Company registration number 09506196 (England and Wales)
TURNER POPE INVESTMENTS (TPI) LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
TURNER POPE INVESTMENTS (TPI) LTD
COMPANY INFORMATION
Directors
B Turner
J D Pope
Company number
09506196
Registered office
Ground Floor
Kings House
101-135 Kings Road
Brentwood
Essex
CM14 4DR
Auditor
M J Bushell Audit LLP
Ground Floor
Kings House
101-135 Kings Road
Brentwood
Essex
CM14 4DR
TURNER POPE INVESTMENTS (TPI) LTD
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Profit and loss account
9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Statement of cash flows
13
Notes to the financial statements
14 - 25
TURNER POPE INVESTMENTS (TPI) LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2026
- 1 -

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

Review of the business

FY2025-26 has shown a significant improvement over recent years in terms of broader market activity and business performance. Towards the end of the financial year we saw the start of the US/Isreal – Iran conflict which has been felt across global equity markets and the impact on AIM in particular, has resulted in lower trading liquidity and has been detrimental to the performance of the AIM all share index. However, TPI’s main trading activities and deal pipeline have remained resilient with a notable increase in the number of opportunities presented and engagements undertaken. This is reflective of the strong performance (at the time of writing) in the deals we have undertaken since early 2024, itself a product of the Directors remaining selective over which engagements are pursued, conscious that the market remains sensitive to external factors, not least changes in the UK political environment. Gross revenues in FY2025-26 grew by 60% demonstrating the conversion of business engagements. The cost reduction strategy which was adopted last year has sustained with G+A expenses only increasing by 7%. Notwithstanding additional staff were employed throughout the year to bolster key parts of the business and to support the day-to-day operation of the Company. As a result, TPI’s balance sheet has strengthened allowing for operational flexibility and investment within the business in order to position itself for growth.

TPI closed FY2025-26 with a very robust balance sheet. Asset levels have increased and the Company maintains a strong liquidity position ready to service all operating expenses and any debt. TPI does not require any support funding to maintain operations. Following FY2025-26, trading conditions and deal appetite have sustained into FY2026-27. Deal flow in the broader AIM Market has continued to gain momentum despite the geopolitical tensions escalating in the Middle East. Trading volumes and liquidity remain relatively low, a trend which has remained broadly consistent over the past few years as investors look overseas for investment returns. However, with interest rates potentially declining during the course of FY2026-27 and investors looking to rotate capital out of extended markets and industries, this may provide a catalyst for a recovery in these trading volumes bolstering TPI’s business model. Given TPI’s improved balance sheet and the business environment improving, the Directors believe that TPI is well positioned to continue its strong trading performance into FY2026-27.

Principal risks and uncertainties

The Directors consider that the significant risks and uncertainties affecting the business are those concerned with regulatory changes, economic uncertainty and potential legislative changes by the Government.

Key performance indicators

The key commercial indicators for the Company are twofold: Placing Agent engagements completed (fundraisings for listed companies) and Corporate Broking retainer engagements. Placing Agent engagements can be measured by assessing the proceeds due to TPI through commission income. The revenue generated by these Placing Agent engagements increased by 80% when compared to FY2024-25. This reflects the improving conditions within the AIM Market referred to above, with the Directors' selective approach to engagements translating into a stronger commission performance as transaction activity increased. Corporate Retainer engagements, revenue generated has decreased by 10% compared to FY2024-25. This is largely as a result of the Directors' continued measured and reserved approach when deciding on which corporate clients to engage and support in the market, ensuring that only select opportunities are offered to TPI's clients.

TURNER POPE INVESTMENTS (TPI) LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 2 -
S172 Disclosure

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

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

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

On behalf of the board

B Turner
Director
22 July 2026
TURNER POPE INVESTMENTS (TPI) LTD
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 continued to be that of stockbrokers.

Results and dividends

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

Ordinary dividends were paid amounting to £137,047. The directors do not recommend payment of a further dividend.

Directors

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

B Turner
J D Pope
Financial instruments

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

Liquidity risk

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

Credit risk

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

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

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

Auditor

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

Statement of disclosure to auditor

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

TURNER POPE INVESTMENTS (TPI) LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 4 -
Going Concern

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

On behalf of the board
B Turner
J D Pope
Director
Director
22 July 2026
TURNER POPE INVESTMENTS (TPI) LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2026
- 5 -

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

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

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

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent; 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.

