Caseware UK (AP4) 2022.0.179 2022.0.179 2023-06-302023-06-302023-06-302022-07-014falsefalseNo description of principal activity4false 07597232 2022-07-01 2023-06-30 07597232 2021-07-01 2022-06-30 07597232 2023-06-30 07597232 2022-06-30 07597232 c:Director2 2022-07-01 2023-06-30 07597232 c:Director3 2022-07-01 2023-06-30 07597232 c:Director4 2022-07-01 2023-06-30 07597232 c:Director6 2022-07-01 2023-06-30 07597232 c:RegisteredOffice 2022-07-01 2023-06-30 07597232 d:Buildings d:LongLeaseholdAssets 2022-07-01 2023-06-30 07597232 d:FurnitureFittings 2022-07-01 2023-06-30 07597232 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-06-30 07597232 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-06-30 07597232 d:Goodwill 2022-07-01 2023-06-30 07597232 d:Goodwill 2023-06-30 07597232 d:Goodwill 2022-06-30 07597232 d:CurrentFinancialInstruments 2023-06-30 07597232 d:CurrentFinancialInstruments 2022-06-30 07597232 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 07597232 d:CurrentFinancialInstruments d:WithinOneYear 2022-06-30 07597232 d:ShareCapital 2023-06-30 07597232 d:ShareCapital 2022-06-30 07597232 d:SharePremium 2022-07-01 2023-06-30 07597232 d:SharePremium 2023-06-30 07597232 d:SharePremium 2022-06-30 07597232 d:RetainedEarningsAccumulatedLosses 2022-07-01 2023-06-30 07597232 d:RetainedEarningsAccumulatedLosses 2023-06-30 07597232 d:RetainedEarningsAccumulatedLosses 2022-06-30 07597232 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-06-30 07597232 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-06-30 07597232 d:FinancialAssetsAmortisedCost 2023-06-30 07597232 d:FinancialAssetsAmortisedCost 2022-06-30 07597232 d:FinancialLiabilitiesAmortisedCost 2023-06-30 07597232 d:FinancialLiabilitiesAmortisedCost 2022-06-30 07597232 c:OrdinaryShareClass1 2022-07-01 2023-06-30 07597232 c:OrdinaryShareClass1 2023-06-30 07597232 c:OrdinaryShareClass1 2022-06-30 07597232 c:OrdinaryShareClass2 2022-07-01 2023-06-30 07597232 c:OrdinaryShareClass2 2023-06-30 07597232 c:OrdinaryShareClass2 2022-06-30 07597232 c:FRS102 2022-07-01 2023-06-30 07597232 c:Audited 2022-07-01 2023-06-30 07597232 c:FullAccounts 2022-07-01 2023-06-30 07597232 c:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 07597232 d:Subsidiary1 2022-07-01 2023-06-30 07597232 d:Subsidiary1 1 2022-07-01 2023-06-30 07597232 d:Subsidiary2 2022-07-01 2023-06-30 07597232 d:Subsidiary2 1 2022-07-01 2023-06-30 07597232 d:Subsidiary3 2022-07-01 2023-06-30 07597232 d:Subsidiary3 1 2022-07-01 2023-06-30 07597232 c:Consolidated 2023-06-30 07597232 c:ConsolidatedGroupCompanyAccounts 2022-07-01 2023-06-30 07597232 4 2022-07-01 2023-06-30 07597232 6 2022-07-01 2023-06-30 07597232 d:Goodwill d:OwnedIntangibleAssets 2022-07-01 2023-06-30 07597232 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2022-07-01 2023-06-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 07597232
















NINEPM LIMITED




ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023


































img708e.png


NINEPM LIMITED

 
COMPANY INFORMATION


DIRECTORS
Mr R W Cantello 
Mr G P Doran 
Mr A J Davis 
Mr J M J Morris 




REGISTERED NUMBER
07597232



REGISTERED OFFICE
The Drive House
Manor Farm

Kennmoor Road

Clevedon

Avon

BS21 6TZ




INDEPENDENT AUDITORS
Bishop Fleming Bath Limited
Chartered Accountants & Statutory Auditors

