Company registration number 09317332 (England and Wales)
ODD ASSET MANAGEMENT LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
ODD ASSET MANAGEMENT LTD
COMPANY INFORMATION
Directors
Mr A P V Odd
Mr R K Wright
Mr E R Allen
Company number
09317332
Registered office
5 - 8 The Sanctuary
London
England
SW1P 3JS
Auditor
TC Group
5th Floor
3 Dorset Rise
London
EC4Y 8EN
ODD ASSET MANAGEMENT LTD
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 19
ODD ASSET MANAGEMENT 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
During the year the company continued to follow its long term strategy to build a high quality investment management firm focused on the principal areas of Private Clients, Funds and Partnerships. The focus remains on organic growth supported by hiring high quality new recruits, supplemented by strategic acquisitions when suitable opportunities present themselves.
The directors are pleased to report a significant increase in revenue as hires from last year onboarded new clients in the current period. This lag between new relationship managers joining the firm and the corresponding increase in revenue resulted in another loss being recorded in the year, as new joiners are integrated into the business. This loss was budgeted for and fully financed in advance. Successful capital raising by the parent company during the year should ensure that we have sufficient financing in place to support our growth plans.
Principal risks and uncertainties
The company has invested significant time and effort in creating processes to manage the risks associated with a growing investment firm. Our focus has been on ensuring that the compliance structures and an operational environment are in place to support the safe transfer of new clients. In addition to this, we are mindful of the market risks inherent in a firm principally focused on capital markets including:
Liquidity risk
The directors manage liquidity by ensuring that the company has sufficient cash resources to meet its liabilities as they fall due without causing any undue financial strain on the business, whilst having regard to the regulatory capital requirements set out by the Financial Conduct Authority (FCA). In order to achieve this, the directors actively monitor the company's cash position on a regular basis to ensure that the company maintains adequate working capital.
Operational risk
Inherent in all business, operational risk is the potential for financial and reputation loss arising from failures in internal controls, operational processes or the systems that support them. The regulated environment in which the company operates imposes reporting requirements and continuing self assessment and appraisal of its operational processes. The directors are satisfied that they have in place an appropriate framework to allow the business to function without creating a material exposure to operating risk.
Market risk
A downturn in market conditions, such as those from economic and geopolitical factors, can impact the value of the assets under management (AUM) and consequently have implications for the company's performance and profitability. The structure of operations, whereby fees are earned based on AUM means the business model is inherently exposed to changes in market conditions.
Development and performance
The period under review was an important one in the evolution of the business. Whilst we are loss making, this is carefully planned for and pre-financed by capital raising, and losses were in line with management’s forecasts. The directors remain confident that the company is on track to meet its growth plans.
Looking at the broader, non-financial, performance of the business all our key performance indicators were robust. The company successfully recruited a number of new investment managers, client retention was high and staff turnover low. Our compliance performance, including the level of breaches or errors, remains excellent.
MIFIDPRU 8 remuneration disclosures
In accordance with the rules of the FCA, the company has published information on its remuneration policy. Details of the company's MIFIDPRU 8 remuneration disclosures can be found on the company's website at https://tyndallim.co.uk/responsible-investing-and-policies/
ODD ASSET MANAGEMENT LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
Section 172 statement
During the preparation of these financial statements the directors have had regard to the matters set out in section 172(1)(a) to (f) of the Companies Act 2006 when performing their duties under section 172.
Under the Act directors of a company must act in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to:
(a) the likely consequences of any decision in the long term,
(b) the interests of the company's employees,
(c) the need to foster the company's business relationships with suppliers, customers and others,
(d) the impact of the company's operations on the community and the environment,
(e) the desirability of the company maintaining a reputation for high standards of business conduct, and
(f ) the need to act fairly, as between members of the company.
The staff, customers and shareholders of the company are its key stakeholders. As is common with businesses of the size and scale of the company, the directors are directly involved with all of these groups. This first hand knowledge of the stakeholders ensures that they are given due consideration during the decision making process.
Mr A P V Odd
Director
24 July 2025
ODD ASSET MANAGEMENT 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 the provision of investment management services.
Results and dividends
The results for the year are set out on page 8.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr A P V Odd
Mr R K Wright
Mr E R Allen
Mr C J Warnock
(Appointed 1 April 2025 and resigned 2 April 2025)
Auditor
The auditor, TC Group, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of directors' responsibilities
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:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company 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 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.
Strategic report
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect financial risk management.
ODD ASSET MANAGEMENT LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -
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.
On behalf of the board
Mr A P V Odd
Director
24 July 2025
ODD ASSET MANAGEMENT LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ODD ASSET MANAGEMENT LTD
- 5 -
Opinion
We have audited the financial statements of Odd Asset Management Ltd (the 'company') for the year ended 31 March 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity 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:
give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its loss 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.
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.
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:
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.
ODD ASSET MANAGEMENT LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ODD ASSET MANAGEMENT LTD
- 6 -
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:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the 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, 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
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.
