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Registered number: 14869285









TUFFIN FERRABY TAYLOR (TFT) LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
TUFFIN FERRABY TAYLOR (TFT) LIMITED
 
 
COMPANY INFORMATION


Directors
A J L Allison (appointed 15 May 2023)
D Henn (appointed 15 May 2023)
S Love-Jones (appointed 15 May 2023)
A Pemberton (appointed 15 May 2023)




Registered number
14869285



Registered office
14-18 Holborn

London

EC1N 2LE




Independent auditor
CLA Evelyn Partners Limited
Statutory Auditor & Chartered Accountants

Onslow House

Onslow Street

Guildford

GU1 4TL





 
TUFFIN FERRABY TAYLOR (TFT) LIMITED
 

CONTENTS



Page
Group Strategic Report
1 - 2
Directors' Report
3
Directors' Responsibilities Statement
4
Independent Auditor's Report
5 - 8
Consolidated Statement of Comprehensive Income
9
Consolidated Balance Sheet
10 - 11
Company Balance Sheet
12 - 13
Consolidated Statement of Changes in Equity
14
Company Statement of Changes in Equity
15
Consolidated Statement of Cash Flows
16 - 17
Consolidated Analysis of Net Debt
18
Notes to the Financial Statements
19 - 38


 
TUFFIN FERRABY TAYLOR (TFT) LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

Introduction
 
The directors present their Strategic Report for the year ended 31 March 2024.

Business review
 
The principal activity of the Company and the wider Tuffin Ferraby Taylor Group (“TFT”) continued to be that of commercial property consultancy (chartered building surveyors, project managers, building services engineers and sustainability consultants).
During the year, there was a group reconstruction through which Tuffin Ferraby Taylor (TFT) Limited was incorporated. On 31 October 2023, the trade and assets of Tuffin Ferraby Taylor LLP was transferred using merger accounting from Tuffin Ferraby Taylor LLP to Tuffin Ferraby Taylor (TFT) Limited.
TFT has become an employee-owned business, having established its Employee Ownership Trust (EOT) following 19 years as a Limited Liability Partnership (LLP).   The change to EOT status marks TFT’s 50th year and comes with two commitments for the future: to share ownership and benefit for the whole TFT team, and to deliver on the firm’s values without external conflict or compromise.
The news follows TFT’s B Corp certification in December 2022. An ownership structure for shared benefit is part of TFT’s continual progression towards its B Corp goals: improving business performance, accountability and transparency.

2024
2023
        £
        £
Turnover

26,277,052

22,233,063
 
Profit after tax

5,185,060

3,837,564
 
Average number of Technical staff

131

107
 

TFT saw turnover increase by 18% to £26.3m (2023: £22.2m) with profit after tax increasing by 35.1% to £5.2m (2023: £3.8m).  This was mainly driven by a 22% increase in technical staff during the year.
The directors are satisfied with TFT’s performance for the year and its sound financial position. The net current assets, excluding unpaid share capital, of £1.5m (2023: £5.0m) will enable TFT to respond to opportunities or challenges that may arise in the future.

Principal risks and uncertainties
 
Market Risk
The real estate and construction industry continues to be affected by wider economic changes including the high interest and high inflation economy, each of which have led to uncertainty and delayed investment decisions, particularly in new development.  The medium to long term outlook remains in the balance and any downturn in the UK or economy growth aspirations not materialising as set out by the change in government administration may have an adverse impact on TFT.  This risk is mitigated by our good relationship with key personnel at property investment and development clients that operate across a broad range of sectors. We have also built a skilled and flexible team and a suite of service lines that respond to our core clients’ needs across each stage in the property and development cycle and are therefore not exposed to market changes as other specialists may be.
 
Page 1

 
TUFFIN FERRABY TAYLOR (TFT) LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Working capital management
Working capital management continues to be a key focus for TFT, ensuring that there are sufficient cash reserves to meet all obligations and deal with any unexpected short to medium term adverse market movements.  Cash flow is continually monitored along with future pipeline to ensure that any negative trends or issues are identified early, ready to take mitigating actions as necessary.

