Company registration number 04367685 (England and Wales)
TMA DATA MANAGEMENT LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
29 FEBRUARY 2024
6th Floor Kings House
9-10 Haymarket
London
United Kingdom
SW1Y 4BP
TMA DATA MANAGEMENT LIMITED
CONTENTS
Page
Company information
1
Strategic report
2 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 9
Statement of comprehensive income
10
Statement of financial position
11
Statement of changes in equity
12
Notes to the financial statements
13 - 25
TMA DATA MANAGEMENT LIMITED
CONTENTS
Page
Company information
1
Strategic report
2 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 9
Statement of comprehensive income
10
Statement of financial position
11
Statement of changes in equity
12
Notes to the financial statements
13 - 25
TMA DATA MANAGEMENT LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr T Meyer
Mr. D Thompson
Mr G Fowke
(Appointed 30 April 2024)
Ms C Henderson
(Appointed 30 April 2024)
Mr R J Kitchen
(Appointed 30 April 2024)
Company number
04367685
Registered office
145 London Road
Kingston upon Thames
KT2 6SR
Auditor
TC Group
9-10 Haymarket
London
United Kingdom
SW1Y 4BP
TMA DATA MANAGEMENT LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 2 -
The directors present the strategic report for the year ended 29 February 2024.
Principle activities
The principle activity of the company was that of the provision of data management services. There have not been any significant changes in the company’s principle activity in the year under review. The Directors are not aware at the date of this report of any likely changes in the company’s activities in the following year.
Fair review of the business
This has been another successful year for the company with strong growth in both revenue and profit.
The company’s Profit & Loss Account on page 10 shows a year of continued growth, with turnover up in the year from £15.4m to £18.7m. The operating profit has risen in the year from £4.6m to £6.1m, reflecting the strength and continued overall growth of the company.
We have successfully acquired the intellectual property and assets of Dyball Associates Ltd. This strategic acquisition provides us with key intellectual property, including our own DCC Adaptor, and an advanced CRM system tailored for the energy sector. These additions significantly enhance our existing UK energy product suite, broadening our capabilities and strengthening our market position. This move not only expands our technological assets but also integrates Dyball's skilled team into our operations, further enriching our expertise and service offerings in the industry.
The company’s balance sheet on page 11 illustrates the strength of this company and its preparedness to manage challenges that may be generated by both the industry and wider economy.
Principal risks and uncertainties
Business risks
Management assess the keys risks to the business as an ongoing process. The nature of the company and the industry we operate in affords us some protection against risks experienced in the wider market.
Our customers will continue to require our services regardless of volumes running through their own businesses, and the key risk we have is the potential failure of some of our customers. Even this is partially mitigated as in many cases portfolios of work lost to one customer are transferred to another. Whilst this still offers some risk from loss of business, the risk is considered small and manageable.
We have seen good consistent growth in the year, and this has continued with increased pace into the following financial year.
Our key risk as an organisation continues to be the reliance on our technology and processes which drives and services the majority of our revenue. Our focus as an organisation therefore is to place each of our key processes and systems under constant review, to regularly update our technology base and to provide appropriate business continuity processes as cover for system failures. In providing business continuity we invest constantly in our technology and team to ensure we have the resources in place and remain modern in order to service our growth.
TMA DATA MANAGEMENT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 3 -
Credit risks
The company’s principle financial assets are bank balances, cash and trade debtors which represent the company’s maximum exposure to risk in relation to financial assets.
The company’s credit risk is primarily attributable to its trade debtors. Credit risk is managed by monitoring the amount and exposure to any one customer depending upon their credit rating. The amounts presented in the balance sheet are net of allowances for doubtful debts, estimated by the company’s management on prior experience and their assessment of the current economic environment.
The credit risk on liquid funds is limited because the counterparties are banks with high credit-ratings, and /or with Government support, where applicable, assigned by international credit-rating agencies. The company's exposure to credit risk is spread over a large number of counterparties and customers.
Key performance indicators
The company considers its primary key performance indicators to be turnover and operating profit as described above. Other key margins within the business are very stable.
