Company registration number 09506196 (England and Wales)
TURNER POPE INVESTMENTS (TPI) LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
TURNER POPE INVESTMENTS (TPI) LTD
COMPANY INFORMATION
Directors
B Turner
J D Pope
Company number
09506196
Registered office
Ground Floor
Kings House
101-135 Kings Road
Brentwood
Essex
CM14 4DR
Auditor
M J Bushell Audit LLP
Ground Floor
Kings House
101-135 Kings Road
Brentwood
Essex
CM14 4DR
TURNER POPE INVESTMENTS (TPI) LTD
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Profit and loss account
9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Statement of cash flows
13
Notes to the financial statements
14 - 26
TURNER POPE INVESTMENTS (TPI) LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

The directors present the strategic report for the year ended 31 March 2025.

Review of the business

As expected, throughout FY2024-25, the AIM Market (where TPI conducts most of its business) underwent a period of consolidation, largely trading sideways between April 2024 through to February 2025 until geopolitical headwinds (namely the US Tariff saga) pushed the market to a retest of its four-year lows. By design, the slowdown in TPI’s main trading activities have persisted as the Directors remain selective over which engagements are pursued, attempting to balance opportunity and navigation of the aforementioned headwinds. Gross revenues in FY2024-25 contracting by 30% to reflect. These results have been slightly skewed due to the large one-off corporate transaction which was completed towards the end on FY2023-24. Nevertheless, TPI’s Directors undertook a prudent cost reduction strategy throughout the year with G&A expenses falling by 12% year on year. As a result, TPI have maintained their balance sheet strength with the aim of capitalising on opportunities once favourable trading conditions return. Since the turn of the year, the Directors have continued to adopt their considered strategy in being increasingly selective over fundraising engagements and have ensured a similar cautious approach to the private clients they service with the continued offboarding of Retail Clients.

TPI closed FY 2024-25 with a very robust balance sheet. Asset levels have been sustained, and the Company maintains a strong liquidity position ready to service all operating expenses and any debt. TPI does not require any support funding to maintain operations. Following FY 2024-25, FY 2025-26 has already shown much improved market conditions in AIM, both in terms of the amount of investor liquidity dispersed across the market and in the amount/size of transactions taking place more broadly. Having already completed several sizeable transactions in the first quarter of FY 2025-26, the Directors are optimistic that the improving conditions within the AIM Market will compound, especially with macroeconomic and geopolitical factors, such as the easing of interest rates, improving the backdrop for a more risk-on investor market. Given TPI’s strong balance sheet and operational approach, the Directors are of the belief that TPI is in the optimal position to capitalise on continuously improving market conditions.

 

 

Principal risks and uncertainties

The Directors consider that the significant risks and uncertainties affecting the business are those concerned with regulatory changes, continued economic uncertainty and the recent change of government.

Key performance indicators

The key commercial indicators for the Company are twofold:

 

Placing agent engagements can be measured by assessing the proceeds due to TPI by way of commission. Revenue generated by Placing agent engagements decreased by 29% when compared to FY 2023-24. However, as mentioned previously, this decrease in commission revenue is skewed by a large one-off corporate transaction, of which, revenue was booked solely to the 2023-24 period. As referred to earlier, throughout FY 2024-25 the Directors operated a conservative approach, the risk appetite of the Company was very much reflective of the broader market, with the reduction in private client revenue YOY being attributable to the reduced number of Placing agent engagements. Regarding corporate retainer engagements, revenue generated has decreased by 39% compared to FY 2023-24. This is largely a result of the Directors measured and reserved approach when deciding on which corporate clients to engage and support in the market, ensuring that only select opportunities are offered to TPI’s clients.

TURNER POPE INVESTMENTS (TPI) LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
S172 Disclosure

The Company carries the names of the two Executive Directors, as such the TPI brand is critically important to them, and more specifically, the way in which TPI’s reputation and brand values are perceived by its key stakeholders, which comprise clients, staff, market participants and the Financial Conduct Authority (FCA).

 

The Directors objective is for the Company to maintain a reputation for excellent service to its clients, with staff development and training being considered a key aspect of maintaining a strong culture, reputation and performance.

The Company remains relatively small but engages in sustainable and environmentally friendly activities in the running of the business wherever possible, as well as being a supporter of numerous charities nationwide.

