Caseware UK (AP4) 2022.0.179 2022.0.179 2023-06-302023-06-30falsefalse22022-07-01false2 02730015 2022-07-01 2023-06-30 02730015 2021-07-01 2022-06-30 02730015 2023-06-30 02730015 2022-06-30 02730015 2021-07-01 02730015 1 2022-07-01 2023-06-30 02730015 1 2021-07-01 2022-06-30 02730015 2 2022-07-01 2023-06-30 02730015 2 2021-07-01 2022-06-30 02730015 5 2022-07-01 2023-06-30 02730015 5 2021-07-01 2022-06-30 02730015 d:Director1 2022-07-01 2023-06-30 02730015 d:RegisteredOffice 2022-07-01 2023-06-30 02730015 e:PlantMachinery 2022-07-01 2023-06-30 02730015 e:PlantMachinery 2023-06-30 02730015 e:PlantMachinery 2022-06-30 02730015 e:PlantMachinery e:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 02730015 e:CurrentFinancialInstruments 2023-06-30 02730015 e:CurrentFinancialInstruments 2022-06-30 02730015 e:Non-currentFinancialInstruments 2023-06-30 02730015 e:Non-currentFinancialInstruments 2022-06-30 02730015 e:CurrentFinancialInstruments e:WithinOneYear 2023-06-30 02730015 e:CurrentFinancialInstruments e:WithinOneYear 2022-06-30 02730015 e:Non-currentFinancialInstruments e:AfterOneYear 2023-06-30 02730015 e:Non-currentFinancialInstruments e:AfterOneYear 2022-06-30 02730015 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2023-06-30 02730015 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2022-06-30 02730015 e:ReportableOperatingSegment1 2022-07-01 2023-06-30 02730015 e:ReportableOperatingSegment1 2021-07-01 2022-06-30 02730015 f:UnitedKingdom 2022-07-01 2023-06-30 02730015 f:UnitedKingdom 2021-07-01 2022-06-30 02730015 f:RestEuropeOutsideUK 2022-07-01 2023-06-30 02730015 f:RestEuropeOutsideUK 2021-07-01 2022-06-30 02730015 e:UKTax 2022-07-01 2023-06-30 02730015 e:UKTax 2021-07-01 2022-06-30 02730015 e:ShareCapital 2022-07-01 2023-06-30 02730015 e:ShareCapital 2023-06-30 02730015 e:ShareCapital 2022-06-30 02730015 e:ShareCapital 2021-07-01 02730015 e:SharePremium 2022-07-01 2023-06-30 02730015 e:SharePremium 2023-06-30 02730015 e:SharePremium 2022-06-30 02730015 e:SharePremium 2021-07-01 02730015 e:RetainedEarningsAccumulatedLosses 2022-07-01 2023-06-30 02730015 e:RetainedEarningsAccumulatedLosses 2023-06-30 02730015 e:RetainedEarningsAccumulatedLosses 2021-07-01 2022-06-30 02730015 e:RetainedEarningsAccumulatedLosses 2022-06-30 02730015 e:RetainedEarningsAccumulatedLosses 2021-07-01 02730015 e:FurtherSpecificTypeProvisionContingentLiability2ComponentTotalProvisionsContingentLiabilities 2022-07-01 2023-06-30 02730015 e:FurtherSpecificTypeProvisionContingentLiability2ComponentTotalProvisionsContingentLiabilities 2023-06-30 02730015 e:FurtherSpecificTypeProvisionContingentLiability2ComponentTotalProvisionsContingentLiabilities 2022-06-30 02730015 d:OrdinaryShareClass1 2022-07-01 2023-06-30 02730015 d:OrdinaryShareClass1 2023-06-30 02730015 d:OrdinaryShareClass1 2022-06-30 02730015 d:FRS102 2022-07-01 2023-06-30 02730015 d:Audited 2022-07-01 2023-06-30 02730015 d:FullAccounts 2022-07-01 2023-06-30 02730015 d:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 02730015 e:WithinOneYear 2023-06-30 02730015 e:WithinOneYear 2022-06-30 02730015 e:BetweenOneFiveYears 2023-06-30 02730015 e:BetweenOneFiveYears 2022-06-30 02730015 6 2022-07-01 2023-06-30 iso4217:GBP xbrli:shares xbrli:pure
Registered number: 02730015











A J BUCKLEY ASSET MANAGEMENT LIMITED

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

 
A J BUCKLEY ASSET MANAGEMENT LIMITED
 

COMPANY INFORMATION


Director
Paul George Willans 




Registered number
02730015



Registered office
The Old Rectory
Church Street

Weybridge

Surrey

KT13 8DE




Independent auditor
TWP Accounting LLP
Chartered Accountants & Statutory Auditors