Staff recruitment and retention
Within the real estate professional services industry, companies often face challenges in finding suitable candidates for open positions and retaining high quality employees to deliver high quality services to clients.  TFT support employees with dedicated career development opportunities and a commitment to provide for everyone’s wellbeing at work.  As a certified B Corp and with the new EOT structure, ESG is at the heart of TFT’s culture, helping the business recruit and retain the best employees.
Competitors
TFT competes against several other companies of varying size, and as a result is exposed to the impact of actions of its competitors.  TFT mitigates this risk through key client relationships and being thought leaders in the market, helping building owners, managers, investors, and occupiers to maximise the commercial value, performance and sustainability of their buildings.  The business focusses on attracting and retaining excellent staff, producing high quality work to meet clients’ needs. Direct competitors often differ across the services lines we provide, and therefore the impacts are further mitigated. 
Litigation risk
TFT operates in an industry where there is an inherent risk of claims for alleged professional negligence.  TFT focus on consistency of quality assured excellence in our service delivery with a commitment to mentoring, coaching and investment in upskilling, training and development.  TFT’s robust internal processes and controls mitigate the risk of claims, and the business has insurance against professional negligence claims.
Data security
To enable collaboration and efficient working, project documentation and communication is stored digitally.  This increases the risk for data protection and information security.  TFT has a robust and resilient IT risk strategy to mitigate this risk.  

Future developments
 
The directors remain focussed on developing existing clients and growing new business opportunities to deliver continued growth in turnover and profitability.


This report was approved by the board and signed on its behalf.





A Pemberton
Director

Date: 20 December 2024

Page 2

 
TUFFIN FERRABY TAYLOR (TFT) LIMITED
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The directors present their report and the financial statements for the year ended 31 March 2024.

Results and dividends

The profit for the year, after taxation, amounted to £5,185,060 (2023 -£3,837,564).

Directors

The directors who served during the year were:

A J L Allison (appointed 15 May 2023)
D Henn (appointed 15 May 2023)
S Love-Jones (appointed 15 May 2023)
A Pemberton (appointed 15 May 2023)
S W Mcluckie (appointed 15 May 2023, resigned 21 July 2023)

Future developments

The directors remain focussed on developing existing clients and growing new business opportunities to deliver continued growth in turnover and profitability.

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditor

The auditor, CLA Evelyn Partners Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





A Pemberton
Director

Date: 20 December 2024

Page 3

 
TUFFIN FERRABY TAYLOR (TFT) LIMITED
 
 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:

select suitable accounting policies and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent; and


prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 4

 
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TUFFIN FERRABY TAYLOR (TFT) LIMITED
 

Opinion

We have audited the financial statements of Tuffin Ferraby Taylor (TFT) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended  31 March 2024 which comprise the Consolidated statement of comprehensive income, Consolidated and parent company balance sheets, Consolidated and parent company statement of changes in equity, Consolidated statement of cash flows and the 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 FRS 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 group's and of the parent company's affairs as at 31 March 2024 and of the Group's 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.

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 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.
Page 5

 
TUFFIN FERRABY TAYLOR (TFT) LIMITED
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TUFFIN FERRABY TAYLOR (TFT) LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual report and financial statements, other than the financial statements and our auditor’s report thereon.  The directors are responsible for the other information contained within the Annual report and financial statements.  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 the 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 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:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors’ 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 set out on page 4, 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. 

Page 6

 
TUFFIN FERRABY TAYLOR (TFT) LIMITED
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TUFFIN FERRABY TAYLOR (TFT) LIMITED (CONTINUED)

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.  We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.  The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained a general understanding of the Group's legal and regulatory framework through enquiry of management concerning: their understanding of relevant laws and regulations; the entities' policies and procedures regarding compliance; and how they identify, evaluate and account for litigation claims. We also drew on our existing understanding of the Group's industry and regulation.
We understand that the Group complies with the framework through:
Outsourcing accounts preparation and tax compliance to external experts.
Updating operating procedures, manuals and internal controls as legal and regulatory requirements change; and
The directors’ close involvement in the day-to-day running of the business, meaning that any litigation or claims would come to their attention directly.

The procedures we carried out to gain comfort over compliance with the above regulations included:
Confirming that the company is RICS regulated; and
Reviewing board meeting minutes.

