The Directors present the strategic report for the year ended 30 June 2026.
The Group consists of the non-trading parent company Tacit Holdings Limited (THL/Group) and its trading subsidiary companies, TIML Limited, which trades as Tacit Investment Management (Tacit), Lucus Wealth Limited (Lucus Wealth), and Westcar Financial Planning Limited (Westcar Financial Planning).
TIML Limited continues to be regulated by the Financial Conduct Authority (FCA) as a Small and Non-Interconnected (SNI) firm. Lucus Wealth Limited is regulated by the FCA to give Independent Financial Advice. Westcar Financial Planning Limited is not regulated by the FCA.
Tacit was founded as an investment company, providing investment management services for U.K. private individuals and a small number of corporate entities. As the Directors reported last year, the FCA approved an expansion of the Firm’s permitted activities to enable Tacit to develop Tacit Wealth, a holistic wealth management proposition for UK investors which combines financial advice on pensions and retirement planning, tax efficient investment, and protection and inheritance planning, with the investment of their assets.
Clients who choose Tacit Wealth pay a single annual fee calculated on the value of investment assets which includes the financial advice required for efficient structuring of total wealth. Total assets under management (AUM) on 30 June 2026 were £496.8 million, of which £56 million was in the Tacit Wealth service. The Directors are confident that the proportion of AUMs in the Wealth proposition will increase steadily in coming years, particularly as income and capital taxes in the U.K. encroach on living standards and inherited wealth.
Tacit Wealth has been developed in line with the principles of the FCA’s Consumer Duty and the Directors are confident that its products and services are fully aligned with FCA expectations for target market, price and value, customer understanding and customer support, and that its policies and processes for meeting the particular requirements of vulnerable clients are appropriate and effective. The Firm holds Charter status with the Chartered Institute for Securities and Investment (CISI) and is a member of the Consumer Duty Alliance, both of which demonstrate the Firm’s strong commitment to professionalism and excellence in the service of its clients.
Tacit undertook an internal restructuring during the year which has established three divisions to reflect the distinct requirements of the growing business. The Financial Advice Team is responsible for all aspects of the documentation of client circumstances and requirements and for the financial advice to meet the client’s needs. It is supported by a dedicated, experienced administration function.
Investment management of client assets, including client engagement on investment, is delivered through the Investment Office by dedicated investment specialists.
An Operations & Governance division is responsible for oversight of all regulated activity, and for the multi-faceted governance, legal and operational requirements of the business.
An improved benefits package has been rolled out to all employees to support retention and recruitment.
Tacit Holdings Limited acquired Westcar Financial Planning Limited in the second half of the year. This transaction brought 209 clients to Tacit, many of whom were already investment management clients of Tacit. This acquisition is value-enhancing and the founder, who has joined Tacit as a Senior Wealth Manager, brings additional depth and experience to the Firm’s team of advisers.
Investment performance of the core Tacit strategies has been exceptionally strong in the year, driven by the investment team’s strict adherence to our valuation driven investment philosophy. Over both 3 and 5 years, the Tacit Real Return, Steady Growth and Total Return are comfortably ranked in the top decile of their respective ARC Private Client indices.
Lucus Wealth provides independent financial advice to clients mainly in the mass affluent and affluent sectors. Lucus Wealth, which currently has two senior financial planning advisers, charges fees for advice commissioned by its clients. Revenue for the year at £528k was 47% higher than in the previous year, reflecting both the full year contribution of the senior adviser who joined the Firm in 2024 and significant demand for financial planning advice.
Uncertainty in the global investment environment and rising burden of taxes in the U.K. are the backdrop for strong growth in new client acquisition across the Group. The commitment of both Tacit and Lucus Wealth to personal service, combined with the depth of knowledge and experience of the teams are qualities which wealthy individuals seeking help with their planning and investment value. The momentum of client acquisition in this year is expected to continue into successive years.
