Company Registration No. 06509551 (England and Wales)
Tamsel (UK) Limited
Annual report and financial statements
for the year ended 31 March 2026
Tamsel (UK) Limited
Company information
Directors
Jamie Coleman
Polina Shvarts
Company number
06509551
Registered office
71 Queen Victoria Street
London
United Kingdom
EC4V 4BE
Independent auditor
Saffery LLP
71 Queen Victoria Street
London
EC4V 4BE
Bankers
HSBC Bank plc
HSBC Plc
8 Canada Square
London
E14 5HQ
Tamsel (UK) Limited
Contents
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Statement of financial position
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 21
Tamsel (UK) Limited
Strategic report
For the year ended 31 March 2026
1

The directors present the strategic report for the year ended 31 March 2026.

Fair review of the business
Business performance for the year ended 31 March 2026 has delivered yet again a solid year, thanks to prudent trading activity and timely profit taking, as well as continued reduction in leverage. Added liquidity from a successful sale of a real estate asset and a few exits from private equity portfolio companies through the year were gradually re-invested into public equities and fixed income, taking advantage of market dips and fixing yields prior to the start of the easing cycle.
The year was ultimately a rewarding one for equity investors, marked by notable resilience and strong returns despite periods of substantial turbulence. A pivotal shift in monetary policy saw the U.S. Federal Reserve begin an easing cycle, implementing three interest rate cuts in the second half of the year as inflation stabilized. This policy pivot helped markets digest ongoing headwinds, including persistent geopolitical tensions and a sharp but brief shock in April following the announcement of new U.S. tariffs, which temporarily erased trillions in global market capitalization. Throughout, the dominant investment theme was the continued expansion of Artificial Intelligence, which remained a primary driver of growth and concentrated returns, particularly in the technology sector. To that end, our overweight to Technology within the Private Equity has led to substantial mark ups in valuations of several funds and triumphant exit deals in some of the major AI-related companies.
Overall equity market performance was broadly positive, though not evenly distributed, reinforcing the benefits of global diversification:
• U.S. markets reached historic highs with the broader S&P 500 index delivering strong double-digit returns of approximately 18%.
• European equities staged a powerful rally - Euro Stoxx 50 (SX5E) generated total returns of roughly 21%. This strength was supported by fiscal stimulus, monetary easing by the European Central Bank, and a weaker U.S. dollar.
Then, however, we had geopolitical challenges at the start of 2026 which continue to create some level of uncertainty and voltility in the markets. To manage this we were adding to safe haven assets, such as precious metals and high-quality bonds.
Monitoring liquidity, issuer and concentration risks, as well as maintaining appropriate strategic asset allocation has been at the forefront of our risk management process.
As noted above, there have been a few profitable exits from private equity investments in our portfolios, thanks to the proactive efforts of the investment and fund management teams. Unfortunately, our “promising start-up in the Food-as-Medicine space” didn't perform to expectations and the business was declared bankrupt. We have launched a claim for part of the investment - a loan, which had personal guarantees attached to it, and do hope to recover it. This failure reinforces our focus on suitable sizing and therefore, on balance, it has not damaged the overall portfolio performance. We anticipate further liquidity opportunities to arise in 2026, as more companies are looking to go public.
So, we continue focusing on maintaining our strategic asset allocation with main objective of capital preservation and sustainability, whilst gradually increasing levels of liquidity and income. We continue to steadily reduce leverage and associated costs – down by a further 12% over the course of 2025/26.
The real estate management of the business continues to perform well - all offices are let out.
Investment management and reporting
Our portfolio management and reporting process runs on a monthly basis with weekly position checks and constant monitoring. The administrative burden is still increased given the enhanced KYC requirements introduced by many of our counterparty banks.
Tamsel (UK) Limited
Strategic report (continued)
For the year ended 31 March 2026
2
We continued close monitoring of individual private equity positions in our clients' portfolios and remained connected with portfolio companies throughout the year. As mentioned, we had a few successful exits through the year and expect further exits in 2026. We have allocated capital to some of the funds' next vintages, whilst taking a more cautious approach to allocating any more to direct deals.
We continue to implement the “multi-channel” communication approach with our clients and partners, combining online and office work, zoom conferences and in-person meetings. Our client communication remained continuous throughout the year. Client investment updates were presented on a regular basis, acceptable and appropriate for the clients.
All of this should not have any adverse impact on our portfolio management and client relationships, and we believe in our continuous ability to deliver on our objectives even in the geopolitically uncertain markets of 2026-27.
Regulatory obligations
We are able to fulfil our regulatory obligations and complete all submissions that are on our FCA timetable. Our compliance consultants are fully operational, and communication is as normal.
Principal risks and uncertainties
The company's operations expose it to a variety of risks which include liquidity, operational, market and business risks. The company is exposed to no material credit risk. The company's fee income is directly affected by the value of its funds under management and so it is exposed to market risk accordingly. However, fee income is not reliant on market over-performance, and this allows the company to project predictable stable revenue.
We continue giving consideration to the impact of UK, EU and USA sanctions due to Russian invasion of Ukraine. Management continuously updates our own risk assessment and proactively communicates with our external specialist advisors. We maintain regular updates with all our partner banks and service providers and we believe that the impact of sanctions on our business remains limited.
The directors review and agree policies for managing these risks. Please refer to the risk review as detailed in the MIFIDPRU 8 disclosure report, pages 5 & 6 of these accounts.
Key performance indicators
The company uses a number of performance measures to evaluate its success in meeting its business objectives. These include assets under management, investment performance and net profit achieved. The directors are satisfied that the company's performance, by reference to these key performance indicators, has been acceptable for the challenging year.

