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Registered number: OC343430









TIDEWAY INVESTMENT PARTNERS LLP









FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
TIDEWAY INVESTMENT PARTNERS LLP
 

INFORMATION




Designated Members


Tideway Investment Group Limited
 
PSD Riverside Ltd (resigned on 5th January 2024)
 
Baxter Enterprises Ltd

LLP registered number

OC343430

Registered office

107 Leadenhall StreetLondonEC3A 4AF

Independent auditors

BKL Audit LLP35 Ballards LaneLondonN3 1XW


 
TIDEWAY INVESTMENT PARTNERS LLP
 

CONTENTS



Page
Members' Report
 
 
1 - 3
Independent Auditors' Report
 
 
4 - 7
Statement of Comprehensive Income
 
 
8
Statement of Financial Position
 
 
9 - 11
Reconciliation of Members' Interests
 
 
11
Notes to the Financial Statements
 
 
12 - 23


 
TIDEWAY INVESTMENT PARTNERS LLP
 
  
MEMBERS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The members present their annual report together with the audited financial statements of Tideway Investment Partners LLP (the "LLP") for the ended 31 March 2024
 

Principal activities
 
 
The principal objective of the LLP continues to be that of an advisory firm which has been approved and is regulated by the Financial Conduct Authority.

IFPR Remuneration Disclosure
The IFPR Remuneration Disclosure disclosures are published and updated annually on the company's website,
www.tidewayinvestment.co.uk
 
 
Designated Members
 
 
Tideway Investment Group Limited and Baxter Enterprises Ltd were designated members of the LLP throughout the period. PSD Riverside Ltd was a designated member until 5th January when they resigned. 
 

 
Members' capital and interests
 
 
Each member's subscription to the capital of the LLP is determined by the designated members and is repayable following retirement from the LLP.
 
 
Details of changes in members' capital in the year ended 31 March 2024 are set out in the Reconciliation of Members' Interests.
 
 
Members are remunerated from the profits of the LLP and are required to make their own provision for pensions and other benefits. Profits are allocated and divided between members after finalisation of the financial statements. Members draw a proportion of their profit shares monthly during the year in which it is made, with the balance of profits being distributed after the year, subject to the cash requirements of the business.
 

Business review
 
 
The results for the year and financial position of the LLP are shown in the annexed financial statements.
We aim to present a balanced and comprehensive review of the development and performance of the business
during the financial year and its position at the year end. Our review is consistent with the size and nature of the
business.
We consider our key financial performance indicators to be those that communicate the financial performance
and strength of the LLP as a whole, being turnover and profit before tax.
The members were satisfied with the performance of the LLP for 2024. The turnover of the LLP for the year
amounted to £1,146,777 (2023: £1,064,040) and the profit before tax achieved was £536,436 (2023: £3,301).
The members are pleased to note that the FCA notified the LLP in December 2023 that its investigation into the LLP's defined benefit transfer advice had been closed without any further actions being required.
The members believe that the LLP has sufficient reserves to continue to progress and to take advantage of the
appropriate business opportunities as they arise and they are satisfied with the LLP's state of affairs at 31 March
2024.

Page 1

 
TIDEWAY INVESTMENT PARTNERS LLP
 
 
MEMBERS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
 
 







Future developments
 
 
The LLP will continue to provide support and services to its appointed representative.
 
 
Principal risks and uncertainties
 
 
Due to the nature of its business activities, the LLP is not exposed to significant liquidity risk nor the risk of currency fluctuations. The LLP is exposed to credit risk represented by its trade debtors but this risk is minimised by regular reviews of the credit worthiness of significant customers. Credit references are obtained for significant new customers where relevant
 
 
Events after the reporting date
 
 
The past business review that commenced on 3 July 2020 has been concluded by the FCA, provided Tideway Investment Partners LLP continue to comply with ISIO as they complete their Skilled Person Report.
 