Performance
Total revenue increased by 31% from £2.7m to £3.5m. This is due to increases in both Lucus Wealth and Tacit, and the acquisition of Westcar Financial Planning. However operating costs have increased again for several reasons, including increased payroll costs, and a general increase in most operating costs including third-party service provider costs. As a consequence, post-tax profit was £316k compared with £154k in the previous year. The Directors acknowledge that costs must be contained and reduced wherever possible, and that more energy must be devoted to winning new clients. The balance sheet on page 17 of the financial statements shows that net assets have increased by £858k to £2.2m.
Business plan
The Group business plan is to deliver high-quality financial planning services and investment management to UK clients in the affluent and High Net Worth (HNW) sectors. Lucus Wealth is directed at affluent clients who require financial planning services at defined points, but who may use a range of providers for their
investment needs. Tacit’s holistic wealth management service combines ongoing financial and tax planning with investment provided by Tacit, and its client profile is typically in the HNW segment. The Directors firmly believe that strong investment management, tailored advice, and a hands-on service approach aided by technological engagement will provide strong outcomes for clients moving forward.
Operational risk
Operational risks arise from the people, processes, and systems, or from external events. The Group uses Intelligent Office (IO) as its client database and operating system. The analytical capability of IO has greatly enhanced the Group’s range and depth of management information (MI), client reporting experience and interactive communication with Tacit.
Regulatory environment
The FCA’s continuing focus areas for wealth management include ongoing financial crime Anti-Money Laundering/Counter Terrorist Financing (AML/CTF) control effectiveness; embedding and evidencing Consumer Duty compliance; robust systems and controls (including third-party and outsourcing risk governance); board engagement and governance; vulnerable customer support; and timely and accurate regulatory reporting.
The FCA’s supervisory priorities for MiFID firms continue to focus on the delivery of good consumer outcomes, evidencing good client outcomes through proportionate MI rather than additional documentation. Firms are expected to demonstrate that their products and services deliver fair value, that vulnerable customers are identified and supported appropriately, and that client communications and journeys are tested for clarity and accessibility, particularly for clients identified as having a vulnerability. The FCA is actively reviewing how firms embed these expectations into their governance, product design, and ongoing client interactions.
Technological environment
Tacit relies heavily on digital technology and believes in making the best use of technology to remain competitive and to provide an excellent service to clients. The Directors are very conscious of the risks of cybercrime and data breaches. The FCA's 2026 statement with the Bank of England and HM Treasury on frontier AI and cyber resilience is directly relevant to any AI-assisted tools used in advice or operations. The Directors are making proportionate preparation for the new FCA operational-incident reporting rules taking effect in March 2027.
Tacit employs a professional IT support firm to advise on security measures and to
maintain system protection software on all devices. Tacit has incorporated the UK Government’s 10 Steps to Cyber Security into our day-to-day management of the Firm, and is Cyber Essentials certified.
Economic environment
Conditions across the world have become more complex and increasingly unfamiliar during the past year. The unpredictability of Donald Trump is now generally accepted as fact of current international relations, but it is also reflected throughout the U.S. administration which seems to regard raw might, not international accords, legal frameworks, and conventions, as the basis of engagement. The result is fractured alliances, volatile trade relations, and a war with Iran which is causing problems for the global economy as it drifts on.
Climate change is a further global factor which has generated extreme weather conditions on an unprecedented level, certainly in terms of the past few centuries. Extreme heat, droughts, floods and storms have affected different regions, but all with the same consequences: ruined harvests or reduced yields; displacement of populations; destruction of property and productive assets.
The levels of national indebtedness in the U.S., the U.K. and in varying degrees across EU economies is a constant cause of concern. This concern has increased with the spectre of rising inflation from high energy prices, food shortages, and the cost of reconstruction and starting again for many. The question haunting markets is: how much more or for how much longer the global economy and investment markets can absorb these factors without cracks opening in the global finance system, and without a reset of asset prices.