10 Temple Back

Bristol

BS1 6FL






NINEPM LIMITED


CONTENTS



Page
Group Strategic Report
 
1 - 2
Directors' Report
 
3 - 4
Directors' Responsibilities Statement
 
5
Independent Auditors' Report
 
6 - 9
Consolidated Statement of Income and Retained Earnings
 
10
Consolidated Statement of Financial Position
 
11
Company Statement of Financial Position
 
12
Consolidated Statement of Cash Flows
 
13 - 14
Consolidated Analysis of Net Debt
 
14
Notes to the Financial Statements
 
15 - 33



NINEPM LIMITED

 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2023

BUSINESS REVIEW
 
The group has had a satisfactory year. Profit before tax is £10,266 (2022: £276,719).
Investment management income is tied to the value of the funds under management which are impacted by prevailing economic conditions. The directors consider that the performance of this side of the business in the year has met expectations in a challenging environment through pro-active management of the portfolios.
The group has reduced its level of investments in non-financial services related assets during the year. 

PRINCIPAL RISKS AND UNCERTAINTIES
 
The directors consider that the principal risks facing the group are:
Loss of staff - Staff are a significant asset to the business. Retaining the services of key staff is essential to on going revenue generation. The Board looks to provide development opporunities to staff to expand their roles and encourage greater participation in the business.
Regulatory and financial - The risk of breaches by employees of FCA rules. The group has a compliance function that provides training as well as monitoring compliance performance. Regulatory capital requirements are also closely monitored. The group retains capital balances in excess of current requirements in relevant subsidiary companies.
The application of the MIFID II directive and GDPR to all aspects of the business has been challenging but the directors are confident that business has adapted well to new requirements with the minimum of interruption.
Market risk - The group is affected by conditions in the financial markets and the wider economy, It manages this by closely monitoring market conditions and maintaining adequate liquid capital accordingly.
KEY FINANCIAL PERFORMANCE INDICATORS
The directors consider turnover, profit before tax and net assets to be the key financial performance indicators.

PILLAR 3 AND CRD IV DISCLOSURES
 
The group has documented the disclosures required by the FCA. These are available from the company's website at www.jesellars.co.uk
The Capital Requirements Directive IV (CRD IV) requires country by country reporting (CBCR). However, as shown in the notes to these financial statements all turnover is derived from the UK and the group has no establishments overseas. The requirement is therefore met by the information disclosed in these financial statements.

FINANCIAL INSTRUMENTS
 
The group only has basic financial instruments. Details regarding the group's use of financial instruments and their associated risks are set out in the notes to these financial statements.

FUTURE DEVELOPMENTS

The group is continuing to explore opportunities to grow the business both organically and through acquisitions as they arise.

Page 1


NINEPM LIMITED


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


This report was approved by the board on 19 October 2023 and signed on its behalf.



Mr R W Cantello
Director

Page 2


NINEPM LIMITED

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2023

The directors present their report and the financial statements for the year ended 30 June 2023.

RESULTS AND DIVIDENDS

The loss for the year, after taxation, amounted to £129,054 (2022: profit £120,170).

No dividend is proposed for the year under review (2022: £nil).

DIRECTORS

The directors who served during the year were:

Mr R W Cantello 
Mr G P Doran 
Mr A J Davis 
Mr J M J Morris 

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS

The group fosters business relationships with its clients by acting on feedback, using dedicated customer relationship managers and by maintaining a high quality of service at all times. The group fosters business relationships with its suppliers by supporting a high number of local suppliers, ensuring relationships are mutually beneficial and paying invoices within agreed payment terms.

GREENHOUSE GAS EMISSIONS, ENERGY CONSUMPTION AND ENERGY EFFICIENCY ACTION

The Group has not disclosed information in respect of greenhouse gas emissions, energy consumption and energy efficiency action as its energy consumption in the United Kingdom for the year is 40,000kWh or lower.

MATTERS COVERED IN THE STRATEGIC REPORT

The Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 requires a Strategic Report to be prepared. Where mandatory disclosures in the Directors' Report are considered by the directors to be of strategic importance these have been included within the Strategic Report rather than the Directors' Report.

DISCLOSURE OF INFORMATION TO AUDITORS

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director 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 and the Group's auditors are aware of that information.

POST BALANCE SHEET EVENTS

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

AUDITORS

The auditorsBishop Fleming Bath Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Page 3


NINEPM LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
This report was approved by the board and signed on its behalf.
 






