Registered number: 04936333
SCHNEIDER HOLDINGS LONDON LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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SCHNEIDER HOLDINGS LONDON LIMITED
COMPANY INFORMATION
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Schneider Investment Associates LLP
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Chartered Accountants & Statutory Auditor
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SCHNEIDER HOLDINGS LONDON LIMITED
CONTENTS
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Independent Auditors' Report
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Consolidated Statement of Comprehensive Income
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Consolidated Statement of Financial Position
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Company Statement of Financial Position
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Consolidated Statement of Changes in Equity
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Company Statement of Changes in Equity
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Consolidated Statement of Cash Flows
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Notes to the Financial Statements
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SCHNEIDER HOLDINGS LONDON LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023
The principal activity of the company is that of a holding company supporting the activities of both established
and newly formed subsidiaries, associated companies and other investments.
Overall underlying results attributable to the shareholders of the group were in line with expectation. Further impairment charges in the group’s unlisted investments portfolio significantly impacted results in the year with a charge of £2.2m. The group’s core lending operations continued to perform well with further expansion in the group’s overall deployed loan book.
The cycle of uncertainty surrounding interest rates and continuing inflationary pressures seems to have now stabilised at the cost of a significantly higher interest rate environment. The Group through its core lending activities, notably to the below market value property sector, is sensitive to the overall base interest rate cycles but the group’s lending models are well positioned to operate in rapidly changing environments. The group continues to focus on maintaining a strong balance sheet and the directors remain cautiously optimistic anticipating continued profitability and growth across its core operations.
The group still monitors the economic impact of Brexit noting that the group’s main trade is within the UK so its exposure is limited to the effects on the wider UK economy.
The group’s main focus continues to be the provision of funding solutions to a variety of sectors in the small to medium size market.
Section 172(1) statement
Under section 172(1) of the Companies Act 2006, the Directors are required to act in a way that they consider, in all good faith, would most likely promote the success of the Company. This success must be for the benefit of the Company’s shareholders but also for all other stakeholders. In its decisions the company has regard to the interests of its stakeholders and the desirability to maintain a reputation for high standards of business conduct. The Directors understand that the success of the company will be dependent on fostering strong mutually beneficial relationship with its customers, suppliers, employees and other stakeholders and actively manage such relationships. Furthermore the Directors ensure that they act fairly as between members of the company whilst also taking into consideration the impact of the company’s decisions on the wider community and the environment.
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SCHNEIDER HOLDINGS LONDON LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
Principal risks and uncertainties
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The management of the business and the execution of the Company’s strategy are subject to a number of risks. The key business risks and uncertainties are detailed below.
Financial risk management
The Group’s operations expose it to a variety of financial risks that include the effects of changes in market, credit and liquidity risks. The group has in place an overall risk management framework and risk management programmes at an individual company level where appropriate. Although the overall risk objective will be similar the nature the operations of the companies within the group requires different approaches as some companies will have direct market exposure through their proprietary trading activities and some will only hold non-trading book exposures.
Market risk
The Group defines market risk as the risk of losses in on- and off-balance sheet positions arising from movements in market prices or risk factors. The companies in the group operate within the risk threshold pre assigned to particular project or strategy in conjunction with the overall group’s market risk framework.
Market risk – foreign exchange risk
The Group maintains balances in a number of currencies, primarily Euros and US Dollars and has an active policy to manage and keep any underlying currency exposures to a minimum.
Credit risk
The group is exposed to credit risk through its deposited cash balances at its bankers Lloyds Bank, its Clearing and Settlement agents and its corporate Loan book. There are also balances due from other credit institutions and corporates relating to the groups facilities and funding activities.
There is a continuous monitoring of all group debts to ensure that all outstanding sums are settled within the agreed credit terms. Any disputed details are dealt with by the credit control department and escalated to senior management where necessary to ensure that there are minimal impaired debts at any time.
Counterparty credit risk
The group generates risk through the potential default of its counterparties to fulfil their obligations to the Company and these may arise through non-payment or failure to settle transactions. Triggers for these default events will likely be driven by changes in market risk factors (market driven counterparty risks) and the group differentiates between these and other types of repayment risk arising through its non-trading book.
