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Registered number: 04936333









SCHNEIDER HOLDINGS LONDON LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

 
SCHNEIDER HOLDINGS LONDON LIMITED
 
 
COMPANY INFORMATION


Directors
S D W Schneider 
C W Taylor 




Company secretary
Schneider Investment Associates LLP



Registered number
04936333



Registered office
Office 812
Salisbury House

29 Finsbury Circus

London

EC2M 5QQ




Independent auditors
BKL Audit LLP
Chartered Accountants & Statutory Auditor

35 Ballards Lane

London

N3 1XW





 
SCHNEIDER HOLDINGS LONDON LIMITED
 

CONTENTS



Page
Group Strategic Report
 
 
1 - 4
Directors' Report
 
 
5 - 6
Independent Auditors' Report
 
 
7 - 11
Consolidated Statement of Comprehensive Income
 
 
12
Consolidated Statement of Financial Position
 
 
13 - 14
Company Statement of Financial Position
 
 
15 - 16
Consolidated Statement of Changes in Equity
 
 
17
Company Statement of Changes in Equity
 
 
18
Consolidated Statement of Cash Flows
 
 
19 - 20
Notes to the Financial Statements
 
 
21 - 43


 
SCHNEIDER HOLDINGS LONDON LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023

Introduction
 
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.

Business review
 
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.

Page 1

 
SCHNEIDER HOLDINGS LONDON LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023

Principal risks and uncertainties
 
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.

Page 2

 
SCHNEIDER HOLDINGS LONDON LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023

Financial key performance indicators
 
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
 
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.

Page 3

 
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.



S D W Schneider
Director

Date: 27 February 2024

Page 4

 
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

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.

Results and dividends

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.

Directors

The directors who served during the year were:

S D W Schneider 
C W Taylor 

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.

Page 5

 
SCHNEIDER HOLDINGS LONDON LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023

Auditors

Under section 487(2) of the Companies Act 2006BKL 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.
 





SDW Schneider
Director

Date: 27 February 2024

Page 6

 
SCHNEIDER HOLDINGS LONDON LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SCHNEIDER HOLDINGS LONDON LIMITED
 

Opinion


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 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 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.


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.


Page 7

 
SCHNEIDER HOLDINGS LONDON LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SCHNEIDER HOLDINGS LONDON LIMITED (CONTINUED)


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.


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.


Page 8

 
SCHNEIDER HOLDINGS LONDON LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SCHNEIDER HOLDINGS LONDON LIMITED (CONTINUED)


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 9

 
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
 

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
Page 10

 
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 statementsWe 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.


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.





David Landau FCA (Senior Statutory Auditor)
  
for and on behalf of
BKL Audit LLP
 
Chartered Accountants
Statutory Auditor
  
London

27 February 2024
Page 11

 
SCHNEIDER HOLDINGS LONDON LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023

2023
2022
Note
£
£

  

Turnover
 4 
3,521,246
2,810,480

Cost of sales
  
(31,131)
(29,437)

Gross profit
  
3,490,115
2,781,043

Administrative expenses
  
(639,354)
(708,538)

Exceptional administrative expenses
 12 
(2,089,777)
(1,211,453)

Operating profit
 5 
760,984
861,052

Income from shares in group undertakings
  
224,194
686,561

Profit on investment disposal
  
225,208
-

Interest receivable and similar income
  
19,387
10,730

Interest payable and similar expenses
 9 
(319,338)
(56,752)

Profit before taxation
  
910,435
1,501,591

Tax on profit
 10 
(266,415)
(185,593)

Profit for the financial year
  
644,020
1,315,998

Profit for the year attributable to:
  

Non-controlling interests
  
852,896
1,293,095

Owners of the parent Company
  
(208,876)
22,903

  
644,020
1,315,998

Total comprehensive income for the year attributable to:
  

Non-controlling interest
  
852,896
1,293,095

Owners of the parent Company
  
(208,876)
22,903

  
644,020
1,315,998

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

The notes on pages 21 to 43 form part of these financial statements.