Mr R W Cantello
Director

Date: 19 October 2023

The Drive House
Manor Farm
Kennmoor Road
Clevedon
Avon
BS21 6TZ

Page 4


NINEPM LIMITED

 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2023

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:

select suitable accounting policies for the Group'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 Group will continue in business.

The directors are 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 5


NINEPM LIMITED

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NINEPM LIMITED
OPINION


We have audited the financial statements of NinePM Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 June 2023, which comprise the Consolidated Statement of Income and Retained Earnings, the Consolidated and Company Statements of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Analysis of Net Debt 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 Group's and of the parent Company's affairs as at 30 June 2023 and of the Group's profit 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group 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 directors' 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 Group's or the parent 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 directors 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 Auditors' Report thereon. The directors are 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 6


NINEPM LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NINEPM 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 Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Directors' 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' 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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' 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 Directors' Responsibilities Statement set out on page 5, the directors are 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 directors determine 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 directors are responsible for assessing the Group's and the parent 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 directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 7


NINEPM LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NINEPM LIMITED (CONTINUED)

AUDITORS' 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 Auditors' 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 Group 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:

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, we considered the following:
the nature of the industry and sector, control environment, and business performance including the design of remuneration policies;
results of enquiries with management, the directors in relation to their own identification and assessment of the risks of irregularities within the entity;
management’s incentives and opportunities for fraudulent manipulation of the Financial Statements (including the risk of override of controls); and
any matters we identified having obtained and reviewed the group and company’s documentation of their policies and procedures relating to: identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we have considered the opportunities and incentives that may exist within the organisation for fraud and identified the highest area of risk to be in relation to revenue recognition, with a particular risk in relation to year-end cut-off. In common with all audits under ISAs (UK) we are also required to perform specific procedures to respond to the risk of management override.
We have also obtained an understanding of the legal and regulatory frameworks that the Group and Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, FRS 102 and UK tax legislation. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Group and Company’s ability to operate or avoid a material penalty. We identified that the principal risks of non-compliance with laws and regulations related to breaches of UK regulatory principles, specifically those established by the Financial Conduct Authority. Other areas that we considered included data protection legislation and employment law.
Our procedures to respond to the risks identified included the following:
Enquiring of management in relation to actual and potential claims or litigation;
Performing analytical procedures to identify unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
Assessing whether the judgements made in making accounting estimates are indicative of a potential bias;
Reviewing the financial statement disclosures and testing to supporting documentation to assess the recognition of revenue;
In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgments made in accounting estimates are indicative of potential bias; and evaluating the business rationale of significant transactions that are unusual or outside the normal course of business; and,
Page 8


NINEPM LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NINEPM LIMITED (CONTINUED)

Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements.

With regard to the risks of non-compliance with laws and regulations and breaches of UK regulatory principles, specifically those established by the Financial Conduct Authority, we considered the extent to which non-compliance might have a material effect on the Financial Statements. Our work included:
Gaining an understanding current activities, the scope of authorisation and the effectiveness of control environment;
Reading any relevant correspondence with the Financial Conduct Authority;
Reviewing registers maintained regarding any complaints, errors and breaches; and,
Discussions with management and the compliance team.

We also communicated identified laws and regulations and potential fraud risks to all members of the engagement team and remained alert to possible indicators of fraud or non-compliance with laws and regulations throughout the audit.
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from an error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.


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 Auditors' Report.


USE OF OUR 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 Auditors' 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.






Simon Morrison FCA (Senior Statutory Auditor)
for and on behalf of
Bishop Fleming Bath Limited
Chartered Accountants
Statutory Auditors
10 Temple Back
Bristol
BS1 6FL

20 October 2023
Page 9


NINEPM LIMITED

 
CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 JUNE 2023

2023
2022
Note
£
£

  

Turnover
 4 
2,680,367
3,343,922

Cost of sales
  
(350,255)
(484,961)

GROSS PROFIT
  
2,330,112
2,858,961

Administrative expenses
  
(2,227,826)
(2,556,922)

Other operating income
  
-
24,961

Fair value movement on fixed asset investments
  
-
23,633

OPERATING PROFIT
 5 
102,286
350,633

Amounts written off investments
  
(73,936)
(30,600)

Interest payable and similar expenses
 9 
(18,084)
(43,314)

PROFIT BEFORE TAX
  
10,266
276,719

Tax on profit
 10 
(139,320)
(156,549)

(LOSS)/PROFIT AFTER TAX
  
(129,054)
120,170

  

  

Retained earnings at the beginning of the year
  
506,131
385,961

  
506,131
385,961

(Loss)/profit for the year attributable to the owners of the parent
  
(129,054)
120,170

RETAINED EARNINGS AT THE END OF THE YEAR
  
377,077
506,131

The notes on pages 15 to 33 form part of these financial statements.