    

On behalf of the board

B Turner
Director
23 July 2025
TURNER POPE INVESTMENTS (TPI) LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -

The directors present their annual report and financial statements for the year ended 31 March 2025.

Principal activities

The principal activity of the company continued to be that of stockbrokers.

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £522,579. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

B Turner
J D Pope
Financial instruments

The company uses various financial instruments which include cash balances and various other items, such as trade debtors and trade credits which arise directly from its operations. The main risks arising from the company's financial instruments are credit risk and liquidity risk. The directors review and agree policies for managing each of these risks, which are summarised below.

Liquidity risk

The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.

Credit risk

Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board.

 

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

 

The credit risk associated with trade debtors is considered to be low as the trade debtors are predominantly financial institutions and the debt relates to fees due to the company through acting as a financial intermediary for those institutions. There is always the risk that the customer will cancel their policy, which would result in trade debts being cancelled or amounts previously received requiring payment. However, the company's customer base is large and there is no reliance on a single customer base is large and there is no reliance on a single customer. As such the risk associated with the cancellation of policies is considered to be low.

Auditor

M J Bushell Audit LLP were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

TURNER POPE INVESTMENTS (TPI) LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -
Going Concern

The directors have reviewed their forecast and consider hat they have adequate resources to meet FCA capital requirements and future working capital requirements.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
B Turner
J D Pope
Director
Director
23 July 2025
TURNER POPE INVESTMENTS (TPI) LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025
- 5 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

TURNER POPE INVESTMENTS (TPI) LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TURNER POPE INVESTMENTS (TPI) LTD
- 6 -
Opinion

We have audited the financial statements of Turner Pope Investments (TPI) Ltd (the 'company') for the year ended 31 March 2025 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

TURNER POPE INVESTMENTS (TPI) LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TURNER POPE INVESTMENTS (TPI) LTD (CONTINUED)
- 7 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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.

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.

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

Management of controls
Non-compliance laws and regulations

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://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 company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

TURNER POPE INVESTMENTS (TPI) LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TURNER POPE INVESTMENTS (TPI) LTD (CONTINUED)
- 8 -
Corné von Wielligh ACA (Senior Statutory Auditor)
For and on behalf of M J Bushell Audit LLP, Statutory Auditor
Chartered Accountants
Ground Floor
Kings House
101-135 Kings Road
Brentwood
Essex
CM14 4DR
24 July 2025
TURNER POPE INVESTMENTS (TPI) LTD
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2025
- 9 -
2025
2024
Notes
£
£
Turnover
3
1,671,389
2,436,334
Cost of sales
(134,272)
(243,812)
Gross profit
1,537,117
2,192,522
Administrative expenses
(2,006,010)
(2,283,465)
Operating loss
4
(468,893)
(90,943)
Interest receivable and similar income
7
18,237
7,051
Interest payable and similar expenses
8
(676)
(1,682)
Amounts written off investments
9
(505,417)
(657,618)
Loss before taxation
(956,749)
(743,192)
Tax on loss
10
(27,458)
252,520
Loss for the financial year
(984,207)
(490,672)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

TURNER POPE INVESTMENTS (TPI) LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
- 10 -
2025
2024
£
£
Loss for the year
(984,207)
(490,672)
Other comprehensive income
-
-
Total comprehensive income for the year
(984,207)
(490,672)
TURNER POPE INVESTMENTS (TPI) LTD
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 11 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
12
121,261
139,347
Current assets
Debtors
14
594,834
984,446
Investments
15
878,260
1,682,125
Cash at bank and in hand
492,418
938,998
1,965,512
3,605,569
Creditors: amounts falling due within one year
16
(129,006)
(270,576)
Net current assets
1,836,506
3,334,993
Total assets less current liabilities
1,957,767
3,474,340
Creditors: amounts falling due after more than one year
17
(2,713)
(12,500)
Net assets
1,955,054
3,461,840
Capital and reserves
Called up share capital
21
70,001
70,001
Profit and loss reserves
1,885,053
3,391,839
Total equity
1,955,054
3,461,840