Page 12

 
SCHNEIDER HOLDINGS LONDON LIMITED
REGISTERED NUMBER: 04936333

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 14 
59,154
46,757

Tangible assets
 15 
239,884
31,525

Investments
 16 
4,212,249
6,186,741

  
4,511,287
6,265,023

Current assets
  

Debtors: amounts falling due after more than one year
 17 
14,899,411
7,906,755

Debtors: amounts falling due within one year
 17 
17,675,234
20,557,576

Current asset investments
 18 
212,564
205,847

Cash at bank and in hand
 19 
4,931,770
1,705,194

  
37,718,979
30,375,372

Creditors: amounts falling due within one year
 20 
(3,916,605)
(2,526,414)

Net current assets
  
 
 
33,802,374
 
 
27,848,958

Total assets less current liabilities
  
38,313,661
34,113,981

Creditors: amounts falling due after more than one year
 21 
(7,524,481)
(2,265,925)

Provisions for liabilities
  

Net assets
  
30,789,180
31,848,056


Capital and reserves
  

Called up share capital 
 24 
7,541
7,541

Share premium account
  
1,019,744
1,019,744

Capital redemption reserve
  
4,123
4,123

Profit and loss account
  
29,757,772
30,816,648

Equity attributable to owners of the parent Company
  
30,789,180
31,848,056

  
30,789,180
31,848,056


Page 13

 
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: 




S D W Schneider
Director

Date: 27 February 2024

The notes on pages 21 to 43 form part of these financial statements.

Page 14

 
SCHNEIDER HOLDINGS LONDON LIMITED
REGISTERED NUMBER: 04936333

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 15 
24,107
31,525

Investments
 16 
27,487,972
27,487,972

  
27,512,079
27,519,497

Current assets
  

Debtors: amounts falling due after more than one year
 17 
-
100,000

Debtors: amounts falling due within one year
 17 
2,247,944
2,954,681

Cash at bank and in hand
 19 
31,621
37,180

  
2,279,565
3,091,861

Creditors: amounts falling due within one year
 20 
(684,670)
(563,987)

Net current assets
  
 
 
1,594,895
 
 
2,527,874

Total assets less current liabilities
  
29,106,974
30,047,371

  

  

Net assets
  
29,106,974
30,047,371


Capital and reserves
  

Called up share capital 
 24 
7,541
7,541

Share premium account
  
1,019,744
1,019,744

Capital redemption reserve
  
4,123
4,123

Profit and loss account brought forward
  
29,015,963
29,310,597

Loss/(profit) for the year
  
(90,397)
205,366

Other changes in the profit and loss account

  

(850,000)
(500,000)

Profit and loss account carried forward
  
28,075,566
29,015,963

  
29,106,974
30,047,371


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


S D W Schneider
Director

Date: 27 February 2024

The notes on pages 21 to 43 form part of these financial statements.
Page 15

 
SCHNEIDER HOLDINGS LONDON LIMITED
REGISTERED NUMBER: 04936333
    
COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2023


Page 16

 
SCHNEIDER HOLDINGS LONDON LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023


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

£
£
£
£
£


At 1 April 2021
7,541
1,019,744
4,123
31,293,745
32,325,153


Comprehensive income for the year

Profit for the year
-
-
-
22,903
22,903

Dividends: Equity capital
-
-
-
(500,000)
(500,000)



At 1 April 2022
7,541
1,019,744
4,123
30,816,648
31,848,056



Loss for the year
-
-
-
(208,876)
(208,876)

Dividends: Equity capital
-
-
-
(850,000)
(850,000)


At 31 March 2023
7,541
1,019,744
4,123
29,757,772
30,789,180


The notes on pages 21 to 43 form part of these financial statements.

Page 17

 
SCHNEIDER HOLDINGS LONDON LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023


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

£
£
£
£
£


At 1 April 2021
7,541
1,019,744
4,123
29,310,597
30,342,005


Comprehensive income for the year

Profit for the year
-
-
-
205,366
205,366


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(500,000)
(500,000)



At 1 April 2022
7,541
1,019,744
4,123
29,015,963
30,047,371


Comprehensive income for the year

Loss for the year
-
-
-
(90,397)
(90,397)

Dividends: Equity capital
-
-
-
(850,000)
(850,000)


At 31 March 2023
7,541
1,019,744
4,123
28,075,566
29,106,974


The notes on pages 21 to 43 form part of these financial statements.