Page 10


NINEPM LIMITED
REGISTERED NUMBER:07597232

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2023

2023
2022
Note
£
£

FIXED ASSETS
  

Intangible assets
 11 
495,379
644,582

Tangible assets
 12 
13,786
30,364

Investments
 13 
51,300
138,275

  
560,465
813,221

CURRENT ASSETS
  

Debtors: amounts falling due within one year
 14 
257,122
294,336

Current asset investments
 15 
79,475
241,082

Cash at bank and in hand
 16 
91,620
303,693

  
428,217
839,111

Creditors: amounts falling due within one year
 17 
(579,159)
(1,112,855)

NET CURRENT LIABILITIES
  
 
 
(150,942)
 
 
(273,744)

TOTAL ASSETS LESS CURRENT LIABILITIES
  
409,523
539,477

PROVISIONS FOR LIABILITIES
  

Deferred taxation
 19 
-
(900)

  
 
 
-
 
 
(900)

NET ASSETS
  
409,523
538,577


CAPITAL AND RESERVES
  

Called up share capital 
 20 
507
507

Share premium account
 21 
31,939
31,939

Profit and loss account
 21 
377,077
506,131

  
409,523
538,577


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 





Mr R W Cantello
Director

Date: 19 October 2023

The notes on pages 15 to 33 form part of these financial statements.

Page 11


NINEPM LIMITED
REGISTERED NUMBER:07597232

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2023

2023
2022
Note
£
£

FIXED ASSETS
  

Intangible assets
 11 
495,379
644,582

Investments
 13 
445,527
532,502

  
940,906
1,177,084

CURRENT ASSETS
  

Debtors: amounts falling due within one year
 14 
56,625
46,198

Current asset investments
 15 
79,475
241,082

Cash at bank and in hand
 16 
334
94,396

  
136,434
381,676

Creditors: amounts falling due within one year
 17 
(2,147,923)
(5,970,390)

NET CURRENT LIABILITIES
  
 
 
(2,011,489)
 
 
(5,588,714)

TOTAL ASSETS LESS CURRENT LIABILITIES
  
(1,070,583)
(4,411,630)

  

  

NET LIABILITIES
  
(1,070,583)
(4,411,630)


CAPITAL AND RESERVES
  

Called up share capital 
 20 
507
507

Share premium account
 21 
31,939
31,939

Profit and loss account
 21 
(1,103,029)
(4,444,076)

  
(1,070,583)
(4,411,630)


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 





Mr R W Cantello
Director

Date: 19 October 2023

The notes on pages 15 to 33 form part of these financial statements.

Page 12


NINEPM LIMITED


CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2023

2023
2022
£
£

CASH FLOWS FROM OPERATING ACTIVITIES

Profit for the financial year
(129,054)
120,170

ADJUSTMENTS FOR:

Amortisation of intangible assets
149,203
214,383

Depreciation of tangible assets
18,815
26,112

Government grants
-
(24,961)

Interest paid
18,084
43,314

Interest received
-
(5)

Taxation charge
139,320
156,549

Decrease in debtors
37,475
20,440

(Decrease)/increase in creditors
(150,128)
14,621

Net fair value losses/(gains) recognised in P&L
-
(23,633)

Corporation tax (paid)
(162,950)
(118,652)

Profit / (Loss) on disposal of current asset investments
95,349
(180,635)

Profit / (Loss) on disposal of fixed asset investments
71,925
(20,905)

NET CASH GENERATED FROM OPERATING ACTIVITIES

88,039
226,798


CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of tangible fixed assets
(2,237)
(7,114)

Purchase of unlisted and other investments
(56,000)
(39,406)