Political environment
In the U.K., the strain on government funding in an already over-borrowed economy is forcing a higher tax burden on both corporations and individuals. This is not a conducive environment for entrepreneurism and growth, but it has made tax planning and advice fundamental to U.K. investors even with moderate wealth. The Tacit Wealth service is well positioned to provide the planning context and the investment content to clients who recognise the importance of both.
More generally, decades of globalisation have turned sour for many Western manufacturers who are exposed to supply chains for raw materials, energy, and processed components which have become economic weapons in a fractured, multi-polar world. The loss of manufacturing capacity in economies which benefitted from low wages, light regulation and corporate tax incentives in the emerging economies of Asia by off-shoring is now a political issue as those same emerging economies reach maturity and are in dominant positions to meet consumer demand. High unemployment and limited opportunities in the former industrial heartlands of Europe and the U.S. are fertile for populist political movements which are increasingly disruptive and threatening to social order.
Increasingly, clients recognise that having liquid reserves to weather any economic and market storms is prudent planning and Tacit offers a service in managed U.K. gilt investments to give wealthier investors both the protection and the tax efficiency they need.
Capital adequacy
The regulated subsidiary, TIML Limited, is required to maintain minimum regulatory capital and liquidity levels as identified in the Firm’s ICARA report; as an SNI regulated firm, it continues to be capitalised in excess of regulator imposed minimum capital adequacy and liquidity requirements. TIML Limited’s capital adequacy requirement is calculated based on three months’ contracted fixed costs. The Firm is well capitalised in excess of the FCA Investment Firms’ Prudential Regime (IFPR) capital and liquidity requirements.
Competitive environment, social and market forces
The Group continues to operate in a competitive marketplace with many larger competitors focusing on asset growth rather than investment management as their primary objective. Consolidation and a focus on margin at the expense of the service and value-added to private investors is a helpful backdrop for Lucus Wealth and Tacit to promote their personalised services, and the consistent performance of the Tacit strategies over a sixteen-year run is a strong foundation for retaining and winning clients.
The Directors intend to continue to assess relevant opportunities to develop or expand the Group's activities, provided these are consistent with the Group’s business strategy and direction.
The Group's key financial performance indicators during the year were as follows:
Unit 2026 2025
Turnover £ 3,529,094 2,686,338
Operating profit £ 585,702 359,886
Investment outcomes and client retention
The four Tacit strategies performed well in absolute and relative terms when compared to the Asset Risk Consultants Private Client Indices. This was achieved by strictly adhering to the Growth/Stabiliser framework which underpins the Tacit Investment Philosophy. The overweight Asian market exposure at the expense of U.S. equity added value. All strategies provided positive returns after all costs, over the 12 months (the performance since inception on 30 September 2010 for each strategy is shown in brackets next to the 1-year return). Conservative +6.36% (+88.33%); Real Return +21.68% (+179.59%); Steady Growth +27.72% (+236.75%); Total Return +33.98% (+369.16%).
Section 172 Statement and engagement with stakeholders
The Group includes a discretionary investment management firm which depends on the trust and confidence of its stakeholders to operate sustainably in the long term. It seeks to put its clients’ best interests first, invests in its employees, supports the communities in which it operates and strives to generate sustainable profits for shareholders.
The Directors of the Group consider that they have acted in accordance with their duties codified in law, in particular their duty to act in the way in which they consider, in good faith, would be most likely to promote the success of the Group for the benefit of its members as a whole, having regard to the stakeholders and matters set out in section 172(1) of the Companies Act 2006.
Clients
The Group considers our clients to be one of the most important stakeholder groups of our business model. Tacit and Lucus Wealth place the highest emphasis on personal service to each client and regularly review the processes by which we establish the individual needs of each client and respond to them with investment propositions and regular communications which meet their objectives and enable them to understand the basis on which our investment decisions are made.
