Registered number
10279888
Tactful LTD.
Filleted Accounts
31 December 2023
Tactful LTD.
Registered number: 10279888
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 4 532,885 -
Tangible assets 5 44,118 44,871
577,003 44,871
Current assets
Debtors 6 87,440 101,085
Cash at bank and in hand 156,497 110,299
243,937 211,384
Creditors: amounts falling due within one year 7 (96,328) (47,493)
Net current assets 147,609 163,891
Total assets less current liabilities 724,612 208,762
Creditors: amounts falling due after more than one year 8 - (1,560,963)
Net assets/(liabilities) 724,612 (1,352,201)
Capital and reserves
Called up share capital 107 107
Share premium 49,006 49,006
Profit and loss account 675,499 (1,401,314)
Shareholders' funds 724,612 (1,352,201)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mohamed Elmasry
Director
Approved by the board on 17 October 2024
Tactful LTD.
Notes to the Accounts
for the year ended 31 December 2023
Statutory Information
Tactful LTD. is a private company limited by shares and registered in England and Wales, registered number 10279888. The company's registered office address is Stiriling House Business Center, Cambridge Innovation Park, Waterbeach, Cambridge, England, CB25 9QE.
Compliance with applicable reporting framework
The financial statements have been prepared in compliance with the FRS 102 section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
1 Accounting policies
Property, plant and equipment policy
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
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 the Statement of Income and Retained Earnings.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings Over 50 years
Leasehold land and buildings Over the lease term
Plant and machinery Over 5 years
Fixtures, fittings, tools and equipment Over 5 years
Computer Equipment Over 3 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (i.e. liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to Profit & Loss Account.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
Revenue recognition policy
Revenue is recognised to the extent that it is probable that the economic benefits will flow
to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
-The Company has transferred the significant risks and rewards of ownership to the buyer;
-The Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
-The amount of revenue can be measured reliably;
-It is probable that the Company will receive the consideration due under the transaction; and
-The costs incurred or to be incurred in respect of the transaction can be measured reliably.
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
-The amount of revenue can be measured reliably;
-It is probable that the Company will receive the consideration due under the contract;
-The stage of completion of the contract at the end of the reporting period can be measured reliably; and
-The costs incurred and the costs to complete the contract can be measured reliably.
Deferred tax policy
The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax balances are not discounted.
Research and development policy
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred.
Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met.In order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured.The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
Development Costs are Amortised over 5 years.
Foreign currency translation and operations policy
The Company's functional and presentational currency is GBP. Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Profit & Loss Account and Retained Earnings except when deferred in other comprehensive income as qualifying cash flow hedges.
Employee benefits policy
Pension Policies are:
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 Income and Retained Earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
2 Material debt-waiver
On 22 December 2023, as a part of the change in parent entities, Tactful Ltd received a debt waiver from Destiny Group companies (previous ultimate parent). The waived amount of £3,267,584.94 consisted of intercompany balances and interest. This waiver was part of the divestment process when Tactful UK Holding Ltd acquired Tactful Ltd from Destiny UK Service Center Limited.
The waived amount has been recognised as other operating income in the Profit & Loss Account for the year ended 31 December 2023.
3 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 1
4 Intangible fixed assets £
Development costs
Cost
Additions 532,885
At 31 December 2023 532,885
Amortisation
At 31 December 2023 -
Net book value
At 31 December 2023 532,885
Development costs from completed projects are amortised on straight line basis over its estimated economic life of 5 years.
5 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023 51,770
Additions 23,955
At 31 December 2023 75,725
Depreciation
At 1 January 2023 6,899
Charge for the period 24,708
At 31 December 2023 31,607
Net book value
At 31 December 2023 44,118
At 31 December 2022 44,871
6 Debtors 2023 2022
£ £
Trade debtors 7,348 19,421
Other debtors 80,092 81,664
87,440 101,085
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
7 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 76,317 39,063
Taxation and social security costs 8,931 2,840
Other creditors 11,080 5,590
96,328 47,493
8 Creditors: amounts falling due after one year 2023 2022
£ £
Other creditors - 1,560,963
9 Related party transactions
During the financial year 2023, Tactful Ltd engaged in various transactions with its associated companies and holding company within the Destiny Group. The nature and amounts of these transactions are detailed below:

Intercompany Interest Transactions
1. Destilink Finco BV: £7,732.27
2. Destiny Automate: £112,970.52
3. Destilink BV: £4,007.65

Intercompany Balances
As of December, 2023, the following intercompany balances were outstanding:
1. Destilink Finco BV: £200,000.00
2. Destiny Automate: £2,240,000.00
3. Destiny UK Service Center (Holding Company): £377,874.50
4. Destilink BV: £325,000.00

Divestment and Change of Ownership
At the end of 2023, the Destiny Group made the decision to divest from Tactful Ltd. As a result, Tactful UK Holding Ltd acquired Tactful Ltd, assuming all associated liabilities and service commitments to its customers. This change in ownership marked the end of Tactful Ltd's status as a related party to the Destiny Group companies.

Debt Waiver
As part of sale agreement, On December 22, 2023 the Destiny Group waived the outstanding intercompany balances and interest owed by Tactful Ltd. This resulted in the recognition of exceptional income amounting to £3,267,584.94.
10 Controlling party
During the year 2023, there was a change in the controlling party of Tactful Ltd. The details are as follows:
1. For most of 2023, Tactful Ltd was controlled by Destiny UK Service Center, which was part of the Destiny Group. Destiny UK Service Center served as the holding company for Tactful Ltd during this period.
2. At the end of 2023, the Destiny Group decided to divest. As a result of this decision:
a. Tactful UK Holding Ltd acquired Tactful Ltd.
b. The acquisition included all of Tactful Ltd's assets, liabilities, and service commitments to its customers.
3. Effective 28 December 2023, control of Tactful Ltd transferred to Tactful UK Holding Ltd. The change in the controlling party was accompanied by a debt waiver from the Destiny Group companies, as reflected in the company's financial statements reported as exceptional item.
5. As of 28 December 2023, Tactful Ltd is no longer controlled by or affiliated with the Destiny Group or any of its subsidiaries.
6. Tactful UK Holding Ltd is the ultimate controlling party as of the end of the 2023 financial year.
11 Other information
Registered office address;
Stiriling House Business Centre
Cambridge Innovation Park, Waterbeach
Cambridge
Cambridgeshire
CB25 9QE
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