Company registration number 13341251 (England and Wales)
TMI ADVISORS (UK) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
TMI ADVISORS (UK) LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 10
TMI ADVISORS (UK) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Non-current assets
Tangible assets
4
309,347
460,604
Investments
5
1
1
Debtors falling due after more than one year
6
162,708
217,316
472,056
677,921
Current assets
Debtors
6
509,271
941,620
Cash and cash equivalents
1,713,388
568,477
2,222,659
1,510,097
Creditors: amounts falling due within one year
7
(1,647,385)
(1,548,970)
Net current assets/(liabilities)
575,274
(38,873)
Net assets
1,047,330
639,048
Capital and reserves
Called up share capital
9
100
100
Other reserves
1,166,511
738,507
Profit and loss reserves
(119,281)
(99,559)
Total equity
1,047,330
639,048
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements are prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The accompanying notes on pages 10 to 15 form an integral part of these financial statements.
The financial statements were approved by the board of directors and authorised for issue on 6 November 2024 and are signed on its behalf by:
Alexander Slee
Director
Company Registration No. 13341251
TMI ADVISORS (UK) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Share capital
Other reserves
Profit and loss reserves
Total
£
£
£
£
Balance at 1 April 2022
100
176,528
(46,728)
129,900
Year ended 31 March 2023:
Loss and total comprehensive income
-
-
(52,831)
(52,831)
Share based payments
-
561,979
561,979
Balance at 31 March 2023
100
738,507
(99,559)
639,048
Year ended 31 March 2024:
Loss and total comprehensive income
-
-
(19,722)
(19,722)
Share based payments
-
428,004
428,004
Balance at 31 March 2024
100
1,166,511
(119,281)
1,047,330
The accompanying notes on pages 10 to 15 form an integral part of these financial statements.
TMI ADVISORS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
TMI Advisors (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1st Floor 59 Markham Street, Chelsea, London, SW3 3NR.
1.1
Accounting convention
These financial statements have been prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards comprising FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” Section 1A) 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 as applicable to companies subject to the small companies regime.
The company qualifies for FRS 102 Section 1A on the basis that it is part of a small group.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business. Turnover is recognised once the service has been provided. The calculation of turnover is based on a percentage of expenses incurred.
1.3
Tangible assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
Straight line over the term of the lease
Plant and equipment
3 year straight line
Fixtures and fittings
4 year straight line
Computers
3 year straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Investment
Interests in subsidiaries 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.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
The company is not required to file consolidated accounts on the basis their parent company, which is also their ultimate parent undertaking, prepares and files publicly available consolidated accounts.
TMI ADVISORS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Impairment of tangible assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.
1.7
Financial instruments
The company 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 company's balance sheet when the company 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets are subsequently carried at amortised cost using the effective interest method.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
TMI ADVISORS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities
Basic financial liabilities, including trade creditors and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities are subsequently carried at amortised cost using the effective interest method.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
TMI ADVISORS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
1.12
Share-based payments
Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the method outlined in note 8. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity. This will also give rise to a corresponding deferred tax asset.
When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.
Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.
1.13
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.14
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
8
7
3
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
126,945
92,599
Deferred tax
Origination and reversal of timing differences
(151,311)
(106,776)
Total tax credit
(24,366)
(14,177)
TMI ADVISORS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
4
Tangible assets
Leasehold improvements
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2023
397,356
164,289
561,645
Additions
96,198
279
96,477
At 31 March 2024
493,554
164,568
658,122
Depreciation and impairment
At 1 April 2023
79,529
21,512
101,041
Depreciation charged in the year
203,490
44,244
247,734
At 31 March 2024
283,019
65,756
348,775
Carrying amount
At 31 March 2024
210,535
98,812
309,347
At 31 March 2023
317,827
142,777
460,604
5
Investments
2024
2023
£
£
Shares in group undertakings and participating interests
1
1
The investment is a 52p stake in 100% share capital of TMI Advisor Pte. Limited, incorporated in Singapore.
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts due from parent undertaking
12,530
827,707
Other debtors
184,539
76,643
Prepayments and accrued income
104,966
37,270
302,035
941,620
Deferred tax asset
207,236
509,271
941,620
TMI ADVISORS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
6
Debtors
(Continued)
- 8 -
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
78,317
77,000
Deferred tax asset
84,391
140,316
162,708
217,316
Total debtors
671,979
1,158,936
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
54,618
3,605
Amounts owed to group undertakings
51,270
42,814
Corporation tax
29,948
94,044
Other taxation and social security
35,362
100,987
Other creditors
1,476,187
1,307,520
1,647,385
1,548,970
8
Share-based payment transactions
Number
GBP
Outstanding at 1 April 2022
1,125,000
1.28
Granted
1,028,208
1.46
Outstanding at 31 March 2023
2,153,208
1.37
Outstanding at 1 April 2023
2,153,208
1.37
Granted
949,676
1.26
Outstanding at 31 March 2024
3,102,884
1.34
No share options were exercised during the year
The fair value of the options granted have been measured based on the share price at grant date less the future projected dividends over the vesting period.
