Caseware UK (AP4) 2024.0.164 2024.0.164 2026-03-31 2026-03-31 19 true true true true 2025-04-01 false 19 false false 11705351 2025-04-01 2026-03-31 11705351 2024-04-01 2025-03-31 11705351 2026-03-31 11705351 2025-03-31 11705351 2024-04-01 11705351 2 2025-04-01 2026-03-31 11705351 2 2024-04-01 2025-03-31 11705351 4 2024-04-01 2025-03-31 11705351 d:CompanySecretary1 2025-04-01 2026-03-31 11705351 d:Director1 2025-04-01 2026-03-31 11705351 d:Director2 2025-04-01 2026-03-31 11705351 d:Director3 2025-04-01 2026-03-31 11705351 d:Director3 2026-03-31 11705351 d:RegisteredOffice 2025-04-01 2026-03-31 11705351 e:OfficeEquipment 2025-04-01 2026-03-31 11705351 e:OfficeEquipment 2026-03-31 11705351 e:OfficeEquipment 2025-03-31 11705351 e:OfficeEquipment e:OwnedOrFreeholdAssets 2025-04-01 2026-03-31 11705351 e:CurrentFinancialInstruments 2026-03-31 11705351 e:CurrentFinancialInstruments 2025-03-31 11705351 e:CurrentFinancialInstruments e:WithinOneYear 2026-03-31 11705351 e:CurrentFinancialInstruments e:WithinOneYear 2025-03-31 11705351 e:ReportableOperatingSegment1 2025-04-01 2026-03-31 11705351 e:ReportableOperatingSegment1 2024-04-01 2025-03-31 11705351 e:ReportableOperatingSegment2 2025-04-01 2026-03-31 11705351 e:ReportableOperatingSegment2 2024-04-01 2025-03-31 11705351 e:UKTax 2025-04-01 2026-03-31 11705351 e:UKTax 2024-04-01 2025-03-31 11705351 e:ShareCapital 2026-03-31 11705351 e:ShareCapital 2025-03-31 11705351 e:ShareCapital 2024-04-01 11705351 e:OtherMiscellaneousReserve 2025-04-01 2026-03-31 11705351 e:OtherMiscellaneousReserve 2026-03-31 11705351 e:OtherMiscellaneousReserve 2 2025-04-01 2026-03-31 11705351 e:OtherMiscellaneousReserve 2025-03-31 11705351 e:OtherMiscellaneousReserve 2024-04-01 11705351 e:OtherMiscellaneousReserve 2 2024-04-01 2025-03-31 11705351 e:OtherMiscellaneousReserve 4 2024-04-01 2025-03-31 11705351 e:RetainedEarningsAccumulatedLosses 2025-04-01 2026-03-31 11705351 e:RetainedEarningsAccumulatedLosses 2026-03-31 11705351 e:RetainedEarningsAccumulatedLosses 2 2025-04-01 2026-03-31 11705351 e:RetainedEarningsAccumulatedLosses 2024-04-01 2025-03-31 11705351 e:RetainedEarningsAccumulatedLosses 2025-03-31 11705351 e:RetainedEarningsAccumulatedLosses 2024-04-01 11705351 e:RetainedEarningsAccumulatedLosses 2 2024-04-01 2025-03-31 11705351 e:RetainedEarningsAccumulatedLosses 4 2024-04-01 2025-03-31 11705351 d:OrdinaryShareClass1 2025-04-01 2026-03-31 11705351 d:OrdinaryShareClass1 2026-03-31 11705351 d:OrdinaryShareClass1 2025-03-31 11705351 d:FRS102 2025-04-01 2026-03-31 11705351 d:Audited 2025-04-01 2026-03-31 11705351 d:FullAccounts 2025-04-01 2026-03-31 11705351 d:PrivateLimitedCompanyLtd 2025-04-01 2026-03-31 11705351 2 2025-04-01 2026-03-31 11705351 e:ShareCapital 2 2025-04-01 2026-03-31 11705351 e:ShareCapital 2 2024-04-01 2025-03-31 11705351 e:ShareCapital 4 2024-04-01 2025-03-31 11705351 f:PoundSterling 2025-04-01 2026-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 11705351 TIDEWAY WEALTH MANAGEMENT LTD DIRECTORS' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
TIDEWAY WEALTH MANAGEMENT LTD COMPANY INFORMATION
Directors | J Baxter
| N Croxford
| U Baxter
Company secretary | U A Baxter
Registered number | 11705351
Registered office | 65 Leadenhall Street
| London
| EC3A 2AD
Independent auditor | Barnes Roffe Audit Limited
| Chartered Accountants & Statutory Auditor
| Leytonstone House
| 3 Hanbury Drive
| London
| E11 1GA
TIDEWAY WEALTH MANAGEMENT LTD CONTENTS
| Page
Directors' report | 1 - 2
Independent auditor's report | 3 - 7
Statement of comprehensive income | 8
Balance sheet | 9
Statement of changes in equity | 10
Notes to the financial statements | 11 - 22
TIDEWAY WEALTH MANAGEMENT LTD DIRECTORS' REPORT FOR THE YEAR ENDED 31 MARCH 2026 The directors present their report and the financial statements for the year ended 31 March 2026.
Directors' responsibilities statement
The directors are responsible for preparing the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; ∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to 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.
Principal activity
The Company’s principal activities are the provision of wealth management services to retail clients. Tideway Wealth Management Ltd are an Appointed Representative of Tideway Investment Partners LLP which is authorised and regulated by the Financial Conduct Authority in the UK.
Business review