On behalf of the board

Polina Shvarts
Director
16 July 2026
Tamsel (UK) Limited
Directors' report
For the year ended 31 March 2026
3

The directors present their annual report and financial statements for the year ended 31 March 2026.

Principal activities
The principal activity of the company is the operation of an investment management business and private office.
Directors

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

Jamie Coleman
Polina Shvarts
Results and dividends

The results for the year are set out on page 8.

The director s do not recommend payment of a final dividend.

Going concern

For the year ended 31 March 2026 the company made a profit of £7,051 (2025: £30,644) and at 31 March 2026 had net assets of £1,158,322 (2025: £1,151,271). At 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. The directors have taken into account the current financial and macro-​economic market conditions and have assessed measures to help mitigate any issues for the next 12 months. The company has prepared cash flow forecasts to ensure there is sufficient cash to meet liabilities as they fall due.

Auditor

Saffery LLP have expressed their willingness to continue in office as auditors of the company.

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; and
• 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.
Tamsel (UK) Limited
Directors' report (continued)
For the year ended 31 March 2026
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 auditors are unaware. Additionally, the director individually ha s taken all the necessary steps that they ought to have taken as directors in order to make her self aware of all relevant audit information and to establish that the company’s auditors are aware of that information.

MIFIDPRU 8.6.2R0

Remuneration policy

This report sets out remuneration related disclosures for Tamsel (UK) Limited (“Tamsel”). Tamsel is authorised and regulated by the Financial Conduct Authority. As a result Tamsel is required to comply with the FCA’s MIFIDPRU Remuneration Code at SYSC 19G.1.6. This document provides details of this remuneration policy.

Components of remuneration

Tamsel utilises base salary and benefits for fixed remuneration and cash bonuses as variable remuneration. Base salaries are generally reviewed annually. Base salary levels are set considering the individual’s skills, the size and scope of their role, and the market rate for the role at comparator companies. Benefits provided include pension contributions and certain insurance benefits such as private medical insurance. The same range and level of benefits is available to all UK employees regardless of seniority.

The annual bonus rewards individual and corporate performance and the achievement of strategic and personal objectives. The variable compensation pool is based on Tamsel’s profits, ensuring that any bonuses are affordable. Individual bonuses are determined based on a number of factors relating to the individual’s role and performance.

Quantitative disclosures

1) For the year ended 31 March 2026 fixed remuneration awarded to staff was £1,367,459

2) For the year ended 31 March 2026 variable remuneration awarded to staff was £410,200

The business activities of the company are all of an investment consulting nature and it is an independent investment consultant for institutions and private clients for their portfolio investments. Being independent, the company offers completely impartial advice without any conflicts of interest and provides ongoing advice, strategic review, selection and monitoring of the investment managers' performance. The company accepts professional and fiduciary liability for its consulting and advisory business and, as in normal practice amongst professional firms, has commensurate indemnity insurance cover.

