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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2025
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THORNER LANE LIMITED
COMPANY INFORMATION
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THORNER LANE LIMITED
CONTENTS
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THORNER LANE LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The director presents the Group strategic report for the year ended 31 December 2025.
2025 saw financial performance in line with expectations holding PAT performance consistent with 2024. We entered the first year of a new contract term with our core customer relationship and navigated several changes in key personnel externally.
Ownership of Burnsall transferred to an Employee-Owned Trust (EOT) on 3rd April 2025, resulting in the creation of a new operating board and the appointment of three trustees to govern the EOT. Revenue growth was strong at 11%. Established and recently transitioned partnerships all contributed to revenue generation in 2025. Our business model requires upfront investment in people and travel costs which can take 12-18 months to generate revenue – this investment delivered revenue growth, this growth was enough to fund people investments. People costs rose again 2025 but rate slowed significantly +14% year-over-year vs +41% the previous year. Travel costs rose in line with headcount increase and we incurred one-off costs for setup of the EOT. PAT held consistent with prior year, in line with expectations. Burnsall continues to generate positive cashflows.
The principal risks Burnsall faces today are:
∙One client. This one customer relationship exposes Burnsall to loss of all revenues in the instance the contract is ended. During 2024, this contract was renegotiated and a long term contract term is now in place until December 2030. In addition, termination, or a significant erosion in performance of partnerships with this client would have a significant impact on Burnsall revenue generation. To mitigate this risk, Burnsall focussed on growing the quantity of deals with a view to dilute the risk, alongside continuous improvement plans to secure existing partnerships. In 2025, we successfully renewed one of our largest partnerships. To further mitigate this risk, an active workstream remains in place to expand our client base.
∙Key personnel. We have a strong reliance on a small number of team members who either generate significant value via revenue generation or are integral in keeping Burnsall operations running smoothly. Changes to company ownership now incentivise retention of key personnel.
Uncertainties that Burnsall faces today are:
∙GBPUSD. Generation of revenues in USD exposes Burnsall to translation gains or losses outside of the contract cap and collar.
The company does not have excessive exposure to risks in respect of price, credit, liquidity, and cash flow risk. In 2025, Burnsall entered into hedge agreements to provide certainty regarding cashflows from the US, however, as since October 2025, no active hedge agreements are in place. Previously held equity investments were disposed of prior to set up of the EOT and are not permitted under the trust deed.
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THORNER LANE LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
In addition to revenue and PAT performance referenced in the ‘review of business’ section. Other core KPIs are as follows:
∙No of partnerships – this gives an indication of likelihood of future revenue generation. The goal for 2025 was to grow the quantity of projects in the pipeline.
We have grown the number of live partnerships operating and possible partnerships are being explored.
∙Customer COGS under Upstreaming - this gives an indication of how much of our customers costs are under our business model. Goal for 2025 was to increase vs prior year which we achieved.
∙Headcount – headcount increases required to resource future projects. Goal to grow in line with plan achieved.
The directors acknowledge that the 2026 fiscal year will reflect growth in revenue which will both continue to help fund investment in new business as we expand our customer base whilst also improving profitability year-over-year.
Additional partnerships with our existing priority client whilst expanding to new clients will be the core driver of growth in revenue. No escalation is expected in our cost base as we anticipate a return on people investments made in previous years. The business became an employee-owned trust on April 3rd 2025.
This report was approved by the board on 30 June 2026 and signed on its behalf.
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THORNER LANE LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The director presents his report and the financial statements for the year ended 31 December 2025.
The director is responsible for preparing the Group strategic report, the Director's report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the director is required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group and Company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Group and Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable him to ensure that the financial statements comply with the Companies Act 2006. He is 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.
The profit for the year, after taxation, amounted to £4,576,948 (2024 - £4,709,218).
Particulars of recommended dividends are detailed in note 13 to the financial statements.
The directors who served during the year, and up to the date of this report were:
The Company has chosen in accordance with section 414C(11) of the Companies Act 2006 (Strategic Report
and Directors Report) Regulations 2013 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.
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THORNER LANE LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Under section 487(2) of the Companies Act 2006, AAB Audit & Accountancy Limited will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the board on
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THORNER LANE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THORNER LANE LIMITED
We have audited the financial statements of Thorner Lane Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 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 Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, 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 auditing the financial statements, we have concluded that the director's 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 or 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 director with respect to going concern are described in the relevant sections of this report.
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THORNER LANE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THORNER LANE LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The director is responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group strategic report and the Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group strategic report and the Director's report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Director's report.
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THORNER LANE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THORNER LANE LIMITED (CONTINUED)
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 Auditors' 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 Group financial statements.
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:
We obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, UK Taxation legislation and Employment Law. We identified the greatest risk of material impact on the financial statements from irregularities including fraud to be
∙Management override of controls to manipulate the company’s key performance indicators to meet targets
∙Timing of revenue recognition
∙Management judgement applied in calculating provisions
∙Compliance with relevant laws and regulations which directly impact the financial statements and those that the company needs to comply with for the purpose of trading
Our audit procedures to respond to there risks included:
∙Testing of journal entries and other adjustments for appropriateness
∙Evaluating the business rationale of significant transactions outside the normal course of business
∙Reviewing judgements made by management in their calculation of accounting estimates for potential management bias
∙Testing sales cut-off to ensure revenue was recognised correctly
∙Enquiries of management about litigation and claims and inspection of relevant correspondence
∙Reviewing legal and professional fees to identify indications of actual or potential litigation, claims and any non-compliance with laws and regulations
∙Reviewing minutes of meetings of those charged with governance to identify any matters indicating actual or potential fraud
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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 Auditors' report.
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THORNER LANE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THORNER LANE LIMITED (CONTINUED)
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 Auditors' 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
Statutory Auditor
Gresham House
5-7 St Pauls Street
LS1 2JG
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THORNER LANE LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
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THORNER LANE LIMITED
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 June 2026.
The notes on pages 17 to 35 form part of these financial statements.
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THORNER LANE LIMITED
REGISTERED NUMBER: 13563050
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 17 to 35 form part of these financial statements.
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