Company Registration No. 12604248 (England and Wales)
TMA GROUP HOLDINGS LIMITED
CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
29 FEBRUARY 2024
6th Floor Kings House
9-10 Haymarket
London
United Kingdom
SW1Y 4BP
TMA GROUP HOLDINGS LIMITED
CONTENTS
Page
Company information
1
Strategic report
2 - 3
Directors' report
4 - 5
Directors' responsibilities statement
6
Independent auditor's report
7 - 10
Profit and loss account
11
Group statement of comprehensive income
12
Group balance sheet
13 - 14
Company balance sheet
15
Group statement of changes in equity
16
Company statement of changes in equity
17
Group statement of cash flows
18
Company statement of cash flows
19
Notes to the financial statements
20 - 38
TMA GROUP HOLDINGS LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr T Meyer
Mr. D Thompson
Mr. M Barcia
Company number
12604248
Registered office
145 London Road
Kingston upon Thames
KT2 6SR
Auditor
TC Group
6th Floor Kings House
9-10 Haymarket
London
United Kingdom
SW1Y 4BP
TMA GROUP HOLDINGS 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 group was that of the provision of data management services. There have not been any significant changes in the group’s principle activity in the period under review. The Directors are not aware at the date of this report of any likely changes in the group’s activities in the following year.

Fair review of the business

This has been a successful first full year for the group. The P&L on page 10 shows revenues of £18.7m (2023 - £15.4m).

 

The Group made profits before tax of £3.6m in the year (2023 - £2m).

Principal risks and uncertainties

Business risks

Management assess the keys risks to the business as an ongoing process. The nature of the group and the industry we operate in affords us some protection against risks experienced in the wider market.

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.

 

Credit risks

The group’s principle financial assets are bank balances, cash and trade debtors which represent the group’s maximum exposure to risk in relation to financial assets.

 

The group’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 group’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 group's exposure to credit risk is spread over a large number of counterparties and customers.

TMA GROUP HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 3 -
Key performance indicators

The group considers its primary key performance indicators to be turnover and operating profit as described above. Other margins within the business are very stable, with the exception of our Field Services activities where we are seeing a growth in our reading capacity linked to improved margins. Overall we are seeing growth in both revenue and profit.

On behalf of the board

Mr T Meyer
Director
29 November 2024
TMA GROUP HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 4 -

The directors present their annual report and financial statements for the year ended 29 February 2024.

Results and dividends

The results for the year are set out on page 11.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

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. M Barcia
Energy and carbon report

As the group has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

Research and development

The Group 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 Group 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 directors do not anticipate any significant changes in the activities of the company. The Group 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.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually 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 auditor of the company is aware of that information.

TMA GROUP HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 5 -
On behalf of the board
Mr T Meyer
Director
29 November 2024
TMA GROUP HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 6 -

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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

TMA GROUP HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TMA GROUP HOLDINGS LIMITED
- 7 -
Opinion

We have audited the financial statements of TMA Group Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 29 February 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows 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:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and parent 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.

TMA GROUP HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TMA GROUP HOLDINGS LIMITED
- 8 -

Other information

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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their 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:

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 parent 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 parent company or to cease operations, or have no realistic alternative but to do so.

TMA GROUP HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TMA GROUP HOLDINGS LIMITED
- 9 -
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.

Our approach was as follows:

 

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

TMA GROUP HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TMA GROUP HOLDINGS LIMITED
- 10 -

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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-and-guidance-for-auditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-for-audit.aspx. This description forms part of our auditor’s report.