On behalf of the board
Polina Shvarts
Director
16 July 2026
Tamsel (UK) Limited
Independent auditor's report
To the members of Tamsel (UK) Limited
5
Opinion

We have audited the financial statements of Tamsel (UK) Limited (the 'company') for the year ended 31 March 2026 which comprise the statement of comprehensive income, the statement of financial position, 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:

- give a true and fair view of the state of the company's affairs as at 31 March 2026 and of its profit 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.

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:

- the information given in the strategic report and the directors' r eport 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.

Tamsel (UK) Limited
Independent auditor's report (continued)
To the members of Tamsel (UK) Limited
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 identifie d material misstatements in the strategic report or the directors' r eport.

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' r esponsibilities s tatement, 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the company by discussions with directors and by updating our understanding of the sector in which the company operates.

Laws and regulations of direct significance in the context of the company include The Companies Act 2006, FCA regulation and UK Tax legislation.

Audit response to risks identified

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

Tamsel (UK) Limited
Independent auditor's report (continued)
To the members of Tamsel (UK) Limited
7

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, 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.

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.

Roger Weston
Senior Statutory Auditor
For and on behalf of Saffery LLP
16 July 2026
Statutory Auditors
71 Queen Victoria Street
London
EC4V 4BE
Tamsel (UK) Limited
Statement of comprehensive income
For the year ended 31 March 2026
8
2026
2025
Notes
£
£
Turnover
3
3,461,596
3,429,368
Administrative expenses
(3,485,923)
(3,408,614)
Other operating income
35,182
20,824
Operating profit
4
10,855
41,578
Interest payable and similar expenses
-
(5)
Profit before taxation
10,855
41,573
Taxation
7
(3,804)
(10,929)
Profit for the financial year
7,051
30,644
Total comprehensive income for the year
7,051
30,644

The statement of comprehensive income has been prepared on the basis that all operations are continuing operations.

The notes on pages 12 - 21 form an integral part of the financial statements.

Tamsel (UK) Limited
Statement of financial position
As at 31 March 2026
9
2026
2025
Notes
£
£
£
£
Fixed assets
Tangible assets
8
159,666
180,580
Current assets
Debtors
9
312,260
432,902
Cash at bank and in hand
1,187,364
1,164,918
1,499,624
1,597,820
Creditors: amounts falling due within one year
10
(497,415)
(610,975)
Net current assets
1,002,209
986,845
Total assets less current liabilities
1,161,875
1,167,425
Provisions for liabilities
Deferred tax liability
11
3,553
16,154
(3,553)
(16,154)
Net assets
1,158,322
1,151,271
Capital and reserves
Called up share capital
13
270,000
270,000
Profit and loss reserves
888,322
881,271
Total equity
1,158,322
1,151,271

The notes on pages 12 - 21 form an integral part of the financial statements.

The financial statements were approved by the board of directors and authorised for issue on 16 July 2026 and are signed on its behalf by:
Polina Shvarts
Director
Company Registration No. 06509551
Tamsel (UK) Limited
Statement of changes in equity
For the year ended 31 March 2026
10
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 April 2024
270,000
850,627
1,120,627
Year ended 31 March 2025:
Profit and total comprehensive income
-
30,644
30,644
Balance at 31 March 2025
270,000
881,271
1,151,271
Year ended 31 March 2026:
Profit and total comprehensive income
-
7,051
7,051
Balance at 31 March 2026
270,000
888,322
1,158,322

The notes on pages 12 - 21 form an integral part of the financial statements.

Tamsel (UK) Limited
Statement of cash flows
For the year ended 31 March 2026
11
2026
2025
Notes
£
£
Cash flows from operating activities
Cash generated from operations
17
35,162
36,123
Interest paid
-
0
(5)
Income taxes paid
(12,716)
(7,787)
Net cash inflow from operating activities
22,446
28,331
Net cash used in investing activities
-
0
-
0
Net cash used in financing activities
-
-
Net increase in cash and cash equivalents
22,446
28,331
Cash and cash equivalents at beginning of year
1,164,918
1,136,588
Cash and cash equivalents at end of year
1,187,364
1,164,918

The notes on pages 12 - 21 form an integral part of the financial statements.