Suppliers
The Group recognises that key suppliers and outsourced service providers can have a material impact on the long-term success of the business and so incorporates the interests of these stakeholders when making strategic long-term decisions. The Group believes that having due regard to the interests of these suppliers is a dynamic and ongoing process which requires thoughtful monitoring and assessment, and a willingness to engage with those suppliers to better understand their operating constraints and business development plans.
Employees
The Group is committed to being a responsible employer and the Directors recognise that for our businesses to succeed, we need to manage our employees’ performance through mentoring and structured training, and develop and encourage talent, ensuring that we operate as efficiently as possible.
High standards of business conduct
Maintaining a high standard of business conduct when dealing with stakeholders such as regulatory bodies is vital for the subsidiaries. Two of the subsidiaries are regulated by the FCA and the Directors are very aware of the need to keep up to date with industry regulations and best practice. The subsidiaries recognise the importance of meeting their reporting obligations to the FCA and take client confidentiality and data protection very seriously as set out in our privacy notice on our website which is reviewed regularly.
The community and the environment
In their decision making, the Directors need to have regard to the impact of the Group’s operations on the community and environment. Wherever possible, the Group encourages carbon friendly business practices as evidenced by giving all staff the ability to work from home if possible.
On behalf of the board
The Directors present their annual report and financial statements for the year ended 30 June 2026.
The Directors who held office during the year and up to the date of signature of the financial statements were as follows:
Dividends declared after the year end and up to the date of approval of these financial statements totalled £119,846.
The business’s principal financial instruments comprise bank balances, trade debtors and trade creditors. The main purpose of these instruments is to finance the business's operations.
In respect of bank balances, the liquidity risk is managed by maintaining a sufficient cash reserve at the bank to allow for short term net cash outflows. The Firm’s cash is held in accounts that pay a competitive rate of interest.
Trade debtors are managed in respect of credit and cash flow risk through the Terms & Conditions of our engagement with clients and professional advisers, and through the regular monitoring of amounts outstanding for both time and credit limits. Retail client fees are taken directly by the custodian from client accounts operated by the custodian, thus mitigating credit risk associated with this aspect of the business. Trade creditors’ liquidity risk is managed by ensuring sufficient funds are available to meet liabilities when they fall due.
At all times the Directors must ensure that they meet the capital adequacy requirements stipulated by the Financial Conduct Authority, which must be reported periodically via the FCA Gateway.
Just Audit Limited has completed the seventh year of appointment and the Directors intend to appoint Just Audit Limited for a further year.
After making enquiries, the Directors have a firm expectation that the Group has resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and Group financial statements.
The Directors' responsibilities statement that the Directors agree to is detailed on page 12.
United Kingdom company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the group and parent company 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 group and parent company, and of the profit or loss of the group 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 United Kingdom 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 group and parent company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent 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 group and parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
We have audited the financial statements of Tacit Holdings Limited (the 'parent company') and its subsidiaries (the 'Group') for the year ended 30 June 2026 which comprise the Group profit and loss account, the Group balance sheet, the company balance sheet, the Group statement of changes in equity, the company statement of changes in equity, the Group statement of cash flows and notes to the financial statements, 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
Basis for 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 Group's and the parent 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
Opinions on other matters prescribed by the Companies Act 2006
As explained more fully in the Directors' responsibilities statement, 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 Group's and the parent 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 Group or the parent company or to cease operations, or have no realistic alternative but to do so.
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:
We gained an understanding of the legal and regulatory framework applicable to the parent company and the Group and the industry in which it operates and considered the risk of acts by the parent company and the Group that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that 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. We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006, UK tax legislation, and FCA regulation, recognising the regulated nature of the Group's activities. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. 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. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the Directors that represented a risk of material misstatement due to fraud.
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 parent 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 parent 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
The Group profit and loss account has been prepared on the basis that all operations are continuing operations.
