Registered number: 02730015
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
TWP ACCOUNTING LLP
Chartered Accountants & Statutory Auditors
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE
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A J BUCKLEY ASSET MANAGEMENT LIMITED
COMPANY INFORMATION
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A J BUCKLEY ASSET MANAGEMENT LIMITED
CONTENTS
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A J BUCKLEY ASSET MANAGEMENT LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2023
The directors present their strategic report for the year ended 30 June 2023.
We aim to present a balanced and comprehensive review of the development and performance of our business during the year, and its position at the year end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face.
As a regulated, discretionary investment management firm, we continue to provide objective investment management services to individuals and trustees; both in the UK and internationally. Our business model is primarily based on long-term, contractual client relationships, rather than ad hoc or transactional services, with ancillary financial planning or advice services provided to our UK resident clients. Our sources of income are: • Initial and on-going investment management fees relating to contractual discretionary portfolio investment management; • Fees received in respect of advisory investment recommendations and implementation; • Fees relating to financial planning consultancy services and advice;
In common with other investment managers, this business is exposed to potential factors, which could impact on our financial performance. The most significant are adverse market conditions, as our income is a percentage of the assets under management, or the loss of key clients. However, these specific risks should diminish over time, as we take on new clients and increase our assets under management.
Sufficient financial support is in place to reassure that the business remains a going concern, and, having made significant investment in technology and marketing, our focus will be on growing turnover through ongoing marketing, business development and expertise. However, future development of the business may, as always, be subject to unforeseen future events outside of our control.
The discretionary investment market in the UK remains highly competitive and has been impacted by ongoing regulatory changes (including IFPR and the Consumer Duty regime) and market conditions (such as rising inflationary pressures, rising interest rates and the continuing war in Ukraine) over the last year.
However, the company’s management are pleased that, notwithstanding the global challenges this year, the investment made to date is starting to bear fruit, with a significant rise in new and pipeline business. This rise in new income, together with the competitive services now offered to clients, will enable us to return to underlying profitability, over the next few months.
We consider that our key financial performance indicators are those that communicate the financial performance and strength of the company as a whole; these being turnover and total administrative expenses.
The turnover of the company by income stream, in comparison to the last three periods, was:
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A J BUCKLEY ASSET MANAGEMENT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
This report was approved by the board on 17 October 2023 and signed on its behalf.
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A J BUCKLEY ASSET MANAGEMENT LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 JUNE 2023
The director presents his report and the financial statements for the year ended 30 June 2023.
The loss for the year, after taxation, amounted to £36,025 (2022 - loss £52,044).
The director who served during the year was:
The director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the director is required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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A J BUCKLEY ASSET MANAGEMENT LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
There have been no significant events affecting the Company since the year end.
The auditor, TWP Accounting LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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A J BUCKLEY ASSET MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF A J BUCKLEY ASSET MANAGEMENT LIMITED
We have audited the financial statements of A J BUCKLEY ASSET MANAGEMENT LIMITED (the 'Company') for the year ended 30 June 2023, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, 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 Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the director's 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 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 director with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The director is responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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A J BUCKLEY ASSET MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF A J BUCKLEY ASSET MANAGEMENT LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Director's Report.
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A J BUCKLEY ASSET MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF A J BUCKLEY ASSET MANAGEMENT LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
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:
∙Obtain an understanding of the policies and procedures management have in place to detect and prevent fraud and non-compliance with laws and regulations
∙Enquire of management any cases of actual or suspected fraud and non-compliance with laws and regulations.
∙Enquire of management and those charged with governance around actual and potential litigation and claims.
∙Reviewing minutes of meetings of those charged with governance.
∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
∙Assess the key risk areas within the financial statements which are susceptible to fraud or error and design our audit approach thereon
∙Perform substantive tests on a sample of transactions throughout the financial statements to ensure that no material errors have been identified
∙Perform cut off tests on a sample of transactions to ensure expenditure have been accounted for in the correct period
∙Review of after year end information to ensure expenditure have been accounted for in the correct period.
∙Perform analytical review procedures to identify any irregularities and investigation thereon
∙Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.
This report is made solely to the 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 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 Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
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A J BUCKLEY ASSET MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF A J BUCKLEY ASSET MANAGEMENT LIMITED (CONTINUED)
for and on behalf of
Chartered Accountants & Statutory Auditors
The Old Rectory
Church Street
Surrey
KT13 8DE
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A J BUCKLEY ASSET MANAGEMENT LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2023
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A J BUCKLEY ASSET MANAGEMENT LIMITED
REGISTERED NUMBER: 02730015
BALANCE SHEET
AS AT 30 JUNE 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 14 to 23 form part of these financial statements.
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023
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A J BUCKLEY ASSET MANAGEMENT LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2023
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A J BUCKLEY ASSET MANAGEMENT LIMITED
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 JUNE 2023
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A J BUCKLEY ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
A J Buckley Asset Management Limited is incorporated in England and Wales and limited by shares. The address of the registered office is given in the company information on page of these financial statements. The place of business is East Street, Alresford, Hampshire, SO24 9EE.
The principal activity of the company during the year was investment advice. This has been carried out in the United Kingdom, services being provided to residents, expatriates and foreign nationals. The company is permitted to hold client monies.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
The following principal accounting policies have been applied:
During the year, the company made loss before tax of £80,187 and at the balance sheet date, the company had shareholders’ funds of £170,091.
The COVID-19 pandemic created uncertainty over the future financial implications to the worldwide economy and, as we emerge from the pandemic, supply restrictions and rising inflation are impacting on investment markets, which directly impacts on the company’s turnover. Notwithstanding these continuing uncertainties, the director has prepared cash flow forecasts demonstrating that, due to rising turnover, the company’s cash flow is improving and it will be able to meet liabilities as they fall due for the next twelve months. Therefore the company continue to adopt the going concern basis of accounting in preparing the annual financial statements. Initial fees, commissions and ongoing advice fees are recognised on fulfilment of any financial planning advisory, initial or transactional services performance obligations. The performance obligations are satisfied over time. Services invoiced in later periods that relate to services supplied during the year are accrued and included within debtors.
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A J BUCKLEY ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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A J BUCKLEY ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
2.Accounting policies (continued)
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance Sheet. The estimates and underlying assumptions are reviewed on an ongoing basis.
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A J BUCKLEY ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
Analysis of turnover by country of destination:
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A J BUCKLEY ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
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A J BUCKLEY ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
There were no factors that may affect future tax charges.
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A J BUCKLEY ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
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A J BUCKLEY ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
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A J BUCKLEY ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
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A J BUCKLEY ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
223,997 Ordinary shares of £0.01 each been allotted at amount of £0.248764 each.
Share premium account
Profit and loss account
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £24,066 (2022 - £24,888) Contributions totalling £nil (2022 - £nil) were payable to the fund at the balance sheet date.
P G Willans has ultimate control of the company by virtue of majority shareholding of the company.
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