The Old Rectory

Church Street

Weybridge

Surrey

KT13 8DE





 
A J BUCKLEY ASSET MANAGEMENT LIMITED
 

CONTENTS



Page
Strategic Report
1 - 2
Director's Report
3 - 4
Independent Auditor's Report
5 - 8
Statement of Comprehensive Income
9
Balance Sheet
10
Statement of Changes in Equity
11
Statement of Cash Flows
12 - 13
Analysis of Net Debt
13
Notes to the Financial Statements
14 - 23


 
A J BUCKLEY ASSET MANAGEMENT LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2023

Introduction
 
The directors present their strategic report for the year ended 30 June 2023.

Business review
 
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;

Principal risks and uncertainties
 
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.

Development and performance
 
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.

Financial key performance indicators
 
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:

Page 1

 
A J BUCKLEY ASSET MANAGEMENT LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023

2023
2022
2021
2020
£
£
£
£
Initial investment management fees

4,449

2,314

9,700
 
47,620
 
Ongoing investment management fees

309,964

360,402

400,113
 
528,514
 
Advisory fees

-

-

-
 
8,000
 
Execution-only fees

818

1,053

741
 
750
 
Legacy commisions

7,805

8,913

11,685
 
12,724
 
Accruals

-

-

-
 
-
 
Client disbursements

-

-

312
 
6,947
 
323,036

372,682

422,551
 
604,555
 

There has been a reduction in turnover of £49,646 (-13.32%), compared to the previous year, due to adverse market conditions and a reduction in initial investment, advisory and transaction fees.  
Consequently, the Company sustained a loss after tax of £36,025 (-30.77%), due to reduced turnover, and internal investment.  However, administrative expenses have fallen, and the loss is lower than the previous year.
Our focus is now firmly on developing further new business and the significant increase in pipeline business is now coming to fruition. Over the next few months, we anticipate further new business from the investment in our new website and UK marketing.
The company has a cash balance of £258,542 at year end, and the company’s overall net assets are £170,091, a rise of £19,697 on the previous year.
 


This report was approved by the board on 17 October 2023 and signed on its behalf.



................................................
Paul George Willans
Director

Page 2

 
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.

Principal activity

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.

Results and dividends

The loss for the year, after taxation, amounted to £36,025 (2022 - loss £52,044).

Director

The director who served during the year was:

Paul George Willans 

Director's responsibilities statement

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 2006He 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.

Disclosure of information to auditor

The director at the time when this Director's Report is approved has confirmed that:
 
so far as  is aware, there is no relevant audit information of which the Company's auditor is unaware, and

 has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Page 3

 
A J BUCKLEY ASSET MANAGEMENT LIMITED
 

 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditor

The auditor, TWP Accounting LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 17 October 2023 and signed on its behalf.
 





................................................
Paul George Willans
Director

Page 4

 
A J BUCKLEY ASSET MANAGEMENT LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF A J BUCKLEY ASSET MANAGEMENT LIMITED
 

Opinion


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 policiesThe 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).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 30 June 2023 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


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.


Conclusions relating to going concern


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.


Other information


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 ReportOur 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.


Page 5

 
A J BUCKLEY ASSET MANAGEMENT LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF A J BUCKLEY ASSET MANAGEMENT LIMITED (CONTINUED)


Opinion on other matters prescribed by the Companies Act 2006
 

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.


Matters on which we are required to report by exception
 

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.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Director's Responsibilities Statement set out on page 3, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the director is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
A J BUCKLEY ASSET MANAGEMENT LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF A J BUCKLEY ASSET MANAGEMENT LIMITED (CONTINUED)


Auditor's responsibilities for the audit of the financial statements
 

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 2006Our 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.


Page 7

 
A J BUCKLEY ASSET MANAGEMENT LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF A J BUCKLEY ASSET MANAGEMENT LIMITED (CONTINUED)





Paul Hawksley   ACA MAAT CTA (Senior Statutory Auditor)
  
for and on behalf of
TWP Accounting LLP
 
Chartered Accountants & Statutory Auditors
  
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE

17 October 2023
Page 8

 
A J BUCKLEY ASSET MANAGEMENT LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2023

2023
2022
Note
£
£

  

Turnover
 4 
323,036
372,994

Gross profit
  
323,036
372,994

Administrative expenses
  
(397,309)
(440,270)

Other operating income
  
-
47,392

Operating loss
 5 
(74,273)
(19,884)

Amounts written off investments
  
(191)
(166)

Interest receivable and similar income
 9 
-
3,082

Interest payable and similar expenses
  
(5,723)
(4,153)

Loss before tax
  
(80,187)
(21,121)

Tax on loss
 10 
44,162
(30,923)

Loss for the financial year
  
(36,025)
(52,044)

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 14 to 23 form part of these financial statements.