In the context of the audit, we considered those laws and regulations: which determine the form and content of the financial statements; which are central to the Group’s ability to conduct its business; and where failure to comply could result in material penalties. We identified the following laws and regulations as being of significance in the context of the Group:
The Companies Act 2006, including as applied to Limited Liability Partnerships, and FRS 102 in respect of the preparation and presentation of the financial statements.
Regulations issued by the Royal Institution of Chartered Surveyors (RICS).

The senior statutory auditor led a discussion with all senior members of the engagement team regarding the susceptibility of the entity’s financial statements to material misstatement, including how fraud might occur.
The areas identified in this discussion were:
Manipulation of the financial statements through manual journal entries; and
Incorrect recognition of revenue particularly regarding cut off.

The procedures we carried out to gain evidence in the above areas included:
Testing of a sample of revenue transactions specifically around cut off to underlying documentation; and
Testing of a sample of manual journal entries, selected through applying specific risk assessments based on the group's processes and controls surrounding manual journal entries.

Page 7

 
TUFFIN FERRABY TAYLOR (TFT) LIMITED
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TUFFIN FERRABY TAYLOR (TFT) LIMITED (CONTINUED)

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the parent 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 parent 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.



Timothy Adams (Senior Statutory Auditor)
  
for and on behalf of
CLA Evelyn Partners Limited
 
Statutory Auditor & Chartered Accountants
  
Onslow House
Onslow Street
Guildford
GU1 4TL

20 December 2024
Page 8

 
TUFFIN FERRABY TAYLOR (TFT) LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
Note
£
£

  

Turnover
 4 
26,277,052
22,233,063

Cost of sales
  
(16,279,905)
(12,730,802)

Gross profit
  
9,997,147
9,502,261

Administrative expenses
  
(4,295,951)
(5,549,741)

Profit on sale of tangible assets
  
158,375
28,304

Operating profit
 5 
5,859,571
3,980,824

Interest payable and similar expenses
 9 
(41,884)
(24,019)

Profit before taxation
  
5,817,687
3,956,805

Tax on profit
 10 
(632,627)
(119,241)

Profit for the financial year
  
5,185,060
3,837,564

Other comprehensive income for the year
  

Currency translation differences
  
-
(795)

Other comprehensive income for the year
  
-
(795)

Total comprehensive income for the year
  
5,185,060
3,836,769

Profit for the year attributable to:
  

Owners of the parent Company
  
5,185,060
3,837,564

  
5,185,060
3,837,564

The notes on pages 19 to 38 form part of these financial statements.

Page 9

 
TUFFIN FERRABY TAYLOR (TFT) LIMITED
REGISTERED NUMBER:14869285

CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 11 
14,815
25,582

Tangible assets
 12 
903,305
813,819

  
918,120
839,401

Current assets
  

Debtors: amounts falling due within one year
 14 
17,343,862
6,581,991

Cash at bank and in hand
 15 
513,853
1,756,562

  
17,857,715
8,338,553

Creditors: amounts falling due within one year
 16 
(6,306,968)
(3,366,566)

Net current assets
  
 
 
11,550,747
 
 
4,971,987

Total assets less current liabilities
  
12,468,867
5,811,388

Creditors: amounts falling due after more than one year
 17 
(513,414)
(196,813)

Provisions for liabilities
  

Other provisions
 20 
(207,932)
(196,435)

  
 
 
(207,932)
 
 
(196,435)

Net assets
  
11,747,521
5,418,140

Page 10

 
TUFFIN FERRABY TAYLOR (TFT) LIMITED
REGISTERED NUMBER:14869285
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Capital and reserves
  

Called up share capital 
 21 
1,799,820
1,200,000

Share premium account
 22 
40,053,993
30,566,720

Merger reserve
 22 
(31,766,720)
(31,766,720)

Profit and loss account
 22 
1,660,428
5,418,140

Equity attributable to owners of the parent Company
  
11,747,521
5,418,140

  
11,747,521
5,418,140


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 December 2024.




A Pemberton
Director

The notes on pages 19 to 38 form part of these financial statements.