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 23 July 2025 and are signed on its behalf by:
B Turner
J D Pope
Director
Director
Company registration number 09506196 (England and Wales)
TURNER POPE INVESTMENTS (TPI) LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2023
70,001
3,882,511
3,952,512
Year ended 31 March 2024:
Loss and total comprehensive income
-
(490,672)
(490,672)
Balance at 31 March 2024
70,001
3,391,839
3,461,840
Year ended 31 March 2025:
Loss and total comprehensive income
-
(984,207)
(984,207)
Dividends
11
-
(522,579)
(522,579)
Balance at 31 March 2025
70,001
1,885,053
1,955,054
TURNER POPE INVESTMENTS (TPI) LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
- 13 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
25
(483,018)
41,539
Interest paid
(676)
(1,682)
Income taxes refunded
27,490
120,147
Net cash (outflow)/inflow from operating activities
(456,204)
160,004
Investing activities
Purchase of tangible fixed assets
(16,055)
(9,211)
Proceeds from disposal of tangible fixed assets
450
-
0
Proceeds from disposal of investments
298,448
510,228
Repayment of loans
240,910
(315,923)
Interest received
14,799
7,051
Dividends received
3,438
-
0
Net cash generated from investing activities
541,990
192,145
Financing activities
Repayment of bank loans
(9,787)
(9,051)
Dividends paid
(522,579)
-
0
Net cash used in financing activities
(532,366)
(9,051)
Net (decrease)/increase in cash and cash equivalents
(446,580)
343,098
Cash and cash equivalents at beginning of year
938,998
595,900
Cash and cash equivalents at end of year
492,418
938,998
TURNER POPE INVESTMENTS (TPI) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 14 -
1
Accounting policies
Company information

Turner Pope Investments (TPI) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Ground Floor, Kings House, 101-135 Kings Road, Brentwood, Essex, CM14 4DR.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
15% reducing balance
Fixtures and fittings
15% reducing balance
Computers
33% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

TURNER POPE INVESTMENTS (TPI) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 15 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
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.

1.7
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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

TURNER POPE INVESTMENTS (TPI) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 16 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

TURNER POPE INVESTMENTS (TPI) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 17 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.8
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.

1.9
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.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

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

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

TURNER POPE INVESTMENTS (TPI) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 18 -
2
Judgements 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Corporate Broking Fees (Retainers)
361,355
596,069
Commissions
1,310,034
1,840,265
1,671,389
2,436,334
2025
2024
£
£
Other revenue
Interest income
14,799
7,051
Dividends received
3,438
-
4
Operating loss
2025
2024
Operating loss for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
11,000
11,000
Depreciation of owned tangible fixed assets
32,105
37,026
Loss on disposal of tangible fixed assets
1,586
-
Operating lease charges
142,432
66,197
5
Employees

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

2025
2024
Number
Number
11
12
TURNER POPE INVESTMENTS (TPI) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
5
Employees
(Continued)
- 19 -

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
756,238
1,015,659
Social security costs
91,428
126,784
Pension costs
9,842
12,611
857,508
1,155,054
6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
192,148
250,000
Company pension contributions to defined contribution schemes
-
1,321
192,148
251,321
Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
n/a
125,000
Company pension contributions to defined contribution schemes
n/a
1,321

As total directors' remuneration was less than £200,000 in the current year, no disclosure is provided for that year.

7
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
9,791
2,823
Other interest income
5,008
4,228
Total interest revenue
14,799
7,051
Other income from investments
Dividends received
3,438
-
0
Total income
18,237
7,051
TURNER POPE INVESTMENTS (TPI) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
7
Interest receivable and similar income
(Continued)
- 20 -
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
9,791
2,823
8
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
660
1,649
Other finance costs:
Interest on finance leases and hire purchase contracts
-
33
Other interest
16
-
0
676
1,682
9
Amounts written off investments
2025
2024
£
£
Loss on disposal of financial assets held at cost
(823,131)
(360,719)
Gain/(loss) on disposal of investments held at fair value
317,714
(296,899)
(505,417)
(657,618)
10
Taxation
2025
2024
£
£
Current tax
Adjustments in respect of prior periods
(2,052)
(89,367)
Deferred tax
Origination and reversal of timing differences
29,510
(163,153)
Total tax charge/(credit)
27,458
(252,520)
TURNER POPE INVESTMENTS (TPI) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
10
Taxation
(Continued)
- 21 -

