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REGISTERED NUMBER: 09779579 (England and Wales)















Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 30 June 2024

for

Thomson Tyndall Ltd

Thomson Tyndall Ltd (Registered number: 09779579)






Contents of the Financial Statements
for the Year Ended 30 June 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 5

Statement of Directors' Responsibilities 6

Report of the Independent Auditors 7

Statement of Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 13

Cash Flow Statement 14

Notes to the Cash Flow Statement 15

Notes to the Financial Statements 16


Thomson Tyndall Ltd

Company Information
for the Year Ended 30 June 2024







DIRECTORS: S V Evans
J D A Fergusson
S J Patel
S Tindle





SECRETARY: S V Evans





REGISTERED OFFICE: 1 The Sanctuary
London
SW1P 3JT





REGISTERED NUMBER: 09779579 (England and Wales)





AUDITORS: Sawin & Edwards LLP Statutory Auditors
Studio 16
Cloisters House
8 Battersea Park Road
London
SW8 4BG

Thomson Tyndall Ltd (Registered number: 09779579)

Strategic Report
for the Year Ended 30 June 2024

The directors present their strategic report for the year ended 30 June 2024.

REVIEW OF BUSINESS
The key financial and other performance indicators during the year were as follows:

2024 2023 Change %
£ £
Turnover 5,572,993 5,095,350 9.4%
Profit for the year after tax 333,069 285,333 16.7%
Equity shareholder funds 739,157 660,293 11.9%

The cash balance was £671,100 at 30 June 2024.

PRINCIPAL RISKS AND UNCERTAINTIES
The principal risks facing the company are:

- exposure to market movements which impacts ongoing revenue from portfolio management.
- the ability of the company to retain existing and attract new clients.
- the ability of the company to retain and recruit high quality staff.
- the impact of increasing regulatory costs and change.

The principal uncertainties facing the company are:

- the ability of the company to generate turnover and gain new business against a background of volatile financial markets and higher interest rates.
- the difficulties facing UK financial firms post-Brexit seeking to advise clients based in, or moving to, EU countries.
- the challenge and potential disruptions involved in implementing ever-changing regulation from the FCA.


Thomson Tyndall Ltd (Registered number: 09779579)

Strategic Report
for the Year Ended 30 June 2024

SECTION 172(1) STATEMENT
Statement by the directors in performance of their statutory duties in accordance with s172 (1) Companies Act 2006

The Directors are pleased to report that Thomson Tyndall has had another positive year, with client numbers, assets under management, and revenue showing good growth over the period. This has been mainly driven by organic growth (client referrals) rather than by acquisition. However, the general improvement in global equity markets over the period has also provided a welcome tail wind increasing the value of client portfolios and, as our main fee model aligns our interests with those of our clients, this has also had a positive impact on the firm's revenues over the year.

To support our advisers and ensure quality of service for our clients, the Company has once again increased the size of the client support team, which now stands at 18 and has increased the capacity of the operations team to improve resilience and better cope with the increased regulatory reporting requirements following the implementation of the Consumer Duty. This figure includes those staff working for our three Appointed Representative firms.

Corporate and Regulatory Changes
Following the introduction of the FCA's Consumer Duty on 31st July 2023, the firm has continued to review and enhance its systems, processes, and service propositions in line with the evolving guidance around implementation and best practice. Time has also been spent reviewing processes and policies around retirement advice following the FCA's Thematic Review of Retirement Income Advice.

International Advice
We have continued to build on our relationship with 28 Advisory (Hong Kong) who offer advice to expat and international clients on their non-UK assets, with 28 Advisory Ltd - a UK company and Appointed representative of Thomson Tyndall Ltd - providing clients returning to the UK with advice on UK financial planning matters. This relationship continues to grow, benefiting the increasing number of clients with an international dimension to their financial affairs, and during the period under review the Directors visited Hong Kong to learn more about that side of the business and the requirements of international clients.

We have also developed a strategic partnership with SolerCapital, an investment management firm specialising in expats many of whom have a US dimension to their financial affairs, which we hope will enable us to widen the services we are able to offer to existing clients while broadening the range of clients we are able to advise.

