IRIS Accounts Production v24.2.0.383 08224800 director 1.1.23 31.12.23 31.12.23 true false true true false false true false Ordinary share 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh082248002022-12-31082248002023-12-31082248002023-01-012023-12-31082248002021-12-31082248002022-01-012022-12-31082248002022-12-3108224800ns15:EnglandWales2023-01-012023-12-3108224800ns14:PoundSterling2023-01-012023-12-3108224800ns10:Director12023-01-012023-12-3108224800ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3108224800ns10:FRS1022023-01-012023-12-3108224800ns10:Audited2023-01-012023-12-3108224800ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-01-012023-12-3108224800ns10:LargeMedium-sizedCompaniesRegimeForAccounts2023-01-012023-12-3108224800ns10:FullAccounts2023-01-012023-12-3108224800ns10:OrdinaryShareClass22023-01-012023-12-3108224800ns10:RegisteredOffice2023-01-012023-12-3108224800ns10:Director22023-01-012023-12-3108224800ns5:CurrentFinancialInstruments2023-12-3108224800ns5:CurrentFinancialInstruments2022-12-3108224800ns5:Non-currentFinancialInstruments2023-12-3108224800ns5:Non-currentFinancialInstruments2022-12-3108224800ns5:ShareCapital2021-12-3108224800ns5:RetainedEarningsAccumulatedLosses2021-12-3108224800ns5:SharePremium2021-12-3108224800ns5:RetainedEarningsAccumulatedLosses2022-01-012022-12-3108224800ns5:RetainedEarningsAccumulatedLosses2023-01-012023-12-310822480012023-01-012023-12-310822480012022-01-012022-12-310822480022023-01-012023-12-310822480022022-01-012022-12-310822480012023-01-012023-12-3108224800ns5:FurnitureFittings2023-01-012023-12-3108224800ns5:MotorVehicles2023-01-012023-12-3108224800ns5:ComputerEquipment2023-01-012023-12-3108224800ns5:ReportableOperatingSegment12023-01-012023-12-3108224800ns5:ReportableOperatingSegment12022-01-012022-12-3108224800ns5:TotalReportableOperatingSegmentsIncludingAnyUnallocatedAmount2023-01-012023-12-3108224800ns5:TotalReportableOperatingSegmentsIncludingAnyUnallocatedAmount2022-01-012022-12-3108224800ns15:UnitedKingdom2023-01-012023-12-3108224800ns15:UnitedKingdom2022-01-012022-12-3108224800ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount2023-01-012023-12-3108224800ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount2022-01-012022-12-3108224800ns5:OwnedAssets2023-01-012023-12-3108224800ns5:OwnedAssets2022-01-012022-12-3108224800ns5:LeasedAssets2023-01-012023-12-3108224800ns5:LeasedAssets2022-01-012022-12-3108224800ns5:HirePurchaseContracts2023-01-012023-12-3108224800ns5:HirePurchaseContracts2022-01-012022-12-3108224800ns5:FurnitureFittings2022-12-3108224800ns5:MotorVehicles2022-12-3108224800ns5:ComputerEquipment2022-12-3108224800ns5:FurnitureFittings2023-12-3108224800ns5:MotorVehicles2023-12-3108224800ns5:ComputerEquipment2023-12-3108224800ns5:FurnitureFittings2022-12-3108224800ns5:MotorVehicles2022-12-3108224800ns5:ComputerEquipment2022-12-3108224800ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2022-12-3108224800ns5:ComputerEquipmentns5:LeasedAssetsHeldAsLessee2022-12-3108224800ns5:LeasedAssetsHeldAsLessee2022-12-3108224800ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-01-012023-12-3108224800ns5:ComputerEquipmentns5:LeasedAssetsHeldAsLessee2023-01-012023-12-3108224800ns5:LeasedAssetsHeldAsLessee2023-01-012023-12-3108224800ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-12-3108224800ns5:ComputerEquipmentns5:LeasedAssetsHeldAsLessee2023-12-3108224800ns5:LeasedAssetsHeldAsLessee2023-12-3108224800ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2022-12-3108224800ns5:ComputerEquipmentns5:LeasedAssetsHeldAsLessee2022-12-3108224800ns5:LeasedAssetsHeldAsLessee2022-12-3108224800ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3108224800ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3108224800ns5:HirePurchaseContractsns5:WithinOneYear2023-12-3108224800ns5:HirePurchaseContractsns5:WithinOneYear2022-12-3108224800ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-12-3108224800ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2022-12-3108224800ns5:HirePurchaseContracts2023-12-3108224800ns5:HirePurchaseContracts2022-12-3108224800ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3108224800ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3108224800ns5:WithinOneYear2023-12-3108224800ns5:WithinOneYear2022-12-3108224800ns10:OrdinaryShareClass22023-12-3108224800ns5:RetainedEarningsAccumulatedLosses2022-12-3108224800ns5:SharePremium2022-12-3108224800ns5:RetainedEarningsAccumulatedLosses2023-12-3108224800ns5:SharePremium2023-12-31
REGISTERED NUMBER: 08224800 (England and Wales)













STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

CAPITAL FINANCIAL MARKETS LIMITED

CAPITAL FINANCIAL MARKETS LIMITED (REGISTERED NUMBER: 08224800)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Strategic Report 2

Report of the Director 3

Statement of Director's Responsibilities 4

Report of the Independent Auditors 5

Statement of Comprehensive Income 7

Balance Sheet 8

Statement of Changes in Equity 9

Cash Flow Statement 10

Notes to the Cash Flow Statement 11

Notes to the Financial Statements 12


CAPITAL FINANCIAL MARKETS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTOR: P Coffin





REGISTERED OFFICE: 8 Spicer Street
St Albans
Hertfordshire
AL3 4PQ





REGISTERED NUMBER: 08224800 (England and Wales)





AUDITORS: Taylor Viney & Marlow Limited
Chartered Accountants
Statutory Auditors
46-54 High Street
Ingatestone
Essex
CM4 9DW

CAPITAL FINANCIAL MARKETS LIMITED (REGISTERED NUMBER: 08224800)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The director presents the strategic report for the year ended 31 December 2023.

REVIEW OF BUSINESS
There was a small increase in business activity in the year. The markets remained turbulent throughout the year, with interest rate uncertainties, continuing concerns over inflationary pressures and the general economic outlook. However, despite the uncertain environment, the company was still able to report a trading profit for the year, which remains a testament to its resilience, even in the current climate.

Our revenue is split 64% recurring management fees, 28% broking commission, with the remaining 8% relating to other fees.

CRM
We continue to develop and invest in our CRM functionality and constantly strive to improve our service offerings to clients and achieve sustainable growth.

BUSINESS LEVELS AND OUTLOOK
Despite the continued social and economic challenges faced throughout 2023, the business has continued to remain profitable. Our reputation continues to grow as a firm that can migrate customers from SIPPs with large providers such as Standard Life, onto our own platform using lower cost bespoke SIPP providers and within those SIPPs, providing our personalised investment management service. This business is very long term and provides recurring revenue. We continue to gain a considerable number of referrals for this type of business and expect this trend to continue.

STAFF
We continue to invest in staff training and continue to monitor our staff's well-being. We acknowledge that our business is only as good as the people who work in it, and we strive to create a welcoming and professional workplace environment for all staff members.

KEY PERFORMANCE INDICATORS
The client base and assets under management have increased during the year, despite the uncertain economic conditions prevailing throughout 2023.

Complaints - No complaints received during this or the previous year.

PRINCIPAL RISKS AND UNCERTAINTIES
All our main software packages are in the cloud which means that we are well equipped to cope with any unexpected disruptions to our services, Our teams are able to work from anywhere and this provides the flexibility and adaptability that is sometimes needed. We rely heavily on Office 365, Microsoft Teams and SharePoint. Our phone system is a VOIP system so again can be used from any computer, Android phone or IOS.

The majority of our costs remains variable and this provides us with the flexibility to quickly adapt to market conditions and review our outgoings in accordance with the prevailing business climate. This flexibility is vital in times of economic uncertainty and provides us with the confidence to plan and develop the business in both the short and long term.

Whilst there continues to remain an element of uncertainty in the economic outlook, this can create opportunities for a smaller and client focused business to benefit, with investors looking for alternatives to their current financial arrangements. Therefore, we believe that we are well positioned to benefit from either a continued period of economic turbulence or a more settled period for both the UK and global economy.