 
Members' responsibilities statement
 
 
The members are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
 
 
Company law, (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008), requires the members to prepare financial statements for each financial year. Under that law the members has 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, (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) the members 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 LLP and of the profit or loss of the LLP for that period.

In preparing these financial statements, the members are required to:
 
select suitable accounting policies and then apply them consistently;
 
make judgments and accounting estimates that are reasonable and prudent;
 
state whether applicable UK 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 LLP will continue in business.
 

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and to enable him to ensure that the financial statements comply with the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of the Companies Act 2006) Regulations 2008)He is also responsible for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
 
 
 
Page 2

 
TIDEWAY INVESTMENT PARTNERS LLP
 
 
MEMBERS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
 
 
Disclosure of information to auditors
 
 
Each of the persons who are members at the time when this Members' Report is approved has confirmed that:

so far as that member is aware, there is no relevant audit information of which the LLP's auditors are
unaware, and

that member has taken all the steps that ought to have been taken as a member in order to be aware of any relevant audit information and to establish that the LLP's auditors are aware of that information.
 

Auditors
 
 
Under section 487 (2) of the Companies Act 2006, BKL Audit LLP 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 members and signed on their behalf by: 






Baxter Enterprises Ltd
Designated member

Date: 23 July 2024
Page 3

 
TIDEWAY INVESTMENT PARTNERS LLP
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TIDEWAY INVESTMENT PARTNERS LLP
 

Opinion
 

We have audited the financial statements of Tideway Investment Partners LLP (the 'LLP') for the year ended 31 March 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Reconciliation of Members' Interests and the related notes, including a summary of significant accounting policiesThe 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 LLP's affairs as at 31 March 2024 and of its result 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, as applied to limited liability partnerships by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.


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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the LLP 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.


Conclusions relating to going concern
 

In auditing the financial statements, we have concluded that the members'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 LLP'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 members with respect to going concern are described in the relevant sections of this report.


Page 4

 
TIDEWAY INVESTMENT PARTNERS LLP
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TIDEWAY INVESTMENT PARTNERS LLP (CONTINUED)


Other information
 

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The members is responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and 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.


Matters on which we are required to report by exception
 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006, as applied to limited liability partnerships, 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
we have not received all the information and explanations we require for our audit.


Responsibilities of members
 

As explained more fully in the Members' Responsibilities Statement set out on page 1, the members 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 members 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 members are responsible for assessing the LLP'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 members either intend to liquidate the LLP or to cease operations, or have no realistic alternative but to do so.


Page 5

 
TIDEWAY INVESTMENT PARTNERS LLP
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TIDEWAY INVESTMENT PARTNERS LLP (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:
- Enquiring of management around actual and potential litigation and claims;
- Reviewing minutes of meeting of those charged with governance;
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
- Perform audit work over the risks of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for 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.


As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:


Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the LLP's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the members.
Conclude on the appropriateness of the members's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the LLP's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' Report. However, future events or conditions may cause the LLP to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in manner that achieves fair presentation.
Page 6

 
TIDEWAY INVESTMENT PARTNERS LLP
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TIDEWAY INVESTMENT PARTNERS LLP (CONTINUED)




We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.


Use of our report
 

This report is made solely to the LLP's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, as applied by Part 12 of The Limited Liability Partnerships (Accounts and Audit) (Applications of Companies Act 2006) Regulations 2008Our audit work has been undertaken so that we might state to the LLP'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 LLP and the LLP's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Ian Saunderson FCA (Senior Statutory Auditor)
  
for and on behalf of
BKL Audit LLP
 
Chartered Accountants
Statutory Auditor
  
London

23 July 2024
Page 7

 
TIDEWAY INVESTMENT PARTNERS LLP
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
Note
£
£

  

Turnover
 4 
1,146,777
1,064,040

Cost of sales
  
(75,199)
(74,775)

Gross profit
  
 
1,071,578
 
989,265

Administrative expenses
  
(570,746)
(989,359)