Tamsel (UK) Limited
Notes to the financial statements
For the year ended 31 March 2026
12
1
Accounting policies
Company information

Tamsel (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 71 Queen Victoria Street, London, United Kingdom, EC4V 4BE.

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 a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

For the year ended 31 March 2026 the company made a profit of £7,051 (2025: £30,644) and at 31 March 2026 had net assets of £1,158,322 (2025: £1,151,271). true

A t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have taken into account the current and continued impact of the macro-economic challenges and have assessed measures to help mitigate any related issues for the next 12 months. The company has prepared cash flow forecasts to ensure there is sufficient cash to meet liabilities as they fall due.

Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents fees receivable in respect of discretionary investment management and family office services. Turnover also represents recharged company costs on a cost plus basis, together with rental and service charge income from a sublet property. Turnover is stated net of VAT and trade discounts.

Rental and service charge income is recognised on an accruals basis over the life of the lease. Recharged company costs are also recognised on an accruals basis.

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:

Fixtures, fittings & equipment
over 10 years
Computer equipment
over 3 years
Motor vehicles
over 3 years
Security systems
over 4 years

Artwork is not depreciated but is reviewed annually for impairment at the balance sheet date that its estimated residual value is not considered to be materially different to its carrying value.

Tamsel (UK) Limited
Notes to the financial statements (continued)
For the year ended 31 March 2026
1
Accounting policies (continued)
13
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.

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 statement of financial position 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, 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.

Tamsel (UK) Limited
Notes to the financial statements (continued)
For the year ended 31 March 2026
1
Accounting policies (continued)
14
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 paymen ts 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

Other financial liabilities, including debt instruments that do not meet the definition of a basic financial instrument, are measured at fair value through profit or loss.

Debt instruments may be designated as being measured at fair value though 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.

Derecognition of financial liabilities

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

Tamsel (UK) Limited
Notes to the financial statements (continued)
For the year ended 31 March 2026
1
Accounting policies (continued)
15
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.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

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 income statement 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 taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. Deferred tax is provided for where accelerated capital allowances give rise to a deferred tax liability. A deferred tax asset in respect of trading or non-trade loan relationship credit losses is only recognised to the extent that the director expects that those losses will be utilised in future periods. The deferred tax balance has not been discounted.
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 lease d asset are consumed.

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

Tamsel (UK) Limited
Notes to the financial statements (continued)
For the year ended 31 March 2026
1
Accounting policies (continued)
16
1.14
Operating leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Critical accounting 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.

Key sources of estimation uncertainty
Depreciation

Management must estimate the useful lives of the assets used in the business. Management use the best available information and experience to estimate the useful life of assets.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2026
2025
£
£
Turnover
Management fees
2,898,249
2,855,251
Rental income and service charge
563,347
574,117
3,461,596
3,429,368
4
Operating profit
2026
2025
Operating profit for the year is stated after charging:
£
£
Exchange losses
1,114
4,404
Fees payable to the company's auditor for the audit of the company's financial statements
17,950
17,250
Fees payable to the company's auditor for tax and other services provided
8,000
8,000
Depreciation of owned tangible fixed assets
20,914
22,350
Operating lease charges
575,000
575,000
Tamsel (UK) Limited
Notes to the financial statements (continued)
For the year ended 31 March 2026
17
5
Employees

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

2026
2025
Number
Number
Investment and administration staff
16
18

Their aggregate remuneration comprised:

2026
2025
£
£
Wages and salaries
1,777,659
1,752,251
Social security costs
238,857
217,817
Pension costs
124,762
109,714
2,141,278
2,079,782
6
Directors' remuneration
2026
2025
£
£
Remuneration for qualifying services
694,239
733,602
Remuneration disclosed above include the following amounts paid to the highest paid director:
2026
2025
£
£
Remuneration for qualifying services
467,482
395,524
Company pension contributions to defined contribution schemes
12,455
12,252

Director remuneration includes benefits in kind provided by the company to the value of £12,101 (2025: £10,679).