Page 18

 
SCHNEIDER HOLDINGS LONDON LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
644,020
1,315,998

Adjustments for:

Amortisation of intangible assets
7,103
7,103

Depreciation of tangible assets
8,778
7,851

Impairments of fixed assets
2,089,777
609,131

Interest paid
319,338
56,752

Interest received
(19,387)
(10,730)

Taxation charge
266,415
185,593

(Increase) in debtors
(226,829)
(4,786,264)

(Increase) in amounts owed by groups
(3,869,597)
(2,670,539)

(Decrease)/increase in creditors
(433,951)
755,172

Increase/(decrease) in financial liabilities
-
(21,151)

Share of operating (loss) in participating interest
(224,194)
(686,561)

Corporation tax (paid)
(91,183)
(145,945)

Profit on investment disposal
(225,208)
-

Net cash generated from operating activities

(1,754,918)
(5,383,590)


Cash flows from investing activities

Purchase of intangible fixed assets
(19,500)
-

Purchase of tangible fixed assets
(217,137)
(37,088)

Purchase of unlisted and other investments
(355,599)
(114,527)

Sale of unlisted and other investments
300,636
1,052,322

Interest received
19,387
10,730

Dividend received from participating interest
224,194
253,427

Non-cash items in turnover
(979,996)
-

Purchase of current asset investments
(6,717)
-

Net cash from investing activities

(1,034,732)
1,164,864

Cash flows from financing activities

New secured loans
7,524,481
-

Dividends paid
(850,000)
(500,000)

Interest paid
(319,338)
(56,752)

Amounts introduced by non-controling parties
(338,917)
(1,248,390)

Net cash used in financing activities
6,016,226
(1,805,142)

Net increase/(decrease) in cash and cash equivalents
3,226,576
(6,023,868)
Page 19

 
SCHNEIDER HOLDINGS LONDON LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023


2023
2022

£
£


Cash and cash equivalents at beginning of year
1,705,194
7,729,062

Cash and cash equivalents at the end of year
4,931,770
1,705,194


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
4,931,770
1,705,194

4,931,770
1,705,194


The notes on pages 21 to 43 form part of these financial statements.

Page 20

 
SCHNEIDER HOLDINGS LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

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

 
2.1

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.

 
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 Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

Going concern

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.

Page 21

 
SCHNEIDER HOLDINGS LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.4

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.

 
2.5

Turnover

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.

Page 22

 
SCHNEIDER HOLDINGS LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
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:

Short-term leasehold property
-
Straight line over the lease term
Motor vehicles
-
20% Straight line
Fixtures and fittings
-
20% Straight line
Computer equipment
-
33% Straight line
Assets under construction
-
No depreciation

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.

 
2.7

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 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.

Page 23

 
SCHNEIDER HOLDINGS LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.8

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 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.

 
2.9

Debtors

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

 
2.10

Cash 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.



 
2.11

Financial instruments

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
Page 24

 
SCHNEIDER HOLDINGS LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.11
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.

 
2.12

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.

Page 25

 
SCHNEIDER HOLDINGS LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.13

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'.

 
2.14

Finance costs

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.

 
2.15

Dividends

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.

 
2.16

Operating leases

Rentals paid under operating leases are charged to the Consolidated Statement of Comprehensive Income on a straight-line basis over the lease term.

Page 26

 
SCHNEIDER HOLDINGS LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.17

Pensions

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.

 
2.18

Interest income

Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.

 
2.19

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.

 
2.20

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence.

Page 27

 
SCHNEIDER HOLDINGS LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

  
2.21

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.


3.


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.

Page 28

 
SCHNEIDER HOLDINGS LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Turnover

The whole of the turnover is attributable to financing activities and financial trading.

Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
3,521,246
2,810,480

3,521,246
2,810,480



5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Depreciation of tangible fixed assets
7,418
7,851

Exchange differences
9,085
9,185

Other operating lease rentals
16,438
17,109


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
22,150
23,309

Fees payable to the Group's auditor and its associates in respect of:

The auditing of accounts of associates of the Group pursuant to legislation
22,225
21,246

Taxation compliance services
4,500
3,750

Page 29

 
SCHNEIDER HOLDINGS LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

7.


Employees

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


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


Wages and salaries
241,959
157,172
135,000
132,500

Social security costs
28,174
17,724
17,386
16,534

Cost of defined contribution scheme
2,109
553
-
-

272,242
175,449
152,386
149,034


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.









Directors
2
2
2
2



Administration
2
3
1
2

4
5
3
4


8.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
125,000
125,000

125,000
125,000



9.


