TCD Advisory Limited (Formerly known as Bay Advisory Limited) iXBRL

Company Registration Number: 13709302

TCD Advisory Limited (Formerly known as Bay Advisory Limited)

Unaudited Financial Statements

for the financial year ended 31 March 2025

TCD Advisory Limited (Formerly known as Bay Advisory Limited)

DIRECTORS AND OTHER INFORMATION


Directors	Michael Tarr
	Michael Costello


Company Registration Number	13709302


Registered Office	International House, 36-38 Cornhill,
	London
	EC3V 3NG
	United Kingdom


Business Address	International House, 36-38 Cornhill
	London
	EC3V 3NG
	United Kingdom


Accountants	Quarter
	Chartered Accountants
	St. Anne's House
	Cathedral Quarter
	15 Church Street
	Belfast
	Co.Antrim
	BT1 1PG


Bankers	NatWest
	Chatham Customer Service Centre
	Western Avenue
	Waterside Court
	Chatham
	Kent
	ME44RT
	United Kingdom

TCD Advisory Limited (Formerly known as Bay Advisory Limited)

CHARTERED ACCOUNTANTS REPORT

to the Board of Directors on the Compilation of the unaudited financial statements of TCD Advisory Limited (Formerly known as Bay Advisory Limited)

for the financial year ended 31 March 2025

In accordance with the engagement letter and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled for your approval the financial statements of the company for the financial year ended 31 March 2025 as set out on pages to which comprise the Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given to us.

This report is made solely to the Board of Directors of TCD Advisory Limited (Formerly known as Bay Advisory Limited), as a body, in accordance with the terms of our engagement. Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile, report to the company’s Board of Directors that we have done so, and state those matters that we have agreed to state to them in this 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 its Board of Directors, as a body, for our work or for this report.

We have carried out this engagement in accordance with guidance issued by Chartered Accountants Ireland and have complied with the relevant ethical guidance laid down by Chartered Accountants Ireland relating to members undertaking the compilation of financial statements.

You have acknowledged on the Statement of Financial Position for the year ended 31 March 2025 your duty to ensure that TCD Advisory Limited (Formerly known as Bay Advisory Limited) has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of TCD Advisory Limited (Formerly known as Bay Advisory Limited). You consider that TCD Advisory Limited (Formerly known as Bay Advisory Limited) is exempt from the statutory audit requirement for the financial year.

We have not been instructed to carry out an audit or a review of the financial statements of TCD Advisory Limited (Formerly known as Bay Advisory Limited). For this reason, we have not verified the adequacy, 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 financial statements.

__________________________________

QUARTER

Chartered Accountants

St. Anne's House

Cathedral Quarter

15 Church Street

Belfast

Co.Antrim

BT1 1PG

23 December 2025

TCD Advisory Limited (Formerly known as Bay Advisory Limited)

Company Registration Number: 13709302

STATEMENT OF FINANCIAL POSITION

as at 31 March 2025

		2025	2024
	Notes	£	£

Non-Current Assets

Property, plant and equipment

3,945

4,508

Financial assets

─────────

Non-Current Assets

3,946

4,508

─────────

Current Assets

Receivables

642,829

2,011,773

Cash and cash equivalents

9,211

79,074

─────────

652,040

2,090,847

─────────

Payables: amounts falling due within one year

(655,172)

(2,095,221)

─────────

Net Current Liabilities

(3,132)

(4,374)

─────────

Total Assets less Current Liabilities

814

134

═════════

Equity

Called up share capital

Retained earnings

812

132

─────────

Equity attributable to owners of the company

814

134

═════════

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).

The company has taken advantage of the exemption under section 444 not to file the Income Statement and Directors' Report.

For the financial year ended 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.

The directors confirm that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Approved by the Board and authorised for issue on 23 December 2025 and signed on its behalf by



________________________________			________________________________
Michael Tarr			Michael Costello
Director			Director

TCD Advisory Limited (Formerly known as Bay Advisory Limited)

NOTES TO THE FINANCIAL STATEMENTS

for the financial year ended 31 March 2025

General Information

TCD Advisory Limited (Formerly known as Bay Advisory Limited) is a company limited by shares incorporated and registered in the United Kingdom. The registered number of the company is 13709302. The registered office of the company is International House, 36-38 Cornhill,, London, EC3V 3NG, United Kingdom. The principal activity of this company is financial intermediation. The financial statements have been presented in Pound (£) which is also the functional currency of the company.

Summary of Significant Accounting Policies

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.

Statement of compliance

The financial statements of the company for the financial year ended 31 March 2025 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.

Basis of preparation

The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.

Revenue

Revenue comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.

Property, plant and equipment and depreciation

Property, plant and equipment are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows:

Fixtures, fittings and equipment

10% Straight line

The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.

Financial assets

Investments held as fixed assets are stated at cost less provision for any permanent diminution in value. Income from other investments together with any related tax credit is recognised in the Income Statement in the financial year in which it is receivable.