7
Taxation
2026
2025
£
£
Current tax
UK corporation tax on profits for the current period
16,405
12,716
Tamsel (UK) Limited
Notes to the financial statements (continued)
For the year ended 31 March 2026
7
Taxation (continued)
18
Deferred tax
Origination and reversal of timing differences
(12,601)
(1,787)
Total tax charge
3,804
10,929

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

2026
2025
£
£
Profit before taxation
10,855
41,573
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2025: 25.00%)
2,714
10,393
Tax effect of expenses that are not deductible in determining taxable profit
2,147
700
Unutilised tax losses carried forward
-
0
(921)
Tax at marginal rate
-
0
(164)
Movement in deferred tax
(12,601)
(1,787)
Fixed asset differences
11,544
2,578
Depreciation in excess of capital allowances
-
0
130
Taxation charge for the year
3,804
10,929
8
Tangible fixed assets
Fixtures, fittings & equipment
£
Cost
At 1 April 2025 and 31 March 2026
344,601
Depreciation and impairment
At 1 April 2025
164,021
Depreciation charged in the year
20,914
At 31 March 2026
184,935
Carrying amount
At 31 March 2026
159,666
At 31 March 2025
180,580
Tamsel (UK) Limited
Notes to the financial statements (continued)
For the year ended 31 March 2026
19
9
Debtors
2026
2025
Amounts falling due within one year:
£
£
Trade debtors
32,168
73,547
Other debtors
95,842
72,377
Prepayments and accrued income
87,923
87,380
215,933
233,304
2026
2025
Amounts falling due after more than one year:
£
£
Other debtors
96,327
199,598
Total debtors
312,260
432,902
10
Creditors: amounts falling due within one year
2026
2025
£
£
Trade creditors
32,631
18,785
Corporation tax
16,405
12,716
Other creditors
379,597
499,888
Accruals and deferred income
68,782
79,586
497,415
610,975

Included in Other Creditors is a balance of £346,506 (2025: £341,279) that represents cash held as deposits for the rental properties.

11
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2026
2025
Balances:
£
£
Accelerated capital allowances
3,553
16,154
Tamsel (UK) Limited
Notes to the financial statements (continued)
For the year ended 31 March 2026
11
Deferred taxation (continued)
20
2026
Movements in the year:
£
Liability at 1 April 2025
16,154
Credit to profit or loss
(12,601)
Liability at 31 March 2026
3,553

12
Retirement benefit schemes
2026
2025
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
124,762
109,714

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.

13
Share capital
2026
2025
2026
2025
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
270,000
270,000
270,000
270,000

Ordinary shares have full voting, dividend and capital distribution rights, including on wind up. They do not confer any rights of redemption.

14
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2026
2025
£
£
Aggregate compensation
694,239
733,602
Other information

During the year, the company was charged rent of £575,000 (2025: £575,000) by Tamsel Properties Limited, a company registered in Guernsey and controlled by Tamsel Holdings Limited. During the year, expenses incurred on behalf of Tamsel Properties Limited was £132,300 (2025: £122,328).

The net amount due from Tamsel Properties Limited at the year end was £nil (2025: £nil).

Tamsel (UK) Limited
Notes to the financial statements (continued)
For the year ended 31 March 2026
21
15
Ultimate controlling party

The immediate parent company is Foster International Limited, a company registered in Guernsey. The ultimate controlling party is Albecq Trustees Limited, a company registered in Guernsey, in its capacity as Trustee.

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:

2026
2025
£
£
Within one year
575,000
575,000
Between two and five years
2,300,000
2,300,000
In over five years
575,000
1,150,000
3,450,000
4,025,000
17
Cash generated from operations
2026
2025
£
£
Profit for the year after tax
7,051
30,644
Adjustments for:
Taxation charged
3,804
10,929
Finance costs
-
0
5
Depreciation and impairment of tangible fixed assets
20,914
22,350
Movements in working capital:
Decrease in debtors
120,642
20,288
Decrease in creditors
(117,249)
(48,093)
Cash generated from operations
35,162
36,123
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