plans accordingly;
• monitoring of the impact of existing operations on the environment;
• taking positive steps to conserve resources, particularly those which are scarce or non-renewable;
• ensuring the provision of necessary information and training to enable employees to operate the processes properly and with minimal effects on the people or the environment
This commitment has been further reinforced through the expansion of our sustainability team with the appointment of a new Sustainability Manager, increasing our in-house capability and enabling us to provide greater technical expertise, enhanced project support and continued innovation across our client portfolio.
Thirdway’s continued and expanding expertise in social and mental wellbeing, and sustainability management through design continues to grow. This growth results from a combination of in-house knowledge and external specialist advisors enabling the delivery of Fitwel, SKA, Nabers, BREEAM, WiredScore and ActiveScore scopes throughout all services.
Thirdway Interiors works closely with The Thirdway Trust, the Group's charitable arm, which supports communities both locally and globally. Through partnerships with organisations such as The Salmon Youth Centre in Bermondsey, we have delivered employability and work experience workshops for young people, donated second-hand furniture through Tribe, and provided laptops to those in need. More recently, in partnership with Career Ready and British Land, we welcomed 60 students from local Camden schools to One Triton Square for an employability workshop and construction site tour, providing first-hand insight into careers within the built environment. Alongside these initiatives, the Group continues to support fundraising activities for The Salmon Youth Centre and Hackney Foodbank, reinforcing our commitment to creating positive social impact within the communities in which we operate.
Further afield, the Trust supported Toilet Twinning and Sabre Education. With every project we complete we encourage our clients to "twin" the toilets from their project at a cost of £60. This then funds the build of a toilet in a poor community around the world and provides life-saving hygienic benefit. To date, more than 1000 toilets have been funded across the globe.
The group remains committed to equality, diversity and inclusion improvements at Thirdway and helps to nurture a culture where every individual, regardless of race, religion, sex, gender, age, disability or sexual orientation feels valued and celebrated. Open dialogue within this forum is welcomed and encouraged to address all concerns or suggestions.
Thirdway Interiors Limited
Strategic Report for the Year Ended 31 December 2025
The need to act fairly as between members of the company
The company has taken steps to empower managers across the company by giving them accountability and control over their respective areas and to ensure that each company member is managed more effectively and for its benefit. The business has created a devolved business reporting structure with managers made responsible for each sales and delivery pack and cost centre that has improved this wider accountability and control.
Approved by the
.........................................
Director
Thirdway Interiors Limited
Directors' Report for the Year Ended 31 December 2025
The directors present their report and the financial statements for the year ended 31 December 2025.
Directors of the company
The directors who held office during the year were as follows:
Dividends
During the year the company declared and paid interim dividends accounting to £7,800,000 (2024: £Nil). No final dividend is proposed.
Disclosure of information in the Strategic Report
The company has chosen in accordance with s.414C(11) Companies Act 2006 to set out in the company's strategic report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the directors' report. It has done so in respect of future developments, research & development, financial instruments and streamlined energy and carbon reporting.
Directors' indemnities
As permitted by the Articles of Association, the Directors have the benefit of an indemnity which is a qualifying third party indemnity provision as defined by Section 234 of the Companies Act 2006. The indemnity was in force throughout the last financial year and is currently in force.
Disclosure of information to the auditor
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved by the Board on
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B J P Gillam
Director
Thirdway Interiors Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Thirdway Interiors Limited
Independent Auditor's Report to the Members of Thirdway Interiors Limited
for the Year Ended 31 December 2025
Opinion
We have audited the financial statements of Thirdway Interiors Limited (the 'company') for the year ended 31 December 2025, which comprise the Statement of Income and Retained Earnings, Statement of Financial Position, 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 company's affairs as at 31 December 2025 and of its profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.
In connection with our audit of the financial statements, 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 or a material misstatement of the other information. 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.
Thirdway Interiors Limited
Independent Auditor's Report to the Members of Thirdway Interiors Limited
for the Year Ended 31 December 2025
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the 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 Statement of Directors' Responsibilities (set out on page 10), the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Thirdway Interiors Limited
Independent Auditor's Report to the Members of Thirdway Interiors Limited
for the Year Ended 31 December 2025
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Based on our understanding of the company and the industry in which it operates, we determined that the principal risks of non-compliance with laws and regulations related to the reporting framework (FRS 102 and the Companies Act 2006), UK corporate taxation laws, health and safety legislation and anti-bribery legislation. These risks were communicated to our audit team and we remained alert to any indications of non-compliance throughout our audit.