Operating profit/(loss)
 5 
 
500,832
 
(94)

Interest receivable and similar income
  
35,604
3,395

Profit before tax
  
 
536,436
 
3,301

Profit for the year before members' remuneration and profit shares
  
 
536,436
 
3,301

Profit for the year before members' remuneration and profit shares
  
536,436
3,301

Members' remuneration charged as an expense
  
(536,436)
(3,301)

Profit for the financial year available for discretionary division among members
  
 
-
 
-

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 12 to 23 form part of these financial statements.
Page 8

 
TIDEWAY INVESTMENT PARTNERS LLP
REGISTERED NUMBER: OC343430

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 9 
-
129

  
-
129

Current assets
  

Debtors: amounts falling due within one year
 10 
564,869
539,489

Cash at bank and in hand
 11 
594,649
1,339,962

  
1,159,518
1,879,451

Creditors: Amounts Falling Due Within One Year
 12 
(60,768)
(82,250)

Net current assets
  
 
 
1,098,750
 
 
1,797,201

Total assets less current liabilities
  
1,098,750
1,797,330

Provisions for liabilities
  

Other provisions
 13 
(60,000)
(475,000)

  
 
 
(60,000)
 
 
(475,000)

Net assets
  
1,038,750
1,322,330


Represented by:
  

Loans and other debts due to members within one year
  

Other amounts
 14 
-
322,330

  
-
322,330

Members' other interests
  

Members' capital classified as equity
  
1,000,000
1,000,000

Other reserves classified as equity
  
38,750
-

  
 
1,038,750
 
1,000,000

  
1,038,750
1,322,330


Total members' interests
  

Loans and other debts due to members
 14 
-
322,330

Members' other interests
  
1,038,750
1,000,000

  
1,038,750
1,322,330

Page 9

 
TIDEWAY INVESTMENT PARTNERS LLP
REGISTERED NUMBER: OC343430
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

The financial statements were approved and authorised for issue by the members and were signed on their behalf by: 




Baxter Enterprises Ltd
Designated member

Date: 23 July 2024

The notes on pages 12 to 23 form part of these financial statements.
Page 10

 
TIDEWAY INVESTMENT PARTNERS LLP
REGISTERED NUMBER: OC343430

RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2024







EQUITY
Members' other interests
DEBT
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Members' capital (classified as equity)
Other reserves
Total
Other amounts
Total
Total

£
£
£
£
£
£

Members' interests after profit for the year
1,000,000
-
1,000,000
322,330
322,330
1,322,330

Amounts due to members
322,330
322,330

Balance at 31 March 2023
1,000,000
-
1,000,000
322,330
322,330
1,322,330

Members' interests after profit for the year
1,000,000
-
1,000,000
322,330
322,330
1,322,330

Members' remuneration charged as an expense
-
-
-
536,436
536,436
536,436

Credit relating to equity settled share based payment
-
38,750
38,750
-
-
38,750

Drawings on account and distribution of profit
-
-
-
(858,767)
(858,767)
(858,767)

Balance at 31 March 2024 
1,000,000
38,750
1,038,750
-
-
1,038,750
Members' interest remain subject to the asset retention restriction imposed by the FCA in relation to its review until residual costs have been paid per note 13.
Page 11

 
TIDEWAY INVESTMENT PARTNERS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Tideway Investment Partners LLP ('the LLP') is principally involved in the provision of compliance services to appointed representatives.
The LLP is a limited liability partnership incorporated in England and Wales.
The principal place of business is 107 Leadenhall Street, London, EC3A 4AF.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the LLP's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The LLP has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23.

This information is included in the consolidated financial statements of Invest for Income Ltd as at 31 March 2024 and these financial statements may be obtained from the registered office address.