Mr T Meyer
Director
29 November 2024
TMA DATA MANAGEMENT LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 4 -
The directors present their report and financial statements for the year ended 29 February 2024.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr T Meyer
Mr. D Thompson
Mr G Fowke
(Appointed 30 April 2024)
Ms C Henderson
(Appointed 30 April 2024)
Mr R J Kitchen
(Appointed 30 April 2024)
Results and dividends
The results for the year are set out on page 10.
The company paid dividends of £nil to the holding company TMA Group Holdings Limited (2023: £6m). The company does not intend to pay further dividends in the year.
Research and development
The company undertakes research and development as part of our continual process of developing our systems to keep us ahead of changes in the market.
Future developments
As specified in the Strategic Report, the company continues to invest substantially in its technology and processes which has been shown to lead to increased growth and profitability in addition to the continuing expansion of our core activities. The company is currently adding a number of key hires to the team aimed at expanding the overall skill set and knowledge base.
Auditor
The auditor, TC Group, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
TMA DATA MANAGEMENT LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 5 -
Statement of directors' responsibilities
The directors are responsible for preparing the annual report 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;
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.
The directors are responsible for the maintenance and integrity of the company website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of disclosure to auditor
So far as the directors are aware, there is no relevant audit information of which the company's auditor are unaware. Additionally, the directors have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company's auditors are aware of that information.
On behalf of the board
Mr T Meyer
Director
29 November 2024
TMA DATA MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF TMA DATA MANAGEMENT LIMITED
- 6 -
Opinion
We have audited the financial statements of TMA Data Management Limited (the 'company') for the year ended 29 February 2024 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity and notes to the financial statements, including 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 29 February 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.
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 Auditor's 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.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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.
TMA DATA MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF TMA DATA MANAGEMENT LIMITED
- 7 -
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report 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 directors' report.
We have nothing to report in respect of the following matters in relation to which 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 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 directors' responsibilities statement, 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 is 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.
Auditor's 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 an auditor's report 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Extent to which the audit was considered capable of detecting irregularities, including fraud
The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management.
TMA DATA MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF TMA DATA MANAGEMENT LIMITED
- 8 -
Our approach was as follows:
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussion with the directors and other management (as required by auditing standards), and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations;
We considered the legal and regulatory frameworks directly applicable to the financial statements reporting framework (FRS 102 and the Companies Act 2006) and the relevant tax compliance regulations in the UK;
We considered the nature of the industry, the control environment and business performance, including the key drivers for management’s remuneration;
We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit;
We considered the procedures and controls that the company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls.
Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
TMA DATA MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF TMA DATA MANAGEMENT LIMITED
- 9 -
This report is made solely to the company's member 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 member those matters we are required to state to the member in an auditor's report 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 member, for our audit work, for this report, or for the opinions we have formed.
Robert Keen FCCA (Senior Statutory Auditor)
For and on behalf of TC Group
Statutory Auditor
29 November 2024
Office: London
TMA DATA MANAGEMENT LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 10 -
2024
2023
Notes
£
£
Turnover
3
18,708,110
15,402,482
Cost of sales
(11,189,044)
(9,700,796)
Gross profit
7,519,066
5,701,686
Administrative expenses
(1,527,514)
(1,123,688)
Operating profit
4
5,991,552
4,577,998
Interest receivable and similar income
7
130,920
5,681
Profit before taxation
6,122,472
4,583,679
Tax on profit
8
(1,143,521)
(587,516)
Profit for the financial year
4,978,951
3,996,163
The income statement has been prepared on the basis that all operations are continuing operations.