The Group has no recognised gains or losses for the year other than the results above.
As permitted by section 408 of the Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £582,607 (2025 - £560,439 profit).
In the application of the Group’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.
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
The preparation of the financial statements can require management to make judgements, estimates and
assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the
amounts reported for revenues and expenses during the year.
(i) Impairment of Goodwill
The Group establishes a reliable estimate of the useful life of goodwill arising on business combinations. This estimate is based on a variety of factors such as the expected use of the acquired business and the expected useful life of the cash generating units to which the goodwill is attributed. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired, in accordance with the accounting policy.
Tacit Holdings Limited (“the company”) is a private limited company limited by shares domiciled and incorporated in England and Wales. The registered office is 14 Hanover Square, London, W1S 1HN.
The Group consists of Tacit Holdings Limited and all of its subsidiaries.
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 Group. Monetary amounts 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.
Parent company disclosure exemptions
In preparing the separate financial statements of the parent company, advantage has been taken of the following disclosure exemptions available in FRS 102:
Only one reconciliation of the number of shares outstanding at the beginning and end of the period has been presented as the reconciliations for the Group and the parent company would be identical;
No cashflow statement has been presented for the company.
The consolidated financial statements consist of the financial statements of the parent company Tacit Holdings Limited together with all entities controlled by the parent company (its subsidiaries).
All financial statements are made up to 30 June 2026.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
On 31 March 2026, Tacit Holdings Ltd acquired the entire share capital of Westcar Financial Planning Ltd. The consolidated financial statements incorporate the results of Westcar Financial Planning Ltd, using the acquisition method with effect from 31 March 2026. In the Group Balance Sheet, the acquirer's identifiable assets and liabilities are initially recognised at their fair value at the acquisition date. The results of acquired operations are included in the Group Profit and Loss Account from the date on which control is obtained.
After making enquiries, the Directors have a firm expectation that income is expected to continue at at least current levels and that together with reserves the Group has resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and financial statements.
Discretionary fund management income
Ongoing discretionary portfolio management charges and fund management charges, based on the value of assets invested, are recognised during the period the assets are held in the portfolio of investment fund. Turnover is shown net of VAT and other sales related taxes.
Investment consultancy services
Turnover is recognised at the fair value of the consideration received or receivable for consultancy services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
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 recognised in the profit and loss account.
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the Group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
The tax expense represents the sum of the tax currently payable and deferred 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 Group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
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.
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 Group is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
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.
The average monthly number of persons (including Directors) employed by the Group and company during the year was:
Their aggregate remuneration comprised:
2 Directors were participating in defined contribution schemes during the year (2025: 2).
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:
Details of the company's subsidiaries at 30 June 2026 are as follows:
Tacit Holdings Limited has provided a guarantee under the Companies Act 2006 Section 479C to its subsidiary, Westcar Financial Planning Limited, which is exempt under Section 479A from the requirements of the Act relating to the audit of individual accounts.
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the Group in an independently administered fund.
The following are the major deferred tax liabilities and assets recognised by the Group and company, and movements thereon:
Other reserves arose upon acquisition of the subsidiary companies and represent the excess of fair value over nominal value of shares issued as consideration.
The profit and loss account includes all retained profits and losses.
At the reporting end date the Group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Dividends of £360,413 (2025:£296,048) were paid to the Directors and their close family.
During the year ended 30 June 2026, the Group paid £110,000 for consultancy services (2025:£110,000) to another company owned by a director and shareholder of Tacit Holdings Limited. As at 30 June 2026, no amounts were owed to that company (2025:£Nil).
As at 30 June 2026, the amount owing from a Director was £20,974 (2025:£29,664). No interest is being charged on this loan and it is repayable on demand.
During the year a subsidiary repaid the outstanding balance of £9,195 to a Director. As at 30 June 2026, the amount due to the Director was £Nil (2025:£9,195). No interest was charged on this loan and it was repayable on demand.