Turnover for the period increased by 14% to £5,004,291, primarily driven by an increase in assets under management (AUM). AUM at the end of the year was £545m (2025: £470m).
Results and dividends
The loss for the year, after taxation, amounted to £449,054 (2025 - profit £313,965). During the period, the company paid dividends of £Nil (2025:£Nil)
Directors
The directors who served during the year were:
J Baxter
N Croxford
Page 1
TIDEWAY WEALTH MANAGEMENT LTD DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2026
U Baxter (appointed 16 September 2025)
Disclosure of information to auditor
Each of the persons who are directors at the time when this Directors' report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
Auditor
The auditor, Barnes Roffe Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board and signed on its behalf.
J Baxter Director
Date: 4 August 2026
Page 2
TIDEWAY WEALTH MANAGEMENT LTD INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TIDEWAY WEALTH MANAGEMENT LTD
Opinion
We have audited the financial statements of Tideway Wealth Management Ltd (the 'Company') for the year ended 31 March 2026, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of 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 loss for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
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 United Kingdom, including the Financial Reporting Council'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. Page 3
TIDEWAY WEALTH MANAGEMENT LTD INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TIDEWAY WEALTH MANAGEMENT LTD (CONTINUED)
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.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Directors' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit; or ∙the directors were not entitled to take advantage of the small companies' exemption from the requirement to prepare a Strategic report. Page 4
TIDEWAY WEALTH MANAGEMENT LTD INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TIDEWAY WEALTH MANAGEMENT LTD (CONTINUED)
Responsibilities of directors
As explained more fully in the Directors' responsibilities statement set out on page 1, 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. Page 5
TIDEWAY WEALTH MANAGEMENT LTD INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TIDEWAY WEALTH MANAGEMENT LTD (CONTINUED)
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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to the industry, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, income tax, payroll tax and value added tax. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included: ∙Making enquires of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; ∙Considering the internal controls in place to mitigate risks and non-compliance with laws and regulations; ∙Reviewing the financial statements and testing the disclosures against supporting information; ∙Performing analytical procedures to identify any unusual or unexpected trends or anomalies; ∙Inspecting and testing journal entries to identify unusual or unexpected transactions; and ∙Assessing whether judgement and assumptions made in determining significant accounting estimates were indicative of management bias. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report. Page 6
TIDEWAY WEALTH MANAGEMENT LTD INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TIDEWAY WEALTH MANAGEMENT LTD (CONTINUED)
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. Selven Iyaroo (Senior statutory auditor) for and on behalf of Barnes Roffe Audit Limited Chartered Accountants Statutory Auditor Leytonstone House 3 Hanbury Drive London E11 1GA 4 August 2026 Page 7
TIDEWAY WEALTH MANAGEMENT LTD STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 MARCH 2026
| 2026 | 2025
Note | £ | £
Turnover | 4 | 5,004,291 | 4,380,074
Cost of sales |  | (1,939,665) | (1,787,195)
Gross profit |  | 3,064,626 | 2,592,879
Administrative expenses |  | (2,788,055) | (2,159,981)
Operating profit | 5 | 276,571 | 432,898
Connected company loan write off |  | (657,840) | -
Interest receivable and similar income | 10 | - | 104
Interest payable and similar expenses | 11 | (2,252) | -
(Loss)/profit before tax |  | (383,521) | 433,002
Tax on (loss)/profit | 12 | (65,533) | (119,037)
(Loss)/profit for the financial year |  | (449,054) | 313,965
There was no other comprehensive income for 2026 (2025:£NIL).
