A London-based design consultancy business, Tangerine Limited (tangerine), which was awarded a Queens Award for Industry for International Trade in 2019, has benefited from the support of Thomas Westcott in the last twelve months.
Tangerine has been successfully trading as a design studio for 30 years with company directors, and controlling stakeholders, husband and wife team Martin and Melinda Darbyshire at the helm.
With clients across the world, the company has an office in Seoul, South Korea, and an agent in Brazil, alongside its head office in London. Tangerine designed the first ever fully lie-flat business class seat for British Airways in 2000, the first ever Sky set-top box and a number of commemorative coins issued by The Royal Mint. Internationally, they work with a variety of clients including Gulf Air in Bahrain, LG in Korea and CRRC in China.
We were first introduced to Tangerine via their corporate lawyer, who we had worked with previously.
Tangerine was in need of advice and assistance in connection with the design and implementation of a number of key initiatives, that would help the company manage a period of expansion. Neither the company nor its incumbent auditors had sufficient experience and that is where we stepped in.
One example is the introduction of an EMI (Enterprise Management Incentives) share option scheme for the company, which we introduced after extensive discussions with our client about the different share schemes available to them.
In just three months, our team, including Tax Partner and Project Lead Sheldon Cole and Share Valuation Partner John Parker designed and implemented the share option scheme with minimal disruption to Tangerine.
As well as negotiating and agreeing the valuation of the EMI option shares with HMRC, we reviewed the EMI option agreements to ensure they complied with the tax legislation and that Tangerine, as well as the employees in question, met the qualifying conditions in order for EMI options to be granted.
Tangerine has seen key benefits and impact to the business thanks to this and other initiatives implemented by Thomas Westcott. Key personnel have been incentivised by the company via the grant of EMI options meaning that the company will retain key talent in what is a very competitive sector.
Sheldon Cole, Tax Partner at Thomas Westcott and Project Lead, said: “Although we took over the project from the company’s then auditors, we worked collaboratively with them as well as with their corporate lawyers throughout the process which enabled the project to be completed in a co-ordinated, timely and cost-efficient manner.
“On the back of our work, we were subsequently appointed as auditors and corporation tax advisers to Tangerine in June 2018 and we have been continuing to work with the company since then.
“We have built a strong relationship with them and provide advice to them in many different areas. Tangerine is an active and successful company and we are very pleased to act for them, as well as other high-profile London-based clients.”
Our support of Tangerine has continued since the successful implementation of the share option scheme.
Melinda Darbyshire, Company Director at Tangerine, said: “What I like is that every time I have a query, Thomas Westcott has an expert who can help me. They have a network of industry specialists, working in different financial and business sectors, who offer sound, accessible advice.
“We are quite a small company who work with blue chip clients in many different industry sectors around the world, so we need an accountant who can advise on a whole host of different issues.
“For example, the Thomas Westcott team advised me on establishing better business practice for our office in Seoul, assisting me on a range of matters.
“It was a big move emotionally when we changed accountants to Thomas Westcott, but it was definitely the right move for Tangerine.”
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