Page 11

 
TUFFIN FERRABY TAYLOR (TFT) LIMITED
REGISTERED NUMBER:14869285

COMPANY BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 11 
14,815
25,582

Tangible assets
 12 
892,220
798,954

Investments
 13 
191
191

  
907,226
824,727

Current assets
  

Debtors: amounts falling due within one year
 14 
17,826,489
6,908,758

Cash at bank and in hand
 15 
373,089
1,665,779

  
18,199,578
8,574,537

Creditors: amounts falling due within one year
 16 
(7,197,662)
(3,981,201)

Net current assets
  
 
 
11,001,916
 
 
4,593,336

Total assets less current liabilities
  
11,909,142
5,418,063

  

Creditors: amounts falling due after more than one year
 17 
(513,414)
(196,813)

Provisions for liabilities
  

Other provisions
 20 
(207,932)
(196,435)

  
 
 
(207,932)
 
 
(196,435)

Net assets
  
11,187,796
5,024,815

Page 12

 
TUFFIN FERRABY TAYLOR (TFT) LIMITED
REGISTERED NUMBER:14869285
    
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

2024
2023
Note
£
£


Capital and reserves
  

Called up share capital 
 21 
1,799,820
1,200,000

Share premium account
 22 
40,053,993
30,566,720

Merger reserve
 22 
(31,766,720)
(31,766,720)

Profit and loss account
 22 
1,100,703
5,024,815

  
11,187,796
5,024,815


The Company has taken advantage of the exemption allowed under section 408 of the Companies Act
2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The Company made a profit for the year of £4,628,313 (2023 - £3,832,716).
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 December 2024.


A Pemberton
Director

The notes on pages 19 to 38 form part of these financial statements.

Page 13

 

TUFFIN FERRABY TAYLOR (TFT) LIMITED
 
 
 


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024



Called up share capital
Share premium account
Merger reserve
Profit and loss account
Total equity


£
£
£
£
£



At 1 April 2022
-
-
-
-
-



Comprehensive income for the year


Profit for the year
-
-
-
3,837,564
3,837,564


Foreign exchange movement
-
-
-
(795)
(795)



Contributions by and distributions to owners


Adjustment for merger
1,200,000
30,566,720
(31,766,720)
4,511,858
4,511,858


Payments to owners
-
-
-
(2,930,487)
(2,930,487)





At 1 April 2023
1,200,000
30,566,720
(31,766,720)
5,418,140
5,418,140



Comprehensive income for the year


Profit for the year
-
-
-
5,185,060
5,185,060



Contributions by and distributions to owners


Shares issued in the year
599,820
9,487,273
-
-
10,087,093


Payments to owners
-
-
-
(8,942,772)
(8,942,772)



At 31 March 2024
1,799,820
40,053,993
(31,766,720)
1,660,428
11,747,521



The notes on pages 19 to 38 form part of these financial statements.

Page 14

 

TUFFIN FERRABY TAYLOR (TFT) LIMITED
 
 
 


COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024



Called up share capital
Share premium account
Merger reserve
Profit and loss account
Total equity


£
£
£
£
£



At 1 April 2022
-
-
-
-
-



Comprehensive income for the year


Profit for the year
-
-
-
3,832,716
3,832,716



Contributions by and distributions to owners


Adjustment for merger
1,200,000
30,566,720
(31,766,720)
4,122,586
4,122,586


Payments to owners
-
-
-
(2,930,487)
(2,930,487)





At 1 April 2023
1,200,000
30,566,720
(31,766,720)
5,024,815
5,024,815



Comprehensive income for the year


Profit for the year
-
-
-
4,628,313
4,628,313



Contributions by and distributions to owners


Shares issued in the year
599,820
9,487,273
-
-
10,087,093


Payments to owners
-
-
-
(8,552,425)
(8,552,425)



At 31 March 2024
1,799,820
40,053,993
(31,766,720)
1,100,703
11,187,796



Page 15

 
TUFFIN FERRABY TAYLOR (TFT) LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
5,185,060
3,837,564

Adjustments for:

Amortisation of intangible assets
13,909
11,297

Depreciation of tangible assets
300,953
268,701

Loss on disposal of tangible assets
(158,375)
(28,304)

Interest paid
41,884
24,019

Taxation charge
632,627
119,241

(Increase) in debtors
(674,778)
(1,169,727)

Increase in creditors
2,362,459
746,138

Increase in provisions
11,497
55,608

Corporation tax (paid)
(120,706)
(100,966)

Foreign exchange
-
(795)

Net cash generated from operating activities

7,594,530
3,762,776


Cash flows from investing activities

Purchase of intangible fixed assets
(3,142)
(30,806)

