Registration number: 04608775

TNW Financial Services Limited

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3 to 4
Notes to the Unaudited Financial Statements	5 to 10

TNW Financial Services Limited

Company Information

Directors

Mr R A Walsh Mr T N Woolnough Mr A J Luscombe

Registered office

Bramley Lodge Abbotskerswell Newton Abbot Devon TQ12 5NF

Accountants

Lanham & Francis Chartered Accountants Church House Church Street Yeovil Somerset BA20 1HB

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
TNW Financial Services Limited
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of TNW Financial Services Limited for the year ended 31 March 2024 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of TNW Financial Services Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of TNW Financial Services Limited and state those matters that we have agreed to state to the Board of Directors of TNW Financial Services Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than TNW Financial Services Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that TNW Financial Services Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of TNW Financial Services Limited. You consider that TNW Financial Services Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of TNW Financial Services Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

Lanham & Francis
Chartered Accountants
Church House
Church Street
Yeovil
Somerset
BA20 1HB

20 June 2025

TNW Financial Services Limited

(Registration number: 04608775)
Balance Sheet as at 31 March 2024

	Note	2024 £	2023 £
Fixed assets
Intangible assets	4	8,225	21,545
Tangible assets	5	1,195	1,210
		9,420	22,755
Current assets
Debtors	6	23,043	22,671
Cash at bank and in hand		110,138	117,533
		133,181	140,204
Creditors: Amounts falling due within one year	7	(53,113)	(43,133)
Net current assets		80,068	97,071
Total assets less current liabilities		89,488	119,826
Provisions for liabilities		(299)	(302)
Net assets		89,189	119,524
Capital and reserves
Called up share capital	8	257	257
Share premium reserve		47,519	47,519
Capital redemption reserve		44	44
Retained earnings		41,369	71,704
Shareholders' funds		89,189	119,524

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

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

TNW Financial Services Limited

(Registration number: 04608775)
Balance Sheet as at 31 March 2024 (continued)

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 20 June 2025 and signed on its behalf by:
 

Mr A J Luscombe Director

TNW Financial Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Bramley Lodge
Abbotskerswell
Newton Abbot
Devon
TQ12 5NF

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These 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 £1.

Revenue recognition

Turnover comprises commissions received or receivable in the ordinary course of the company’s activities.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

TNW Financial Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2	Accounting policies (continued)

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Fixtures and fittings	10% on reducing balance
Computer equipment	33% on cost

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised over its useful life based on the length of time an income stream will be derived from the client base.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Goodwill	Between 10 and 25 years

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

TNW Financial Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2	Accounting policies (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
FRS 102 classifies financial instruments as either basic financial instruments or other financial instruments. The accounting treatment varies according to the classification.
Basic financial instruments are defined as one of the following:
- cash
- a debt instrument (such as accounts receivable and payable)
- commitment to receive a loan that satisfy certain criteria
- investments in non-convertible preference shares, and non puttable ordinary shares.

All other financial instruments are classed as other financial instruments and treated accordingly.

 Recognition and measurement
The company only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2023 - 6).

TNW Financial Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 April 2023	64,005	64,005
At 31 March 2024	64,005	64,005
Amortisation
At 1 April 2023	42,460	42,460
Amortisation charge	4,376	4,376
Impairment	8,944	8,944
At 31 March 2024	55,780	55,780
Carrying amount
At 31 March 2024	8,225	8,225
At 31 March 2023	21,545	21,545

5	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 April 2023	11,441	11,441
Additions	565	565
At 31 March 2024	12,006	12,006
Depreciation
At 1 April 2023	10,231	10,231
Charge for the year	580	580
At 31 March 2024	10,811	10,811
Carrying amount
At 31 March 2024	1,195	1,195
At 31 March 2023	1,210	1,210

TNW Financial Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

6

Debtors

Current	2024 £	2023 £
Trade debtors	5,356	778
Prepayments	263	21,893
Other debtors	17,424	-
	23,043	22,671

7

Creditors

Creditors: amounts falling due within one year

	2024 £	2023 £
Due within one year
Trade creditors	8,816	106
Taxation and social security	23,829	37,436
Accruals and deferred income	11,208	3,750
Other creditors	9,260	1,841
	53,113	43,133