Registered number: 16086067
THIRKILL FAMILY INVESTMENTS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD FROM 18 NOVEMBER 2024 TO 31 DECEMBER 2025
THIRKILL FAMILY INVESTMENTS LIMITED
COMPANY INFORMATION
THIRKILL FAMILY INVESTMENTS LIMITED
CONTENTS
THIRKILL FAMILY INVESTMENTS LIMITED
GROUP STRATEGIC REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2025
Thirkill Family Investments Limited is a non-trading holding company. Its principal activity during the period was the ownership and management of investments and other long-term assets. The Company does not undertake trading activities in its own right.
The Directors are satisfied with the overall financial position of the Group during the period.
The Company continued to fulfil its role as a holding company and maintained an appropriate financial position to support its investment activities. As a non-trading entity, the Company's performance is primarily reflected in the value and management of its underlying investments rather than operational trading.
The Company continued to fulfil its role as a holding company and maintained an appropriate financial position to support its investment activities. As a non-trading entity, the Company's performance is primarily reflected in the value and management of its underlying investments rather than operational trading.
The Directors consider that the key financial performance indicators are turnover, gross profit and net assets.
As a holding company, the principal risks relate to the performance and valuation of its underlying investments and the broader economic environment in which those investments operate. The Directors monitor these matters on an ongoing basis and consider the Company's financial position to be appropriate.
The Directors intend that the Company will continue to operate as a non-trading holding company, holding investments and other strategic assets as appropriate.
No significant changes to the nature of the Company's activities are anticipated in the foreseeable future.
Section 172 statement
The directors have regard to the matters set out in section 172(1)(a) to (f) of the Companies Act 2006. Under this regulation, the directors have a duty to act in good faith and promote the long-term success of the Group.
The Directors intend that the Company will continue to operate as a non-trading holding company, holding investments and other strategic assets as appropriate.
No significant changes to the nature of the Company's activities are anticipated in the foreseeable future.
Section 172 statement
The directors have regard to the matters set out in section 172(1)(a) to (f) of the Companies Act 2006. Under this regulation, the directors have a duty to act in good faith and promote the long-term success of the Group.
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THIRKILL FAMILY INVESTMENTS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2025
During the period, the Group made several key decisions which affected the business. In making these decisions the Group has had to balance the needs and requirements of its key stakeholders. These include shareholders, employees, customers, suppliers and other stakeholders such as the general public and the environment:
• The Group remains in close contact with customers and suppliers.
• Management considers the Group's carbon footprint and constantly seeks to improve its performance.
The interests of the above key stakeholders are not always totally compatible and may even be mutually exclusive at times. Therefore, the Group has to constantly weigh up the needs and requirements of all key stakeholders and attempt to find the right balance where decisions may affect more than one stakeholder. At all times, the Group remains ethical in its dealings with key stakeholders and attempts to keep all key stakeholders informed of relevant business decisions.
In making long term decisions about the future of the Group, at all times we have the requirements of our key stakeholders in mind. The board takes its responsibility to ESG (Environmental, Social and Corporate Governance) extremely seriously and the likely consequences of all our long-term decision-making is part of our ongoing risk management process.
The culture of the business is one of support and inclusiveness with the aim of ensuring our business is sustainable in the long run. We aim to be an equal opportunities employer at all times and deal fairly and ethically with all stakeholders. Robust procedures are in place for conflict resolution.
• The Group remains in close contact with customers and suppliers.
• Management considers the Group's carbon footprint and constantly seeks to improve its performance.
The interests of the above key stakeholders are not always totally compatible and may even be mutually exclusive at times. Therefore, the Group has to constantly weigh up the needs and requirements of all key stakeholders and attempt to find the right balance where decisions may affect more than one stakeholder. At all times, the Group remains ethical in its dealings with key stakeholders and attempts to keep all key stakeholders informed of relevant business decisions.
In making long term decisions about the future of the Group, at all times we have the requirements of our key stakeholders in mind. The board takes its responsibility to ESG (Environmental, Social and Corporate Governance) extremely seriously and the likely consequences of all our long-term decision-making is part of our ongoing risk management process.
The culture of the business is one of support and inclusiveness with the aim of ensuring our business is sustainable in the long run. We aim to be an equal opportunities employer at all times and deal fairly and ethically with all stakeholders. Robust procedures are in place for conflict resolution.
This report was approved by the board and signed on its behalf.
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THIRKILL FAMILY INVESTMENTS LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2025
The directors present their report and the financial statements for the period ended 31 December 2025.
The loss for the period, after taxation and non-controlling interests, amounted to £3,782,241.