Purchase of tangible fixed assets
(263,204)
(350,730)

Sale of tangible fixed assets
246,098
30,001

Net cash from investing activities

(20,248)
(351,535)
Page 16

 
TUFFIN FERRABY TAYLOR (TFT) LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024


2024
2023

£
£



Cash flows from financing activities

New secured loans
609,000
-

Repayment of loans
(318,782)
(111,111)

Repayment of/new finance leases
(122,553)
5,041

Interest paid
(32,417)
(18,258)

HP interest paid
(9,467)
(5,761)

Payments to owners
(8,942,772)
(2,930,487)

Net cash used in financing activities
(8,816,991)
(3,060,576)

Net (decrease)/increase in cash and cash equivalents
(1,242,709)
350,665

Cash and cash equivalents at beginning of year
1,756,562
1,405,897

Cash and cash equivalents at the end of year
513,853
1,756,562


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
513,853
1,756,562

513,853
1,756,562


The notes on pages 19 to 38 form part of these financial statements.

Page 17

 
TUFFIN FERRABY TAYLOR (TFT) LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2024






At 1 April 2023
Cash flows
New finance leases
Other non-cash changes
At 31 March 2024
£

£

£

£

£

Cash at bank and in hand

1,756,562

(1,242,709)

-

-

513,853

Debt due after 1 year

(148,149)

(609,000)

-

346,185

(410,964)

Debt due within 1 year

(164,307)

371,978

-

(346,185)

(138,514)

Finance leases

(88,978)

122,553

(214,958)

-

(181,383)


1,355,128
(1,357,178)
(214,958)
-
(217,008)

The notes on pages 19 to 38 form part of these financial statements.

Page 18

 
TUFFIN FERRABY TAYLOR (TFT) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Tuffin Ferraby Taylor Limited is a private company, limited by shares, domiciled and incorporated in England and Wales (registered number: 14869285). The registered office address is 14-18 Holborn, London, EC1N 2LE.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

During the year, there was a group reconstruction through which Tuffin Ferraby Taylor (TFT) Limited was incorporated. On 31 October 2023, the trade and assets of Tuffin Ferraby Taylor LLP was transferred using merger accounting from Tuffin Ferraby Taylor LLP to Tuffin Ferraby Taylor (TFT) Limited.
On the basis that the ultimate equity holders of Tuffin Ferraby Taylor LLP remain the same, and the rights of each equity holder, relative to the others, are unchanged, merger accounting has been used to account for this transaction in accordance with section 19 of FRS 102. Formal ownership of the activities of Tuffin Ferraby Taylor LLP was transferred on 31 October 2023 to Tuffin Ferraby Taylor (TFT) Limited. Following the principles of merger accounting, these financial statements have been presented as if the group structure had been in place from 1 April 2022. 

The following principal accounting policies have been applied:

  
2.2

Basis of consolidation

The consolidated financial statements present the results of the company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

Page 19

 
TUFFIN FERRABY TAYLOR (TFT) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.3

Going concern

The financial statements have been prepared on a going concern basis.
The directors have carefully reviewed the future prospects of the company and the Group which it heads. This review includes the preparation of cash flow forecasts reflecting their expectations of likely trading and cost levels as well as assessing the impact of downside scenarios. Having assessed this, the directors have a reasonable expectation that the company and Group have adequate resources to continue in operational existence for the foreseeable future, including at least 12 months from the signing of these financial statements.

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 20

 
TUFFIN FERRABY TAYLOR (TFT) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

Revenue

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Turnover 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, turnover is recognised only to the extent of the expenses recognised that are recoverable.
Where fees have been unconditionally earned but not invoiced at the year end, these amounts are included within debtors as accrued income.

 
2.6

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.7

Finance costs

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

 
2.8

Borrowing costs

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

 
2.9

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

Page 21

 
TUFFIN FERRABY TAYLOR (TFT) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.10

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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

 
2.11

Intangible assets

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to profit or loss over its useful economic life.
Other intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. The estimated useful lives range as follows:
          Software             - 3 years straight-line

Page 22

 
TUFFIN FERRABY TAYLOR (TFT) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
over the remaining life of the lease
Motor vehicles
-
20% straight-line
Fixtures and fittings
-
20% straight-line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.15

Financial instruments

Financial assets and financial liabilities are recognised in the Consolidated and Company  Balance Sheet when the Group becomes a party to the contractual provisions of the instrument.
Investments in unlisted shares are classified as basic financial instruments. They are initially measured at transaction price and subsequently measured at amortised cost.
Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. A provision is established when there is objective evidence that the Group will not be able to collect all amounts due.