Sale of unlisted and other investments
51,954
41,411

Purchase of short-term unlisted investments
(23,400)
(87,067)

Sale of short-term unlisted investments
89,658
294,860

Government grants received
-
24,961

Interest received
-
5

NET CASH FROM INVESTING ACTIVITIES

59,975
227,650
Page 13


NINEPM LIMITED


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


2023
2022

£
£



CASH FLOWS FROM FINANCING ACTIVITIES

Repayment of other loans
(342,003)
(379,466)

Interest paid
(18,084)
(43,314)

NET CASH USED IN FINANCING ACTIVITIES
(360,087)
(422,780)

(DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS
(212,073)
31,668

Cash and cash equivalents at beginning of year
303,693
272,025

CASH AND CASH EQUIVALENTS AT THE END OF YEAR
91,620
303,693


CASH AND CASH EQUIVALENTS AT THE END OF YEAR COMPRISE:

Cash at bank and in hand
91,620
303,693

91,620
303,693



CONSOLIDATED 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

303,693

(212,073)

91,620

Debt due within 1 year

(446,344)

342,003

(104,341)



(142,651)
129,930
(12,721)

The notes on pages 15 to 33 form part of these financial statements.

Page 14


NINEPM LIMITED

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

1.


GENERAL INFORMATION

NinePM Limited is a private company limited by shares and incorporated in England within the United Kingdom. The address of the registered office is given in the reference and adminstrative details on page 1.

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 Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Income and Retained Earnings in these financial statements.

The following principal accounting policies have been applied:

 
2.2

BASIS OF CONSOLIDATION

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Income and Retained Earnings from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 July 2014.

Page 15


NINEPM LIMITED

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

2.ACCOUNTING POLICIES (continued)

 
2.3

GOING CONCERN

The financial statements have been prepared on a going concern basis which assumes that the group will continue in existence for the foreseeable future.
The directors, taking account of reasonably probable changes in trading performance, believe that the group is able to operate within the level of its current financing.
The group is reliant upon the enduring regulated status of its principal trading subsidiary J Edward Sellars and Partners Limited to fund its operations. Regulatory changes under the Financial Conduct Authority (FCA) that took effect in January 2022 include the eligible assets and liabilities of the whole group in assessing the financial capital adequacy of this company.
This is a key component in that company being able to maintain its regulated status which is required for it to trade. Current projections indicate a deficit in relevant funds for meeting FCA capital adequacy requirements. The directors have developed a plan to rectify any potential deficit which will provide a route to compliance with the revised regulatory conditions in a reasonable timeframe. This plan includes the ongoing disposal of certain equine and other investments to realise profits and cash which will also be eligible to be included in capital adequacy calculations. Progress towards this target has been made in the year ending 30 June 2023 with a reduction in the capital adequacy deficit during the year.
The directors are therefore satisfied that the group has sufficient resources to meet its expected debt
finance service requirements. The directors therefore consider that it is appropriate to prepare the accounts.

 
2.4

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Stockbroking revenue comprises fees and is recognised in accordance with the date of the underlying transaction. 
Investment management revenue comprises initial on ongoing management fees which are recognised on an accruals basis from the date a transaction is approved by the client.

Page 16


NINEPM LIMITED

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

2.ACCOUNTING POLICIES (continued)

 
2.5

INTANGIBLE ASSETS

GOODWILL

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Income and Retained Earnings over its useful economic life.

OTHER INTANGIBLE ASSETS

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.6

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, using the straight-line method.

Depreciation is provided on the following basis:

Leasehold improvements
-
25%
Straight line
Fixtures and fittings
-
25%
Straight line

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 17


NINEPM LIMITED

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

2.ACCOUNTING POLICIES (continued)

 
2.7

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

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

Other fixed asset investments are valued at cost less accumulated impairment.
Current asset investments in bloodstock are valued at cumulative cost incurred less accumulated impairment. Cumluative cost is calculated as any cost of acquisition plus a fixed rate of keep and training costs over time that aligns with standard metrics in the racing sector.

 
2.8

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.

 
2.9

CASH AND CASH EQUIVALENTS

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 Consolidated 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 Group's cash management.