The notes on pages 11 to 22 form part of these financial statements.
Page 8
TIDEWAY WEALTH MANAGEMENT LTD REGISTERED NUMBER: 11705351 BALANCE SHEET AS AT 31 MARCH 2026
|  | 2026 |  | 2025
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 13 |  | 12,962 |  | 10,859
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 14 | 3,037,218 |  | 2,920,344 |
Cash at bank and in hand | 15 | 89,609 |  | 9,392 |
|  | 3,126,827 |  | 2,929,736 |
Creditors: amounts falling due within one year | 16 | (2,658,730) |  | (2,024,700) |
Net current assets |  |  | 468,097 |  | 905,036
Total assets less current liabilities |  |  | 481,059 |  | 915,895
Net assets |  |  | 481,059 |  | 915,895
Capital and reserves |  |  |  |  |
Called up share capital | 17 |  | 10 |  | 10
Other reserves | 18 |  | 39,591 |  | 25,373
Profit and loss account | 18 |  | 441,458 |  | 890,512
|  |  | 481,059 |  | 915,895
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
J Baxter
Director
Date: 4 August 2026
The notes on pages 11 to 22 form part of these financial statements. Page 9
TIDEWAY WEALTH MANAGEMENT LTD STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2026
| Called up share capital | Other reserves | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 April 2024 | 10 | 38,750 | 537,797 | 576,557
Profit for the year | - | - | 313,965 | 313,965
Contributions by and distributions to owners |  |  |  |
Credit relating to equity-settled share based payment | - | 25,373 | - | 25,373
Reserves transfer on exercise of share options | - | (38,750) | 38,750 | -
At 1 April 2025 | 10 | 25,373 | 890,512 | 915,895
Loss for the year | - | - | (449,054) | (449,054)
Contributions by and distributions to owners |  |  |  |
Credit relating to equity-settled share based payment | - | 14,218 | - | 14,218
At 31 March 2026 | 10 | 39,591 | 441,458 | 481,059
| The notes on pages 11 to 22 form part of these financial statements.
Page 10
TIDEWAY WEALTH MANAGEMENT LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
1. | General information
The principal activity of Tideway Wealth Management Limited ("the Company") is that of the provisionof wealth management services to retail clients. The Company is a private company limited by shares and is incorporated in England and Wales. The Registered Office address is 65 Leadenhall Street, London, England, EC3A 2AD. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Financial Reporting Standard 102 - reduced disclosure exemptions
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": ∙the requirements of Section 7 Statement of Cash Flows; ∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); ∙the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23. This information is included in the consolidated financial statements of Invest for Income Limited as at 31 March 2026 and these financial statements may be obtained from register office address..