 
Page 23

 
TUFFIN FERRABY TAYLOR (TFT) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.15
Financial instruments (continued)

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank, short-term bank deposits with an original maturity of three months or less and bank overdrafts which are an integral part of the Group’s cash management.
Financial liabilities and equity instruments issued by the Group are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities. Equity instruments issued by the Group are recorded at the proceeds received, net of direct issue costs.
Interest bearing bank loans, overdrafts and other loans which meet the criteria to be classified as basic financial instruments are initially recorded at the present value of cash payable to the bank, which is ordinarily equal to the proceeds received net of direct issue costs. These liabilities are subsequently measured at amortised cost, using the effective interest rate method.


3.


Judgments in applying accounting policies 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
Key sources of estimation uncertainty
Bad debt and accrued income provisions
The trade debtors and accrued income balance recorded in the company’s balance sheet (see note 14) comprises a relatively large number of balances. A full line by line review of these balances is carried out and balances are provided against as appropriate. Whilst every attempt is made to ensure that the bad debt and accrued income provisions are as accurate as possible, there remains a risk that the provisions do not match the level of debts and accrued income which ultimately prove to be recoverable.
Provision for dilapidations
The management have provided for dilapidations on the basis of assessment of the likely amount payable at the end of the lease to restate the premises to the same state as conditions before the occupancy of certain leased premises (see note 20). There remains a risk that the actual amounts payable on surrender of the lease may differ to this.

Page 24

 
TUFFIN FERRABY TAYLOR (TFT) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Turnover

Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
25,639,167
21,274,685

Rest of the world
637,885
958,378

26,277,052
22,233,063



5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of owned fixed assets
198,717
222,700

Depreciation of tangible fixed assets held under finance leases
102,236
46,001

Other operating lease rentals
957,576
916,452

Amortisation of intangible assets
13,909
11,297


6.


Auditor's remuneration

During the year, the Group obtained the following services from the Company's auditor:


2024
2023
£
£

Fees payable to the Company's auditor for the audit of the consolidated and parent Company's financial statements
78,130
63,570

Page 25

 
TUFFIN FERRABY TAYLOR (TFT) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Employees

Staff costs were as follows:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Wages and salaries
11,033,323
8,511,197
-
-

Social security costs
1,310,791
1,031,951
-
-

Cost of defined contribution scheme
336,821
268,315
-
-

12,680,935
9,811,463
-
-


The Group average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Technical
131
107



Administrative
34
31

165
138

The Company has no employees other than the directors.

Page 26

 
TUFFIN FERRABY TAYLOR (TFT) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Directors' remuneration

As part of the group restructure in the year, 4 of the designated members of the LLP previously heading the group became directors. Up until this date the members were remunerated via LLP distributions and the figures below show the remuneration earned since becoming directors of the Company following the restructure plus what was remunerated under the terms of the LLP agreement;


2024
2023
£
£

Directors' emoluments
608,891
620,382

Group contributions to defined contribution pension schemes
3,300
-

612,191
620,382


The highest paid director received remuneration of £154,997 (2023 -£163,538).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £733 (2023 -£NIL).

The total accrued pension provision of the highest paid director at 31 March 2024 amounted to £NIL (2023 -£NIL).

The amount of the accrued lump sum in respect of the highest paid director at 31 March 2024 amounted to £NIL (2023 -£NIL).


9.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
32,417
18,258

Finance leases and hire purchase contracts
9,467
5,761

41,884
24,019


10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
632,627
119,241
Page 27

 
TUFFIN FERRABY TAYLOR (TFT) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 -lower than) the standard rate of corporation tax in the UK of 25% (2023 -19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
5,817,687
3,837,564


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 -19%)
1,454,422
729,137

Effects of:


Capital allowances for year in excess of depreciation
250
-

Expenses not deductible for tax purposes
63,876
10,905

Remeasurement of deferred tax for changes in tax rate
-
(646)

Adjustments to tax charge in respect of prior periods
1,418
-

Total net accounting adjustments and transfers
68,258
2,690

Movement in deferred tax not recognised
(64,071)
-

Marginal relief
(651)
-

Profits under the LLP structure not subject to corporation tax
(890,875)
(622,845)

Total tax charge for the year
632,627
119,241

Page 28

 
TUFFIN FERRABY TAYLOR (TFT) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.