We understood how the company is complying with relevant legislation by making enquiries of management and conducting a review of board minutes. We also considered the results of our audit procedures and to what extent these corroborate this understanding and assessed the susceptibility of the company’s financial statements to material misstatement. This included consideration of how fraud might occur and evaluation of management’s incentives and opportunities for fraudulent manipulation of the financial statements.
We designed our audit procedures to identify any non-compliance with laws and regulations. Such procedures included, but were not limited to, inspection of any regulatory or legal correspondence; challenging assumptions and judgements made by management; identifying and testing journal entries with a focus on large or unusual transactions as determined based on our understanding of the business; and identifying and assessing the effectiveness of controls in place to prevent and detect fraud.
Owing to the inherent limitations of an audit, there remains a risk that a material misstatement may not have been detected, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance with laws and regulations and cannot be expected to detect all instances of non-compliance.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
The primary responsibility for the detection and prevention of fraud rests with those responsible for governance and management. The further removed non-compliance with laws and regulations is from the events reflected in the financial statements, the less likely the auditor will become aware of it.
The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment, collusion, omission, misrepresentation or forgery.
Thirdway Interiors Limited
Independent Auditor's Report to the Members of Thirdway Interiors Limited
for the Year Ended 31 December 2025
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.
......................................
For and on behalf of
130 Shaftesbury Avenue
W1D 5AR
Thirdway Interiors Limited
Statement of Income and Retained Earnings for the Year Ended 31 December 2025
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Note |
2025 |
2024 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Other operating income |
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Operating profit |
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Other interest receivable and similar income |
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Profit before tax |
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Taxation |
( |
( |
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Profit for the financial year |
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|
|
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Retained earnings brought forward |
16,806,116 |
12,110,446 |
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Dividends paid |
( |
- |
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Retained earnings carried forward |
13,412,247 |
16,806,116 |
Thirdway Interiors Limited
Statement of Financial Position as at 31 December 2025
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Note |
2025 |
2024 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Retained earnings |
13,412,247 |
16,806,116 |
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Shareholders' funds |
13,412,347 |
16,806,216 |
Approved and authorised by the
......................................................................
B J P Gillam
Director
Company registration number: 07123442
Thirdway Interiors Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal activity of the company is the provision of interior design and build services across tenant and landlord clients.
The principal place of business is:
224-232
St John Street
London
EC1V 4QR
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Accounting policies |
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Summary of disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS102:
(a) No cash flow statement has been presented for the company.
(b) Disclosures in respect of financial instruments have not been presented.
(c) No disclosure has been given for the aggregate remuneration of key management personnel.
Thirdway Interiors Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
Going concern
The company made a profit for the year ended 31 December 2025 and had net assets at that date of £13,412,347 including cash at bank amounting to £8,474,681.
The company has an extensive pipeline of future works and the directors are confident that the company will continue to be profitable in the forthcoming year.
The directors have produced cashflow forecasts based upon various scenarios of construction industry activity and mobilisation which demonstrate that the company has sufficient working capital for a period exceeding 12 months from the approval of the financial statements.
On the basis of the above, and after making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Other than those involving estimations, there are no judgements that management have made in the process of applying the entity's accounting policies that have a significant effect on the amounts recognised in the financial statements.
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other estimation uncertainty that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows;
• Project stage of completion
Income and associated costs are recognised for projects based on their stage of completion at year end. The company exercises judgement to determine an appropriate stage of completion as the project progresses, which is reviewed throughout the year by management. At each reporting date, stage of completion is re-assessed and derived with reference to timely 3rd party valuations and past experience of similar projects.
The carrying value of contract assets less liabilities (net of retentions receivable) included within the statement of financial position at 31 December 2025 amounts to £6,998,128 (2024: £5,087,331).
Thirdway Interiors Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
• Useful economic lives of tangible assets
Tangible fixed assets are depreciated to their estimated residual values over their estimated useful lives. The company exercises judgement to determine these useful lives and residual values based on past experience of similar assets.
The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of those assets. The useful economic lives and residual values are re-assessed annually and adjusted where necessary to reflect economic utilisation and the physical condition of the assets among other factors.
An assessment is made at each reporting date for any indication that tangible fixed assets may be impaired, taking into account both external and internal sources of information. If any such indication is identified, an adjustment is made based on the estimated recoverable amount of the asset.
