TANDEM BANK LIMITED

• ◆

  4 officer resignations in last 12 months

  Multiple officers have left the board recently — see the People section for who.

1. TANDEM BANK LIMITED 2018-01-12 → present
2. HARRODS BANK LIMITED 1988-07-01 → 2018-01-12
3. HARRODS TRUST LIMITED 1980-12-31 → 1988-07-01
4. HARRODS (KNIGHTSBRIDGE) LIMITED 1969-06-04 → 1980-12-31

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 102

Reporting scope

Standalone (parent only)

Auditor

PricewaterhouseCoopers LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“In preparing the Financial Statements, the Directors must satisfy themselves that it is reasonable to adopt the going concern basis. As part of the Directors' consideration of the appropriateness of adopting the going concern basis, various financial projections have been considered, including a severe but plausible downside scenario. The Directors have subsequently concluded that no material changes to the Bank's activities will be required beyond a controlled and targeted reduction of new lending in the severe but plausible downside scenario. Therefore, the Bank can operate with adequate financial resources for the foreseeable future (which has been taken up to December 2026 from the date of approval of these Financial Statements), with both capital ratios and liquidity in excess of minimum regulatory requirements. Thus, after making the necessary enquiries, the Directors have a reasonable expectation that the Bank has sufficient resources to continue in operational existence for a period of at least 12 months from the signing of these Financial Statements.”

Significant events

• “On 29 August 2024, Tandem Home Loans Limited announced to exercise the option of early redemption of the Securitisation Loans Notes issued. Subsequently on 7 September 2024, Tandem Bank Limited entered into a loan sale agreement with Tandem Home Loans Limited and Polo Funding 2021-1 PLC to purchase the beneficial title of loans originated by Tandem Home Loans Limited amounting to £77,574k.”
• “The Bank has reviewed the impact of the 25 October 2024 Court of Appeal Judgement on motor finance commissions and has determined that no provision is required.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

12

last 12 months

Capital events

2

last 24 months

Officers appointed

4

last 12 months

Officers resigned

4

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  +3.6%

  £77,594,000 → £80,410,000

• Cash

  -38.2%

  £2,421,938,000 → £1,497,095,000

• Net assets

  +13.5%

  £156,571,000 → £177,679,000

• Employees

  -1.4%

  507 → 500

• Operating profit

  +515.6%

  -£2,796,000 → £11,620,000

• Profit before tax

  +515.6%

  -£2,796,000 → £11,620,000

Each % is (latest − prior) ÷ |prior| for the line item as filed. Periods don't have to be exactly 12 months apart — a long or short period (typical around incorporation or year-end changes) will distort the comparison. Lines a company doesn't report are omitted. About these numbers