Interest payable and similar expenses

2023
2022
£
£


Other loan interest payable
319,338
56,752

319,338
56,752

Page 30

 
SCHNEIDER HOLDINGS LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

10.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
263,770
174,659


Total current tax
263,770
174,659

Deferred tax


Origination and reversal of timing differences
2,645
10,934

Total deferred tax
2,645
10,934


Tax on profit
266,415
185,593

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:

2023
2022
£
£


Profit on ordinary activities before tax
910,435
1,501,595


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022 - 19%)
172,983
285,294

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
77,421
14,994

Capital allowances for year in excess of depreciation
(4,054)
(11,991)

Other tax charge (relief) on exceptional items
-
(114,441)

Other differences leading to an increase (decrease) in the tax charge
17,420
803

Deferred tax
2,645
10,934

Total tax charge for the year
266,415
185,593


Factors that may affect future tax charges

Page 31

 
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.


11.


Dividends

2023
2022
£
£


Dividends
850,000
500,000

850,000
500,000


12.


Exceptional items

2023
2022
£
£


Share of associate's profit written back on reclassification as investment
-
602,322

Impairment of investments
2,089,777
609,131

2,089,777
1,211,453


13.


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).

Page 32

 
SCHNEIDER HOLDINGS LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

14.


Intangible assets

Group and Company





Patents
Goodwill
Total

£
£
£



Cost


At 1 April 2022
-
71,025
71,025


Additions
19,500
-
19,500



At 31 March 2023

19,500
71,025
90,525



Amortisation


At 1 April 2022
-
24,268
24,268


Charge for the year on owned assets
-
7,103
7,103



At 31 March 2023

-
31,371
31,371



Net book value



At 31 March 2023
19,500
39,654
59,154



At 31 March 2022
-
46,757
46,757



Page 33

 
SCHNEIDER HOLDINGS LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

15.


Tangible fixed assets

Group






Short-term leasehold property
Motor vehicles
Computer equipment and Furniture and Fittings
Asset under construction
Total

£
£
£
£
£



Cost or valuation


At 1 April 2022
108,933
37,088
79,797
-
225,818


Additions
-
-
4,806
212,331
217,137



At 31 March 2023

108,933
37,088
84,603
212,331
442,955



Depreciation


At 1 April 2022
108,933
5,563
79,797
-
194,293


Charge for the year on owned assets
-
7,418
1,360
-
8,778



At 31 March 2023

108,933
12,981
81,157
-
203,071



Net book value



At 31 March 2023
-
24,107
3,446
212,331
239,884



At 31 March 2022
-
31,525
-
-
31,525

Page 34

 
SCHNEIDER HOLDINGS LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

           15.Tangible fixed assets (continued)


Company






Motor vehicles

£

Cost or valuation


At 1 April 2022
37,088



At 31 March 2023

37,088



Depreciation


At 1 April 2022
5,563


Charge for the year on owned assets
7,418



At 31 March 2023

12,981



Net book value



At 31 March 2023
24,107



At 31 March 2022
31,525






Page 35

 
SCHNEIDER HOLDINGS LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

16.


Fixed asset investments

Group





Investments in associates
Unlisted investments
Total

£
£
£



Cost or valuation


At 1 April 2022
1,810,768
5,765,413
7,576,181


Additions
-
355,599
355,599


Disposals
(1,574)
(73,854)
(75,428)


Transfers between classes
300,000
(300,000)
-


Share of profit/(loss)
24,194
-
24,194



At 31 March 2023

2,133,388
5,747,158
7,880,546



Impairment


At 1 April 2022
-
1,389,440
1,389,440


Charge for the period
-
2,278,858
2,278,858



At 31 March 2023

-
3,668,298
3,668,298



Net book value



At 31 March 2023
2,133,388
2,078,860
4,212,248



At 31 March 2022
1,810,768
4,375,973
6,186,741

Page 36

 
SCHNEIDER HOLDINGS LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Company





Investments in subsidiary companies
Unlisted investments
Total

£
£
£



Cost or valuation


At 1 April 2022
27,150,510
850,005
28,000,515



At 31 March 2023

27,150,510
850,005
28,000,515



Impairment


At 1 April 2022
-
512,543
512,543



At 31 March 2023

-
512,543
512,543



Net book value



At 31 March 2023
27,150,510
337,462
27,487,972



At 31 March 2022
27,150,510
337,462
27,487,972


Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Principal activity

Class of shares

Holding

Schneider Investment Associates LLP
Loans and financing
Ordinary
51%
Schneider Proprietary Trading LLP*
Financial services
Ordinary
51%
Schneider Property Finance Limited
Property loan finance
Ordinary
100%
The London Space Elevator Limited
Performing arts
Ordinary
100%

*Indirect holdings

Page 37

 
SCHNEIDER HOLDINGS LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

Associates


The following were associates of the Company:


Name

Principal activity

Class of shares

Holding

Schneider Financial Solutions Limited*
Litigation finance
Ordinary
26%
The Property Buying Company Holdings Limited*
Property finance
Ordinary
26%
PRL Legal Funding Limited*
Litigation finance
Ordinary
26%
The Property Buying Company Limited*
Property
Ordinary
26%
The Property Buying Company SPV1*
Property
Ordinary
26%

*Indirect holdings
The investment in the associate The Property Buying Company Holdings Limited was sold after year end.