The remaining useful economic life of tangible fixed assets are considered key sources of significant estimation uncertainty. See note 12 for the carrying value of tangible fixed assets.
• Impairment of trade debtors
The company makes an estimate of the recoverable value of trade debtors and retentions receivable where amounts remain unpaid when the financial statements are approved. In assessing recoverability, management considers the ageing of balances, historical experience and specific customer circumstances.
The carrying amount of trade debtors is considered a key source of significant estimation uncertainty. See note 14 for the carrying value of trade debtors.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Thirdway Interiors Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
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 operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
|
Leasehold property |
over the length of the lease |
|
Fixtures, fittings and equipment |
25% straight line |
Thirdway Interiors Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
Research and Development
Research and development expenditure is written off in the period in which it is incurred.
Intangible assets
Separately acquired trademarks are shown at historical cost.
Trademarks have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
|
Asset class |
Amortisation method and rate |
|
Trademarks |
Straight line over 10 years |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Statement of Financial Position as a finance lease obligation.
Lease payments are apportioned between finance costs in the Income Statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Thirdway Interiors Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Financial instruments
Classification
Recognition and measurement
Debt instruments are subsequently measured at amortised cost.
Impairment
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Thirdway Interiors Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Revenue |
The analysis of the company's revenue for the year from continuing operations is as follows:
|
2025 |
2024 |
|
|
Rendering of services - United Kingdom |
|
|
|
Other operating income |
The analysis of the company's other operating income for the year is as follows:
|
2025 |
2024 |
|
|
Management charges receivable |
1,244,507 |
869,616 |
|
Operating profit |
Arrived at after charging/(crediting)
|
2025 |
2024 |
|
|
Depreciation expense |
|
|
|
Amortisation expense |
|
|
|
Foreign exchange losses |
|
|
|
Operating lease expense - property charges |
|
|
|
Other interest receivable and similar income |
|
2025 |
2024 |
|
|
Interest income on bank deposits |
|
|
|
Other finance income |
|
|
|
|
|
Thirdway Interiors Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Staff costs |
The aggregate payroll costs were as follows:
|
2025 |
2024 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
Other employee expenses |
|
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
|
2025 |
2024 |
|
|
Administration and support |
|
|
|
Sales and marketing |
|
|
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2025 |
2024 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
1,522,084 |
1,212,266 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
|
2025 |
2024 |
|
|
Accruing benefits under money purchase pension scheme |
|
|
In respect of the highest paid director:
|
2025 |
2024 |
|
|
Aggregate remuneration |
|
|
Thirdway Interiors Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
|
Auditor's remuneration |
|
2025 |
2024 |
|
|
Audit of the financial statements |
|
|
|
Other fees to auditors |
||
|
Taxation compliance services |
|
|
|
All other non-audit services |
|
|
|
|
|
Thirdway Interiors Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Taxation |
Tax charged/(credited) in the income statement
|
2025 |
2024 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
UK corporation tax adjustment to prior periods |
|
( |
|
1,852,134 |
1,372,850 |
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
|
( |
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2024 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2025 |
2024 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Effect of expenses not deductible in determining taxable profit |
|
|
|
Tax decrease from adjustment for prior periods |
|
( |
|
Tax (decrease)/increase from effect of capital allowances and depreciation |
( |
|
|
Tax decrease arising from group relief |
- |
( |
|
Deferred tax expense/(credit) |
|
( |
|
Total tax charge |
|
|
Thirdway Interiors Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
Deferred tax
The deferred tax included in the statement of financial position is as follows:
|
2025 |
Liability |
|
Accelerated capital allowances |
|
|
|
|
2024 |
Liability |
|
Accelerated capital allowances |
|
|
|
|
Intangible assets |
|
Trademarks |
Total |
|
|
Cost or valuation |
||
|
At 1 January 2025 |
|
|
|
At 31 December 2025 |
|
|
|
Amortisation |
||
|
At 1 January 2025 |
|
|
|
Amortisation charge |
|
|
|
At 31 December 2025 |
|
|
|
Carrying amount |
||
|
At 31 December 2025 |
|
|
|
At 31 December 2024 |
|
|
Thirdway Interiors Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Tangible assets |
|
Leasehold Improvements |
Furniture, fittings and equipment |
Total |
|
|
Cost or valuation |
|||
|
At 1 January 2025 |
|
|
|
|
Additions |
- |
|
|
|
At 31 December 2025 |
|
|
|
|
Depreciation |
|||
|
At 1 January 2025 |
|
|
|
|
Charge for the year |
- |
|
|
|
At 31 December 2025 |
|
|
|
|
Carrying amount |
|||
|
At 31 December 2025 |
- |
|
|
|
At 31 December 2024 |
- |
|
|
|
Debtors |
|
2025 |
2024 |
|
|
Trade debtors |
|
|
|
Amounts owed by group undertakings |
|
|
|
Other debtors |
|
|
|
Prepayments |
|
|
|
Accrued income |
|
|
|
Amounts recoverable under contracts |
|
|
|
|
|
Trade debtors are stated after provisions for irrecoverability of £670,719 (2024: £325,201).
