TD EXECUTION SERVICES LIMITED
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Next accounts due
2027-07-31 (in 1y)
Last filed for 2025-10-31
Confirmation statement due
2027-03-13 (in 10mo)
Last made up 2026-02-27
Watchouts
None on the register
Cash
£46M
Latest balance sheet
Net assets
£36M
Equity attributable
Employees
137
Average over period
Profit before tax
£6M
Period ending 2025-10-31
Net assets
2-year trend · vs Financials median
Accounts
2-year trend · latest reflected 2025-10-31
| Metric | Trend | 2024-12-31 | 2025-10-31 |
|---|---|---|---|
| Turnover | £54,898,000 | £46,920,000 | |
| Operating profit | £9,632,000 | £5,264,000 | |
| Profit before tax | £10,394,000 | £6,321,000 | |
| Net profit | £7,505,000 | £4,634,000 | |
| Cash | £38,659,000 | £45,868,000 | |
| Total assets less current liabilities | £30,880,000 | £35,514,000 | |
| Net assets | £30,880,000 | £35,514,000 | |
| Equity | £30,880,000 | £35,514,000 | |
| Average employees | 147 | 137 | |
| Wages | £24,529,000 | £20,316,000 | |
| Directors' remuneration | £1,413,000 | £1,486,000 |
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
Year-on-year
FY2024 → FY2025 · period ending 2025-10-31 vs 2024-12-31
Ratios
Computed from the line items above — sparklines read oldest → newest
| Ratio | Trend | 2024-12-31 | 2025-10-31 |
|---|---|---|---|
| Operating margin | 17.5% | 11.2% | |
| Net margin | 13.7% | 9.9% | |
| Return on capital employed | 31.2% | 14.8% | |
| Current ratio | 2.93x | 2.77x | |
| Interest cover | 125.09x | — |
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.
Name history
Renamed 3 times since incorporation — the current trading name was adopted 2024-12-06
- TD EXECUTION SERVICES LIMITED 2024-12-06 → present
- COWEN EXECUTION SERVICES LIMITED 2017-05-30 → 2024-12-06
- CONVERGEX LIMITED 2009-06-22 → 2017-05-30
- BNY CONVERGEX LIMITED 2007-05-29 → 2009-06-22
Audit & accounting basis
- Accounting basis
- FRS 102
- Reporting scope
- Standalone (parent only)
- Auditor
- Ernst & Young LLP
- Audit opinion
- Unqualified (clean)
- Going concern
- Affirmed
“The financial statements have been prepared on a going concern basis, as the directors have identified no material uncertainties regarding the Company's ability to meet its liabilities as they fall due for at least twelve months from the date of approval of these financial statements.”
Significant events
- “The Company shortened its reporting period to the ten-month ended 31 October 2025, which it will use going forward to align its accounting reference date with the fiscal reference date of the ultimate parent, TD Bank Group.”
- “The Alternative Equity Strategies desk ("AES") was inactive as of August 2024. As of March 2025, the desk was fully staffed and had resumed operations.”
- “TD Bank Group is in the process of establishing a new prime brokerage business in Europe, with this operation located within its European affiliate, TD Global Finance unlimited company ("TDGF").”
- “Beginning in Q1 of fiscal 2026, existing European clients engaged in research fee-based transactions with TDESL are being transitioned to TDGF.”
- “On 1 April 2024, the Company transferred its Investment Banking business line to the London Branch of TD Bank and therefore the results for the prior year are disclosed as continued and discontinued activities.”
- “Stephen Souchon was appointed as Chair of the TDESL Board on 20 January 2025 and Sai Jawanmardi was appointed as CEO of TDESL on 22 August 2025.”
- “The Board approved the change in accounting reference date from 31 December to 31 October at the Board meeting on 24 September 2025.”
- “The TDESL Board approved the disbandment of the Senior Management Committee at the Board meeting on 24 September 2025.”
Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers
People
7 active · 28 resigned
| Name | Role | Appointed | Born | Nationality |
|---|---|---|---|---|
| HENNIGAN, Elizabeth Anne Hallissey | Secretary | 2025-06-23 | — | — |
| BANKS, Joseph Lionel | Director | 2024-10-01 | Apr 1978 | British |
| HAYES, Carl John | Director | 2025-01-30 | Mar 1980 | British |
| IZZARD, Lucy | Director | 2024-07-25 | Nov 1980 | British |
| JAWANMARDI, Saiyeh | Director | 2025-08-22 | Oct 1973 | British |
| PAGE, Michael Thomas | Director | 2017-12-15 | Jan 1969 | British |
| SOUCHON, Stephen Alec | Director | 2025-01-20 | Nov 1960 | British |
Show 28 resigned officers
| Name | Role | Appointed | Resigned |
|---|---|---|---|
| TANO, Ekaterini Sophia | Secretary | 2007-05-29 | 2007-11-29 |
| NOROSE COMPANY SECRETARIAL SERVICES LIMITED | Corporate Secretary | 2007-11-29 | 2018-08-08 |
| THE COMPANY REGISTRATION AGENTS LIMITED | Corporate Nominee Secretary | 2007-05-29 | 2007-05-29 |
| BASSILY, Khaled | Director | 2013-01-08 | 2013-04-10 |
| BRUCE, Jeremy Larick | Director | 2013-01-08 | 2014-11-30 |
| CANGEMI, Joseph Nicholas | Director | 2013-06-07 | 2015-01-01 |
| CYZER, Matthew Harvey | Director | 2019-10-01 | 2024-07-07 |
| DISLEY, Kevin John | Director | 2018-02-01 | 2025-01-22 |
| EWER, Shannon Theresa | Director | 2007-11-29 | 2009-07-13 |
| FITZPATRICK, Vincent | Director | 2007-11-29 | 2009-07-13 |
| GOUGH, Philip John | Director | 2015-01-01 | 2017-12-13 |
| HEALEY, Michael James | Director | 2017-11-06 | 2024-05-13 |
| HODSON, Daniel Houghton | Director | 2015-05-08 | 2017-11-10 |
| HOLL, John | Director | 2015-02-13 | 2019-02-28 |
| HOLMES, John | Director | 2017-11-06 | 2025-01-22 |
| JOHNSTONE, Alexander George | Director | 2007-11-29 | 2009-07-13 |
| JONES, Gareth | Director | 2007-11-29 | 2013-06-07 |
| KIM, Sharon | Director | 2024-08-09 | 2025-08-21 |
| LAX, Craig Steven | Director | 2007-11-29 | 2013-11-11 |
| MESERVE, John Donald | Director | 2007-11-29 | 2010-01-28 |
| MICHAEL, David Jeremy | Director | 2009-07-13 | 2012-11-21 |
| NIVEN, James Boyle | Director | 2019-08-16 | 2020-07-01 |
| NOLL, Eric Wilson | Director | 2014-05-15 | 2015-01-01 |
| PACK, Carey Steven | Director | 2007-11-29 | 2012-12-05 |
| RUTTER, Mathew David | Director | 2007-05-29 | 2007-11-29 |
| TANO, Ekaterini Sophia | Director | 2007-05-29 | 2007-11-29 |
| VOETSCH, Gregory | Director | 2015-01-01 | 2017-06-21 |
| LUCIENE JAMES LIMITED | Corporate Nominee Director | 2007-05-29 | 2007-05-29 |
Ownership
Persons with significant control
| Name | Kind | Nature of control | Notified | Status |
|---|---|---|---|---|
| The Toronto Dominion Bank | Corporate entity | Shares 75–100%, Voting 75–100%, Appoints directors | 2023-03-01 | Active |
| Cowen Inc. | Corporate entity | Shares 75–100%, Voting 75–100%, Appoints directors | 2017-06-01 | Ceased 2023-03-01 |
Filing timeline
Last 20 of 148 total filings
Material constitutional events — rename, articles re-file, resolution
- 2024-12-10 MA Memorandum articles
- 2024-12-06 CERTNM Certificate change of name company
- 2024-12-06 CONNOT Change of name notice
| Date | Type | Category | Description | |
|---|---|---|---|---|
| 2026-03-06 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2026-02-17 | AA | accounts | Accounts with accounts type full | |
| 2025-11-12 | CH01 | officers | Change person director company with change date | |
| 2025-09-24 | AA01 | accounts | Change account reference date company current shortened | |
| 2025-09-04 | AP01 | officers | Appoint person director company with name date | |
| 2025-08-26 | TM01 | officers | Termination director company with name termination date | |
| 2025-06-25 | AP03 | officers | Appoint person secretary company with name date | |
| 2025-05-07 | AA | accounts | Accounts with accounts type full | |
| 2025-04-09 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2025-02-06 | AP01 | officers | Appoint person director company with name date | |
| 2025-01-24 | TM01 | officers | Termination director company with name termination date | |
| 2025-01-24 | TM01 | officers | Termination director company with name termination date | |
| 2025-01-21 | AP01 | officers | Appoint person director company with name date | |
| 2024-12-10 | MA | incorporation | Memorandum articles | |
| 2024-12-06 | CERTNM | change-of-name | Certificate change of name company | |
| 2024-12-06 | CONNOT | change-of-name | Change of name notice | |
| 2024-10-02 | AP01 | officers | Appoint person director company with name date | |
| 2024-08-13 | AP01 | officers | Appoint person director company with name date | |
| 2024-07-30 | AP01 | officers | Appoint person director company with name date | |
| 2024-07-23 | TM01 | officers | Termination director company with name termination date |
Public-record activity
Raw counts from Companies House — last 12–24 months
- Filings
- 8
- Capital events
- 0
- Officers appointed
- 2
- Officers resigned
- 1
last 12 months
last 24 months
last 12 months
last 12 months
Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.