Our approach was as follows:
We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant are those that relate to the reporting framework (United Kingdom Generally Accepted Accounting Practice; including FRS 102 ‘The Financial Reporting Standard applicable to the UK and Republic of Ireland’, the Companies Act 2006 and the relevant direct and indirect tax compliance regulation in the United Kingdom. In addition, the company is required to comply with relevant Financial Conduct Authority’s ("FCA") rules and regulations relating to its operations
We understood how the company is complying with those frameworks by making enquiries of management and seeking representations from those charged with governance to understand how management maintains and communicates its policies and procedures in these areas. We corroborated our understanding by reviewing supporting documentation including board meeting minutes and correspondence with regulatory bodies.
ODD ASSET MANAGEMENT LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ODD ASSET MANAGEMENT LTD
- 7 -
We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur by considering the risk of management override of internal control and by designating revenue recognition as a fraud risk. We performed journal entry testing by specific risk criteria, with a focus on journals indicating large or unusual transactions based on our understanding of the business. We re-calculated the revenue for the year by considering the level of assets under management and reconciling revenue with associated agreements, including agreeing the fee rate and performance obligations.
Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved enquiries of management and those charged with governance, review of legal and professional expenses, review of any correspondence with the FCA and review of board meeting minutes.
The company is a regulated entity under the supervision of the FCA. As such, the Senior Statutory Auditor considered the experience and expertise of the engagement team to ensure that the team had the appropriate competence and capabilities.
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.
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.
Mark Bailey FCA CTA
Senior Statutory Auditor
For and on behalf of TC Group
24 July 2025
Accountants
Statutory Auditor
5th Floor
3 Dorset Rise
London
EC4Y 8EN
ODD ASSET MANAGEMENT LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
- 8 -
2025
2024
Notes
£
£
Turnover
3
7,374,886
4,518,036
Cost of sales
(1,327,709)
(801,125)
Gross profit
6,047,177
3,716,911
Administrative expenses
(7,031,034)
(5,366,983)
Operating loss
4
(983,857)
(1,650,072)
Interest receivable and similar income
46,523
6,440
Interest payable and similar expenses
(2,476)
(2,612)
Loss before taxation
(939,810)
(1,646,244)
Tax on loss
7
Loss for the financial year
(939,810)
(1,646,244)
The profit and loss account has been prepared on the basis that all operations are continuing operations.
ODD ASSET MANAGEMENT LTD
BALANCE SHEET
AS AT 31 MARCH 2025
31 March 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
8
23,016
28,770
Tangible assets
9
58,273
47,792
81,289
76,562
Current assets
Debtors
10
977,785
742,247
Cash at bank and in hand
2,767,017
810,214
3,744,802
1,552,461
Creditors: amounts falling due within one year
11
(1,201,110)
(1,200,244)
Net current assets
2,543,692
352,217
Total assets less current liabilities
2,624,981
428,779
Creditors: amounts falling due after more than one year
12
(28,750)
(33,750)
Net assets
2,596,231
395,029
Capital and reserves
Called up share capital
15
35,048
35,032
Share premium account
7,278,467
4,178,483
Other reserves
170,140
129,128
Profit and loss reserves
(4,887,424)
(3,947,614)
Total equity
2,596,231
395,029
The financial statements were approved by the board of directors and authorised for issue on 24 July 2025 and are signed on its behalf by:
Mr A P V Odd
Director
Company registration number 09317332 (England and Wales)
ODD ASSET MANAGEMENT LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 10 -
Share capital
Share premium account
Capital contribution reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 April 2023
35,023
2,785,492
27,029
(2,301,370)
546,174
Year ended 31 March 2024:
Loss and total comprehensive income for the year
-
-
-
(1,646,244)
(1,646,244)
Issue of share capital
15
9
1,392,991
-
-
1,393,000
Equity settled share based payments
-
-
102,099
102,099
Balance at 31 March 2024
35,032
4,178,483
129,128
(3,947,614)
395,029
Year ended 31 March 2025:
Loss and total comprehensive income for the year
-
-
-
(939,810)
(939,810)
Issue of share capital
15
16
3,099,984
-
-
3,100,000
Equity settled share based payment
-
-
41,012
41,012
Balance at 31 March 2025
35,048
7,278,467
170,140
(4,887,424)
2,596,231
ODD ASSET MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 11 -
1
Accounting policies
Company information
Odd Asset Management Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 5 - 8 The Sanctuary, London, England, SW1P 3JS.
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.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Tyndall Investment Management Limited. These consolidated financial statements are available from its registered office.
1.2
Going concern
The directors have prepared financial forecasts for the 12 months from the date of their approval of these financial statements, which indicate that the company will have sufficient financial reserves to meet the regulatory capital requirements imposed by the Financial Conduct Authority throughout the period covered. true
At the date of approval of these financial statements the directors have a reasonable expectation that the company has adequate financial support to continue in existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the annual report and accounts.
1.3
Turnover
Turnover is recognised at the fair value of the consideration receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. Turnover is derived from management fees on the level and performance of assets under management. Additional revenue is earned on consultancy projects undertaken at rates agreed in advance.