|
Cash and cash equivalents |
|
2025 |
2024 |
|
|
Cash on hand |
|
|
Thirdway Interiors Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Creditors |
|
2025 |
2024 |
|
|
Due within one year |
||
|
Trade creditors |
|
|
|
Amounts due to group undertakings |
|
|
|
Social security and other taxes |
|
|
|
Other payables |
|
|
|
Accrued expenses |
|
|
|
Corporation tax liability |
2,544,282 |
1,392,148 |
|
Payments received on account |
|
|
|
|
|
|
Provisions for liabilities |
|
Deferred tax |
Total |
|
|
At 1 January 2025 |
|
|
|
Increase (decrease) in existing provisions |
|
|
|
At 31 December 2025 |
123,358 |
123,358 |
|
|
||
|
Share capital |
Allotted, called up and fully paid shares
|
2025 |
2024 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
50 |
|
50 |
|
|
|
28 |
|
28 |
|
|
|
12 |
|
12 |
|
|
|
10 |
|
10 |
|
|
|
|
|
|
There are no restrictions on the repayment of capital or the distribution of dividends.
Each class of share ranks pari-passu for voting purposes.
Thirdway Interiors Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Reserves |
The profit and loss account includes all current and prior retained earnings and accumulated losses.
|
Dividends |
|
2025 |
2024 |
|||
|
£ |
£ |
|||
|
Interim dividend |
7,800,000 |
- |
||
|
Commitments, contingencies and guarantees |
The total of future minimum lease payments is as follows:
|
2025 |
2024 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
Later than five years |
|
- |
|
|
|
The minimum lease payments disclosed above includes an amount of £13,566,000 in respect of a property lease where the company had an obligation at 31 December 2025 but under which completion is expected to occur in 2026.
Other financial commitments
The total amount of guarantees not included in the statement of financial position is £500,000 (2024: £500,000) in respect of a group overdraft facility.
At 31 December 2025 the company had a contractual capital commitment amounting to £207,238.
At 31 December 2025 the amount of bank borrowings subject to this guarantee was £Nil (2024: £Nil). The guarantee is supported by a fixed and floating charge over the assets and undertakings of the company.
|
Non adjusting events after the financial period |
Subsequent to 31 December 2025, the company was served notice by the landlord of three leasehold properties that it intended to exercise break clauses in accordance with the provisions of the leases. Subject to satisfaction of the relevant lease conditions, the exercise of these break clauses will result in the early termination of the leases.
The total of future minimum lease payments associated with these properties at the reporting date amounted to £1,349,010 as disclosed in note 21.
Thirdway Interiors Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Related party transactions |
Transactions with the directors
At 31 December 2025 an amount of £14,117 (2024: £Nil) was due from a director. Advances of £14,106 (2024: £Nil) and repayments of £Nil (2024: £Nil) were made during the year. Interest amounting to £11 (2024: £13,689) at 2.25% p.a. was due to the company for the year. There were no agreed terms.
Summary of transactions with other related parties
At 31 December 2025 an amount of £613,366 (2024: £616,073) was due to a company with shareholders in common.
During the year the company made recharged office costs of £381,848 (2024: £817,246) to an associated undertaking.
|
Parent and ultimate parent undertaking |
The company's immediate parent undertaking is The Thirdway Group Limited and the ultimate parent undertaking is Thirdway Holdings Limited.
The parent of the smallest and largest group preparing group accounts including the results of the company is Thirdway Holdings Limited.
The registered office of Thirdway Holdings Limited is:
130 Shaftesbury Avenue, 2nd Floor, London, W1D 5EU.