Use of report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in 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 members as a body, 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
29 November 2024
Chartered Accountants
6th Floor Kings House
Statutory Auditor
9-10 Haymarket
SW1Y 4BP
TMA GROUP HOLDINGS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 11 -
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
(3,622,816)
(3,269,981)
Other operating income
27
-
Operating profit
4
3,896,277
2,431,705
Interest receivable and similar income
8
131,480
6,206
Interest payable and similar expenses
9
(429,064)
(429,064)
Profit before taxation
3,598,693
2,008,847
Tax on profit
10
(1,143,521)
(587,516)
Profit for the financial year
2,455,172
1,421,331
Profit for the financial year is all attributable to the owners of the parent company.
TMA GROUP HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 12 -
2024
2023
£
£
Profit for the year
2,455,172
1,421,331
Other comprehensive income
-
-
Total comprehensive income for the year
2,455,172
1,421,331
Total comprehensive income for the year is all attributable to the owners of the parent company.
TMA GROUP HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
29 FEBRUARY 2024
29 February 2024
- 13 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
11
12,958,603
15,010,616
Other intangible assets
11
925,885
169,602
Total intangible assets
13,884,488
15,180,218
Tangible assets
12
966,659
799,655
14,851,147
15,979,873
Current assets
Debtors
15
5,169,921
3,352,289
Cash at bank and in hand
11,064,468
8,542,723
16,234,389
11,895,012
Creditors: amounts falling due within one year
16
(16,316,292)
(12,970,601)
Net current liabilities
(81,903)
(1,075,589)
Total assets less current liabilities
14,769,244
14,904,284
Creditors: amounts falling due after more than one year
17
(10,128,338)
(12,699,274)
Provisions for liabilities
Deferred tax liability
19
112,974
132,250
(112,974)
(132,250)
Net assets
4,527,932
2,072,760
Capital and reserves
Called up share capital
23
100,001
100,001
Profit and loss reserves
4,427,931
1,972,759
Total equity
4,527,932
2,072,760
TMA GROUP HOLDINGS LIMITED
GROUP BALANCE SHEET (CONTINUED)
AS AT
29 FEBRUARY 2024
29 February 2024
- 14 -
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:
29 November 2024
Mr T Meyer
Director
Company registration number 12604248 (England and Wales)
TMA GROUP HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 29 FEBRUARY 2024
29 February 2024
- 15 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
13
33,839,098
33,839,098
Current assets
Debtors
15
83,061
79,823
Creditors: amounts falling due within one year
16
(13,469,663)
(10,423,722)
Net current liabilities
(13,386,602)
(10,343,899)
Total assets less current liabilities
20,452,496
23,495,199
Creditors: amounts falling due after more than one year
17
(10,128,338)
(12,699,274)
Net assets
10,324,158
10,795,925
Capital and reserves
Called up share capital
23
100,001
100,001
Profit and loss reserves
10,224,157
10,695,924
Total equity
10,324,158
10,795,925

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £471,768 (2023 - £5,477,181 profit).

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:
29 November 2024
Mr T Meyer
Director
Company registration number 12604248 (England and Wales)
TMA GROUP HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 16 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 March 2022
100,001
551,428
651,429
Year ended 28 February 2023:
Profit and total comprehensive income for the year
-
1,421,331
1,421,331
Balance at 28 February 2023
100,001
1,972,759
2,072,760
Year ended 29 February 2024:
Profit and total comprehensive income for the year
-
2,455,172
2,455,172
Balance at 29 February 2024
100,001
4,427,931
4,527,932
TMA GROUP HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 17 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 March 2022
100,001
5,218,743
5,318,744
Year ended 28 February 2023:
Profit and total comprehensive income for the year
-
5,477,181
5,477,181
Balance at 28 February 2023
100,001
10,695,924
10,795,925
Year ended 29 February 2024:
Loss and total comprehensive income for the year
-
(471,767)
(471,767)
Balance at 29 February 2024
100,001
10,224,157
10,324,158
TMA GROUP HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 18 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
5,584,098
4,315,423
Interest paid
(429,064)
(429,064)
Income taxes paid
(852,234)
(742,128)
Net cash inflow from operating activities
4,302,800
3,144,231
Investing activities
Purchase of intangible assets
(756,283)
(169,602)
Purchase of tangible fixed assets
(465,605)
(207,129)
Proceeds on disposal of tangible fixed assets
58,500
24,414
Receipts arising from loans made
(1,178,211)
(3,025)
Interest received
131,480
5,706
Net cash used in investing activities
(2,210,119)
(349,636)
Financing activities
Increase in borrowings
429,064
145,212
Net cash generated from financing activities
429,064
145,212
Net increase in cash and cash equivalents
2,521,745
2,939,807
Cash and cash equivalents at beginning of year
8,542,723
5,602,916
Cash and cash equivalents at end of year
11,064,468
8,542,723
The notes on pages 20 to 38 form part of these financial statements
TMA GROUP HOLDINGS LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 19 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
28
-
0
(5,713,147)
Interest paid
(429,064)
(429,064)
Net cash outflow from operating activities
(429,064)
(6,142,211)
Investing activities
Purchase of subsidiaries
-
0
(1)
Repayment of loans
-
(3,025)
Interest received
-
25
Dividends received
-
0
6,000,000
Net cash (used in)/generated from investing activities
-
5,996,999
Financing activities
Repayment of borrowings
429,064
145,212
Net cash generated from financing activities
429,064
145,212
Net increase in cash and cash equivalents
-
-
Cash and cash equivalents at beginning of year
-
0
-
0
Cash and cash equivalents at end of year
-
0
-
0
TMA GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 20 -
1
Accounting policies
Company information

TMA Group Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is .