The actual charge/(credit) for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Loss before taxation
(956,749)
(743,192)
Expected tax credit based on the standard rate of corporation tax in the UK of 19.00% (2024: 19.00%)
(181,782)
(141,206)
Tax effect of expenses that are not deductible in determining taxable profit
193,074
94,797
Unutilised tax losses carried forward
(14,236)
48,121
Change in unrecognised deferred tax assets
29,510
(163,153)
Adjustments in respect of prior years
(2,052)
(89,367)
Permanent capital allowances in excess of depreciation
(3,050)
-
0
Depreciation on assets not qualifying for tax allowances
-
0
(1,712)
Other
5,994
-
0
Taxation charge/(credit) for the year
27,458
(252,520)
11
Dividends
2025
2024
£
£
Final paid
522,579
-
0
TURNER POPE INVESTMENTS (TPI) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 22 -
12
Tangible fixed assets
Leasehold improvements
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 April 2024
69,510
85,233
139,922
294,665
Additions
-
0
618
15,437
16,055
Disposals
-
0
(4,900)
-
0
(4,900)
At 31 March 2025
69,510
80,951
155,359
305,820
Depreciation and impairment
At 1 April 2024
23,434
36,093
95,791
155,318
Depreciation charged in the year
6,911
7,158
18,036
32,105
Eliminated in respect of disposals
-
0
(2,864)
-
0
(2,864)
At 31 March 2025
30,345
40,387
113,827
184,559
Carrying amount
At 31 March 2025
39,165
40,564
41,532
121,261
At 31 March 2024
46,076
49,140
44,131
139,347
13
Financial instruments
2025
2024
£
£
Carrying amount of financial assets include:
Instruments measured at fair value through profit or loss
878,260
1,511,528
14
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
224,136
97,390
Corporation tax recoverable
-
0
25,438
Other debtors
81,731
442,573
Prepayments and accrued income
49,920
150,488
355,787
715,889
2025
2024
Amounts falling due after more than one year:
£
£
Deferred tax asset (note 19)
239,047
268,557
Total debtors
594,834
984,446
TURNER POPE INVESTMENTS (TPI) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 23 -
15
Current asset investments
2025
2024
£
£
Unlisted investments
878,260
1,511,528
Other investments
-
0
170,597
878,260
1,682,125
16
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans
18
10,000
10,000
Trade creditors
18,037
85,778
Taxation and social security
11,969
68,471
Accruals and deferred income
89,000
106,327
129,006
270,576
17
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Bank loans and overdrafts
18
2,713
12,500
18
Loans and overdrafts
2025
2024
£
£
Bank loans
12,713
22,500
Payable within one year
10,000
10,000
Payable after one year
2,713
12,500
TURNER POPE INVESTMENTS (TPI) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 24 -
19
Deferred taxation

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

Assets
Assets
2025
2024
Balances:
£
£
Accelerated capital allowances
(20,524)
(23,318)
Tax losses
259,411
63,317
Revaluations
-
228,310
Pension creditor
160
248
239,047
268,557
2025
Movements in the year:
£
Asset at 1 April 2024
(268,557)
Charge to profit or loss
29,510
Asset at 31 March 2025
(239,047)
20
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
9,842
12,611

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

21
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
70,001
70,001
70,001
70,001
TURNER POPE INVESTMENTS (TPI) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 25 -
22
Operating lease commitments
Lessee

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

2025
2024
£
£
Within one year
126,730
125,330
Between two and five years
77,140
8,515
203,870
133,845
23
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Management fees
PR & Marketing
2025
2024
2025
2024
£
£
£
£
Other related parties
160,000
160,000
160,000
140,000
24
Directors' transactions

Dividends totalling £0 (2024 - £0) were paid in the year in respect of shares held by the company's directors.

The overdrawn directors loan accounts were fully repaid within 9 months of the year end.

25
Cash (absorbed by)/generated from operations
2025
2024
£
£
Loss after taxation
(984,207)
(490,672)
Adjustments for:
Taxation charged/(credited)
27,458
(252,520)
Finance costs
676
1,682
Investment income
(18,237)
(7,051)
Loss on disposal of tangible fixed assets
1,586
-
Depreciation and impairment of tangible fixed assets
32,105
37,026
Other gains and losses
505,417
657,618
Movements in working capital:
Decrease in debtors
93,754
196,796
Decrease in creditors
(141,570)
(101,340)
Cash (absorbed by)/generated from operations
(483,018)
41,539
TURNER POPE INVESTMENTS (TPI) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 26 -
26
Analysis of changes in net funds
1 April 2024
Cash flows
31 March 2025
£
£
£
Cash at bank and in hand
938,998
(446,580)
492,418
Borrowings excluding overdrafts
(22,500)
9,787
(12,713)
916,498
(436,793)
479,705
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