Intangible assets

Group





Computer software
Goodwill
Total

£
£
£



Cost


At 1 April 2023
164,698
600,000
764,698


Additions
3,142
-
3,142



At 31 March 2024

167,840
600,000
767,840



Amortisation


At 1 April 2023
139,116
600,000
739,116


Charge for the year
13,909
-
13,909



At 31 March 2024

153,025
600,000
753,025



Net book value



At 31 March 2024
14,815
-
14,815



At 31 March 2023
25,582
-
25,582



Page 29

 
TUFFIN FERRABY TAYLOR (TFT) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
 
           11.Intangible assets (continued)

Company




Computer software

£



Cost


At 1 April 2023
164,698


Additions
3,142



At 31 March 2024

167,840



Amortisation


At 1 April 2023
139,116


Charge for the year
13,909



At 31 March 2024

153,025



Net book value



At 31 March 2024
14,815



At 31 March 2023
25,582

Page 30

 
TUFFIN FERRABY TAYLOR (TFT) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

12.


Tangible fixed assets

Group






Long-term leasehold property
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 April 2023
963,746
527,900
724,539
2,216,185


Additions
11,322
385,116
81,724
478,162


Disposals
-
(419,173)
(34,008)
(453,181)



At 31 March 2024

975,068
493,843
772,255
2,241,166



Depreciation


At 1 April 2023
576,815
341,234
484,317
1,402,366


Charge for the year
120,390
95,793
84,770
300,953


Disposals
-
(331,450)
(34,008)
(365,458)



At 31 March 2024

697,205
105,577
535,079
1,337,861



Net book value



At 31 March 2024
277,863
388,266
237,176
903,305



At 31 March 2023
386,931
186,666
240,222
813,819

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Motor vehicles
369,540
171,801

369,540
171,801

Page 31

 
TUFFIN FERRABY TAYLOR (TFT) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

           12.Tangible fixed assets (continued)


Company






Long-term leasehold property
Motor vehicles
Fixtures and fittings
Total

£
£
£
£

Cost or valuation


At 1 April 2023
963,746
512,719
724,539
2,201,004


Additions
11,322
385,116
81,026
477,464


Disposals
-
(418,412)
(34,008)
(452,420)



At 31 March 2024

975,068
479,423
771,557
2,226,048



Depreciation


At 1 April 2023
576,815
340,918
484,317
1,402,050


Charge for the year
120,390
92,188
84,642
297,220


Disposals
-
(331,434)
(34,008)
(365,442)



At 31 March 2024

697,205
101,672
534,951
1,333,828



Net book value



At 31 March 2024
277,863
377,751
236,606
892,220



At 31 March 2023
386,931
171,801
240,222
798,954






The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Motor vehicles
369,540
171,801

369,540
171,801

Page 32

 
TUFFIN FERRABY TAYLOR (TFT) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

13.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2023
191



At 31 March 2024
191





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Tuffin Ferraby Taylor Services Limited
14-18 Holborn, London, EC1N 2LE
Ordinary
100%
Tuffin Ferraby Taylor (Europe) Limited
Trinity House, Charleston Road, Ranelagh, Dublin 6, Ireland
Ordinary
100%
TFT M+E Limited
18 Holborn, London, EC1N 2LE
Ordinary
100%


14.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
6,504,441
5,434,187
6,236,746
5,332,043

Amounts owed by group undertakings
-
-
780,545
452,101

Other debtors
10,120,660
27,701
10,105,487
15,875

Prepayments and accrued income
542,387
914,280
529,266
903,083

Amounts recoverable on long-term contracts
89,030
163,143
89,030
163,143

Tax recoverable
87,344
42,680
85,415
42,513

17,343,862
6,581,991
17,826,489
6,908,758


Page 33

 
TUFFIN FERRABY TAYLOR (TFT) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

15.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
513,853
1,756,562
373,089
1,665,779



16.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
138,514
111,111
138,514
111,111