 
2.3

Going concern

The financial statements have been prepared on the going concern basis, which assumes that the
LLP will continue to trade for at least 12 months from the date of approval of these financial
statements, and will be able to meet its liabilities as they fall due.
The LLP relies upon the availability of working capital and generation of profits and cash in the future
to meet such liabilities.
The members are confident that the LLP's access to working capital and future profit generation is
sufficient to support the business in the foreseeable future, and accordingly, consider it appropriate to prepare the financial statements on a going concern basis. 

Page 12

 
TIDEWAY INVESTMENT PARTNERS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

Revenue recognition

Revenue comprises of fees receivable for investment advice and management, and fees from the appointed representative.
Revenue is measured at the fair value of the consideration receivable and represents the amount
due for services rendered.
Investment advice fees are recognised on the date the fees crystallise as payable to the LLP.
Amounts received after the Statement of Financial Position date attributable to the period are treated
as accrued income.
For the provision of consultancy services these are recognised over the period the services are
provided.
Fees for the provision of compliance services to appointed representatives are recognised in the
period the service is provided.

 
2.5

Operating leases: the LLP as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

Interest income

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

 
2.7

Pensions

Defined contribution pension plan

The LLP operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the LLP pays fixed contributions into a separate entity. Once the contributions have been paid the LLP 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 LLP in independently administered funds.

Page 13

 
TIDEWAY INVESTMENT PARTNERS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.8

Share-based payments

The LLP provides equity-settled share-based payment arrangements to certain employees. The fair value of the employee services received in exchange for the grant of the options in the parent undertaking, Invest for Income Ltd, is charged to the Statement of Comprehensive Income on a straight line basis over the vesting period.
Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the LLP keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

 
2.9

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.

At each reporting date the LLP assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

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:

Fixtures and fittings
-
3%
Years

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

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

Page 14

 
TIDEWAY INVESTMENT PARTNERS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.10

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.

 
2.11

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.12

Financial instruments

The LLP has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the LLP's Statement of Financial Position when the LLP becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The LLP's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 
Page 15

 
TIDEWAY INVESTMENT PARTNERS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.12
Financial instruments (continued)


Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the LLP after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the LLP transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the LLP will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the LLP's contractual obligations expire or are discharged or cancelled.

Page 16

 
TIDEWAY INVESTMENT PARTNERS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments are continually evaluated and are based on historical experience and other
factors, including expectations of future events that are believed to be reasonable under the
circumstances. 
Key accounting estimates and assumptions
The LLP makes estimates and assumptions concerning the future. The resulting accounting estimate will,
by definition, seldom equal the related actual results. The estimates and assumptions that have a
significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the
next financial year are addressed below.
(i) Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful
economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on
technological advancement, future investments, economic utilisation and the physical condition of the
assets. See note 9 for the carrying amount of fixtures and fittings, and note 2.7 for the useful economic
lives for each class of assets.
No judgments (apart from those involving estimates) have been made in the process of applying the
above accounting policies.
(ii) Provision for costs relating to the FCA past business review
A provision has been made for future costs relating to the FCA past business review which is coming to a close as at the balance sheet date. See note 13.


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Appointed representative fees
1,146,777
1,064,040

1,146,777
1,064,040


All turnover arose within the United Kingdom.

Page 17

 
TIDEWAY INVESTMENT PARTNERS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
129
128

Other operating lease rentals
62,380
57,727


6.


Auditors' remuneration

During the year, the LLP obtained the following services from the LLP's auditors and their associates:


2024
2023
£
£

Fees payable to the LLP's auditors and their associates for the audit of the LLP's financial statements
26,136
23,760


All other services
10,514
6,420


7.


Employees

Staff costs were as follows:


2024
2023
£
£

Wages and salaries
539,613
483,385

Social security costs
60,203
61,062

Cost of defined contribution scheme
127,178
115,145

726,994
659,592


The average monthly number of persons (including members with contracts of employment) employed during the year was as follows:


        2024
        2023
            No.
            No.







