Company registration number 10038341 (England and Wales)
TEMBO CAPITAL MANAGEMENT LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
TEMBO CAPITAL MANAGEMENT LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
TEMBO CAPITAL MANAGEMENT LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
98,941
23,901
Investments
5
218,526
152,626
317,467
176,527
Current assets
Debtors
6
7,487,800
744,876
Cash at bank and in hand
4,614,977
3,261,256
12,102,777
4,006,132
Creditors: amounts falling due within one year
7
(4,716,408)
(1,616,126)
Net current assets
7,386,369
2,390,006
Total assets less current liabilities
7,703,836
2,566,533
Provisions for liabilities
(10,880)
(17,751)
Net assets
7,692,956
2,548,782
Capital and reserves
Called up share capital
6,375
6,375
Share premium account
284,102
284,102
Capital redemption reserve
2,549
2,549
Profit and loss reserves
7,399,930
2,255,756
Total equity
7,692,956
2,548,782
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 19 August 2024 and are signed on its behalf by:
Mr D W Street
Mr P W Siveyer
Director
Director
Company registration number 10038341 (England and Wales)
TEMBO CAPITAL MANAGEMENT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2022
5,950
1,700
3,194,062
3,201,712
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
-
3,401,900
3,401,900
Dividends
-
-
-
(3,607,823)
(3,607,823)
Own shares acquired
-
-
-
(732,383)
(732,383)
Redemption of shares
(849)
849
Issue of share capital
1,274
284,102
-
-
285,376
Balance at 31 December 2022
6,375
284,102
2,549
2,255,756
2,548,782
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
-
6,549,701
6,549,701
Dividends
-
-
-
(1,405,527)
(1,405,527)
Balance at 31 December 2023
6,375
284,102
2,549
7,399,930
7,692,956
TEMBO CAPITAL MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Tembo Capital Management Limited is a private company limited by shares incorporated in England and Wales. The registered office and business address is First Floor, 7-9 Swallow Street, London, W1B 4DE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Turnover
Turnover is measured at the fair value of the consideration received or receivable for investment advisory services provided in the normal course of business, and is shown net of VAT.
Turnover from investment advisory services is agreed annually, invoiced quarterly in advance and recognised evenly over the period to which it relates.
1.3
Tangible fixed assets
Tangible fixed assets are measured at cost, net of depreciation.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
Over the term of the lease
Fixtures and fittings
3 years straight line basis
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss. Distributions arising from the investments, from time to time, are recognised in the period in which they are allocated or declared.
1.5
Financial instruments
The company has elected to apply the recognition and measurement provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
TEMBO CAPITAL MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.
Basic financial liabilities
Basic financial liabilities, including creditors, are recognised at transaction price.
1.6
Taxation
The tax expense represents the sum of the tax currently payable or receivable and deferred tax.
Current tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured at the tax rate that is expected to apply to the reversal of the related difference, using tax rates enacted or substantively enacted at the balance sheet date.
1.7
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leasing and hire purchase commitments
Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the lease.
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
1.11
The pricing of transactions between group entities is determined on the basis of market conditions.
TEMBO CAPITAL MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
9
8
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2023
94,469
64,799
159,268
Additions
41,236
59,964
101,200
Disposals
(94,469)
(47,803)
(142,272)
At 31 December 2023
41,236
76,960
118,196
Depreciation and impairment
At 1 January 2023
81,005
54,362
135,367
Depreciation charged in the year
6,532
10,590
17,122
Eliminated in respect of disposals
(86,855)
(46,379)
(133,234)
At 31 December 2023
682
18,573
19,255
Carrying amount
At 31 December 2023
40,554
58,387
98,941
At 31 December 2022
13,464
10,437
23,901
TEMBO CAPITAL MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings
22,341
22,341
Capital contributions to group undertakings
196,185
130,285
218,526
152,626
Movements in fixed asset investments
Shares in group undertakings
Capital contributions to group undertakings
Total
£
£
£
Cost or valuation
At 1 January 2023
22,341
130,285
152,626
Additions
-
73,277
73,277
Forex movement
-
(7,377)
(7,377)
At 31 December 2023
22,341
196,185
218,526
Carrying amount
At 31 December 2023
22,341
196,185
218,526
At 31 December 2022
22,341
130,285
152,626
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
22,722
2,400
Amounts owed by group undertakings
7,049,218
59,207
Other debtors
415,860
683,269
7,487,800
744,876
Other debtors include participator loans of £192,888 (2022 - £289,311) and the associated s455 tax of £62,896 (2022 - £nil) which is due after more than one year. Interest is payable on the loans at a rate of 2.75% and the loans are repayable in equal annual instalments ending on 30 June 2025.
Other debtors also includes a rent deposit amounting to £65,490 (2022 - £nil) which is due after more than one year.
TEMBO CAPITAL MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
78,231
42,238
Amounts owed to group undertakings
1,252,781
420,738
Taxation and social security
1,399,304
Other creditors
1,986,092
1,153,150
4,716,408
1,616,126
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Andrew Perkins FCA FCCA
Statutory Auditor:
Dendy Neville Limited
Date of audit report:
19 August 2024
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
983,247
126,630
The above operating lease commitments represent the total amounts payable to December 2028 in respect of leasehold property occupied by the company.
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