Page 9

 
A J BUCKLEY ASSET MANAGEMENT LIMITED
REGISTERED NUMBER: 02730015

BALANCE SHEET
AS AT 30 JUNE 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 11 
6,786
7,451

  
6,786
7,451

Current assets
  

Debtors: amounts falling due within one year
 12 
40,110
42,658

Current asset investments
 13 
1,477
2,256

Cash at bank and in hand
 14 
258,542
268,222

  
300,129
313,136

Creditors: amounts falling due within one year
 15 
(79,867)
(65,388)

Net current assets
  
 
 
220,262
 
 
247,748

Total assets less current liabilities
  
227,048
255,199

Creditors: amounts falling due after more than one year
 16 
(56,957)
(94,805)

Provisions for liabilities
  

Other provisions
 19 
-
(10,000)

  
 
 
-
 
 
(10,000)

Net assets
  
170,091
150,394


Capital and reserves
  

Called up share capital 
 20 
8,286
6,046

Share premium account
 21 
53,482
-

Profit and loss account
 21 
108,323
144,348

  
170,091
150,394


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 October 2023.




................................................
Paul George Willans
Director

The notes on pages 14 to 23 form part of these financial statements.

Page 10

 

 
A J BUCKLEY ASSET MANAGEMENT LIMITED


 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023



Called up share capital
Share premium account
Profit and loss account
Total equity


£
£
£
£



At 1 July 2021
6,046
-
196,392
202,438





Loss for the year
-
-
(52,044)
(52,044)





At 1 July 2022
6,046
-
144,348
150,394





Loss for the year
-
-
(36,025)
(36,025)


Shares issued during the year
2,240
53,482
-
55,722



At 30 June 2023
8,286
53,482
108,323
170,091



The notes on pages 14 to 23 form part of these financial statements.

Page 11

 
A J BUCKLEY ASSET MANAGEMENT LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2023

2023
2022
£
£

Cash flows from operating activities

Loss for the financial year
(36,025)
(52,044)

Adjustments for:

Depreciation of tangible assets
1,696
1,863

Impairments of fixed assets
191
-

Loss on disposal of tangible assets
-
(87)

Interest paid
5,723
4,153

Interest received
-
(3,082)

Taxation charge
(44,162)
30,923

Decrease/(increase) in debtors
2,548
(438)

Increase/(decrease) in creditors
12,637
(15,170)

(Decrease) in provisions
(10,000)
(41,704)

Net fair value losses recognised in P&L
-
166

Corporation tax received
44,750
-

Net cash generated from operating activities

(22,642)
(75,420)


Cash flows from investing activities

Purchase of tangible fixed assets
(1,031)
(758)

Sale of tangible fixed assets
-
87

Investment final payments
-
716

Interest received
-
3,082

Net cash from investing activities

(1,031)
3,127
Page 12

 
A J BUCKLEY ASSET MANAGEMENT LIMITED
 

STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023


2023
2022

£
£



Cash flows from financing activities

Issue of ordinary shares
55,722
-

Repayment of loans
(36,006)
(20,189)

Interest paid
(5,723)
(4,153)

Net cash used in financing activities
13,993
(24,342)

Net (decrease) in cash and cash equivalents
(9,680)
(96,635)

Cash and cash equivalents at beginning of year
268,222
364,857

Cash and cash equivalents at the end of year
258,542
268,222


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
258,542
268,222

258,542
268,222



ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 JUNE 2023




At 1 July 2022
Cash flows
At 30 June 2023
£

£

£

Cash at bank and in hand

268,222

(9,680)

258,542

Debt due after 1 year

(94,805)

37,848

(56,957)

Debt due within 1 year

(36,006)

(1,842)

(37,848)


137,411
26,326
163,737

The notes on pages 14 to 23 form part of these financial statements.

Page 13

 
A J BUCKLEY ASSET MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1.


General information

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

 
2.1

Basis of preparation of financial statements

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:

 
2.2

Going concern

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.

 
2.3

Revenue

Turnover comprises revenue recognised by the company in respect of discretionary investment services supplied to clients during the year, with fees met from client asset balances held on the Novia, Praemium and RL360 international platform facility. 
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.

Page 14

 
A J BUCKLEY ASSET MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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:

Equipment
-
20%
reducing balance

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.

Page 15

 
A J BUCKLEY ASSET MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.8

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
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.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. 
The estimates and underlying assumptions are reviewed on an ongoing basis.