Average number of employees
3
3

Page 18

 
TIDEWAY INVESTMENT PARTNERS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Information in relation to members

2024
2023
Number
Number


The average number of members during the year was
3
3

2024
2023
£
£


The average members remuneration during the year was
175,677
1,100



Paid under the terms of the LLP agreement
527,031
3,301

527,031
3,301





9.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 April 2023
42,263



At 31 March 2024

42,263



Depreciation


At 1 April 2023
42,134


Charge for the year on owned assets
129



At 31 March 2024

42,263



Net book value



At 31 March 2024
-



At 31 March 2023
129
Page 19

 
TIDEWAY INVESTMENT PARTNERS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
511,239
-

Other debtors
417
492,321

Prepayments and accrued income
53,214
47,170

564,870
539,491


Included within other debtors is a £Nil (2023: £40,000) insurance claim receivable relating to a FCA review.
Amounts owed by group undertakings are interest free and repayable on demand.


11.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
594,649
1,339,962



12.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
7,018
42,984

Accruals and deferred income
53,750
39,266

60,768
82,250


Page 20

 
TIDEWAY INVESTMENT PARTNERS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

13.


Provisions






£





At 1 April 2023
475,000


Utilised in year
         (23,175)


Written back
        (391,825)



At 31 March 2024
60,000

The provision stated above relates to various residual costs associated with finalising of the FCA's review.


14.


Loans and other debts due to members


2024
2023
£
£



Other amounts due to members
-
(322,330)

-
(322,330)

Loans and other debts due to members may be further analysed as follows:

2024
2023
£
£



Falling due within one year
-
322,330

-
322,330

Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.

Page 21

 
TIDEWAY INVESTMENT PARTNERS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

15.


Share-based payments

The ultimate parent undertaking, Invest for Income Limited, has granted share options to which FRS 102 Section 26 (Share-based Payments) is applicable. The charge is treated as an expense in this LLP's figures as the relevant option holders render services to this entity. 
The expense has been allocated to the LLP based on the percentage of the individual's overall salary that is recognised within the financial statements.
The share-based payment is equity settled and consists of a maximum of 5000 ordinary shares. The options are granted with a fixed exercise price. The vesting start date is 30th June 2023 and the vesting period is six months.
The charge for this year was £38,750 (2023: £Nil).
The LLP has taken advantage of the disclosure exemptions for qualifying entities under FRS 102 in respect of share-based payments. Full details of options at the year-end can be seen in the financial statements of the ultimate parent undertaking, Invest for Income Ltd.





2024
2023
£
£


Equity-settled schemes
38,750
-

38,750
-


16.


Contingent liabilities

A provision of £60,000 has been maintained based on the estimated residual costs of the FCA investigation work, now closed. 


17.


Pension commitments

The entity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the entity in an independently administered fund. The pension cost charge represents contributions payable by the entity to the fund and amounted to £127,178 (2023: £115,145). Contributions totaling £Nil (2023: £Nil) were payable to the fund at the year end date and are included in creditors.

Page 22

 
TIDEWAY INVESTMENT PARTNERS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

18.


Related party transactions

The designated members are considered to be key management and are responsible for planning,
directing and controlling the activities of the LLP. Details of transactions with these members can be
found in the Reconciliation of Members' Interests.
Included within other debtors is a balance due from a group company of £511,239 (2023 : £452,321 due from a related party). The balance is interest free and repayable on demand.
Included within accruals and deferred income are amounts owing to a director of that company of £15,750 (2023: £12,500). 
During the year, revenue of £ 1,144,956 was earned from a group entity (2023: £1,056,574 earned from a related party).


19.


Controlling party

The immediate parent undertaking is Tideway Investment Group Limited, a company incorporated in England & Wales with the registered office being 107 Leadenhall Street, London, England, EC3A 4AF.
The ultimate parent undertaking is Invest for Income Limited, a company incorporated in England & Wales with the registered office being 107 Leadenhall Street, London, England, EC3A 4AF.
The ultimate controlling party is J Baxter.
 
Page 23