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Registered number: 00996398
| UNAUDITED FINANCIAL STATEMENTS
| FOR THE PERIOD ENDED 30 SEPTEMBER 2025
| TACTFUL FINANCE LIMITED
TACTFUL FINANCE LIMITED |  |
COMPANY INFORMATION
Directors | C C Shack (resigned 10 February 2026)
| J Shack
Company secretary | C C Shack
Registered number | 00996398
Registered office | 4th Floor
| 95 Gresham Street
| London
| EC2V 7AB
Accountants | Menzies LLP
| Chartered Accountants
| 4th Floor
| 95 Gresham Street
| London
| EC2V 7AB
Bankers | UBS
| 1 Curzon Street
| London
| W1J 5UB
TACTFUL FINANCE LIMITED |  |
CONTENTS
| Page
Statement of Financial Position | 1 - 2
Notes to the Financial Statements | 3 - 8
TACTFUL FINANCE LIMITED REGISTERED NUMBER:00996398 |  |
STATEMENT OF FINANCIAL POSITION AS AT 30 SEPTEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 4 |  | 550 |  | -
Investment property | 5 |  | 3,000,000 |  | 2,800,000
|  |  | 3,000,550 |  | 2,800,000
Current assets |  |  |  |  |
Stocks | 6 | 1,133,299 |  | 1,469,279 |
Debtors: amounts falling due within one year | 7 | 75,498 |  | 15,146 |
Cash at bank and in hand |  | 17,517 |  | - |
|  | 1,226,314 |  | 1,484,425 |
Creditors: amounts falling due within one year | 8 | (2,548,197) |  | (3,416,498) |
Net current liabilities |  |  | (1,321,883) |  | (1,932,073)
Total assets less current liabilities |  |  | 1,678,667 |  | 867,927
Provisions for liabilities |  |  |  |  |
Deferred tax | 9 | (264,329) |  | (243,092) |
|  |  | (264,329) |  | (243,092)
Net assets |  |  | 1,414,338 |  | 624,835
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 10 |  | 10
Profit and loss account |  |  | 1,414,328 |  | 624,825
|  |  | 1,414,338 |  | 624,835
Page 1
TACTFUL FINANCE LIMITED REGISTERED NUMBER:00996398 |  |
STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 30 SEPTEMBER 2025 The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
J Shack
Director
Date: 17 February 2026
The notes on pages 3 to 8 form part of these financial statements. Page 2
TACTFUL FINANCE LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025
1. | General information
Tactful Finance Limited is a private company, limited by shares, registered in England and Wales, registration number 996398. The registered office is disclosed on the company information page. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The following principal accounting policies have been applied:
| 2.2 | Going concern
The company meets its day to day working capital requirements through an overdraft and loan facility. The directors believe that the company is well placed to continue to adopt the going concern basis in preparing these accounts.
| 2.3 | Revenue recognition
The turnover shown in the Statement of Comprehensive Income represents amounts receivable from the sale of investments, rents receivable and bloodstock sales during the year in the normal course of business. Revenue is recognised when the significant risks and rewards of ownership have transferred to the customer, the amount of revenue can be measured reliably and it is probable that economic benefits will flow to the Company. Investments Investments in shares are initially recorded at cost. Where investments are publicly traded and fair value can be measured reliably, they are subsequently measured at fair value with changes recognised in profit or loss. Other investments are stated at cost less impairment. Dividend income is recognised when the Company’s right to receive payment is established. Gains and losses on disposal are recognised in profit or loss at the date of disposal. Rental Income Rental income is recognised on a straight-line basis over the term of the lease. Rent receivable at the balance sheet date represents income earned but not yet received and is included within debtors at the recoverable amount. Bloodstock Sales The company operates a racing and breeding business and derives income from the sale of bloodstock, including yearlings, foals, broodmares and horses in training. Revenue from bloodstock sales is recognised when the significant risks and rewards of ownership pass to the purchaser. This is normally at the fall of the hammer for auction sales or on completion of private treaty sales. Proceeds are recognised net of sales commissions and directly attributable selling costs.
| 2.4 | Interest income
Interest income is recognised in profit or loss using the effective interest method. Page 3
TACTFUL FINANCE LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.5 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.6 | Borrowing costs
All borrowing costs are recognised in profit or loss in the period in which they are incurred.
| 2.7 | Current and deferred taxation
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
| 2.8 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Page 4
TACTFUL FINANCE LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.8 | Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis. Depreciation is provided on the following basis:
|  |  |  | Fixtures and fittings | - | 15% | reducing balance
|  |  |  | Office equipment | - | 15% | reducing balance
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.9 | Investment property
Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
| 2.10 | Stocks
Stocks consist of listed investments held for trading purposes and bloodstock. Listed investments are initially recorded at cost and subsequently measured at each reporting date at the lower of cost and market value. Bloodstock, which includes broodmares, is stated at the lower of cost, including upkeep or valuation.
| 2.11 | 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.
3. | Employees
| The average monthly number of employees, including directors, during the period was 2 (2024 - 3).
Page 5
TACTFUL FINANCE LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025
4. | Tangible fixed assets
|  | Fixtures and fittings
|  | £
| Cost or valuation |
| At 1 October 2024 | 23,428
| Additions | 699
| At 30 September 2025 | 24,127
| Depreciation |
| At 1 October 2024 | 23,428
| Charge for the period on owned assets | 149
| At 30 September 2025 | 23,577
| Net book value |
| At 30 September 2025 | 550
| At 30 September 2024 | -
5. | Investment property
|  | Freehold investment property
|  | £
| Valuation |
| At 1 October 2024 | 2,800,000
| Surplus on revaluation | 200,000
| At 30 September 2025 | 3,000,000
The 2025 valuations were made by the directors, on an open market value for existing use basis.
Page 6
TACTFUL FINANCE LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025
6. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Listed investments | 222,778 | 438,788
| Bloodstock | 910,521 | 1,030,491
|  | 1,133,299 | 1,469,279
| The listed investments included above have increased in value by approximately £38,000 at the date of approval of the financial statements.
7. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other debtors | 17,551 | 3,018
| Prepayments and accrued income | 57,947 | 12,128
|  | 75,498 | 15,146
8. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank overdrafts | 2,520,730 | 3,331,289
| Other taxation and social security | - | 1,085
| Other creditors | - | 2,794
| Accruals and deferred income | 27,467 | 81,330
|  | 2,548,197 | 3,416,498
| The bank overdrafts are secured over the assets of the company.
Page 7
TACTFUL FINANCE LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025
9. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | (243,092)
| Charged to profit or loss | (21,237)
| At end of year | (264,329)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Investment property fair value adjustment | (264,329) | (243,092)
|  | (264,329) | (243,092)
10. | Reserves
Included in Retained Earnings is £1,667,087 (2024: £1,488,324) of profits which are not available for distribution to shareholders as they are unrealised.
Page 8