ODD ASSET MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 12 -
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation 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:
Client relationships
5 years straight line
1.5
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:
Fixtures and fittings
20% straight line
Computers
20% straight line
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.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, and other short-term liquid investments with original maturities of three months or less.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ 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.
ODD ASSET MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 13 -
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.
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 and loans from fellow group companies 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.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.9
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.
ODD ASSET MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 14 -
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
Share-based payments
Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black Scholes model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.
When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.
Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.
1.13
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.
1.14
Capital contribution reserve
This reserve represents the capital contribution made into the company by its parent, via the grant of share options in the parent to employees and other third parties.
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.
ODD ASSET MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
2
Judgements and key sources of estimation uncertainty
(Continued)
- 15 -
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Share based payments
The company has granted equity-settled share based payments to certain employees. Such options are required to be fair-valued in accordance with the requirements of FRS 102.
Determination of the fair value requires the exercise of judgment regarding the applicable assumptions to be used as inputs into the fair value model, including the expected volatility, risk-free rate and expected option life. Changes in these assumptions would affect the fair-value of options and hence the amount recorded in the statement of comprehensive income.
3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
7,374,886
4,518,036
2025
2024
£
£
Other revenue
Interest income
46,523
6,440
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
17,390
19,233
Depreciation of owned tangible fixed assets
15,326
14,284
Amortisation of intangible assets
5,754
-
Share-based payments
41,012
98,329
Operating lease charges
260,150
208,938
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2025
2024
Number
Number
Employees
40
31
ODD ASSET MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
5
Employees
(Continued)
- 16 -
Their aggregate remuneration comprised:
2025
2024
£
£
Wages and salaries
4,844,244
3,485,878
Social security costs
611,805
435,825
Pension costs
49,346
46,462
5,505,395
3,968,165
6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
841,593
670,963
Remuneration disclosed above includes the following amounts payable to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
433,457
332,865
7
Taxation
The actual charge 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
(939,810)
(1,646,244)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2024: 19.00%)
(234,953)
(312,786)
Unutilised tax losses carried forward
234,953
312,786
Taxation charge for the year
-
-
The company has total tax losses of £4,602,372 (2024: £3,773,190) available for carry forward and offset against future trading profits. No deferred tax asset has been recognised in relation to these losses.
ODD ASSET MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 17 -
8
Intangible fixed assets
Client relationships
£
Cost
At 1 April 2024 and 31 March 2025
28,770
Amortisation and impairment
At 1 April 2024
Amortisation charged for the year
5,754
At 31 March 2025
5,754
Carrying amount
At 31 March 2025
23,016
At 31 March 2024
28,770
9
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 April 2024
35,893
41,033
76,926
Additions
13,973
11,834
25,807
At 31 March 2025
49,866
52,867
102,733
Depreciation and impairment
At 1 April 2024
13,888
15,246
29,134
Depreciation charged in the year
6,244
9,082
15,326
At 31 March 2025
20,132
24,328
44,460
Carrying amount
At 31 March 2025
29,734
28,539
58,273
At 31 March 2024
22,005
25,787
47,792
10
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
51,624
Other debtors
2,062
2,062
Prepayments and accrued income
924,099
740,185
977,785
742,247
ODD ASSET MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 18 -
11
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans
13
5,000
5,000
Other borrowings
13
25,000
Trade creditors
27,774
78,942
Amounts owed to group undertakings
1,763
1,763
Taxation and social security
350,068
331,644
Other creditors
11,837
35,114
Accruals and deferred income
804,668
722,781
1,201,110
1,200,244
12
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Bank loans and overdrafts
13
28,750
33,750
13
Loans and overdrafts
2025
2024
£
£
Bank loans
33,750
38,750
Other loans
25,000
33,750
63,750
Payable within one year
5,000
30,000
Payable after one year
28,750
33,750
Bank loans comprise amounts taken out under the Coronavirus Bounce Back Loan Scheme. An initial balance of £50,000 was drawn down in 2020, and is repayable over ten years. The loan is unsecured and bears interest at the fixed rate of 2.5%.
14
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
49,346
46,462
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.
ODD ASSET MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 19 -
15
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
35,048
35,032
35,048
35,032
On 25 April 2024 the company issued 2 ordinary £1 shares for £200,000 each, on 4 July 2024 the company issued 10 ordinary £1 shares for £200,000 each and on 10 August 2024 the company issued a further 4 ordinary £1 shares for £175,000 each.
16
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
217,480
198,580
Between two and five years
416,527
529,458
In over five years
11,442
645,449
728,038
17
Related party transactions
The company has taken advantage of the exemption in section 33.1A of FRS 102 from the requirement to disclose transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.
During the prior year the company borrowed £25,000 from a director. The loan was fully repaid in the year.
18
Ultimate controlling party
The company's immediate and ultimate parent company is Tyndall Investment Management Limited, a company incorporated in England and Wales. The largest and smallest group of undertakings for which group accounts have been drawn up is that headed by Tyndall Investment Management Limited and copies are available from its registered office. There is no ultimate controlling party of the group.
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