Tallwood Investments Limited
Unaudited Financial Statements
For the year ended 31 March 2024
Pages for Filing with Registrar
Company Registration No. 10664898 (England and Wales)
Tallwood Investments Limited
Contents
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 9
Tallwood Investments Limited
Balance Sheet
As at 31 March 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
4
166,609,383
210,518,588
Current assets
Debtors
7
101,886,496
98,707,529
Cash at bank and in hand
27,863,172
919,339
129,749,668
99,626,868
Creditors: amounts falling due within one year
8
(216,841,760)
(239,868,706)
Net current liabilities
(87,092,092)
(140,241,838)
Total assets less current liabilities
79,517,291
70,276,750
Provisions for liabilities
9
(7,657,476)
(10,201,223)
Net assets
71,859,815
60,075,527
Capital and reserves
Called up share capital
10
36,000
36,000
Profit and loss reserves
71,823,815
60,039,527
Total equity
71,859,815
60,075,527

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

Tallwood Investments Limited
Balance Sheet (Continued)
As at 31 March 2024
Page 2
The financial statements were approved by the board of directors and authorised for issue on 27 March 2025 and are signed on its behalf by:
S  Jenkins
Director
Company Registration No. 10664898
Tallwood Investments Limited
Statement of Changes in Equity
For the year ended 31 March 2024
Page 3
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 April 2022
36,000
49,591,617
49,627,617
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
10,447,910
10,447,910
Balance at 31 March 2023
36,000
60,039,527
60,075,527
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
11,784,288
11,784,288
Balance at 31 March 2024
36,000
71,823,815
71,859,815
Tallwood Investments Limited
Notes to the Financial Statements
For the year ended 31 March 2024
Page 4
1
Accounting policies
Company information

Tallwood Investments Limited is a private company limited by shares incorporated in England and Wales. The registered office is 146-148 Clerkenwell Road, 2nd Floor, London, England, EC1R 5DG.

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 as applicable to companies subject to the small companies regime.

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, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Turnover

Dividends are recognised as income when the shareholders' right to receive payment has been established, normally the ex-dividend date.

 

Dividends receivable on equity shares when no ex-dividend date is quoted are recognised when the Company's right to receive payment is established.

 

Where the Company has received its dividends in the form of additional shares rather than cash, the cash equivalent of the additional shares is recognised as income.

 

Dividends from overseas companies are shown gross of withholding tax.

 

Special dividends are classified as either revenue or capital depending on their nature.

 

Interest income and other income is accounted for on an accruals basis.

1.3
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

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

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Tallwood Investments Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
Page 5
1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
Equity instruments

Equity instruments issued by the company 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 company.

Tallwood Investments Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
Page 6
1.7
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

 

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

 

The company enters into foreign exchange forward contracts in order to manage its exposure to foreign exchange risk.

1.8
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 company’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 when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
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.

Tallwood Investments Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 7
2
Employees

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

2024
2023
Number
Number
Total
-
0
-
0
3
Other gains and losses
2024
2023
£
£
Exchange gains on investing activities
(154,252)
(101,031)
Gains on sale of fixed asset investments
2,876,443
5,952,874
Fair value adjustments credited/(debited) to investments
7,787,047
3,439,025
10,509,238
9,290,868
4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
100
100
Other investments other than loans
166,609,283
210,518,488
166,609,383
210,518,588
Movements in fixed asset investments
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 April 2023
100
210,518,488
210,518,588
Additions
-
17,854,918
17,854,918
Valuation changes
-
7,787,047
7,787,047
Disposals
-
(69,551,170)
(69,551,170)
At 31 March 2024
100
166,609,283
166,609,383
Carrying amount
At 31 March 2024
100
166,609,283
166,609,383
At 31 March 2023
100
210,518,488
210,518,588
Tallwood Investments Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 8
5
Subsidiaries

Details of the company's subsidiaries at 31 March 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Rowanwood Limited
146-148 Clerkenwell Road, 2nd Floor, London, EC1R 5DG
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Rowanwood Limited
(14,629,359)
(428,623)
6
Financial instruments
2024
2023
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
166,609,283
210,518,488
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Corporation tax recoverable
233,578
1,521
Amounts owed by group undertakings
53,360,231
53,364,754
Other debtors
48,292,687
45,341,254
101,886,496
98,707,529
8
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
82,950,000
79,800,000
Corporation tax
5,106,827
311,736
Other creditors
128,776,463
159,748,570
Accruals and deferred income
8,470
8,400
216,841,760
239,868,706

The bank loan is secured against the assets of the company.

Tallwood Investments Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 9
9
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Balances:
£
£
Revaluations
7,657,476
10,201,223
2024
Movements in the year:
£
Liability at 1 April 2023
10,201,223
Credit to profit or loss
(2,543,747)
Liability at 31 March 2024
7,657,476
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
36,000
36,000
36,000
36,000
11
Related party transactions

The disclosure exemption conferred by FRS 102 Section 33:1A has been utilised, whereby the company has not disclosed transactions with any wholly owned subsidiary undertaking of the group.

 

At the year end, the company owed its directors £128,711,833 (2023: £159,611,883) which is included in other creditors due within one year. No interest is accruing on this balance.

 

At the year end, the company was owed £47,496,226 (2023: £44,533,564) from companies under common control which is included in other debtors due within one year. Interest of £2,832,241 (2023: £1,269,506) has been charged during the year on this balance.

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