No dividends were paid during the period. The directors do not recommend payment of a further dividend.
The directors who served during the period were:
The Directors intend that the Company will continue to operate as a non-trading holding company, holding investments and other strategic assets as appropriate.
No significant changes to the nature of the Company's activities are anticipated in the foreseeable future.
No significant changes to the nature of the Company's activities are anticipated in the foreseeable future.
The directors have assessed the ability of the Group to continue in operational existence for a period that is at least 12 months from the date of approval of these financial statements.
Whilst the Group is reporting an operating loss for the period, this is primarily driven by the impairment of goodwill, which is a non-cash transaction. As at the date of approval of the 2025 consolidated financial statements, the Group's forecasts and projections, taking reasonable account of possible changes in trading performance and impact of risks and uncertainties, indicate that the Group will be able to pay its debts as they fall due for the foreseeable future.
Following this assessment and having reviewed trading performance and key metrics for the latest available period, the directors have not identified any material uncertainties and consider it remains appropriate to prepare the financial statements on a going concern basis.
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THIRKILL FAMILY INVESTMENTS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2025
Energy and emissions report
The Directors present their energy consumption, carbon reporting and intensity ratio statistics below.
The Directors present their energy consumption, carbon reporting and intensity ratio statistics below.
The auditors, Armstrong Watson Audit Limited, 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.
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THIRKILL FAMILY INVESTMENTS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 31 DECEMBER 2025
The directors are responsible for preparing the Group Strategic report, Directors' report and the consolidated financial statements, in accordance with applicable law.
Company law requires the directors to prepare consolidated financial statements for each financial year. Under that law they have elected to prepare the consolidated financial statements in accordance with UK-adopted international accounting standards in conformity with the requirements of the Companies Act 2006. Under company law the directors must not approve the consolidated financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the Company and of the profit or loss of the Group for that period.
In preparing the consolidated financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments and estimates that are reasonable and prudent;
∙state whether applicable UK-adopted international accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Parent Company's transactions and disclose with reasonable accuracy at any time the financial position of the Parent Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Group and to prevent and detect fraud and other irregularities.
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THIRKILL FAMILY INVESTMENTS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THIRKILL FAMILY INVESTMENTS LIMITED
We have audited the financial statements of Thirkill Family Investments Limited (the 'parent company') and its subsidiaries (the 'Group') for the period ended 31 December 2025 which comprise the Consolidated statement of profit or loss and other 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 the related notes, including a summary of material accounting policies. The financial reporting framework that has been applied in the preparation of the financial statements is applicable law and UK-adopted international accounting standards in conformity with the requirements of the Companies Act 2006.
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 auditors' 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 United Kingdom, including the Financial Reporting Council'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.
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 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 directors with respect to going concern are described in the relevant sections of this report.
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THIRKILL FAMILY INVESTMENTS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THIRKILL FAMILY INVESTMENTS LIMITED (CONTINUED)
The other information comprises the information included in the Annual report, other than the financial statements and our auditors' report thereon. The directors are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group strategic report and the Directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
∙the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.
Responsibilities of directors
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THIRKILL FAMILY INVESTMENTS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THIRKILL FAMILY INVESTMENTS LIMITED (CONTINUED)
Auditors' 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 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 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 laws and regulations that affect the Group and parent company, focusing on those that had a direct effect on the financial statements or that had a fundamental effect on its operations. Key laws and regulations that we identified included FCA regulations, UK Companies Act and tax legislation.
∙We inspected correspondence, if any, with relevant regulatory authorities, including the FCA.
∙We enquired of the directors and reviewed correspondence with HMRC for evidence of non-compliance with relevant laws and regulations. We also reviewed controls the directors have in place to ensure compliance.
∙We gained an understanding of the controls that the directors have in place to prevent and detect fraud. We enquired of the directors about any incidences of fraud that had taken place during the accounting period.
∙The risk of fraud and non-compliance with laws and regulations was discussed within the audit team and tests were planned and performed to address these risks. We identified the potential for fraud in the following areas: revenue recognition and management override of controls.
∙We reviewed financial statements disclosures and tested to supporting documentation to assess compliance with relevant laws and regulations discussed above.
∙We enquired of the directors about actual and potential litigation and claims.
∙We performed analytical procedures to identify any unusual or unexpected relationships that might indicate risks of material misstatement due to fraud.
∙In addressing the risk of fraud due to management override of internal controls we tested the appropriateness of journal entries and assessed whether the judgements made in making accounting estimates were indicative of a potential bias.
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.
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THIRKILL FAMILY INVESTMENTS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THIRKILL FAMILY INVESTMENTS LIMITED (CONTINUED)
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.