 

The group consists of TMA Group Holdings Limited and all of its subsidiaries.

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.

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company TMA Group Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 29 February 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

TMA GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 21 -

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group 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.

 

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.6
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.

1.7
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

TMA GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 22 -
1.8
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 and equipment
25% reducing balance
Computers
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 recognised in the profit and loss account.

1.9
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.10
Impairment of fixed assets

At each reporting period end date, the group 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).

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.

1.11
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.

TMA GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 23 -
1.12
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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 classified as receivable within one year are not amortised.

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 group 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 group after deducting all of its liabilities.

TMA GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 24 -
Basic financial liabilities

Basic financial liabilities, including creditors,loans 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 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

Equity instruments issued by the group 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 group.

1.14
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 group’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 if, and only if, there is 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.

TMA GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 25 -
1.15
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.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.17
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 leased asset are consumed.

1.18
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
Judgements and key sources of estimation uncertainty

In the application of the group’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
2024
2023
£
£
Turnover analysed by class of business
Data management services
18,708,110
15,402,482
TMA GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
3
Turnover and other revenue
(Continued)
- 26 -
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
18,708,110
15,402,482
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
239,227
165,057
Loss/(profit) on disposal of tangible fixed assets
874
(10,757)
Amortisation of intangible assets
2,052,013
2,052,013
Operating lease charges
303,712
193,331
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
7,000
7,000
Audit of the financial statements of the company's subsidiaries
9,000
9,000
16,000
16,000
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Admin staff
8
8
3
3
Operational staff
167
159
-
-
Total
175
167
3
3
TMA GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
6
Employees
(Continued)
- 27 -

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
5,460,307
4,801,484
10,000
10,000
Social security costs
611,150
509,855
-
-
Pension costs
170,645
146,142
-
0
-
0
6,242,102
5,457,481
10,000
10,000
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
10,000
10,000
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
130,920
5,681
Other interest income
560
525
Total income
131,480
6,206

Investment income includes the following:

Interest on financial assets not measured at fair value through profit or loss
130,920
5,681
9
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Other interest on financial liabilities
429,064
429,064
TMA GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 28 -
10
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
3,598,693
2,008,847
Expected tax charge based on the standard rate of corporation tax in the UK of 24.49% (2023: 19.00%)
881,385
381,681
Tax effect of expenses that are not deductible in determining taxable profit
122,046
81,835
Group relief
-
0
(4)
Permanent capital allowances in excess of depreciation
4,427
(26,813)
Depreciation on assets not qualifying for tax allowances
1,761
-
Amortisation on assets not qualifying for tax allowances
502,575
389,882
Enhanced expenditure
(350,323)
(302,017)
Profit on sale of fixed assets
214
(2,045)
Deferred tax
(19,276)
64,997
Elimination of pre-acquisition profits
712
-
0
Taxation charge
1,143,521
587,516
TMA GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 29 -
11
Intangible fixed assets
Group
Goodwill
Development costs
Total
£
£
£
Cost
At 1 March 2023
20,520,130
169,602
20,689,732
Additions - internally developed
-
0
756,283
756,283
At 29 February 2024
20,520,130
925,885
21,446,015
Amortisation and impairment
At 1 March 2023
5,509,514
-
0
5,509,514
Amortisation charged for the year
2,052,013
-
0
2,052,013
At 29 February 2024
7,561,527
-
0
7,561,527
Carrying amount
At 29 February 2024
12,958,603
925,885
13,884,488
At 28 February 2023
15,010,616
169,602
15,180,218
The company had no intangible fixed assets at 29 February 2024 or 28 February 2023.
TMA GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 30 -
12
Tangible fixed assets
Group
Leasehold improvements
Fixtures, fittings and equipment
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 March 2023
15,081
19,330
1,191,307
74,487
1,300,205
Additions
217,915
14,361
127,815
105,514
465,605
Disposals
-
0
-
0
-
0
(72,380)
(72,380)
At 29 February 2024
232,996
33,691
1,319,122
107,621
1,693,430
Depreciation and impairment
At 1 March 2023
11,575
11,336
468,548
9,091
500,550
Depreciation charged in the year
21,864
4,283
188,822
24,258
239,227
Eliminated in respect of disposals
-
0
-
0
-
0
(13,006)
(13,006)
At 29 February 2024
33,439
15,619
657,370
20,343
726,771
Carrying amount
At 29 February 2024
199,557
18,072
661,752
87,278
966,659
At 28 February 2023
3,506
7,994
722,759
65,396
799,655
The company had no tangible fixed assets at 29 February 2024 or 28 February 2023.
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
33,839,098
33,839,098
TMA GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
13
Fixed asset investments
(Continued)
- 31 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 March 2023 and 29 February 2024
33,839,098
Carrying amount
At 29 February 2024
33,839,098
At 28 February 2023
33,839,098
14
Subsidiaries