Trade creditors
307,678
968,006
261,905
919,865

Amounts owed to group undertakings
-
-
2,354,550
1,798,380

Corporation tax
631,162
119,241
450,085
-

Other taxation and social security
1,443,919
1,161,150
999,844
872,368

Obligations under finance lease and hire purchase contracts
78,933
40,314
78,933
40,314

Other creditors
2,515,385
53,196
2,515,339
-

Accruals and deferred income
1,191,377
913,548
398,492
239,163

6,306,968
3,366,566
7,197,662
3,981,201


The group has a fixed and variable rate loan with Lloyds Bank. The loans are unsecured and accrue interest at 7.88% pa and base rate plus 2.96% pa respectively.


17.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
410,964
148,149
410,964
148,149

Net obligations under finance leases and hire purchase contracts
102,450
48,664
102,450
48,664

513,414
196,813
513,414
196,813


The group has a fixed and variable rate loan with Lloyds Bank. The loans are unsecured and accrue interest at 7.88% pa and base rate plus 2.96% pa respectively.

Page 34

 
TUFFIN FERRABY TAYLOR (TFT) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

18.


Loans


Analysis of the maturity of loans is given below:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Amounts falling due within one year

Bank loans
138,514
111,111
138,514
111,111

Amounts falling due 1-2 years

Bank loans
149,766
111,111
149,766
111,111

Amounts falling due 2-5 years

Bank loans
261,198
37,038
261,198
37,038


549,478
259,260
549,478
259,260



19.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Within one year
78,933
40,314
78,933
40,314

Between 1-5 years
102,450
48,664
102,450
48,664

181,383
88,978
181,383
88,978

The finance leases relates to motor vehicles. 

Page 35

 
TUFFIN FERRABY TAYLOR (TFT) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

20.


Provisions


Group and Company






Dilapidation provision

£





At 1 April 2023
196,435


Charged to profit or loss
11,497



At 31 March 2024
207,932

The provision relates to dilapidations on properties leased by the group at the end of lease terms.


21.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



149,985 (2023 -100,000) Ordinary shares of £12.00 each
1,799,820
1,200,000


During the year, as part of the group reconstruction 100,000 Ordinary shares of £12 each were issued for consideration of the trade and assets of Tuffin Ferraby Taylor LLP at a value of £31,766,720. 
On 2 November 2023, 49,985 Ordinary shares of £12 each were issued for consideration of £10,087,092. The monies owing on these shares are included in other debtors.
Ordinary shares have attached to them full voting, dividend and capital distribution (including on winding up) rights, they do not confer any rights of redemption.

Page 36

 
TUFFIN FERRABY TAYLOR (TFT) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

22.


Reserves

Share premium account

Share premium represents the excess of the fair value of shares issued relative to their nominal value.

Merger Reserve

The merger reserve arose on the business combination described in note 2.1. This reserve represents the difference between the consideration as described in note 21 and the net assets acquired

Profit and loss account

The profit and loss account represents accumulated profits less distributions to owners.


23.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held
separately from those of the Group in an independently administered fund. The pension cost charge
represents contributions payable by the Group to the fund and amounted to £336,821 (2022 -
£268,315). Contributions totalling £Nil (2022 - £53,196) were payable to the fund at the balance
sheet date and are included in creditors.


24.


Commitments under operating leases

At 31 March 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Not later than 1 year
437,176
483,059
437,176
483,059

Later than 1 year and not later than 5 years
249,397
635,047
249,397
635,047

686,573
1,118,106
686,573
1,118,106

Page 37

 
TUFFIN FERRABY TAYLOR (TFT) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

25.


Related party transactions

The Group has taken advantage of exemptions conferred by FRS 102 regarding disclosure of transactions and balances entered into between two or more members of a group, provided that any subsidiary undertaking which is party to the transaction is wholly owned by members of that group.
Key management personnel consist of the former designated members of the LLP. Total remuneration paid to the Key management personnel is detailed in note 8.
The total amount owed to the directors brought across in the group reconstruction as at 31 October 2023 total £2,378,936. The amount owed to the directors at the year end included in other creditors total £1,224,425.


26.


Controlling party

The immediate parent of the Company is TFT Trust Company Limited as trustee of the TFT Employee Ownership Trust.
The TFT Employee Ownership Trust is the ultimate controlling party

Page 38