Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-312023-04-01No description of principal activityfalse33truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 00996398 2023-04-01 2024-03-31 00996398 2022-04-01 2023-03-31 00996398 2024-03-31 00996398 2023-03-31 00996398 c:Director3 2023-04-01 2024-03-31 00996398 d:FurnitureFittings 2023-04-01 2024-03-31 00996398 d:FurnitureFittings 2024-03-31 00996398 d:FurnitureFittings 2023-03-31 00996398 d:OfficeEquipment 2023-04-01 2024-03-31 00996398 d:FreeholdInvestmentProperty 2024-03-31 00996398 d:FreeholdInvestmentProperty 2023-03-31 00996398 d:CurrentFinancialInstruments 2024-03-31 00996398 d:CurrentFinancialInstruments 2023-03-31 00996398 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 00996398 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 00996398 d:ShareCapital 2024-03-31 00996398 d:ShareCapital 2023-03-31 00996398 d:RetainedEarningsAccumulatedLosses 2024-03-31 00996398 d:RetainedEarningsAccumulatedLosses 2023-03-31 00996398 c:FRS102 2023-04-01 2024-03-31 00996398 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 00996398 c:FullAccounts 2023-04-01 2024-03-31 00996398 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 00996398 d:OtherDeferredTax 2024-03-31 00996398 d:OtherDeferredTax 2023-03-31 00996398 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure
Company registration number: 00996398







UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024


TACTFUL FINANCE LIMITED






































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TACTFUL FINANCE LIMITED
 



CONTENTS



Page
Statement of Financial Position
1 - 2
Notes to the Financial Statements
3 - 7


 


TACTFUL FINANCE LIMITED
REGISTERED NUMBER:00996398



STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 5 
2,800,000
2,800,000

  
2,800,000
2,800,000

Current assets
  

Stocks
 6 
1,469,279
1,057,768

Debtors: amounts falling due within one year
 7 
15,146
9,890

  
1,484,425
1,067,658

Creditors: amounts falling due within one year
 8 
(3,416,498)
(2,696,799)

Net current liabilities
  
 
 
(1,932,073)
 
 
(1,629,141)

Total assets less current liabilities
  
867,927
1,170,859

Provisions for liabilities
  

Deferred tax
 9 
(243,092)
(243,092)

  
 
 
(243,092)
 
 
(243,092)

Net assets
  
624,835
927,767


Capital and reserves
  

Called up share capital 
  
10
10

Profit and loss account
  
624,825
927,757

  
624,835
927,767


Page 1

 


TACTFUL FINANCE LIMITED
REGISTERED NUMBER:00996398


    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




J Shack
Director

Date: 20 November 2024

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 


TACTFUL FINANCE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Tactful Finance Limited is a private company, limited by shares, registered in England and Wales, registration number 996398. The registered office is Lynton House, 7-12 Tavistock Square, London, WC1H 9LT.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

The company meets its day to day working capital requirements through an overdraft and loan facility. The directors believe that the company is well placed to continue to adopt the going concern basis in preparing these accounts.

 
2.3

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

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.

 
2.4

Revenue

The turnover shown in the Statement of Comprehensive Income represents amounts receivable from the sale of investments, rents receivable and bloodstock sales during the year in the normal course of business.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 


TACTFUL FINANCE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss 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 reporting 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 reporting 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 balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.8

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures and fittings
-
15%
reducing balance
Office equipment
-
15%
reducing balance

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.

 
2.9

Investment property

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

Page 4

 


TACTFUL FINANCE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.10

Stocks

Stocks consist of listed investments held for trading purposes and bloodstock. Listed investments are initially recorded at cost and subsequently measured at each reporting date at the lower of cost and market value. Bloodstock, which includes broodmares, is stated at the lower of cost, including upkeep or valuation.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2023 - 3).


4.


Tangible fixed assets





Fixtures and fittings

£



Cost or valuation


At 1 April 2023
23,428



At 31 March 2024

23,428



Depreciation


At 1 April 2023
23,428



At 31 March 2024

23,428



Net book value



At 31 March 2024
-



At 31 March 2023
-

Page 5

 


TACTFUL FINANCE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Investment property


Freehold investment property

£



Valuation


At 1 April 2023
2,800,000



At 31 March 2024
2,800,000

The 2024 valuations were made by the directors, on an open market value for existing use basis.





6.


Stocks

2024
2023
£
£

Listed investments
438,788
404,917

Bloodstock
1,030,491
652,851

1,469,279
1,057,768



7.


Debtors

2024
2023
£
£


Other debtors
3,018
2,375

Prepayments and accrued income
12,128
7,515

15,146
9,890


Page 6

 


TACTFUL FINANCE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
3,331,289
2,630,875

Other taxation and social security
1,085
2,462

Other creditors
2,794
2,718

Accruals and deferred income
81,330
60,744

3,416,498
2,696,799


The bank loans and overdrafts falling due within one year are secured over the assets of the company.


9.


Deferred taxation




2024


£






At beginning of year
(243,092)



At end of year
(243,092)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Investment property fair value adjustment
(243,092)
(243,092)

(243,092)
(243,092)


10.


Reserves

Included in Retained Earnings is £1,488,324 (2023: £1,488,324) of profits which are not available for distribution to shareholders as they are unrealised.

 
Page 7