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

We have audited the financial statements of Turner Pope Investments (TPI) Ltd (the 'company') for the year ended 31 March 2026 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- 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.

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

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not 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.

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

Management of controls

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.

Non-compliance laws and regulations

- Enquiry of management, those charged with governance around actual and potential litigation and claims.

- Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations.

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

TURNER POPE INVESTMENTS (TPI) LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TURNER POPE INVESTMENTS (TPI) LTD (CONTINUED)
- 8 -
Corné von Wielligh ACA (Senior Statutory Auditor)
For and on behalf of M J Bushell Audit LLP, Statutory Auditor
Chartered Accountants
Ground Floor
Kings House
101-135 Kings Road
Brentwood
Essex
CM14 4DR
23 July 2026
TURNER POPE INVESTMENTS (TPI) LTD
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2026
- 9 -
2026
2025
Notes
£
£
Turnover
3
2,685,081
1,671,389
Cost of sales
(155,889)
(134,272)
Gross profit
2,529,192
1,537,117
Administrative expenses
(2,147,253)
(2,006,010)
Operating profit/(loss)
4
381,939
(468,893)
Interest receivable and similar income
7
24,410
18,237
Interest payable and similar expenses
8
(448)
(676)
Amounts written off investments
9
217,517
(505,417)
Profit/(loss) before taxation
623,418
(956,749)
Tax on profit/(loss)
10
(185,816)
(27,458)
Profit/(loss) for the financial year
437,602
(984,207)

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

TURNER POPE INVESTMENTS (TPI) LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2026
- 10 -
2026
2025
£
£
Profit/(loss) for the year
437,602
(984,207)
Other comprehensive income
-
-
Total comprehensive income for the year
437,602
(984,207)
TURNER POPE INVESTMENTS (TPI) LTD
BALANCE SHEET
AS AT 31 MARCH 2026
31 March 2026
- 11 -
2026
2025
Notes
£
£
£
£
Fixed assets
Tangible assets
12
105,340
121,261
Current assets
Debtors
14
1,047,939
594,834
Investments
15
919,716
878,260
Cash at bank and in hand
400,467
492,418
2,368,122
1,965,512
Creditors: amounts falling due within one year
16
(217,853)
(129,006)
Net current assets
2,150,269
1,836,506
Total assets less current liabilities
2,255,609
1,957,767
Creditors: amounts falling due after more than one year
17
-
0
(2,713)
Net assets
2,255,609
1,955,054
Capital and reserves
Called up share capital
21
70,001
70,001
Profit and loss reserves
2,185,608
1,885,053
Total equity
2,255,609
1,955,054

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

The financial statements were approved by the board of directors and authorised for issue on 22 July 2026 and are signed on its behalf by:
B Turner
J D Pope
Director
Director
Company registration number 09506196 (England and Wales)
TURNER POPE INVESTMENTS (TPI) LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2026
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2024
70,001
3,391,839
3,461,840
Year ended 31 March 2025:
Loss and total comprehensive income
-
(984,207)
(984,207)
Dividends
11
-
(522,579)
(522,579)
Balance at 31 March 2025
70,001
1,885,053
1,955,054
Year ended 31 March 2026:
Profit and total comprehensive income
-
437,602
437,602
Dividends
11
-
(137,047)
(137,047)
Balance at 31 March 2026
70,001
2,185,608
2,255,609
TURNER POPE INVESTMENTS (TPI) LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2026
- 13 -
2026
2025
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
24
173,919
(483,018)
Interest paid
(448)
(676)
Income taxes refunded
-
0
27,490
Net cash inflow/(outflow) from operating activities
173,471
(456,204)
Investing activities
Purchase of tangible fixed assets
(8,099)
(16,055)
Proceeds from disposal of tangible fixed assets
-
0
450
Proceeds from disposal of investments
176,061
298,448
Repayment of loans
(310,996)
240,910
Interest received
18,810
14,799
Dividends received
5,600
3,438
Net cash (used in)/generated from investing activities
(118,624)
541,990
Financing activities
Repayment of bank loans
(9,751)
(9,787)
Dividends paid
(137,047)
(522,579)
Net cash used in financing activities
(146,798)
(532,366)
Net decrease in cash and cash equivalents
(91,951)
(446,580)
Cash and cash equivalents at beginning of year
492,418
938,998
Cash and cash equivalents at end of year
400,467
492,418
TURNER POPE INVESTMENTS (TPI) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
- 14 -
1
Accounting policies
Company information

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

1.1
Basis of preparation

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. The principal accounting policies adopted are set out below.