Building Long-Term Client Relationships
The Company actively seeks, and continues to enjoy, good long-term relationships with our clients, evidenced by the fact that most new client relationships continue to arise from referrals from existing clients. The firm has continued to develop its client portal and mobile app and has been working on ways of using this to streamline both the take-on process for new clients and the annual review process for existing clients, whilst further enhancing the security of client communications.

Investment in Our Staff Team
The firm remains committed to the well-being of our staff, paying all members of staff a competitive salary and benefits package significantly in excess of the London Living Wage, and to sharing the success of the firm by means of a profit related bonus scheme. Furthermore, the Company invests in the training and development of all staff members, providing financial support and study leave to those taking professional examinations as part of our ongoing plan to build skills and help colleagues develop their careers.

Relationships with Suppliers, Stakeholders & The FCA

Thomson Tyndall Ltd (Registered number: 09779579)

Strategic Report
for the Year Ended 30 June 2024

Throughout the year, we have maintained good relationships with our regulator, our suppliers, and the investment managers and product providers whose financial products we recommend. We believe that this is entirely in keeping with our aims for the long-term health of the Company.

Financial Security
The ongoing financial security of the Company is of importance to both our clients and members. The directors are pleased to report that it remains in a secure financial position, having comfortably exceeded the regulatory requirements for both capital adequacy and liquidity throughout the year. This is monitored continuously by the firm, with obligatory reports made to the regulator on a quarterly basis.

ESG Matters
The directors maintain a focus on Environmental, Social and Governance matters. The nature of our business means environmental impact is low compared to other sectors and industries, but we continue to actively pursue policies to lessen our carbon footprint, for example through recycling, the use of recycled materials and an ongoing drive towards a paperless office.

In keeping with our corporate and regulatory responsibilities, the directors acknowledge that the Company will seek to maintain a reputation for high standards of business conduct and to act in the best interests of our clients.

We continue to respond to the increasing appetite amongst our clients for the inclusion of ESG investments within their portfolios and have fully engaged with the FCA's Sustainability Disclosure Requirements (SDR)

ON BEHALF OF THE BOARD:





J D A Fergusson - Director


18 October 2024

Thomson Tyndall Ltd (Registered number: 09779579)

Report of the Directors
for the Year Ended 30 June 2024

The directors present their report with the financial statements of the company for the year ended 30 June 2024.

DIVIDENDS
Dividends paid in the year amounted to £254,205 (2023: £194,866).

FUTURE DEVELOPMENTS
The directors' intention is to continue to grow the business organically, adding clients by referral and by taking on additional advisers where the Company finds individuals and teams whose interests and values are aligned to those of the Company.

The nature of the business means that there is no specific target for bringing on board new advisers, the importance of fit and quality superseding the need for growth for growth's sake. We are also increasingly focussing on investing in the development of younger members of staff into highly trained advisers who will be able to take on clients in future as required, through the development of our Adviser Academy, which now has 5 members.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report.

S V Evans
J D A Fergusson
S J Patel
S Tindle

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
Under section 487(2) of the Companies Act 2006, Sawin & Edwards 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.

ON BEHALF OF THE BOARD:





J D A Fergusson - Director


18 October 2024

Thomson Tyndall Ltd (Registered number: 09779579)

Statement of Directors' Responsibilities
for the Year Ended 30 June 2024

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 the directors 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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-state whether applicable 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 company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Report of the Independent Auditors to the Members of
Thomson Tyndall Ltd

Opinion
We have audited the financial statements of Thomson Tyndall Ltd (the 'company') for the year ended 30 June 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
_
In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 June 2024 and of its profit 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.

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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'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 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 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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report, the Report of the Directors and the Statement of Directors' Responsibilities, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

Report of the Independent Auditors to the Members of
Thomson Tyndall Ltd


Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 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
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page six, the directors 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 directors determine 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 directors are responsible for assessing the company'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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Thomson Tyndall Ltd


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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Discussions were held with the directors with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.

The following laws and regulations were identified as being of significance to the entity:
- Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, FCA regulations, Tax and Pensions legislation, and distributable profits legislation.
- It is considered that there are laws and regulations for which non-compliance may be fundamental to the operating aspects of the business. These are FCA regulations.

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

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 Report of the Auditors.