| 2.3 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
| 2.4 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset. Page 11
TIDEWAY WEALTH MANAGEMENT LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 2.Accounting policies (continued)
| 2.5 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.6 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.7 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
| 2.8 | Taxation
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
| 2.9 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Page 12
TIDEWAY WEALTH MANAGEMENT LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 2.Accounting policies (continued)
| 2.9 | Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis. Depreciation is provided on the following basis:
|  |  |  | Office equipment | - | 33% | Straight line
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.10 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.11 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.12 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.13 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision Page 13
TIDEWAY WEALTH MANAGEMENT LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 2.Accounting policies (continued)
| 2.13 | Financial instruments (continued)
for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Basic 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 the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Derecognition of financial instruments Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are Page 14
TIDEWAY WEALTH MANAGEMENT LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 2.Accounting policies (continued)
| 2.13 | Financial instruments (continued)
settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
In the application of the Company's accounting policies, the directors are required to make judgments, estimates and assumptions about the carrying amounts 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 period. (i) Useful economic lives of tangible assets The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. (ii) Revenue This company has a policy to accrue 32% of the estimated annual management fee upfront on the date the client's annual review is carried out.The director considered that this revenue recognition policy is to better reflect the meeting of performance obligations. This change has led to a portion of the revenue, and the related accrued revenue, being based on the forecasted assets under management "AUM" value rather than actuals. The forecasts are based on managements' best estimates according to the historical movements of the AUM. The AUM are sensitive to exogenous shocks from monetary policy and market changes. As such the Company has an indirect exposure to market risk, as the value of the underlying customers' assets may rise or fall. Page 15
TIDEWAY WEALTH MANAGEMENT LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Client fees | 4,902,178 | 4,272,446
| Other income | 102,113 | 107,628
|  | 5,004,291 | 4,380,074
| All turnover arose within the United Kingdom.
5. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Depreciation of tangible fixed assets | 6,570 | 3,620
| Other operating lease rentals | 162,111 | 153,100
6. | Connected company loan write off
During the year, the company carried out a rationalisation of its intercompany loan balances in preparation for a group reorganisation. The group reorganisation took place after the year end. As a result, the directors wrote off £657,840 (2025: £Nil) of intercompany loan balances in the financial statements. The write-off reflects the assessment of the recoverability of these balances in light of the planned reorganisation. Corresponding accounting entries in the relevant group entities will be recognised in subsequent accounting periods following completion of the reorganisation. Accordingly, whilst the write off gives rise to a charge in the current period, the overall financial effect of the reorganisation is expected to be neutral across the affected group entities.
7. | Auditor's remuneration
| During the year, the Company obtained the following services from the Company's auditor and its associates:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Fees payable to the Company's auditor and its associates for the audit of the Company's financial statements | 13,500 | 12,600
| The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.
Page 16
TIDEWAY WEALTH MANAGEMENT LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
8. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Wages and salaries | 1,549,573 | 1,304,279
| Social security costs | 189,352 | 140,117
| Cost of defined contribution scheme | 167,465 | 87,722
|  | 1,906,390 | 1,532,118
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2026 | 2025
|  |  | No. | No.
|  | Management and employees | 19 | 19
9. | Directors' remuneration
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Directors' emoluments | 60,788 | 226,301
| Company contributions to defined contribution pension schemes | 75,000 | 7,434
|  | 135,788 | 233,735
| During the year retirement benefits were accruing to 2 directors (2025 - 2) in respect of defined contribution pension schemes.