1.2
Going concern

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

1.3
Revenue

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

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

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

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.

TURNER POPE INVESTMENTS (TPI) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 15 -

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

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

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

1.5
Impairment of fixed assets

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

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

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

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

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

TURNER POPE INVESTMENTS (TPI) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 16 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

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

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. A m ounts 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.

TURNER POPE INVESTMENTS (TPI) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 17 -
Other financial liabilities

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

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough 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.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

TURNER POPE INVESTMENTS (TPI) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 18 -
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
As lessee

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 s asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover and other revenue
2026
2025
£
£
Turnover analysed by class of business
Corporate Broking Fees (Retainers)
326,979
361,355
Commissions
2,358,102
1,310,034
2,685,081
1,671,389
2026
2025
£
£
Other revenue
Interest income
18,810
14,799
Dividends received
5,600
3,438
TURNER POPE INVESTMENTS (TPI) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 19 -
4
Operating profit/(loss)
2026
2025
Operating profit/(loss) for the year is stated after charging:
£
£
Exchange losses
253
-
0
Fees payable to the company's auditor for the audit of the company's financial statements
11,000
11,000
Depreciation of tangible fixed assets
24,020
32,105
(Profit)/loss on disposal of tangible fixed assets
-
1,586
Operating lease charges
130,385
142,432
5
Employees

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

2026
2025
Number
Number
13
11

Their aggregate remuneration comprised:

2026
2025
£
£
Wages and salaries
911,055
756,238
Social security costs
128,055
91,428
Pension costs
11,358
9,842
1,050,468
857,508
6
Directors' remuneration
2026
2025
£
£
Remuneration for qualifying services
200,000
192,148
Remuneration disclosed above include the following amounts paid to the highest paid director:
2026
2025
£
£
Remuneration for qualifying services
100,000
96,077
TURNER POPE INVESTMENTS (TPI) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 20 -
7
Interest receivable and similar income
2026
2025
£
£
Interest income
Interest on bank deposits
7,411
9,791
Other interest income
11,399
5,008
Total interest revenue
18,810
14,799
Other income from investments
Dividends received
5,600
3,438
Total income
24,410
18,237
2026
2025
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
7,411
9,791
8
Interest payable and similar expenses
2026
2025
£
£
Interest on financial liabilities measured at amortised cost
Interest on bank overdrafts and loans
448
660
Other finance costs
Other interest
-
0
16
448
676
9
Amounts written off investments
2026
2025
£
£
Gain/(loss) on disposal of financial assets held at cost
75,270
(823,131)
Gain on disposal of investments held at fair value
142,247
317,714
217,517
(505,417)
10
Taxation
2026
2025
£
£
Current tax
Adjustments in respect of prior periods
-
0
(2,052)
TURNER POPE INVESTMENTS (TPI) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
10
Taxation
2026
2025
£
£
(Continued)
- 21 -
Deferred tax
Origination and reversal of timing differences
185,816
29,510
Total tax charge
185,816
27,458