Liquidity risk
The Company actively maintains sufficient cash resources and bank facilities to ensure the group has sufficient available funds for operations and timely settlement of transactions. The group operates a liquidity management framework and individual companies have documented their liquidity requirements within the framework of a Liquidity Policy.
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SCHNEIDER HOLDINGS LONDON LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
Financial key performance indicators
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The group records and tracks both financial and non-financial key performance indicators at various frequency levels. A sample of key financial key performance indicators are illustrated below.
Profitability ratios such as operating margins 2023: 20.0% (2022: 30.6%) are key indicators for the Group.
Return on Equity 2023: -0.01% (2022: 0.01%) was lower compared to last year due mainly to one off impairment charges.
At an operational level the group monitors financial and non-financial performance indicators in all its key areas of operations.
Directors' statement of compliance with duty to promote the success of the Group
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Under section 172(1) of the Companies Act 2006, the Directors are required to act in a way that they consider, in all good faith, would most likely promote the success of the Company. This success must be for the benefit of the Company’s shareholders but also for all other stakeholders. In its decisions the company has regard to the interests of its stakeholders and the desirability to maintain a reputation for high standards of business conduct. The Directors understand that the success of the company will be dependent on fostering strong mutually beneficial relationship with its customers, suppliers, employees and other stakeholders and actively manage such relationships. Furthermore the Directors ensure that they act fairly as between members of the company whilst also taking into consideration the impact of the company’s decisions on the wider community and the environment.
Shareholders
As a private company and group, the majority shareholder holds an active role in the daily running of the business, which ensures that the strategy of the Group is completely aligned with overall strategic objectives.
Employees
The team meet on a regular basis to discuss management information and investments and key management also form part of these conversations.
Customers
The Group has a varied customer base across its various activities and treating customers fairly is ingrained in the organisation. The behaviour of employees towards customers is governed by the Group policies and underlying legal agreements of the transactions placed.
Suppliers
The Group has various key supplier relationships which are monitored regularly ensuring the smooth running of the business.
Community and the environment
The Group ensures that its activities where relevant are carried out in a sustainable manner.
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SCHNEIDER HOLDINGS LONDON LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
This report was approved by the board and signed on its behalf.
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SCHNEIDER HOLDINGS LONDON LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023
The directors present their report and the audited financial statements for the year ended 31 March 2023.
Directors' responsibilities statement
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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 2006. They 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.
The loss for the year, after taxation and minority interests, amounted to £208,876 (2022 - profit £22,903).
Dividends of £850,000 (2022: £500,000) were declared and paid during the year.
The directors who served during the year were:
Disclosure of information to auditors
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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.
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SCHNEIDER HOLDINGS LONDON LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
Under section 487(2) of the Companies Act 2006, BKL Audit LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the board and signed on its behalf.
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SCHNEIDER HOLDINGS LONDON LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SCHNEIDER HOLDINGS LONDON LIMITED
We have audited the financial statements of Schneider Holdings London Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2023, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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 31 March 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.
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
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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.
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SCHNEIDER HOLDINGS LONDON LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SCHNEIDER HOLDINGS LONDON LIMITED (CONTINUED)
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 Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
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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
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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.
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SCHNEIDER HOLDINGS LONDON LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SCHNEIDER HOLDINGS LONDON LIMITED (CONTINUED)
Responsibilities of directors
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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.
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SCHNEIDER HOLDINGS LONDON LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SCHNEIDER HOLDINGS LONDON LIMITED (CONTINUED)
Auditors' responsibilities for the audit of the financial statements
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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:
∙Enquiring 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.
∙Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
∙Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
∙Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Company's internal control.
∙Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
∙Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' Report. However, future events or conditions may cause the Company to cease to continue as a going concern.
∙Evaluate the overall presentation, structure and content of the financial statements, including the
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SCHNEIDER HOLDINGS LONDON LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SCHNEIDER HOLDINGS LONDON LIMITED (CONTINUED)
disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
∙Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the Group audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an 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.
David Landau FCA (Senior Statutory Auditor)
for and on behalf of
BKL Audit LLP
Chartered Accountants
Statutory Auditor
London
27 February 2024
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SCHNEIDER HOLDINGS LONDON LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023
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Exceptional administrative expenses
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Income from shares in group undertakings
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Profit on investment disposal
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Interest receivable and similar income
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Interest payable and similar expenses
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Profit for the financial year
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Profit for the year attributable to:
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Non-controlling interests
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Owners of the parent Company
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Total comprehensive income for the year attributable to:
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Owners of the parent Company
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There was no other comprehensive income for 2023 (2022:£NIL).
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The notes on pages 21 to 43 form part of these financial statements.
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SCHNEIDER HOLDINGS LONDON LIMITED
REGISTERED NUMBER: 04936333
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023
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Debtors: amounts falling due after more than one year
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Debtors: amounts falling due within one year
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Current asset investments
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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Capital redemption reserve
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Equity attributable to owners of the parent Company
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SCHNEIDER HOLDINGS LONDON LIMITED
REGISTERED NUMBER: 04936333
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 21 to 43 form part of these financial statements.
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SCHNEIDER HOLDINGS LONDON LIMITED
REGISTERED NUMBER: 04936333
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023
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Debtors: amounts falling due after more than one year
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Capital redemption reserve
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Profit and loss account brought forward
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Loss/(profit) for the year
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Other changes in the profit and loss account
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Profit and loss account carried forward
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The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 21 to 43 form part of these financial statements.
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SCHNEIDER HOLDINGS LONDON LIMITED
REGISTERED NUMBER: 04936333
COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2023
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SCHNEIDER HOLDINGS LONDON LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
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Capital redemption reserve
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Comprehensive income for the year
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Dividends: Equity capital
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Dividends: Equity capital
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The notes on pages 21 to 43 form part of these financial statements.
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SCHNEIDER HOLDINGS LONDON LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
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Capital redemption reserve
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Comprehensive income for the year
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Contributions by and distributions to owners
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Dividends: Equity capital
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Comprehensive income for the year
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Dividends: Equity capital
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The notes on pages 21 to 43 form part of these financial statements.
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SCHNEIDER HOLDINGS LONDON LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023
Cash flows from operating activities
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Profit for the financial year
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Amortisation of intangible assets
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Depreciation of tangible assets
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Impairments of fixed assets
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(Increase) in amounts owed by groups
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(Decrease)/increase in creditors
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Increase/(decrease) in financial liabilities
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Share of operating (loss) in participating interest
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Profit on investment disposal
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Net cash generated from operating activities
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Cash flows from investing activities
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Purchase of intangible fixed assets
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Purchase of tangible fixed assets
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Purchase of unlisted and other investments
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Sale of unlisted and other investments
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Dividend received from participating interest
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Non-cash items in turnover
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Purchase of current asset investments
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Net cash from investing activities
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Cash flows from financing activities
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Amounts introduced by non-controling parties
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Net cash used in financing activities
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Net increase/(decrease) in cash and cash equivalents
|
|
|
|
SCHNEIDER HOLDINGS LONDON LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
Cash and cash equivalents at beginning of year
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Cash and cash equivalents at the end of year
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Cash and cash equivalents at the end of year comprise:
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The notes on pages 21 to 43 form part of these financial statements.
|
|
SCHNEIDER HOLDINGS LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
The principal activity of the Company during the year was that of a holding company supporting the activities of both established and newly formed subsidiaries, associated companies and other investments.
The company is a private Company limited by shares and is incorporated and domiciled in England.
The address of its Registered Office is Office 812, Salisbury House, 29 Finsbury Circus, London, EC2M 5QQ.
2.Accounting policies
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Basis of preparation of financial statements
|
The Consolidated and Company financial statements have been prepared on a going concern basis, under the historical cost convention as modified by the recognition of certain assets and liabilities measured at fair value, and in accordance with United Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland ("FRS 102") and the Companies Act 2006.
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
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 Comprehensive Income in these financial statements.
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 Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
The financial statements have been prepared on the going concern basis, which assumes that the Group will continue to be able to meet its liabilities as they fall due for a period of at least twelve months from the date of approval of these financial statements.
Based on the results to date and future projections, the directors are confident that the Group will continue to meet its liabilities as they fall due, looking forward at least twelve months from the date of signing these financial statements. As a result, the directors have prepared the financial statements on a going concern basis.
|
SCHNEIDER HOLDINGS LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
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Associates and joint ventures
|
An entity is treated as a joint venture where the Group is a party to a contractual agreement with one or more parties from outside the Group to undertake an economic activity that is subject to joint control.
An entity is treated as an associated undertaking where the Group exercises significant influence in that it has the power to participate in the operating and financial policy decisions.
In the consolidated accounts, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate. The Consolidated Statement of Comprehensive Income includes the Group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the Group. In the Consolidated Statement of Financial Position, the interests in associated undertakings are shown as the Group's share of the identifiable net assets, including any unamortised premium paid on acquisition.
Any premium on acquisition is dealt with in accordance with the goodwill policy.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Turnover comprises revenue recognised by the Group in respect of services supplied during the year,exclusive of Value Added Tax and along with profits and losses derived from trading activities.
Turnover in relation to the provision of facilitation services is recognised over the period the service is provided.
Turnover in respect of dealings in equity and FX derivatives is recognised on a trade date basis.
Turnover in respect of LLP profit shares and dividends is recognised when profits and dividends are irrevocably allocated.
Turnover in respect of interest receivable is recognised at the applicable interest rate over the period in which it relates.
Turnover in respect of hedge fund trading is recognised over the period to which the income relates. The loan arrangement fees are held at amortised cost from inception with the income recognised at the start of the loan.
In accordance with accepted practice, the profits and losses from trading activities include unrealised profits and losses at the period end, as open positions are included at market value. The directors consider this to be necessary to show a true and fair view, since the marketability of the instruments enables decisions to be taken continually about whether to hold or sell them, and hence the economic measure of profit in any period is properly made by reference to market values.
|
SCHNEIDER HOLDINGS LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
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:
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Short-term leasehold property
|
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Straight line over the lease term
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Assets under construction
|
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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 the Statement of Comprehensive Income.
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 Comprehensive Income 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.
|
SCHNEIDER HOLDINGS LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
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 Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
Long term loans to related companies are treated as investments.
Investments held as current assets are shown at market value.
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.
|
|
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.
The Group only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to and from related parties.
(i) Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Consolidated Statement of Comprehensive Income.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional
|
SCHNEIDER HOLDINGS LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
|
|
Financial instruments (continued)
|
restrictions.
(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
(iii) Offsetting
Financial assets and liabilities are offset and 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.
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.
|
SCHNEIDER HOLDINGS LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
|
|
Foreign currency translation
|
Functional and presentation currency
The Company's functional and presentational currency is Sterling.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Comprehensive Income except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Consolidated Statement of Comprehensive Income within 'other operating income'.
Finance costs are charged to the Statement of Comprehensive Income 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.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
Rentals paid under operating leases are charged to the Consolidated Statement of Comprehensive Income on a straight-line basis over the lease term.
|
SCHNEIDER HOLDINGS LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
Defined contribution pension plan
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 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.
Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.
|
|
Current and deferred taxation
|
The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income 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.
Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence.
|
SCHNEIDER HOLDINGS LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
|
|
Joint arrangements that are not entities ("JANE")
|
A JANE is a contractual arrangement with other participants to engage in joint activities where no
separate entity is created. Such arrangements are accounted for in the financial statements by
including only the Group's share of assets and liabilities in accordance with the terms of the
arrangement.
|
Judgments in applying accounting policies and key sources of estimation uncertainty
|
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the Consolidated Statement of Financial Position date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements:
(i) Useful economic lives of tangible fixed assets
The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 15 for the carrying amount of the tangible fixed assets, and note 2.6 for the useful economic lives for each class of assets.