 
2.10

FINANCIAL INSTRUMENTS

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual
Page 18


NINEPM LIMITED

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

2.ACCOUNTING POLICIES (continued)


2.10
FINANCIAL INSTRUMENTS (CONTINUED)

arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

 
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

GOVERNMENT GRANTS

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated Statement of Income and Retained Earnings in the same period as the related expenditure.

Page 19


NINEPM LIMITED

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

2.ACCOUNTING POLICIES (continued)

 
2.13

FINANCE COSTS

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.14

OPERATING LEASES

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.

 
2.15

PENSIONS

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.
The contributions are recognised as an expense in the Consolidated statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Group in independently administered funds.

 
2.16

BORROWING COSTS

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.17

PROVISIONS FOR LIABILITIES

Provisions are made where an event has taken place that gives the Group 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 Group becomes aware of the obligation, and are measured at the best estimate at the reporting 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 Statement of Financial Position.

Page 20


NINEPM LIMITED

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

2.ACCOUNTING POLICIES (continued)

 
2.18

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. 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 reporting date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.19

COUNTER PARTY DEBTORS AND CREDITORS

Counterparty debtors and creditors include balances with clients, stock exchange member firms and other counterparties, and are measured at initial recognition at fair value. For counterparty debtors appropriate allowances for estimated irrecoverable amounts are recognised in profit and loss when there is objective evidence that the asset is impaired.
The nature of the underlying trade being administered wholly by a third party results in no counterparty amounts being recognised on the balance sheet.

Page 21


NINEPM LIMITED

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

3.



JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Revenue recognition
The directors recognise revenue on the completion of a transation. Amounts recoverable on completed transactions but not received are recocognised at the expected value. Expected value is determined by the market price of the transaction at the time of completion.
Unlisted investments and current asset investments
Unlisted investments are valued at cost less impairment. The directors review the carrying value of both fixed and current unlisted investments for any indicators of impairment.
Horse racing assets are carried at cost less impairment. The directors consider the form and health of each horse in assessing its carrying value.
Bloodstock assets are carried at cost less impairment. Foal cost is determined as the initial purchase or stud cover fee for a foal with and an accumulating keep and training cost on a weekly basis. Mares, Stallions and breeding rights are carried at cost with Stallions and breeding rights amortised to the age of 10 years. It is not possible to predetermine the sales price of a reared and trained foal as this is conducted by auction All bloodstock assets are assessed for impairment by reference to their condition and are considered to otherwise retain their value at cost. 
Other investment assets are held at cost less impairment which is determined by reference to activity in the relevant auction markets for these assets. If there is no such activity the directors consider that cost is the best indicator of carrying value.
Intangible fixed assets
Intangible fixed assets are valued at amortised cost and are derived from purchases of client books. The directors review the carrying value of intangible fixed assets for any indicators of impairment against the client books on which they arise.


4.


TURNOVER

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


2023
2022
£
£

Investment management fees
1,268,492
1,335,353

Stockbroking revenue
1,341,313
1,653,202

Other revenue
70,562
355,367

2,680,367
3,343,922


Page 22


NINEPM LIMITED

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

5.


OPERATING PROFIT

The operating profit is stated after charging:

2023
2022
£
£

Other operating lease rentals
138,737
145,144


6.


AUDITORS' REMUNERATION

During the year, the Group obtained the following services from the Company's auditors and their associates:


2023
2022
£
£

Fees payable to the Company's auditors and their associates for the audit of the consolidated and parent Company's financial statements
19,000
18,000

Fees payable to the Company's auditors and their associates in respect of:

Taxation compliance services
3,000
2,750

All non-audit services not included above
7,500
6,500


7.


EMPLOYEES

Staff costs, including directors' remuneration, were as follows:


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



Group
Group
Company
Company
        2023
        2022
        2023
        2022
            No.
            No.
            No.
            No.









Stockbroking and Investment Management
20
20
4
4

Page 23


NINEPM LIMITED

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

8.


DIRECTORS' REMUNERATION

2023
2022
£
£

Directors' emoluments
236,000
252,500

236,000
252,500


During the year retirement benefits were accruing to no directors (2022: 1) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £67,000 (2022: £73,500).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £NIL (2022: £4,000).


9.


INTEREST PAYABLE AND SIMILAR EXPENSES

2023
2022
£
£


Other loan interest payable
18,084
43,314

18,084
43,314


10.


