Company No:
Contents
DIRECTORS | G O Duncan |
A Kahana | |
E Kostinskaya | |
L D Krieger | |
R Marriott | |
O R A Prill | |
I Sutherland | |
SECRETARY | E Kostinskaya |
REGISTERED OFFICE | 5th Floor |
1 Appold Street | |
London | |
EC2A 2UT | |
United Kingdom | |
COMPANY NUMBER | 12180750(England and Wales) |
AUDITOR | Deloitte LLP |
Statutory Auditor | |
5 Callaghan Square | |
Cardiff | |
CF10 5BT | |
United Kingdom |
31.12.2020 | ||
Note | £ | |
Current assets | ||
Debtors | ||
- due within one year | 4 |
|
- due after more than one year | 4 |
|
Cash at bank and in hand |
|
|
59,099,834 | ||
Creditors | ||
Amounts falling due within one year | 5 | (
|
Net current assets | 53,857,515 | |
Total assets less current liabilities | 53,857,515 | |
Creditors | ||
Amounts falling due after more than one year | 6 | (
|
Net assets |
|
|
Capital and reserves | ||
Called-up share capital | 7 |
|
Profit and loss account |
|
|
Total shareholder's funds |
|
The financial statements of Tide Capital Limited (registered number:
O R A Prill
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period.
Tide Capital Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 5th Floor, 1 Appold Street, London, EC2A 2UT, United Kingdom.
The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council.
The functional currency of Tide Capital Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.
In adopting the going concern basis of preparing the financial statements, the directors have considered the business activities and outlook, as well as the Company’s principal risks and uncertainties. Based on cash flow forecasts and financial projections, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis in preparing the annual financial statements.
The Company's principal activity to provide proprietary credit products remains unchanged as a result of the Covid-19 pandemic. However, as a result of Covid-19, the UK government launched initiatives to support UK businesses adversely impacted by the resultant economic crisis and the Company successfully applied to become accredited as a non-bank lender for the Bounce Back Loan Scheme. Following that, the Bounce Bank loans form the vast majority of the Company's loan portfolio.
The 100% government guarantee of the scheme provides the Company shelter from credit risk. 100% of the outstanding amount (principal and accrued interest) can be claimed after a demand has been issued to the borrower or it is clear that the borrower will be unable to make repayments.
The directors acknowledge the uncertainty and continue to monitor key risk metrics as well as the situation regarding the pandemic closely.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Interest payable is charged to the Profit and Loss Account over the term of the debt using the effective interest method so 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.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
Non-financial assets
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
Financial assets
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
The government provides a 100% guarantee of the outstanding amount (principal and accrued interest) of the Bounce Back loans advanced to borrowers. Therefore there is no impairment provision on outstanding Bounce Back loans.
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.
Financial assets and liabilities
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through the Profit and Loss Account, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.
Period from 29.08.2019 to 31.12.2020 |
|
Number | |
Monthly average number of persons employed by the Company during the period, including directors |
|
The total aggregate directors remuneration for the year was nil. The directors are the only key management personnel of the Company.
31.12.2020 | |
£ | |
Debtors: amounts falling due within one year | |
Trade debtors |
|
Amounts owed by Group undertakings |
|
|
|
Debtors: amounts falling due after more than one year | |
Trade debtors |
|
31.12.2020 | |
£ | |
Amounts owed to Group undertakings |
|
Accruals |
|
|
31.12.2020 | |
£ | |
Other creditors |
|
31.12.2020 | |
£ | |
Allotted, called-up and fully-paid | |
|
|
The Company has taken advantage of the exemptions available in Section 33 Related Party Transactions of FRS 102 to not disclose transactions between wholly owned subsidiaries in the group.
The audit report was signed by David Rozier on behalf of Deloitte LLP.