TMI ADVISORS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
8
Share-based payment transactions
(Continued)
- 9 -
Liabilities and expenses
During the year, the company recognised total share-based payment expenses of £428,004 (2023: £561,979) which related to equity settled share based payment transactions. This expense is apportioned by the group and pertains to directors and executives employed by TMI Advisors (UK) Limited. A corresponding expense has therefore been recognised.
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
100 ordinary shares of £1 each
100
100
100
100
10
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:
Matthew Burge
Statutory Auditor:
Beavis Morgan Audit Limited
Date of audit report:
6 November 2024
11
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:
2024
2023
£
£
123,875
247,750
12
Related party transactions
Exemption has been taken of paragraph 33.1A of FRS 102, which does not require that transactions entered into between two or more members of a group be disclosed provided that any subsidiary which is a party to the transactions is a wholly owned member of a group.
13
Directors' transactions
Included within other creditors is a balance of £607 (2023: £nil) owed to Alexander Slee, a director of the company.
14
Parent company
TMI ADVISORS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
14
Parent company
(Continued)
- 10 -
The parent company and ultimate parent undertaking of TMI Advisors (UK) Limited is Taylor Maritime Investments Limited ("TMIL"), which holds 100% of the company's issued share capital and is incorporated in Guernsey. The consolidated financial statements of Taylor Maritime Investments Limited are available for inspection on request from TMIL's registered office: 1 Royal Plaza, Royal Avenue, St Peter Port, Guernsey GY1 2HL and on TMIL's website: https://taylormaritimeinvestments.com/investor-centre/financial-esg-reports/.
The company is not deemed to be under the control of any one particular individual.
2024-03-312023-04-01false06 November 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityThis audit opinion is unqualifiedCamilla PierrepontAlexander Sleefalsefalse133412512023-04-012024-03-31133412512024-03-31133412512023-03-3113341251core:LandBuildings2024-03-3113341251core:OtherPropertyPlantEquipment2024-03-3113341251core:LandBuildings2023-03-3113341251core:OtherPropertyPlantEquipment2023-03-3113341251core:Non-currentFinancialInstrumentscore:AfterOneYear2024-03-3113341251core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-3113341251core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3113341251core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3113341251core:ShareCapital2024-03-3113341251core:ShareCapital2023-03-3113341251core:OtherMiscellaneousReserve2024-03-3113341251core:OtherMiscellaneousReserve2023-03-3113341251core:RetainedEarningsAccumulatedLosses2024-03-3113341251core:RetainedEarningsAccumulatedLosses2023-03-3113341251core:ShareCapital2022-03-3113341251core:RetainedEarningsAccumulatedLosses2022-03-3113341251bus:Director22023-04-012024-03-3113341251core:RetainedEarningsAccumulatedLosses2022-04-012023-03-31133412512022-04-012023-03-3113341251core:RetainedEarningsAccumulatedLosses2023-04-012024-03-3113341251core:LeaseholdImprovements2023-04-012024-03-3113341251core:PlantMachinery2023-04-012024-03-3113341251core:FurnitureFittings2023-04-012024-03-3113341251core:ComputerEquipment2023-04-012024-03-3113341251core:UKTax2023-04-012024-03-3113341251core:UKTax2022-04-012023-03-3113341251core:LandBuildings2023-03-3113341251core:OtherPropertyPlantEquipment2023-03-31133412512023-03-3113341251core:LandBuildings2023-04-012024-03-3113341251core:OtherPropertyPlantEquipment2023-04-012024-03-3113341251core:CurrentFinancialInstruments2024-03-3113341251core:Non-currentFinancialInstruments2024-03-3113341251core:Non-currentFinancialInstruments2023-03-3113341251core:CurrentFinancialInstruments2023-03-3113341251bus:PrivateLimitedCompanyLtd2023-04-012024-03-3113341251bus:SmallCompaniesRegimeForAccounts2023-04-012024-03-3113341251bus:FRS1022023-04-012024-03-3113341251bus:Audited2023-04-012024-03-3113341251bus:Director12023-04-012024-03-3113341251bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP