TFAS COMPLIANCE SERVICES LIMITED

Company Registration Number:
04048963 (England and Wales)

Unaudited statutory accounts for the year ended 31 December 2023

Period of accounts

Start date: 1 October 2022

End date: 31 December 2023

TFAS COMPLIANCE SERVICES LIMITED

Contents of the Financial Statements

for the Period Ended 31 December 2023

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

TFAS COMPLIANCE SERVICES LIMITED

Directors' report period ended 31 December 2023

The directors present their report with the financial statements of the company for the period ended 31 December 2023

Principal activities of the company

The Company’s principal activities are that of the provision of compliance consultancy, commission processing services and other services which facilitate the arrangement of insurance products to firms of financial advisers.

Additional information

The business is active in the provision of compliance consultancy and commission processing services to firms of financial advisers which facilitate the sale of financial products. As a consequence, the Company’s activities are regulated, and this gives rise to a number of risks. The Company operates a strict compliance regime to mitigate such risks. Competitive pressure is a continuing risk for the Company, which could result in it losing sales to its key competitors. The Company manages this risk by providing added value services to its clients, having fast response times not only in supplying compliance consultancy and its other services, but also in handling all client queries and by maintaining strong relationships with its clients. Group risks are discussed in the ultimate parent undertaking’s annual report which does not form part of this report. On 26th June 2024 TFAS Enterprises Limited acquired the share capital of Tenet Compliance services and subsequently changed the name of the entity to TFAS Compliance Services.



Directors

The directors shown below have held office during the whole of the period from
1 October 2022 to 31 December 2023

S Vickers
S M Jones
H M Ball
J F Lange
K J Bowden
K K Quirke


The director shown below has held office during the period of
1 October 2022 to 10 May 2023

M W Scanlon


The director shown below has held office during the period of
1 October 2022 to 9 May 2023

W Vickers


The director shown below has held office during the period of
1 October 2022 to 5 May 2023

M Tyler


Secretary J Hixon

The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
20 January 2025

And signed on behalf of the board by:
Name: J F Lange
Status: Director

TFAS COMPLIANCE SERVICES LIMITED

Profit And Loss Account

for the Period Ended 31 December 2023

15 months to 31 December 2023 2022


£

£
Turnover: 1,503,374 929,750
Cost of sales: ( 1,683,408 ) ( 946,169 )
Gross profit(or loss): (180,034) (16,419)
Operating profit(or loss): (180,034) (16,419)
Profit(or loss) before tax: (180,034) (16,419)
Tax: 2,179 ( 6,957 )
Profit(or loss) for the financial year: (177,855) (23,376)

TFAS COMPLIANCE SERVICES LIMITED

Balance sheet

As at 31 December 2023

Notes 15 months to 31 December 2023 2022


£

£
Called up share capital not paid: 0 0
Fixed assets
Intangible assets:   0 0
Tangible assets:   0 0
Investments:   0 0
Total fixed assets: 0 0
Current assets
Debtors: 3 137,003 245,445
Cash at bank and in hand: 85,848 144,825
Total current assets: 222,851 390,270
Creditors: amounts falling due within one year: 4 ( 46,410 ) ( 35,974 )
Net current assets (liabilities): 176,441 354,296
Total assets less current liabilities: 176,441 354,296
Total net assets (liabilities): 176,441 354,296
Capital and reserves
Called up share capital: 961,000 961,000
Profit and loss account: (784,559 ) (606,704 )
Total Shareholders' funds: 176,441 354,296

The notes form part of these financial statements

TFAS COMPLIANCE SERVICES LIMITED

Balance sheet statements

For the year ending 31 December 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 20 January 2025
and signed on behalf of the board by:

Name: J F Lange
Status: Director

The notes form part of these financial statements

TFAS COMPLIANCE SERVICES LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Financial Reporting Standard 101

    Turnover policy

    All revenue relates to the principal activities described in the Strategic Report and arises in the United Kingdom. Revenue is measured at the fair value of the consideration received or receivable and represents the sales of services provided in the normal course of business, net of discounts, VAT and other sales related taxes. All revenue arises in the United Kingdom.

    Other accounting policies

    Tax The tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expenses that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Company’s liability for current tax, including UK corporation tax, is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. Trade receivables Trade and other receivables are classified as financial assets measured at amortised cost. Under the IFRS 9 Expected Credit Loss model (ECL), a credit event (or impairment trigger) no longer needs to occur before credit losses are recognised. The Company analyses the risk profile of trade receivables based on past experience and the receivables current financial position, potential for a default event to occur, adjusted for specific factors, general economic conditions of the industry in which the receivables operate and assessment of both the current and forecast direction of conditions at the reporting date. A default event is considered to occur when information is obtained that indicates a receivable is unlikely to settle their liability with the Company. The Company has taken the simplification available under IFRS 9 paragraph 5.5.15 which allows the loss amount in relation to a trade receivable to be measured at initial recognition and throughout its life at an amount equal to lifetime ECL. This simplification is permitted where there is either no significant financing component (such as customer receivables where the customer is expected to repay the balance in full prior to interest accruing) or where there is a significant financing component (such as where the customer expects to repay only the minimum amount each month), but the directors make an accounting policy choice to adopt the simplification. Adoption of this approach means that Significant Increase in Credit Risk (SICR) and Date of Initial Recognition (DOIR) concepts are not applicable to the Group’s ECL calculations. Credit risk is regularly reviewed by management to ensure the ECL model is being appropriately applied. Trade payables Trade payables are other financial liabilities initially measured at fair value and subsequently measured at amortised cost. Pensions The Company contributes to a defined contribution pension scheme administered by another Group Company. The amount charged to the income statement relates to the contributions payable in the year. Differences arising between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments in the balance sheet. Financial assets and liabilities Classification and measurement of financial assets and liabilities Classification of financial assets and liabilities are generally based on the business model in which the financial asset is managed and its contractual cash flow characteristics. A financial asset is measured at amortised cost if it is held with the objective of collecting the contractual cash flows and its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. There are currently no other financial assets which are measured at fair value through other comprehensive income or profit or loss.

TFAS COMPLIANCE SERVICES LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

  • 2. Employees

    15 months to 31 December 2023 2022
    Average number of employees during the period 15 19

TFAS COMPLIANCE SERVICES LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

3. Debtors

15 months to 31 December 2023 2022
£ £
Trade debtors 77,886 28,754
Other debtors 59,117 216,691
Total 137,003 245,445

TFAS COMPLIANCE SERVICES LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

4. Creditors: amounts falling due within one year note

15 months to 31 December 2023 2022
£ £
Trade creditors 3,056 1,649
Taxation and social security 43,354 28,949
Other creditors 5,376
Total 46,410 35,974