TMA DATA MANAGEMENT LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 29 FEBRUARY 2024
29 February 2024
- 11 -
29 February 2024
28 February 2023
Notes
£
£
£
£
Fixed assets
Intangible assets
10
925,885
169,602
Tangible assets
11
966,659
799,656
Investments
12
1
1
1,892,545
969,259
Current assets
Debtors
14
5,566,577
3,706,242
Cash at bank and in hand
11,064,468
8,542,723
16,631,045
12,248,965
Creditors: amounts falling due within one year
15
(3,326,348)
(2,980,657)
Net current assets
13,304,697
9,268,308
Total assets less current liabilities
15,197,242
10,237,567
Provisions for liabilities
Deferred tax liability
16
112,974
132,250
(112,974)
(132,250)
Net assets
15,084,268
10,105,317
Capital and reserves
Called up share capital
19
12,000
12,000
Profit and loss reserves
15,072,268
10,093,317
Total equity
15,084,268
10,105,317
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 29 November 2024 and are signed on its behalf by:
Mr T Meyer
Director
Company registration number 04367685 (England and Wales)
TMA DATA MANAGEMENT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 March 2022
12,000
12,097,154
12,109,154
Year ended 28 February 2023:
Profit and total comprehensive income
-
3,996,163
3,996,163
Dividends
9
-
(6,000,000)
(6,000,000)
Balance at 28 February 2023
12,000
10,093,317
10,105,317
Year ended 29 February 2024:
Profit and total comprehensive income
-
4,978,951
4,978,951
Balance at 29 February 2024
12,000
15,072,268
15,084,268
TMA DATA MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 13 -
1
Accounting policies
Company information
TMA Data Management Limited is a private company limited by shares incorporated in England and Wales. The registered office is 145 London Road, Kingston upon Thames, KT2 6SR.
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.
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.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 4 ‘Statement of Financial Position’: Reconciliation of the opening and closing number of shares;
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of TMA Group Holdings Limited. These consolidated financial statements are available from its registered office, 145 London Road, Kingston-Upon-Thames, Surrey, KT2 6SR.
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
TMA DATA MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 14 -
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT.
1.4
Research and development expenditure
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 is 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 to ‘administrative expenses’ on a straight line basis over their expected useful economic lives. Amortisation begins when the intangible asset is available for use, ie when it is in the location and condition necessary for it to be usable in the manner intended by management.
The expected useful economic life of development costs are estimated based on business plans which set
out the development plan and time to market for the associated project.
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.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
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 improvements
5 years straight line
Fixtures, fittings & equipment
25% reducing balance
Computer equipment
3 years and 10 years straight line
Motor vehicles
25% reducing balance
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.
1.6
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.
TMA DATA MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 15 -
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.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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.
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.
1.8
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks.
1.9
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 statement of financial position 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.
TMA DATA MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 16 -
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 classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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.
TMA DATA MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 17 -
Basic financial liabilities
Basic financial liabilities, including creditors, that are classified as debt, 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 classified as payable within one year are not amortised.
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.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.10
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 income statement 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.
TMA DATA MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 18 -
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 income statement, 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.
1.11
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.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
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.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
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.
TMA DATA MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 19 -
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.
In the opinion of the directors there are no significant judgements or areas of estimation uncertainty.