Report of the Independent Auditors to the Members of
Thomson Tyndall Ltd


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 a Report of the Auditors 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.




W K Sawin (Senior Statutory Auditor)
for and on behalf of Sawin & Edwards LLP Statutory Auditors
Studio 16
Cloisters House
8 Battersea Park Road
London
SW8 4BG

18 October 2024

Thomson Tyndall Ltd (Registered number: 09779579)

Statement of Comprehensive Income
for the Year Ended 30 June 2024

2024 2023
Notes £    £   

TURNOVER 5,572,993 5,095,350

Cost of sales (3,282,722 ) (3,167,698 )
GROSS PROFIT 2,290,271 1,927,652

Administrative expenses (1,869,383 ) (1,568,004 )
420,888 359,648

Unrealised gain on investments 7,029 489
OPERATING PROFIT 5 427,917 360,137

Income from fixed asset investments 206 194
Interest receivable and similar income 19,736 2,265
PROFIT BEFORE TAXATION 447,859 362,596

Tax on profit 6 (114,790 ) (77,263 )
PROFIT FOR THE FINANCIAL
YEAR

333,069

285,333

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE
INCOME FOR THE YEAR

333,069

285,333

Thomson Tyndall Ltd (Registered number: 09779579)

Balance Sheet
30 June 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 8 16,348 18,623
Investments 9 225,759 143,730
242,107 162,353

CURRENT ASSETS
Debtors 10 589,877 438,126
Cash at bank 671,100 776,556
1,260,977 1,214,682
CREDITORS
Amounts falling due within one year 11 (761,848 ) (714,663 )
NET CURRENT ASSETS 499,129 500,019
TOTAL ASSETS LESS CURRENT
LIABILITIES

741,236

662,372

PROVISIONS FOR LIABILITIES 13 (2,079 ) (2,079 )
NET ASSETS 739,157 660,293

CAPITAL AND RESERVES
Called up share capital 14 1,241 1,241
Share premium 15 49,989 49,989
Retained earnings 15 687,927 609,063
739,157 660,293

The financial statements were approved by the Board of Directors and authorised for issue on 18 October 2024 and were signed on its behalf by:





J D A Fergusson - Director


Thomson Tyndall Ltd (Registered number: 09779579)

Statement of Changes in Equity
for the Year Ended 30 June 2024

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 July 2022 1,241 518,596 49,989 569,826

Changes in equity
Dividends - (194,866 ) - (194,866 )
Total comprehensive income - 285,333 - 285,333
Balance at 30 June 2023 1,241 609,063 49,989 660,293

Changes in equity
Dividends - (254,205 ) - (254,205 )
Total comprehensive income - 333,069 - 333,069
Balance at 30 June 2024 1,241 687,927 49,989 739,157

Thomson Tyndall Ltd (Registered number: 09779579)

Cash Flow Statement
for the Year Ended 30 June 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 285,555 320,492
Tax paid (76,981 ) (70,144 )
Net cash from operating activities 208,574 250,348

Cash flows from investing activities
Purchase of tangible fixed assets (4,767 ) (2,051 )
Purchase of fixed asset investments (75,000 ) (95,890 )
Sale of tangible fixed assets - 483
Interest received 19,736 2,265
Dividends received 206 194
Net cash from investing activities (59,825 ) (94,999 )

Cash flows from financing activities
Equity dividends paid (254,205 ) (194,866 )
Net cash from financing activities (254,205 ) (194,866 )

Decrease in cash and cash equivalents (105,456 ) (39,517 )
Cash and cash equivalents at
beginning of year

2

776,556

816,073

Cash and cash equivalents at end of
year

2

671,100

776,556

Thomson Tyndall Ltd (Registered number: 09779579)

Notes to the Cash Flow Statement
for the Year Ended 30 June 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£    £   
Profit before taxation 447,859 362,596
Depreciation charges 7,042 6,870
Gain on revaluation of fixed assets (7,029 ) (489 )
Finance income (19,942 ) (2,459 )
427,930 366,518
Increase in trade and other debtors (151,751 ) (36,387 )
Increase/(decrease) in trade and other creditors 9,376 (9,639 )
Cash generated from operations 285,555 320,492