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 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.
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
Chartered Accountants & Statutory Auditors
Leeds
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THIRKILL FAMILY INVESTMENTS LIMITED
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2025
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THIRKILL FAMILY INVESTMENTS LIMITED
REGISTERED NUMBER: 16086067
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
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THIRKILL FAMILY INVESTMENTS LIMITED
REGISTERED NUMBER: 16086067
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 18 to 40 form part of these financial statements.
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THIRKILL FAMILY INVESTMENTS LIMITED
REGISTERED NUMBER: 16086067
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
The Company's profit for the period was £2,018,770.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 18 to 40 form part of these financial statements.
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THIRKILL FAMILY INVESTMENTS LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2025
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THIRKILL FAMILY INVESTMENTS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2025
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THIRKILL FAMILY INVESTMENTS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 DECEMBER 2025
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THIRKILL FAMILY INVESTMENTS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2025
The notes on pages 18 to 40 form part of these financial statements.
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THIRKILL FAMILY INVESTMENTS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
1.Accounting policies
Thirkill Family Investments Limited is a private limited company, limited by shares, incorporated in England and Wales. The Company's registered office is 20 Sovereign Park, Harrogate, HG1 2SJ. The principal activity of the Company is that of a holding company.
Thirkill Family Investments Limited was incorporated on 18 November 2024. The financial statements have been prepared as a long period from the date of incorporation up until the year end date of 31 December 2025. As a result, there are no comparatives shown within these financial statements.
Details of the Group's accounting policies, including changes during the period, are included below. In preparing these financial statements, management has made judgments, estimates and assumptions that affect the application of the Group accounting policies and the 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. Revisions to estimates are recognised prospectively.
The areas where judgments and estimates have been made in preparing the consolidated financial statements and their effects are disclosed in note 3.
Basis of consolidation
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THIRKILL FAMILY INVESTMENTS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
1.Accounting policies (continued)
Changes in the Group's ownership interests in subsidiaries that do not result in the Group losing control over the subsidiaries are accounted for as equity transactions. The carrying amounts of the Group's interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognised directly in equity and attributed to owners of the Company.
When the Group loses control of a subsidiary, a gain or loss is recognised in profit or loss and is calculated as the difference between (i) the aggregate of the fair value of the consideration received and the fair value of any retained interest and (ii) the previous carrying amount of the assets (including goodwill), and liabilities of the subsidiary and any non-controlling interests. All amounts previously recognised in other comprehensive income in relation to that subsidiary are accounted for as if the Group had directly disposed of the related assets or liabilities of the subsidiary (i.e. reclassified to profit or loss or transferred to another category of equity as specified/permitted by applicable IFRSs). The fair value of any investment retained in the former subsidiary at the date when control is lost is regarded as the fair value on initial recognition for subsequent accounting under IFRS 9, when applicable, the cost on initial recognition of an investment in an associate or a joint venture.
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THIRKILL FAMILY INVESTMENTS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
1.Accounting policies (continued)
The Company financial statements were prepared in accordance with the Companies Act 2006 as applicable to companies using Financial Reporting Standard 101 'Reduced Disclosure Framework' ("FRS 101"). The Company applies the recognition, measurement and disclosure requirements of IFRS, but makes amendments where necessary in order to comply with Companies Act 2006.
In publishing the Company's financial statements together with the Group's financial statements, the Company is taking advantage of the exemption in s408 of the Companies Act 2006 not to present its individual statement of profit and loss and related notes that form a part of these approved financial statements.
The Company has applied the following exemptions in the preparation of its financial statements:
In publishing the Company's financial statements together with the Group's financial statements, the Company is taking advantage of the exemption in s408 of the Companies Act 2006 not to present its individual statement of profit and loss and related notes that form a part of these approved financial statements.
The Company has applied the following exemptions in the preparation of its financial statements:
∙A cash flow statement and related notes have not been presented;
∙Disclosures in respect of new standards and interpretations that have been issued but which are not yet effective have not been provided;
∙Disclosures in respect of transactions with wholly owned subsidiaries have not been made; and
∙Certain disclosures required by IFRS 13 Fair Value Measurement and the disclosures required by IFRS 7 Financial Instruments have not been provided.
Whilst the Group is reporting a significant operating loss for the period, this is primarily driven by the impairment of goodwill, which is a non-cash transaction. As at the date of approval of the 2025 consolidated financial statements, the Group's forecasts and projections, taking reasonable account of possible changes in trading performance and impact of risks and uncertainties, indicate that the Group will be able to pay its debts as they fall due.