Details of the company's subsidiaries at 29 February 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
TMA Data Management Limited
England & Wales
Ordinary
100
-
TMA Corporate Trustee Limited
England & Wales
Ordinary
100
-
TMA SSP Limited
England & Wales
Ordinary
-
100
15
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,712,570
1,728,258
-
0
-
0
Corporation tax recoverable
-
0
151,050
-
0
-
0
Other debtors
1,342,138
161,119
80,561
79,823
Prepayments and accrued income
1,115,213
1,311,862
2,500
-
0
5,169,921
3,352,289
83,061
79,823
TMA GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 32 -
16
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Other borrowings
18
12,975,944
9,975,944
12,975,944
9,975,944
Trade creditors
771,470
624,045
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
479,719
433,778
Corporation tax payable
159,513
-
0
-
0
-
0
Other taxation and social security
782,525
589,246
-
-
Deferred income
20
879,201
1,207,969
-
0
-
0
Other creditors
42,097
45,968
-
0
-
0
Accruals and deferred income
705,542
527,429
14,000
14,000
16,316,292
12,970,601
13,469,663
10,423,722
17
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Other borrowings
18
10,128,338
12,699,274
10,128,338
12,699,274
Amounts included above which fall due after five years are as follows:
Payable by instalments
10,128,338
12,699,274
10,128,338
12,699,274
18
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Other loans
23,104,282
22,675,218
23,104,282
22,675,218
Payable within one year
12,975,944
9,975,944
12,975,944
9,975,944
Payable after one year
10,128,338
12,699,274
10,128,338
12,699,274

The Series A loan notes with a value of £21,453,210 are secured by fixed and floating charges over the assets of the company and it's subsidiary TMA Data Management Limited. Series B loan notes with a value of £70,000 are unsecured.

TMA GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
18
Loans and overdrafts
(Continued)
- 33 -

The long term loan includes Fixed rate guaranteed secured series A loan notes with a book value of £21,453,210, provided by the company director, T Meyer. The loan notes will incur interest at 2% per annum, accruing on a daily basis and calculated quarterly in arrears. The first repayment was due on 7 January 2023, followed by 18 equal quarterly payments starting on 28 February 2023 and ending with one final repayment of the outstanding balance on the notes on 30 November 2027.

 

Also included in long term loans are unsecured series B loan notes totalling is £70,000. No interest is payable on the Series B loan notes. The loan payable on 30 November 2027, the final repayment date.

19
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
112,974
132,250
The company has no deferred tax assets or liabilities.
Group
Company
2024
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.

20
Deferred income
Group
Company
2024
2023
2024
2023
£
£
£
£
Other deferred income
879,201
1,207,969
-
-
TMA GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 34 -
21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
170,645
146,142

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

22
Share-based payment transactions
Group and company
Number of share options
Weighted average exercise price
2024
2023
2024
2023
Number
Number
£
£
Outstanding at 1 March 2023
20,798
20,535
-
-
Granted
43,661
3,000
1.00
1.00
Forfeited
(30,472)
(2,737)
1.00
1.00
Outstanding at 29 February 2024
33,987
20,798
-
-
Exercisable at 29 February 2024
-
-
-
-

The options outstanding at 29 February 2024 had an exercise price of £1, and a remaining contractual life of 10 years.