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
2024
2023
£
£
Turnover analysed by class of business
Data management services
18,708,110
15,402,482
2024
2023
£
£
Other revenue
Interest income
130,920
5,681
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
9,000
9,000
Depreciation of owned tangible fixed assets
239,227
165,057
Loss/(profit) on disposal of tangible fixed assets
874
(10,757)
Operating lease charges
303,712
193,331
TMA DATA MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 20 -
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Admin staff
4
4
Operational staff
167
159
Total
171
163
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
5,450,307
4,791,484
Social security costs
611,150
509,855
Pension costs
170,645
146,142
6,232,102
5,447,481
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
111,200
104,200
Company pension contributions to defined contribution schemes
22,250
22,250
133,450
126,450
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
130,920
5,681
TMA DATA MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 21 -
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
1,162,797
522,519
Deferred tax
Origination and reversal of timing differences
(19,276)
64,997
Total tax charge
1,143,521
587,516
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
6,122,472
4,583,679
Expected tax charge based on the standard rate of corporation tax in the UK of 24.49% (2023: 19.00%)
1,499,504
870,899
Tax effect of expenses that are not deductible in determining taxable profit
12,552
313
Group relief
(6,050)
(17,818)
Permanent capital allowances in excess of depreciation
4,427
(26,813)
Depreciation on assets not qualifying for tax allowances
1,761
Enhanced expenditure
(350,323)
(302,017)
Profit on sale of fixed assets
214
(2,045)
Deferred tax
(19,276)
64,997
Pension adjustment
712
Taxation charge for the year
1,143,521
587,516
9
Dividends
2024
2023
£
£
Interim paid
6,000,000
TMA DATA MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 22 -
10
Intangible fixed assets
Development Costs
£
Cost
At 1 March 2023
169,602
Additions - internally developed
756,283
At 29 February 2024
925,885
Amortisation and impairment
At 1 March 2023 and 29 February 2024
Carrying amount
At 29 February 2024
925,885
At 28 February 2023
169,602
11
Tangible fixed assets
Leasehold improvements
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 March 2023
21,043
39,635
1,490,195
74,487
1,625,360
Additions
217,915
14,361
127,815
105,514
465,605
Disposals
(25,695)
(72,380)
(98,075)
At 29 February 2024
238,958
53,996
1,592,315
107,621
1,992,890
Depreciation and impairment
At 1 March 2023
17,536
31,642
767,436
9,091
825,705
Depreciation charged in the year
21,864
4,283
188,822
24,258
239,227
Eliminated in respect of disposals
(25,695)
(13,006)
(38,701)
At 29 February 2024
39,400
35,925
930,563
20,343
1,026,231
Carrying amount
At 29 February 2024
199,558
18,071
661,752
87,278
966,659
At 28 February 2023
3,507
7,993
722,760
65,396
799,656
TMA DATA MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 23 -
12
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
13
1
1
13
Subsidiaries
The company is exempt from producing group accounts under s405 of the Companies Act 2006. The Ultimate Parent company is TMA Group Holdings Ltd and registered address is 145 London Road, Kingston upon Thames, England, KT2 6SR.
Details of the company's subsidiaries at 29 February 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
TMA SSP Limited
United Kingdom
Ordinary Shares
100.00
14
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,712,570
1,728,258
Corporation tax recoverable
151,050
Amounts owed by group undertakings
479,717
433,776
Other debtors
1,261,577
81,296
Prepayments and accrued income
1,112,713
1,311,862
5,566,577
3,706,242
15
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Trade creditors
771,470
624,045
Corporation tax
159,513
Other taxation and social security
782,525
589,246
Deferred income
17
879,201
1,207,969
Other creditors
42,097
45,968
Accruals
691,542
513,429
3,326,348
2,980,657
TMA DATA MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 24 -
16
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
112,974
132,250
2024
Movements in the year:
£
Liability at 1 March 2023
132,250
Credit to profit or loss
(19,276)
Liability at 29 February 2024
112,974
£16,183 of the deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.
17
Deferred income
2024
2023
£
£
Other deferred income
879,201
1,207,969
18
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
170,645
146,142
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
19
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
12,000
12,000
12,000
12,000
TMA DATA MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
19
Share capital
(Continued)
- 25 -
All shares issued are non-redeemable and rank equally in terms of (a) voting rights - one vote for each share; (b) rights to participate in all approved dividend distributions for that class of share; and (c) rights to participate in any capital distribution on winding up.
20
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within one year
30,017
76,743
Between two and five years
1,248,890
256,634
1,278,907
333,377
21
Related party transactions
During the year the company entered into the following transactions with related parties:
During the year TMA Data Management Limited paid £15,000 to Deva Diva UK Limited for services provided. A Meyer is director and shareholder of Deva Diva UK Limited, and is the wife of the director T Meyer and a shareholder of TMA Group Holdings Limited, the parent company.
22
Directors' transactions
Loans have been granted by the company to its directors as follows:
At 31 December 2024 T Meyer owed the company £1,177,651. The loan is subject to an interest rate of 2%.
23
Ultimate controlling party
The parent company of TMA Data Management Limited is TMA Group Holdings Limited and its registered office is 145 London Road, Kingston Upon Thames, England, KT2 6SR.
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