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 June 2024
30.6.24 1.7.23
£    £   
Cash and cash equivalents 671,100 776,556
Year ended 30 June 2023
30.6.23 1.7.22
£    £   
Cash and cash equivalents 776,556 816,073


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.7.23 Cash flow At 30.6.24
£    £    £   
Net cash
Cash at bank 776,556 (105,456 ) 671,100
776,556 (105,456 ) 671,100
Total 776,556 (105,456 ) 671,100

Thomson Tyndall Ltd (Registered number: 09779579)

Notes to the Financial Statements
for the Year Ended 30 June 2024

1. STATUTORY INFORMATION

Thomson Tyndall Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


The financial statements present information about the company as a single entity.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates
The Company has an unlisted investment in an offshore company with a historical cost of £39,534. The directors have made a significant judgement in applying the accounting policy relating to unlisted investments in that they do not consider an impairment of the investment is required. There is estimation uncertainty concerning this judgement due to a lack of any financial indicators about the performance of the offshore company.

Turnover
Turnover comprises the fair value of the consideration received for the provision of discretionary and advisory management services in the ordinary course of the company's activities. Turnover is shown net of value added tax.

The discretionary and advisory management services fee is accrued daily. However, the company recognises revenue when the amount of discretionary and advisory management services fees can be reliably measured and at the end of each calendar month.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 20% on cost
Fixtures and fittings - 20% on cost
Leasehold improvements - Over the term of the lease

Thomson Tyndall Ltd (Registered number: 09779579)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as unlisted investments, debtors and creditors. Financial assets and financial liabilities are recognised on the balance sheet when the Company becomes a party to the contractual provisions of the instrument.

Debtors and creditors
Basic financial assets and liabilities, including trade and other debtors, trade and other creditors, are initially recognised at transaction price, 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. Such assets and liabilities are subsequently carried at amortised cost using the effective interest method, less any impairment.

Fixed asset investments
Unlisted investments are held at cost less accumulated impairment losses.

Listed investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value, as at the balance sheet date, using the closing quoted market price. Unrealised gains and losses are calculated as the difference between the fair value at the year end and the carrying value.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Thomson Tyndall Ltd (Registered number: 09779579)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Operating leases: the Company as lessee
Rentals paid under operating leases are charged to the statement of comprehensive income on a straight line basis over the lease term.

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.

Pension costs
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 the statement of comprehensive income 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 independent administered funds.

Cash and cash equivalents
Cash and cash equivalents re represented by cash in hand and at bank.

Going concern
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern.

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 971,219 787,209
Social security costs 115,467 94,101
Other pension costs 45,949 32,822
1,132,635 914,132

Thomson Tyndall Ltd (Registered number: 09779579)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

3. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2024 2023

Management 3 3
Sales 3 2
Administrative/Technical Support 9 8
15 13

4. DIRECTORS' EMOLUMENTS

The directors' remuneration for the year was as follows:

2024 2023
£    £   
Remuneration 404,085 391,690
Pension contribution 23,659 13,386
Benefits in kind 4,731 3,843

In respect of the highest paid director

2024 2023
£    £   
Remuneration 252,000 252,000
Pension contribution 10,000 4,500
Benefits in kind 2,098 1,734

5. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Depreciation - owned assets 7,042 6,870
Audit fees 13,400 13,000
Auditors' remuneration - non- audit 3,950 3,615
Operating lease rental charge 104,133 94,943

Thomson Tyndall Ltd (Registered number: 09779579)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 114,790 77,263
Tax on profit 114,790 77,263

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 447,859 362,596
Profit multiplied by the standard rate of corporation tax in the UK
of 25% (2023 - 25%)

111,965

90,649

Effects of:
Expenses not deductible for tax purposes 3,672 3,654
Capital allowances in excess of depreciation (1,192 ) (576 )
Adjustments to tax charge in respect of previous periods 345 593
Effect of tax rate change - (17,057 )
Total tax charge 114,790 77,263

7. DIVIDENDS
2024 2023
£    £   
shares of each
Final 254,205 194,866

Thomson Tyndall Ltd (Registered number: 09779579)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