(ii) Debtors
The Group makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. See note 17 for the net carrying amount of the debtors.
(iii) Valuation of investments
The Group has certain fixed and current asset investments that require recognition at fair value involving the use of valuation and estimation techniques. Where market value or fair value cannot be reliably determined, such investments are stated at historic cost less impairment.
There are no key assumptions concerning the future at the reporting date that have a significant risk causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
|
SCHNEIDER HOLDINGS LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
The whole of the turnover is attributable to financing activities and financial trading.
Analysis of turnover by country of destination:
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The operating profit is stated after charging:
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Depreciation of tangible fixed assets
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Other operating lease rentals
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During the year, the Group obtained the following services from the Company's auditors and their associates:
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Fees payable to the Company's auditors and their associates for the audit of the consolidated and parent Company's financial statements
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Fees payable to the Group's auditor and its associates in respect of:
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The auditing of accounts of associates of the Group pursuant to legislation
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Taxation compliance services
|
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|
SCHNEIDER HOLDINGS LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
|
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|
Staff costs, including directors' remuneration, were as follows:
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Cost of defined contribution scheme
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The average monthly number of employees, including the directors, during the year was as follows:
|
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Interest payable and similar expenses
|
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Other loan interest payable
|
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|
SCHNEIDER HOLDINGS LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
|
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|
|
Current tax on profits for the year
|
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|
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Origination and reversal of timing differences
|
|
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|
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Factors affecting tax charge for the year
|
|
The tax assessed for the year is higher than (2022 - lower than) the standard rate of corporation tax in the UK of 19% (2022 - 19%). The differences are explained below:
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Profit on ordinary activities before tax
|
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Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022 - 19%)
|
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|
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Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
|
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Capital allowances for year in excess of depreciation
|
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Other tax charge (relief) on exceptional items
|
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Other differences leading to an increase (decrease) in the tax charge
|
|
|
|
|
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|
|
Total tax charge for the year
|
|
|
|
Factors that may affect future tax charges
|
|
SCHNEIDER HOLDINGS LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
10.Taxation (continued)
In the Spring Budget 2021, the UK Government announced that from 1 April 2023 the corporation tax rate would increase to 25% (rather than remaining at 19%, as previously enacted). This new law was substantively enacted on 24 May 2021. Deferred taxes at the balance sheet date have been measured using these enacted tax rates and reflected in these financial statements.
|
Share of associate's profit written back on reclassification as investment
|
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Impairment of investments
|
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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 Comprehensive Income in these financial statements. The loss after tax of the parent Company for the year was £90,397 (2022 - profit £205,366).
|
SCHNEIDER HOLDINGS LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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Charge for the year on owned assets
|
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|
SCHNEIDER HOLDINGS LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
|
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Short-term leasehold property
|
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Computer equipment and Furniture and Fittings
|
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Charge for the year on owned assets
|
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SCHNEIDER HOLDINGS LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
15.Tangible fixed assets (continued)
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Charge for the year on owned assets
|
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SCHNEIDER HOLDINGS LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
|
|
Investments in associates
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Transfers between classes
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|
SCHNEIDER HOLDINGS LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
|
|
Investments in subsidiary companies
|
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The following were subsidiary undertakings of the Company:
|
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Schneider Investment Associates LLP
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Schneider Proprietary Trading LLP*
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Schneider Property Finance Limited
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The London Space Elevator Limited
|
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|
SCHNEIDER HOLDINGS LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
|
|
|
The following were associates of the Company:
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Schneider Financial Solutions Limited*
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The Property Buying Company Holdings Limited*
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PRL Legal Funding Limited*
|
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The Property Buying Company Limited*
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The Property Buying Company SPV1*
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*Indirect holdings
The investment in the associate The Property Buying Company Holdings Limited was sold after year end.
|
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Due after more than one year
|
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Due from participating interests
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Prepayments and accrued income
|
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Amounts owed by group undertakings
|
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Due from participating interests
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Prepayments and accrued income
|
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Amounts owed by group undertakings are unsecured, interest-free, have no fixed repayment date and
are repayable on demand.