17.


Debtors

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

Due after more than one year

Due from participating interests
12,473,912
5,584,100
-
-

Other debtors
1,749,688
2,036,340
-
100,000

Prepayments and accrued income
675,811
286,315
-
-

14,899,411
7,906,755
-
100,000


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

Due within one year

Trade debtors
12,491,350
11,632,565
-
-

Amounts owed by group undertakings
-
-
1,717,253
2,341,133

Due from participating interests
354,144
3,374,359
-
-

Other debtors
4,023,894
4,748,483
509,962
595,962

Prepayments and accrued income
791,958
785,637
6,841
1,054

Deferred taxation
13,888
16,532
13,888
16,532

17,675,234
20,557,576
2,247,944
2,954,681


Amounts owed by group undertakings are unsecured, interest-free, have no fixed repayment date and
are repayable on demand.

Page 38

 
SCHNEIDER HOLDINGS LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

18.


Current asset investments

Group
Group
2023
2022
£
£

Unlisted investments
212,564
205,847

212,564
205,847


Unlisted investments relate to units in a hedge fund and a distressed debt fund.


19.


Cash and cash equivalents

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

Cash at bank and in hand
4,931,770
1,705,194
31,621
37,180

4,931,770
1,705,194
31,621
37,180


Included within cash and cash equivalents is £136,520 (2022: £131,174) held with the clearers through
whom Schneider Proprietary Trading LLP trades.


20.


Creditors: Amounts falling due within one year

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

Other loans
2,265,925
-
-
-

Trade creditors
49,013
12,113
-
-

Corporation tax
268,536
90,659
268,536
90,659

Other taxation and social security
41,590
-
1,606
-

Amounts owed to non-controlling interests
609,330
948,247
-
-

Other creditors
612,906
1,422,674
390,000
450,000

Accruals and deferred income
69,305
52,721
24,528
23,328

3,916,605
2,526,414
684,670
563,987


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.

Page 39

 
SCHNEIDER HOLDINGS LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

21.


Creditors: Amounts falling due after more than one year

Group
Group
2023
2022
£
£

Bank loans
7,517,753
-

Other loans
-
2,265,925

Accruals and deferred income
6,728
-

7,524,481
2,265,925


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.


22.


Loans


Analysis of the maturity of loans is given below:


Group
Group
2023
2022
£
£

Amounts falling due within one year

Other loans
2,265,925
-

Amounts falling due 1-2 years

Bank loans
7,517,753
-


Amounts falling due after more than 5 years

Other loans
-
2,265,925

-
2,265,925

9,783,678
2,265,925


Page 40

 
SCHNEIDER HOLDINGS LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

23.


Financial instruments

Group
Group
2023
2022
£
£

Financial assets

Financial assets measured at fair value through profit or loss
212,565
205,847




Financial assets measured at fair value through profit or loss comprise current unlisted investments
shown at market value.


24.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



754,132 (2022 - 754,132) Ordinary shares of £0.01 each
7,541
7,541



25.


Pension commitments

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.


26.


Commitments under operating leases

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:


Group
Group
2023
2022
£
£

Not later than 1 year
16,438
13,699

Later than 1 year and not later than 5 years
17,260
-

33,698
13,699

27.


Non-controlling interests

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.

Page 41

 
SCHNEIDER HOLDINGS LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

28.


Related party transactions

The Company and Group had the following balances and transactions with participating interests:


2023
2022
£
£

Amounts due from associates
12,827,956
8,958,358
Share of associates' profit
224,194
686,561
Accrued income from associates
1,007,744
323,113
Dividend income
-
253,427
Interest income
1,267,161
687,599

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.

Page 42

 
SCHNEIDER HOLDINGS LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

29.


Risk Management

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.


30.


Controlling party

The ultimate controlling party is S D W Schneider by virtue of his majority shareholding in the company.

 
Page 43