10. | Interest receivable and similar income
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Other interest receivable | - | 104
Page 17
TIDEWAY WEALTH MANAGEMENT LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
11. | Interest payable and similar expenses
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Other interest payable | 2,252 | -
12. | Taxation
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 65,533 | 119,037
| Total current tax | 65,533 | 119,037
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2025 - higher than) the standard rate of corporation tax in the UK of 25% (2025 - 25%). The differences are explained below:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| (Loss)/profit on ordinary activities before tax | (383,521) | 433,002
| (Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2025 - 25%) | (95,880) | 108,251
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 168,709 | 9,881
| Capital allowances for year in excess of depreciation | (1,643) | 905
| Group relief | (5,653) | -
| Total tax charge for the year | 65,533 | 119,037
| Factors that may affect future tax charges
There were no factors that may affect future tax charges. Page 18
TIDEWAY WEALTH MANAGEMENT LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
13. | Tangible fixed assets
|  | Office equipment
|  | £
| Cost or valuation |
| At 1 April 2025 | 25,740
| Additions | 13,140
| Disposals | (25,740)
| At 31 March 2026 | 13,140
| Depreciation |
| At 1 April 2025 | 14,881
| Charge for the year on owned assets | 8,672
| Disposals | (23,375)
| At 31 March 2026 | 178
| Net book value |
| At 31 March 2026 | 12,962
| At 31 March 2025 | 10,859
14. | Debtors
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Trade debtors | 459,070 | 358,386
| Amounts owed by group undertakings | 1,640,000 | 1,777,088
| Other debtors | 9,950 | -
| Prepayments and accrued income | 928,198 | 784,870
|  | 3,037,218 | 2,920,344
| Amounts owed by group undertakings are unsecured, interest free and repayable on demand.
Page 19
TIDEWAY WEALTH MANAGEMENT LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
15. | Cash and cash equivalents
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Cash at bank and in hand | 89,609 | 9,392
16. | Creditors: Amounts falling due within one year
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Trade creditors | 78,208 | 48,187
| Amounts owed to group undertakings | 2,410,019 | 1,797,254
| Corporation tax | 14,895 | 78,273
| Accruals and deferred income | 155,608 | 100,986
|  | 2,658,730 | 2,024,700
| Amounts owed to group undertakings are unsecured, interest free and payable on demand.
17. | Share capital
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 1,000 (2025 - 1,000) Ordinary shares of £0.01 each | 10 | 10
18. | Reserves
Other reserves The Capital contribution reserve represents the fair value of Enterprise Management Incentive ("EMI") share options granted to employees of this Company by the ultimate parent undertaking, Invest for Income Limited. Page 20
TIDEWAY WEALTH MANAGEMENT LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
19. | Share-based payments
The ultimate parent undertaking, Invest for Income Limited, has granted share options to which FRS 102 Section 26 (Share-based Payments) is applicable. The charge is treated as an expense in this Company's figures as the relevant options holders render services to this entity. The expense has been allocated to the Company based on percentage of the individual's overall salary that is recognised within the financial statements. The share-based payments is equity settled and consists of a maximum of 5,833 Ordinary shares. The options are granted with a fixed exercise price. The vesting start date is 1 April 2024 and the vesting period is a maximum of 4 years from that date. The charge for this year was £14,218 (2025: £25,373). The Company has taken advantage of the disclosure exemptions for qualifying entities under FRS 102 in respect of share-based payments. Full details of options at the year end can be seen in the financial statements of the ultimate parent undertaking, Invest for Income Ltd.
20. | Pension commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £167,465 (2025: £87,722). Contributions totaling £Nil (2025: £Nil) were payable to the fund at the reporting date.
21. | Commitments under operating leases
| The Company had no commitments under non-cancellable operating leases at the balance sheet date.
22. | Related party transactions
| Where possible the Company has taken advantage of the exemption conferred by FRS 102 section 33.1A from the requirement to disclose transactions with other wholly owned undertakings of the group, in which consolidated financial statements are prepared by the ultimate parent undertaking and are publicly available. Included within creditors due within one year are amounts owed to non-wholly owned group undertakings totalling £2,410,019 (2025: £1,797,254). Included within cost of sales are transactions with non-wholly owned group undertakings of £1,330,635 (2025: £1,231,630).
Page 21
TIDEWAY WEALTH MANAGEMENT LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
23. | Controlling party
During the year, immediate parent company was Tideway Investment Group Ltd, incorporated in England and Wales. Post year end, following a group restructuring exercise, Tideway Investment Group Ltd ceased to be an immediate parent company. The ultimate parent company is Invest for Income Ltd, incorporated in England and Wales. Invest for Income Limited prepare group financial statements and copies can be obtained from the Registered Office at 65 Leadenhall Street, London EC3A 2AD. The ultimate controlling party is J. Baxter.
Page 22