Page 16

 
A J BUCKLEY ASSET MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Discretionary investment services
323,036
372,994

323,036
372,994


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
67,410
81,059

Africa
255,626
291,935

323,036
372,994



5.


Operating loss

The operating loss is stated after charging:

2023
2022
£
£

Other operating lease rentals
3,960
15,734


6.


Auditor's remuneration

During the year, the Company obtained the following services from the Company's auditor and its associates:


2023
2022
£
£

Auditor's remuneration

7,650
8,450
Page 17

 
A J BUCKLEY ASSET MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

7.


Employees

Staff costs, including director's remuneration, were as follows:


2023
2022
£
£

Wages and salaries
241,099
253,938

Social security costs
26,631
28,218

Cost of defined contribution scheme
24,066
24,888

291,796
307,044


The average monthly number of employees, including the director, during the year was as follows:


        2023
        2022
            No.
            No.







Average number of employees
2
2


8.


Director's remuneration

2023
2022
£
£

Director's emoluments
160,639
168,862

Company contributions to defined contribution pension schemes
15,992
16,540

176,631
185,402


During the year retirement benefits were accruing to 1 director (2022 - 1) in respect of defined contribution pension schemes.


9.


Interest receivable

2023
2022
£
£


Other interest receivable
-
3,082

-
3,082

Page 18

 
A J BUCKLEY ASSET MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

10.


Taxation


2023
2022
£
£

Corporation tax


Adjustments in respect of previous periods
(44,162)
-


Total current tax
(44,162)
-

Deferred tax


Origination and reversal of timing differences
-
30,923

Total deferred tax
-
30,923


Taxation on (loss)/profit on ordinary activities
(44,162)
30,923

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - higher than) the standard rate of corporation tax in the UK of 25% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Loss on ordinary activities before tax
(80,187)
(21,121)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2022 - 19%)
(20,047)
(4,013)

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
76
2,125

Rebates from HMRC
(44,162)
-

Unrelieved tax losses carried forward
19,971
32,811

Total tax charge for the year
(44,162)
30,923


Factors that may affect future tax charges

There were no factors that may affect future tax charges.



Page 19

 
A J BUCKLEY ASSET MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

11.


Tangible fixed assets





Equipment

£



Cost or valuation


At 1 July 2022
14,705


Additions
1,031



At 30 June 2023

15,736



Depreciation


At 1 July 2022
7,254


Charge for the year on owned assets
1,696



At 30 June 2023

8,950



Net book value



At 30 June 2023
6,786



At 30 June 2022
7,451


12.


Debtors

2023
2022
£
£


Trade debtors
511
1,187

Other debtors
1,200
1,000

Prepayments and accrued income
38,399
40,471

40,110
42,658



13.


Current asset investments

2023
2022
£
£

Listed investments
1,477
2,256

1,477
2,256


Page 20

 
A J BUCKLEY ASSET MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

14.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
258,542
268,222

258,542
268,222



15.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
37,848
36,006

Trade creditors
695
144

Other taxation and social security
12,415
12,495

Other creditors
12,885
881

Accruals and deferred income
16,024
15,862

79,867
65,388



16.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
56,957
94,805

56,957
94,805


Page 21

 
A J BUCKLEY ASSET MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

17.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
37,848
36,006


37,848
36,006


Amounts falling due 2-5 years

Bank loans
56,957
94,805


56,957
94,805


94,805
130,811



18.


Deferred taxation




2022


£






At beginning of year
30,923


Charged to profit or loss
(30,923)



At end of year
-


19.


Provisions




Claim provision

£





At 1 July 2022
10,000


Utilised in year
(10,000)



At 30 June 2023
-

Claim provision 
The company made a provision of £10,000 in the prior year in respect of one client complaint caused by a past event. The basis for the provision is the director's best estimate as per the insurance excess amount. The amount has been fully utillised in the year. 

Page 22

 
A J BUCKLEY ASSET MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

20.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



828,563 (2022 - 604,566) Ordinary shares of £0.01 each
8,286
6,046


223,997 Ordinary shares of £0.01 each been allotted at amount of £0.248764 each.


21.


Reserves

Share premium account

The share premium account represents the premium arising on the issue of shares net of issue costs.

Profit and loss account

The profit and loss account represents profit net of adjustments. No dividend was declared.


22.


Pension commitments

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.


23.


Commitments under operating leases

At 30 June 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
2,400
-

Later than 1 year and not later than 5 years
2,800
-

5,200
-


24.


Controlling party

P G Willans has ultimate control of the company by virtue of majority shareholding of the company.


Page 23