Following this assessment and having reviewed trading performance and key metrics for the latest available period, the directors have not identified any material uncertainties and consider it remains appropriate to prepare the financial statements on a going concern basis.
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THIRKILL FAMILY INVESTMENTS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
1.Accounting policies (continued)
Acquisitions of businesses are accounted for using the acquisition method. The consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition-date fair values of the assets transferred by the Group, liabilities incurred by the Group to the former owners of the acquiree and the equity interests issued by the Group in exchange for control of the acquiree. Acquisition-related costs are generally recognised in profit or loss as incurred.
At the acquisition date, the identifiable assets acquired and the liabilities assumed are recognised at their fair value, except that:
At the acquisition date, the identifiable assets acquired and the liabilities assumed are recognised at their fair value, except that:
∙deferred tax assets or liabilities, and assets or liabilities related to employee benefit arrangements are recognised and measured in accordance with IAS 12 Income Taxes and IAS 19 respectively;
∙liabilities or equity instruments related to share-based payment arrangements of the acquiree or share-based payment arrangements of the Group entered into to replace share-based payment arrangements of the acquiree are measured in accordance with IFRS 2 at the acquisition date; and
∙assets (or disposal groups) that are classified as held for sale in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations are measured in accordance with that Standard.
Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree, and the fair value of the acquirer's previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. If, after reassessment, the net of the acquisition-date amounts of the identifiable assets acquired and liabilities assumed exceeds the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the acquirer's previously held interest in the acquiree (if any), the excess is recognised immediately in profit or loss as a bargain purchase gain.
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THIRKILL FAMILY INVESTMENTS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
1.Accounting policies (continued)
Revenue represents net invoiced sales of services, excluding value added tax. Revenue incorporates the following for the various business lines of the Group:
∙Equity Release - commissions and packaging fees from equity release as well as advice fees received from customers are recognised as part of revenue at the point of completion of the agreement.
∙Retirement Income - commissions on customer selected retirement products (non-advised sales) from pension income providers as well as advice fees received from customers are recognised as part of revenue at the point of completion of the agreement.
∙Estate Planning - administration fees relating to setting up of lasting power of attorney are recognised as part of revenue at the point of invoice or completion of works, whichever is the latter.
∙Administration of medical questioning for pension trustees - administration fees in relation to the collection of medical data for pension trustees are recognised as part of revenue at the point of invoice or completion of works, whichever is the latter.
∙Sales of goods - Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
∙Season Pass Income - Season Pass income received in advance is recognised in line with the completion of each round of home fixtures. Amounts received in relation to future games are shown within deferred income.
∙Sponsorship Income - Sponsorship income received ahead of the season for which it relates is recognised on a straight-line basis across the relevant season. Amounts received in relation to future seasons are shown within deferred income.
Lease payments included in the measurement of the lease liability comprise fixed payments, variable lease payments that depend on an index or rate, amounts expected to be payable under residual value guarantees, and payments arising from options that the Group is reasonably certain to exercise.
The lease liability is subsequently measured at amortised cost using the effective interest method and is remeasured when there is a change in future lease payments arising from a change in an index or rate, a reassessment of an option, or a modification of the lease.
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THIRKILL FAMILY INVESTMENTS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
1.Accounting policies (continued)
Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the income statement except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity.
Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years.
Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years.
Income tax expense represents the sum of the tax currently payable and deferred tax.
Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: the initial recognition of goodwill; the initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a business combination, and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the balance sheet date.
A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilised. Deferred tax assets and liabilities are not discounted.
A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilised. Deferred tax assets and liabilities are not discounted.
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THIRKILL FAMILY INVESTMENTS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
1.Accounting policies (continued)
Depreciation is provided on all other items of property, plant and equipment so as to write off their carrying value over their expected useful economic lives. It is provided at the following rates:
Memorabilia assets are not depreciated and are annually reviewed for impairment.
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Goodwill is stated at cost less any accumulated impairment losses. Goodwill is allocated to cash-generating units ("CGUs") and is not amortised but is tested annually for impairment.
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THIRKILL FAMILY INVESTMENTS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
1.Accounting policies (continued)
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THIRKILL FAMILY INVESTMENTS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
Regarding goodwill, the directors have reviewed internal and external sources of information and an impairment has been recognised in the year on the Statement of Profit or Loss, as detailed in note 11.
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THIRKILL FAMILY INVESTMENTS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
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THIRKILL FAMILY INVESTMENTS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
During the period, the Group obtained the following services from the Company's auditors:
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THIRKILL FAMILY INVESTMENTS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
Changes in tax rates and factors affecting the future tax charges
There were no changes in tax rates or factors that may affect future tax charges.
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