|
|
SCHNEIDER HOLDINGS LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
|
Current asset investments
|
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Unlisted investments relate to units in a hedge fund and a distressed debt fund.
|
|
Cash and cash equivalents
|
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Included within cash and cash equivalents is £136,520 (2022: £131,174) held with the clearers through
whom Schneider Proprietary Trading LLP trades.
|
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Creditors: Amounts falling due within one year
|
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Other taxation and social security
|
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Amounts owed to non-controlling interests
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Accruals and deferred income
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Included within other creditors is an amount of £390,000 (2021: £450,000) borrowed which is unsecured
and with interest payable at an average rate of 2% per annum.
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SCHNEIDER HOLDINGS LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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Creditors: Amounts falling due after more than one year
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Accruals and deferred income
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Bank loans of £7,517,753 (2022: £nil) are secured by a debenture comprising fixed and floating charges over all the assets and undertakings of Schneider Property Finance Limited with a guarantee provided by Schneider Investments Associates LLP.
Other loans were unsecured with interest charged at an average rate of 2.5% per annum.
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 1-2 years
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Amounts falling due after more than 5 years
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SCHNEIDER HOLDINGS LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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Financial assets measured at fair value through profit or loss
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Financial assets measured at fair value through profit or loss comprise current unlisted investments
shown at market value.
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Allotted, called up and fully paid
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754,132 (2022 - 754,132) Ordinary shares of £0.01 each
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The Group operates a defined contribution 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 and amounted to £1,175 (2022: £553).
Contributions totalling £811 (2022: £409) were payable to the fund at the reporting date and are included
in creditors.
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Commitments under operating leases
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At 31 March 2023 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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Non-controlling interests
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There are minority interests which represent amounts due to and from other members of the various
subsidiary LLPs. All such amounts, including any capital contributions they have made, have been
included within creditors in the Consolidated Statement of Financial Position.
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SCHNEIDER HOLDINGS LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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Related party transactions
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The Company and Group had the following balances and transactions with participating interests:
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Amounts due from associates
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Share of associates' profit
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Accrued income from associates
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Transactions with directors duing the year included the following:
Dividends paid to the directors during the year amounted to £780,044 (2022: £458,849).
Included within other creditors due within one year is an amount of £390,000 (2022: £450,000) borrowed from a Non Executive Director of the Company. This amount is unsecured with interest payable at an average rate of 2% per annum.
Included in other creditors is an unsecured loan of £2,265,925 (2022: £2,265,925) due to a member of key management. During the year interest of £64,255 (2022: £47,752) was incurred in relation to this balance.
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SCHNEIDER HOLDINGS LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
The Group trades exchange traded derivatives in international financial markets and, in addition to operational risk, is exposed to a variety of financial risks including liquidity, interest rate, currency and credit risk. The Group’s financial risk methods focus on controlling the risk using various complex models and systems, within set parameters to maximise profit. The Group's clearing member on each exchange also provides a second layer of risk assessment on a real-time basis.
Liquidity risk
The Group seeks to ensure that it has access to adequate levels of funding to enable it to fund its ongoing trading on cost effective and attractive terms. This is achieved by monitoring and managing its overall margin exposure.
Interest rate risk
The Group has an exposure to interest rate risk as it is trading in interest rate derivatives. This risk is controlled through the group’s trading strategies and models.
Currency risk
The Group publishes its accounts in sterling but conducts its business in a number of foreign currencies principally the Euro and the US Dollar. Consequently the group is exposed to foreign exchange risk due to exchange rate movements. This risk is controlled by regular monitoring of foreign currency balances and by regular translations of foreign currencies into sterling where this is deemed desirable. Any gain or loss on exchange translations is recognised in the the Consolidated Statement of Comprehensive Income as part of trading profits.
Credit Risk
The Group is exposed to credit risk in the non performance by financial institutions holding the group’s liquid funds. The group’s policy on liquid funds is to ensure that these are only held by fully approved and regulated institutions of high standing.
The ultimate controlling party is S D W Schneider by virtue of his majority shareholding in the company.
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