TAXATION


2023
2022
£
£

CORPORATION TAX


Current tax on profits for the year
140,481
167,262

Adjustments in respect of previous periods
-
(9,101)


TOTAL CURRENT TAX
140,481
158,161

DEFERRED TAX


Origination and reversal of timing differences
(1,161)
(1,612)

TOTAL DEFERRED TAX
(1,161)
(1,612)


TAXATION ON PROFIT ON ORDINARY ACTIVITIES
139,320
156,549
Page 24


NINEPM LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
 
10.TAXATION (CONTINUED)


FACTORS AFFECTING TAX CHARGE FOR THE YEAR

The tax assessed for the year is higher than (2022: higher than) the standard rate of corporation tax in the UK of 20.5% (2022: 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
10,266
276,719


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 20.5% (2022: 19%)
2,105
52,577

EFFECTS OF:


Non-tax deductible amortisation of goodwill and impairment
29,001
29,695

Expenses not deductible for tax purposes
106,273
80,519

Capital allowances for year in excess of depreciation
2,150
3,247

Adjustments to tax charge in respect of prior periods
-
(9,101)

Remeasurement of deferred tax charge for change in tax rates
(209)
(388)

TOTAL TAX CHARGE FOR THE YEAR
139,320
156,549


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

There were no factors that may affect future tax charges.

Page 25


NINEPM LIMITED

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

11.


INTANGIBLE ASSETS

Group





Client Books
Computer software
Goodwill
Total

£
£
£
£



COST


At 1 July 2022
1,387,807
18,000
797,860
2,203,667



At 30 June 2023

1,387,807
18,000
797,860
2,203,667



AMORTISATION


At 1 July 2022
750,930
18,000
790,155
1,559,085


Charge for the year on owned assets
141,498
-
7,705
149,203



At 30 June 2023

892,428
18,000
797,860
1,708,288



NET BOOK VALUE



At 30 June 2023
495,379
-
-
495,379



At 30 June 2022
636,877
-
7,705
644,582



Page 26


NINEPM LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
 
           11.INTANGIBLE ASSETS (CONTINUED)

Company




Client books
Goodwill
Total

£
£
£



COST


At 1 July 2022
1,387,807
567,999
1,955,806



At 30 June 2023

1,387,807
567,999
1,955,806



AMORTISATION


At 1 July 2022
750,930
560,294
1,311,224


Charge for the year
141,498
7,705
149,203



At 30 June 2023

892,428
567,999
1,460,427



NET BOOK VALUE



At 30 June 2023
495,379
-
495,379



At 30 June 2022
636,877
7,705
644,582

Page 27


NINEPM LIMITED

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

12.


TANGIBLE FIXED ASSETS

Group






Long-term leasehold property
Fixtures, fittings & equipment
Total

£
£
£



COST OR VALUATION


At 1 July 2022
55,227
71,699
126,926


Additions
-
2,237
2,237



At 30 June 2023

55,227
73,936
129,163



DEPRECIATION


At 1 July 2022
33,347
63,215
96,562


Charge for the year on owned assets
13,837
4,978
18,815



At 30 June 2023

47,184
68,193
115,377



NET BOOK VALUE



At 30 June 2023
8,043
5,743
13,786



At 30 June 2022
21,880
8,484
30,364


13.


FIXED ASSET INVESTMENTS

Group





Other fixed asset investments

£



COST OR VALUATION


At 1 July 2022
138,275


Additions
56,000


Disposals
(142,975)



At 30 June 2023
51,300




Page 28


NINEPM LIMITED

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





Investments in subsidiary companies
Other fixed asset investments
Total

£
£
£



COST OR VALUATION


At 1 July 2022
394,227
138,275
532,502


Additions
-
56,000
56,000


Disposals
-
(142,975)
(142,975)



At 30 June 2023
394,227
51,300
445,527





SUBSIDIARY UNDERTAKINGS


The following were subsidiary undertakings of the Company:

Name

Principal activity

Class of shares

Holding

J Edward Sellars and Partners Limited
Stockbroking and investment management
Ordinary
100
J Edward Sellars (Nominees) Limited
Dormant
Ordinary
100
NinePM EBT Limited
Dormant
Ordinary
100

The aggregate of the share capital and reserves as at 30 June 2023 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

J Edward Sellars and Partners Limited
1,874,333
529,899

J Edward Sellars (Nominees) Limited
2
-

NinePM EBT Limited
-
-

Page 29


NINEPM LIMITED

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

14.