23
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of £1 each
30,000
30,000
30,000
30,000
B Ordinary shares of £1 each
28,000
28,000
28,000
28,000
C Ordinary shares of £1 each
13,000
42,000
13,000
42,000
D Ordinary shares of £1 each
29,000
-
29,000
-
100,000
100,000
100,000
100,000
TMA GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
23
Share capital
(Continued)
- 35 -
2024
2023
2024
2023
Preference share capital
Number
Number
£
£
Issued and fully paid
Preference shares of £1 each
1
1
1
1
Preference shares classified as equity
1
1
Total equity share capital
100,001
100,001

On 15 February 2024 29,000 C Ordinary Shares were re-designated as D Ordinary Shares by way of a special resolution.

 

Description of shares

Preference shares shall receive no voting rights. All other classes receive equal voting rights although these will be restricted to a percentage of total voting rights as follows:

 

A Ordinary Shares    30%

B Ordinary Shares    28%

C Ordinary Shares    13%.

D Ordinary Shares    29%

 

Preference shares are entitled to an annual preference dividend as determined in the articles. Ordinary Shares are entitled to dividends subject to the payment of preference dividends and subject always to the repayment of loan notes as determined in the Articles. Ordinary dividends are declared pari passu within each share group and restricted to the following percentages of total ordinary dividends:

 

A Ordinary Shares    30%

B Ordinary Shares    28%

C Ordinary Shares    13%

D Ordinary Shares    29%

As regards distribution, Subject to any payment due to the holders of preference shares as detailed in the articles, the Ordinary shares are entitled to receive any remaining proceeds, ranked pari passu within each share group and restricted to the following percentages of remaining proceeds:

 

A Ordinary Shares    30%

B Ordinary Shares    28%

C Ordinary Shares    13%

D Ordinary Shares    29%

 

All share classes are considered non-redeemable.

TMA GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 36 -
24
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
30,017
76,743
-
-
Between two and five years
1,248,890
256,634
-
-
1,278,907
333,377
-
-
25
Related party transactions
Transactions with related parties

At 28 February 2024 T Meyer was owed £23,034,282 in Series A loan notes.

At 28 February 2024 £70,000 was owed to Meridian Corporate Finance Limited. Nil Rate unsecured Series B Loan notes have been issued for £70,000. Directors D Thompson and M Barcia are also directors of Meridian Corporate Finance Limited.

 

Further details of the loan notes can be found in note 17.

 

The Group paid £15,000 to Deva Diva UK Limited for services provided. Aniela Meyer is director and shareholder of Deva Diva UK Limited, and is the wife of the director Timothy Meyer and a shareholder of TMA Group Holdings Limited.

26
Directors' transactions

Loans have been granted by the group to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Interest charged
Closing balance
£
£
£
£
Loan
2.00
-
1,177,651
-
1,177,651
Loan
2.00
14,705
-
280
14,985
Loan
2.00
14,705
-
280
14,985
29,410
1,177,651
560
1,207,621
TMA GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 37 -
27
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
2,455,172
1,421,331
Adjustments for:
Taxation charged
1,143,521
587,516
Finance costs
429,064
429,064
Investment income
(131,480)
(6,206)
Loss/(gain) on disposal of tangible fixed assets
874
(10,757)
Amortisation and impairment of intangible assets
2,052,013
2,052,013
Depreciation and impairment of tangible fixed assets
239,227
165,057
Movements in working capital:
Increase in debtors
(790,471)
(295,878)
Increase in creditors
514,946
285,780
Decrease in deferred income
(328,768)
(312,497)
Cash generated from operations
5,584,098
4,315,423
28
Cash absorbed by operations - company
2024
2023
£
£
(Loss)/profit for the year after tax
(471,767)
5,477,181
Adjustments for:
Finance costs
429,064
429,064
Investment income
(560)
(6,000,525)
Movements in working capital:
(Increase)/decrease in debtors
(2,678)
2,838
Increase/(decrease) in creditors
45,941
(5,621,705)
Cash absorbed by operations
-
(5,713,147)
TMA GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 38 -
29
Analysis of changes in net debt - group
1 March 2023
Cash flows
29 February 2024
£
£
£
Cash at bank and in hand
8,542,723
2,521,745
11,064,468
Borrowings excluding overdrafts
(22,675,218)
(429,064)
(23,104,282)
(14,132,495)
2,092,681
(12,039,814)
30
Analysis of changes in net debt - company
1 March 2023
Cash flows
29 February 2024
£
£
£
Borrowings excluding overdrafts
(22,675,218)
(429,064)
(23,104,282)
2024-02-292023-03-01falseCCH SoftwareCCH Accounts Production 2024.210Mr T MeyerMr. D ThompsonMr. M 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