8. TANGIBLE FIXED ASSETS
Improvements Fixtures
to and Computer
property fittings equipment Totals
£    £    £    £   
COST
At 1 July 2023 12,699 14,773 27,784 55,256
Additions - 1,361 3,406 4,767
At 30 June 2024 12,699 16,134 31,190 60,023
DEPRECIATION
At 1 July 2023 5,321 9,016 22,296 36,633
Charge for year 2,959 1,668 2,415 7,042
At 30 June 2024 8,280 10,684 24,711 43,675
NET BOOK VALUE
At 30 June 2024 4,419 5,450 6,479 16,348
At 30 June 2023 7,378 5,757 5,488 18,623

9. FIXED ASSET INVESTMENTS


Listed
investments

Unlisted
investments


Totals
COST OR VALUATION £    £    £   
At 1 July 2023 11,696 132,034 143,730
Additions - 75,000 75,000
Unrealised gain on investments 7,029 - 7,029
18,725 207,034 225,759
NET BOOK VALUE
At 30 June 2024 18,725 207,034 225,759

At 30 June 2023 11,696 132,034 143,730





Thomson Tyndall Ltd (Registered number: 09779579)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 7,633 3,994
Other debtors 3,087 -
Prepayments and accrued income 579,157 434,132
589,877 438,126

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Tax 114,480 76,671
Other creditors 32,032 26,794
Accruals and deferred income 615,336 611,198
761,848 714,663

12. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 94,944 94,944
Between one and five years 94,944 189,887
189,888 284,831

13. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 2,079 2,079

Deferred
tax
£   
Balance at 1 July 2023 2,079
Balance at 30 June 2024 2,079

Thomson Tyndall Ltd (Registered number: 09779579)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

14. CALLED UP SHARE CAPITAL

Alloted, issued and fully paid:


Number

Class
Nominal
value

2024


2023
£    £   
1,111 'A' Ordinary Shares 1 1,111 1,111
10 'C' Ordinary Shares 1 10 10
10 'D' Ordinary Shares 1 10 10
100 'E' Ordinary Shares 1 100 100
10 'F' Ordinary Shares 1 10 1O
1,241 1,241 1,241

15. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 July 2023 609,063 49,989 659,052
Profit for the year 333,069 333,069
Dividends (254,205 ) (254,205 )
At 30 June 2024 687,927 49,989 737,916

16. RELATED PARTY DISCLOSURES

The amount owed to directors at 30 June 2024 amounted to £4,119 (2023: £4,178)

Dividends paid to directors amounted to £254,205 (2023: £194,866)

Consultancy fees charged to Thomson Tyndall Ltd by a company in which one of the directors has a controlling interest amounted to £294,756 (2023: £93,832). Other consultancy fees charged to the Company by a director amounted to £Nil (2023: £131,610). Total amount owed at 30 June 2024: £30,953 (2023: £51,253).

17. ULTIMATE CONTROLLING PARTY

The company is under the control of the director, J D A Fergusson, who owns 69.86% of the issued share capital of the company.

Thomson Tyndall Ltd (Registered number: 09779579)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

18. FINANCIAL INSTRUMENTS

The company's principal financial instruments comprise cash, short term deposits and short-term investments, the main purpose of which is to finance the company's operations and expansion. The company has other financial instruments such as trade debtors and trade creditors which arise directly from normal trading.

The company has not entered into any derivative or other hedging instruments.

The main risks arising from the company's financial instruments are interest rate risk, market risk and liquidity risk. The Board reviews and agrees policies for managing each of these risks and these are summarised below.

Interest rate risks
The company manages its liquidity through the use of cash deposits at variable rates of interest for a variety of short-term periods, depending on cash requirements. The rates are reviewed regularly and the best rate obtained in the context of the company's need.

Liquidity risks
The company's policy throughout the year has been to ensure that it has adequate liquidity by careful management of its working capital.

Market risks
The main market risk the company is exposed to is the fall in the market value of the investments and
volatility in yield, due to uncertain investment markets. The director regularly reviews the performance and the value of the investments.

19. CAPITAL REQUIREMENT

As at 30 June 2024, the company's capital requirement under the Financial Conduct Authority regulations amounted to £488,551 (2023: £469,279).