DEBTORS

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Other debtors
169,200
163,888
56,625
46,198

Prepayments and accrued income
87,661
130,448
-
-

Deferred taxation
261
-
-
-

257,122
294,336
56,625
46,198



15.


CURRENT ASSET INVESTMENTS

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bloodstock
79,475
241,082
79,475
241,082

79,475
241,082
79,475
241,082



16.


CASH AND CASH EQUIVALENTS

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
91,620
303,693
334
94,396

91,620
303,693
334
94,396


Page 30


NINEPM LIMITED

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

17.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group

Group
Company

Company
2023
2022
2023
2022
£
£
£
£

Other loans
104,341
446,344
104,341
104,341

Amounts owed to group undertakings
-
-
2,004,814
5,759,814

Corporation tax
240,156
281,721
-
-

Other taxation and social security
35,007
78,467
753
-

Other creditors
3,333
3,294
1,015
1,015

Accruals and deferred income
196,322
303,029
37,000
105,220

579,159
1,112,855
2,147,923
5,970,390


Included within other loans is £nil (2022: £342,003) which was secured by way of a fixed and floating charge over assets of the group and company in favour of Thincats. This loan had an interest rate of 7.25%.


18.


FINANCIAL INSTRUMENTS

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

FINANCIAL ASSETS

Financial assets measured at fair value through profit or loss
91,620
303,693
334
94,396

Financial assets that are debt instruments measured at amortised cost
298,580
411,990
99,481
284,112

390,200
715,683
99,815
378,508


FINANCIAL LIABILITIES

Financial liabilities measured at amortised cost
(107,674)
(449,638)
(105,356)
(105,356)


Financial assets measured at fair value through profit or loss comprise cash and cash equivalents. 


Financial assets measured at amortised cost comprise other debtors and accrued income. 


Financial liabilities measured at amortised cost comprise other loans and other creditors.

Page 31


NINEPM LIMITED

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

19.


DEFERRED TAXATION


Group



2023
2022


£

£






At beginning of year
(900)
(2,512)


Charged to profit or loss
1,161
1,612



AT END OF YEAR
261
(900)

The deferred taxation balance is made up as follows:

Group
Group
2023
2022
£
£

Accelerated capital allowances
(42)
(1,469)

Short term timing differences
303
569

261
(900)


20.


SHARE CAPITAL

2023
2022
£
£
ALLOTTED, CALLED UP AND FULLY PAID



46,963 (2022: 46,963) A Ordinary shares shares of £0.01 each
470
470
3,737 (2022: 3,737) B Ordinary shares shares of £0.01 each
37
37

507

507



21.


RESERVES

Share premium account

Includes all premiums received on issue of shares, less any issue costs. 

Profit and loss account

Includes all prior period retained profits and losses. All are available for distribution.

Page 32


NINEPM LIMITED

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

22.


PENSION COMMITMENTS

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund. Contributions totalling £2,318 (2022: £2,279) were payable to the fund at the reporting date.


23.


COMMITMENTS UNDER OPERATING LEASES

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


Group
Group
2023
2022
£
£

Not later than 1 year
103,370
70,869

Later than 1 year and not later than 5 years
15,898
70,005

119,268
140,874

24.


TRANSACTIONS WITH DIRECTORS

At the balance sheet date £8,072 was owed to the company by three directors (2022: £12,000 by two directors). These amounts are interest free and repayable on demand.


25.


RELATED PARTY TRANSACTIONS

The group has taken advantage of the exemption under FRS102 from disclosing transactions with wholly owned group companies. 
The group was owed £52,774 (2022: £84,603) by companies under common control receivable on demand. Of this £nil (2022: £20,129) amount was provided for at the balance sheet date.
The group paid £36,000 (2022: £36,000) to a company under common control.


26.


PARENT COMPANY PROFIT FOR THE YEAR

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Income and Retained Earnings in these financial statements. The profit after tax of the parent Company for the year was £3,341,047 (2022: loss £591,376).


27.


CONTROLLING PARTY

There is no ultimate controling party. 

 
Page 33