Trade and other receivables

Trade and other receivables are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other payables

Trade and other payables are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Taxation and deferred taxation

Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Statement of Financial Position date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements.

Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Statement of Financial Position date.

Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Statement of Financial Position date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Income Statement.

Ordinary share capital

The ordinary share capital of the company is presented as equity.

Employees

The average number of employees, including directors, during the financial period was 2.

2025

2024

Number

Number

Director

═════════


4.	Property, plant and equipment
		Fixtures,	Total
		fittings and
		equipment
		£	£
	Cost or Valuation
	At 1 April 2024	5,634	5,634
		─────────	─────────

	At 31 March 2025	5,634	5,634
		─────────	─────────
	Depreciation
	At 1 April 2024	1,126	1,126
	Charge for the financial year	563	563
		─────────	─────────
	At 31 March 2025	1,689	1,689
		─────────	─────────
	Carrying amount
	At 31 March 2025	3,945	3,945
		═════════	═════════
	At 31 March 2024	4,508	4,508
		═════════	═════════


5.	Financial fixed assets
		Group and	Total
		participating
		interests/
		joint ventures
	Investments	£	£
	Cost or Valuation
	Additions	1	1
		─────────	─────────
	At 31 March 2025	1	1
		─────────	─────────
	Carrying amount
	At 31 March 2025	1	1
		═════════	═════════

5.1.

Holdings in related undertakings

The company holds 20% or more of the share capital of the following companies:

Country

Nature

Details

Proportion

held by

Name

incorporation and address of Registered Office

business

investment

company

Subsidiary undertaking

BACF Ltd

Fitzwilliam Hall

Fitzwilliam Place

Dublin

D02 V882

Financial Intermediation

Ordinary

100%

The aggregate amount of capital and reserves and the results of these undertakings for the last relevant financial year were as follows:

Year ended

Capital and

Profit for

reserves

the year

BACF Ltd

31 March 2025

397

251,453

═════════

In the opinion of the directors, the value to the company of the unlisted investments is not less than the book amount shown above.


6.	Receivables	2025	2024
		£	£

	Amounts owed by group undertakings (Note 10)	79,788	333,867
	Amounts owed by connected parties (Note 10)	-	1,187,383
	Prepayments and accrued income	563,041	490,523
		─────────	─────────
		642,829	2,011,773
		═════════	═════════


7.	Payables	2025	2024
	Amounts falling due within one year	£	£

	Amounts owed to group undertakings (Note 10)	25,717	-
	Taxation (Note 8)	601,393	570,160
	Directors' current accounts	23,762	23,761
	Accruals and deferred income	4,300	1,501,300
		─────────	─────────
		655,172	2,095,221
		═════════	═════════


8.	Taxation	2025	2024
		£	£

	Payables:
	Corporation tax	601,393	570,160
		═════════	═════════

Capital commitments

The company had no material capital commitments at the financial year-ended 31 March 2025.

10.

Related party transactions

Transactions with connected companies include ...

YCSE Holdco Limited

YCSE Holdco Limited owns 50% of TCD Advisory Limited. As of 1 April 2024, YCSE Holdco Limited owed TCD Advisory Limited £592,280. During the year, net transactions between YCSE Holdco Limited and TCD Advisory Limited totalled £562,236. As of 31 March 2025, YCSE Holdco Limited owed TCD Advisory Limited £30,044. This balance is now included in amounts owed from group companies.

Tank Holdco Limited

Tank Holdco Limited owns 50% of TCD Advisory Ltd. As of 1 April 2024, Tank Holdco Limited owed TCD Advisory Limited £595,103. During the year, net transactions between Tank Holdco Limited and TCD Advisory Limited totalled £545,359. As of 31 March 2025, Tank Holdco Limited owed TCD Advisory Limited £49,744. This balance is now included in amounts owed from group companies.

Balance

Movement

Balance

Maximum

2025

in year

2024

in year

YCSE Holdco Limited

(592,280)

592,280

592,280

Tank Holdco Limited

(595,103)

595,103

595,103

─────────

═════════

(1,187,383)

1,187,383

═════════

BACF Limited

TCD Advisory Limited owns 100% of the shares in BACF Limited. As of 1 April 2024, BACF Limited owed TCD Advisory Limited £333,867. During the year, net transactions between BACF Limited and TCD Advisory Limited totalled £359,584. As of 31 March 2025, TCD Advisory Limited owed BACF Limited £25,717.

Transactions and balances with group companies:

2025

2024

Group Undertaking Receivables

BACF Limited

333,867

YCSE Holdco Limited

30,044

Tank HoldCo Limited

49,744

─────────

79,788

333,867

═════════

Group Undertaking Payables

BACF Limited

25,717

═════════

11.

Parent company

The company regards YCSE Holdco Limited and Tank Holdco Limited as its parent companies.

12.

Events After the End of the Reporting Period

There have been no significant events affecting the company since the financial year-end.