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Company registration number: 04011653







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 JUNE 2023


TAIL WIND ADVISORY AND MANAGEMENT LIMITED






































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TAIL WIND ADVISORY AND MANAGEMENT LIMITED
REGISTERED NUMBER:04011653



STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
2,158,693
2,330,525

Current assets
  

Debtors: amounts falling due within one year
 5 
91,909
89,766

Current asset investments
 6 
10,104,831
9,842,095

Cash at bank and in hand
  
468,592
694,327

  
10,665,332
10,626,188

Creditors: amounts falling due within one year
 7 
(59,638)
(84,944)

Net current assets
  
 
 
10,605,694
 
 
10,541,244

Total assets less current liabilities
  
12,764,387
12,871,769

Provisions for liabilities
  

Deferred tax
 9 
(693,958)
(611,247)

  
 
 
(693,958)
 
 
(611,247)

Net assets
  
12,070,429
12,260,522


Capital and reserves
  

Called up share capital 
  
200,000
200,000

Profit and loss account
  
11,870,429
12,060,522

  
12,070,429
12,260,522


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




D A Crook
Director

Date: 20 October 2023

The notes on pages 2 to 8 form part of these financial statements.

Page 1

 


TAIL WIND ADVISORY AND MANAGEMENT LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1.


General information

Tail Wind Advisory and Management Limited is private company limited by shares and is incorporated in the United Kingdom and registered in England & Wales. The registered office, which is the same as its principal place of business, is shown in the company information page.
The financial statements are presented in sterling which is the functional currency of the company and rounded to
the nearest pound sterling.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover represents amounts receivable for investment advisory services provided in the normal course of business, and is recognised in accordance with the underlying advisory agreements.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 2

 


TAIL WIND ADVISORY AND MANAGEMENT LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current 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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Lifts
-
five years
Renovation
-
five years
Fixtures and fittings
-
four years
Computers
-
three years
Pictures
-
five years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 3

 


TAIL WIND ADVISORY AND MANAGEMENT LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

Short-term creditors are measured at the transaction price.

 
2.11

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial
assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans
to related parties and investments in ordinary shares.
Investments in non-derivative instruments that are equity to the issuer are measured:
•    at fair value with changes recognised in the Statement of income and retained earnings if the shares
     are publicly traded or their fair value can otherwise be measured reliably;
•    at cost less impairment for all other investments.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting
period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is
recognised in the Statement of income and retained earnings.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between
an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original
effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any
impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference
between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation
of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 -2).

Page 4

 


TAIL WIND ADVISORY AND MANAGEMENT LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

4.


Tangible fixed assets





Freehold property
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 July 2022
1,961,014
1,604,103
3,565,117


Additions
-
15,720
15,720



At 30 June 2023

1,961,014
1,619,823
3,580,837



Depreciation


At 1 July 2022
-
1,234,592
1,234,592


Charge for the year
-
187,552
187,552



At 30 June 2023

-
1,422,144
1,422,144



Net book value



At 30 June 2023
1,961,014
197,679
2,158,693



At 30 June 2022
1,961,014
369,511
2,330,525


5.


Debtors

2023
2022
£
£


Other debtors
2,220
2,136

Prepayments and accrued income
89,689
87,630

91,909
89,766

Page 5

 


TAIL WIND ADVISORY AND MANAGEMENT LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

6.


Current asset investments

2023
2022
£
£


Investments at valuation at start of year
9,842,095
9,659,764

Purchases of investments at cost
1,003,011
2,628,052

Redemption of investments at cost
(1,022,140)
(1,525,693)

Gains/(Losses) on remeasurement to fair value
281,865
(920,028)

Market value
10,104,831
9,842,095



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
6,090
10,279

Corporation tax
26,707
58,537

Other taxation and social security
2,157
2,329

Other creditors
8,302
-

Accruals and deferred income
16,382
13,799

59,638
84,944


Page 6

 


TAIL WIND ADVISORY AND MANAGEMENT LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

8.


Financial instruments

The carrying values of the company's financial assets and liabilities measured at fair value through profit or loss are summarised by category below:

2023
2022
£
£

Financial assets


Current assets - listed investments (see note 6)
10,104,831
9,842,095




The company's income, expense, gains and losses in respect of financial instruments are summarised below:






2023
2022
£
£

Interest income/(expense)


Total interest expense for financial assets at amortised cost
(36)
(307)

Total interest receivable for financial liabilities at amortised cost
146,094
148,755

146,058
148,448


9.


Deferred taxation




2023


£






At beginning of year
(611,247)


Charged to profit or loss
(82,711)



At end of year
(693,958)

Page 7

 


TAIL WIND ADVISORY AND MANAGEMENT LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
 
9.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Capital gains
(679,072)
(592,474)

Fixed asset timing differences
(6,928)
(6,836)

Short term timing differences
(7,958)
(11,937)

(693,958)
(611,247)

There is no expiry date on timing differences.


10.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £1,787 (2022 - £2,020).


11.


Controlling party

The company is controlled by D A Crook, the director and sole shareholder. 

12.


Auditors' information

The auditors' report on the financial statements for the year ended 30 June 2023 was unqualified.

The audit report was signed on 20 October 2023 by Mike Ayres ACA (Senior statutory auditor) on behalf of Menzies LLP.

 
Page 8