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

2026
2025
£
£
Profit/(loss) before taxation
623,418
(956,749)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2025: 19.00%)
155,855
(181,782)
Tax effect of expenses that are not deductible in determining taxable profit
37,686
193,074
Unutilised tax losses carried forward
(188,410)
(14,236)
Change in unrecognised deferred tax assets
185,816
29,510
Adjustments in respect of prior years
(243)
(2,052)
Permanent capital allowances in excess of depreciation
(3,488)
(3,050)
Dividend income
(1,400)
-
0
Other
-
0
5,994
Taxation charge for the year
185,816
27,458
11
Dividends
2026
2025
£
£
Final paid
137,047
522,579
TURNER POPE INVESTMENTS (TPI) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 22 -
12
Tangible fixed assets
Leasehold improvements
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 April 2025
69,510
80,951
155,359
305,820
Additions
-
0
-
0
8,099
8,099
At 31 March 2026
69,510
80,951
163,458
313,919
Depreciation and impairment
At 1 April 2025
30,345
40,387
113,827
184,559
Depreciation charged in the year
5,875
6,070
12,075
24,020
At 31 March 2026
36,220
46,457
125,902
208,579
Carrying amount
At 31 March 2026
33,290
34,494
37,556
105,340
At 31 March 2025
39,165
40,564
41,532
121,261
13
Financial instruments
2026
2025
£
£
Carrying amount of financial assets include:
Instruments measured at fair value through profit or loss
919,716
878,260
14
Debtors
2026
2025
Amounts falling due within one year:
£
£
Trade debtors
480,313
224,136
Amounts owed by group undertakings
32,000
-
0
Other debtors
439,116
81,731
Prepayments and accrued income
43,279
49,920
994,708
355,787
2026
2025
Amounts falling due after more than one year:
£
£
Deferred tax asset (note 19)
53,231
239,047
Total debtors
1,047,939
594,834
TURNER POPE INVESTMENTS (TPI) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 23 -
15
Current asset investments
2026
2025
£
£
Unlisted investments
919,716
878,260
16
Creditors: amounts falling due within one year
2026
2025
Notes
£
£
Bank loans
18
2,962
10,000
Trade creditors
17,410
18,037
Taxation and social security
36,768
11,969
Accruals and deferred income
160,713
89,000
217,853
129,006
17
Creditors: amounts falling due after more than one year
2026
2025
Notes
£
£
Bank loans and overdrafts
18
-
0
2,713
18
Loans and overdrafts
2026
2025
£
£
Bank loans
2,962
12,713
Payable within one year
2,962
10,000
Payable after one year
-
0
2,713
19
Deferred taxation

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

Assets
Assets
2026
2025
Balances:
£
£
Accelerated capital allowances
(18,013)
(20,524)
Tax losses
71,001
259,411
Pension creditor
243
160
53,231
239,047
TURNER POPE INVESTMENTS (TPI) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
19
Deferred taxation
(Continued)
- 24 -
2026
Movements in the year:
£
Asset at 1 April 2025
(239,047)
Charge to profit or loss
185,816
Asset at 31 March 2026
(53,231)
20
Retirement benefit schemes
2026
2025
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
11,358
9,842

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

21
Share capital
2026
2025
2026
2025
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
70,001
70,001
70,001
70,001
22
Related party transactions
Transactions with related parties

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

Management fees
PR & Marketing
2026
2025
2026
2025
£
£
£
£
Other related parties
180,000
160,000
148,333
160,000
23
Directors' transactions

Dividends totalling £0 (2025 - £0) were paid in the year in respect of shares held by the company's directors.

TURNER POPE INVESTMENTS (TPI) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
23
Directors' transactions
(Continued)
- 25 -
Advances
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Directors Loan account
3.75
5,598
203,999
5,713
(13,988)
201,322
Directors Loan account
3.75
69,415
179,000
5,686
(69,415)
184,686
75,013
382,999
11,399
(83,403)
386,008
24
Cash generated from/(absorbed by) operations
2026
2025
£
£
Profit/(loss) after taxation
437,602
(984,207)
Adjustments for:
Taxation charged
185,816
27,458
Finance costs
448
676
Investment income
(24,410)
(18,237)
(Gain)/loss on disposal of tangible fixed assets
-
1,586
Depreciation and impairment of tangible fixed assets
24,020
32,105
Other gains and losses
(217,517)
505,417
Movements in working capital:
(Increase)/decrease in debtors
(327,925)
93,754
Increase/(decrease) in creditors
95,885
(141,570)
Cash generated from/(absorbed by) operations
173,919
(483,018)
25
Analysis of changes in net funds
1 April 2025
Cash flows
31 March 2026
£
£
£
Cash at bank and in hand
492,418
(91,951)
400,467
Borrowings excluding overdrafts
(12,713)
9,751
(2,962)
479,705
(82,200)
397,505
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