ON BEHALF OF THE BOARD:





P Coffin - Director


19 April 2024

CAPITAL FINANCIAL MARKETS LIMITED (REGISTERED NUMBER: 08224800)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31 DECEMBER 2023


PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of investment management.

DIVIDENDS
Ordinary dividends were paid amounting to £49,000. The director does not recommend the payment of a further dividend.

FUTURE DEVELOPMENTS
The company has chosen to include this information in the Strategic Report in accordance with section 414C of the Companies Act 2006.

DIRECTORS
P Coffin has held office during the whole of the period from 1 January 2023 to the date of this report.

Other changes in directors holding office are as follows:

Mrs C F Coffin - resigned 9 May 2023

REMUNERATION DISCLOSURES
Details of the company's unaudited Remuneration disclosures, required under MIFIDPRU 8 of the FCA's Prudential Sourcebook for Banks, Building Societies and Investment Firms (BIPRU), are being made via the company's website and a copy is also available on request from the company's registered office.

RESULTS
The results for the year are set out on page 7.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
Taylor Viney & Marlow Limited were appointed as auditor to the company, and in accordance with section 485 of the Companies Act 2006 will be proposed for re-appointment at the forthcoming Annual General meeting

ON BEHALF OF THE BOARD:





P Coffin - Director


19 April 2024

CAPITAL FINANCIAL MARKETS LIMITED (REGISTERED NUMBER: 08224800)

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
FOR THE YEAR ENDED 31 DECEMBER 2023

The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CAPITAL FINANCIAL MARKETS LIMITED

Opinion
We have audited the financial statements of Capital Financial Markets Limited (the 'company') for the year ended 31 December 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, 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 company's affairs as at 31 December 2023 and of its 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Strategic Report, the Report of the Director and the Statement of Director's Responsibilities, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from
branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.
- the directors were not entitled to prepare the financial statements in accordance with the small companies
regime and take advantage of the small companies' exemption in preparing the directors' report and take
advantage of the small companies exemption from the requirement to prepare a strategic report.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CAPITAL FINANCIAL MARKETS LIMITED


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

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

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 a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. Audit staff with sufficient knowledge and expertise to identify non-compliance with laws and regulations were deployed on the audit.

Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. We did not identify any key audit matters relating to irregularities, including fraud.

We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 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 a Report of the Auditors 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 J. Stevens (Senior Statutory Auditor)
for and on behalf of Taylor Viney & Marlow Limited
Chartered Accountants
Statutory Auditors
46-54 High Street
Ingatestone
Essex
CM4 9DW

19 April 2024

CAPITAL FINANCIAL MARKETS LIMITED (REGISTERED NUMBER: 08224800)

STATEMENT OF COMPREHENSIVE
INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £   

TURNOVER 3 635,987 589,360

Cost of sales 196,177 112,314
GROSS PROFIT 439,810 477,046

Administrative expenses 370,013 395,282
69,797 81,764

Other operating income 4 - 5,861
OPERATING PROFIT 6 69,797 87,625

Gain/loss on sale of investmts 8 6,773 (7,062 )
76,570 80,563

Interest receivable and similar income 9 786 5,441
77,356 86,004
Gain/loss on revaluation of investments 2,040 (28,579 )
79,396 57,425

Interest payable and similar expenses 10 4,221 12,557
PROFIT BEFORE TAXATION 75,175 44,868

Tax on profit 11 15,396 16,873
PROFIT FOR THE FINANCIAL YEAR 59,779 27,995

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

59,779

27,995

CAPITAL FINANCIAL MARKETS LIMITED (REGISTERED NUMBER: 08224800)

BALANCE SHEET
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 13 25,798 33,946

CURRENT ASSETS
Debtors 14 213,778 178,725
Investments 15 75,799 115,610
Cash at bank and in hand 151,001 98,591
440,578 392,926
CREDITORS
Amounts falling due within one year 16 169,595 131,456
NET CURRENT ASSETS 270,983 261,470
TOTAL ASSETS LESS CURRENT
LIABILITIES

296,781

295,416

CREDITORS
Amounts falling due after more than one
year

17

22,693

32,107
NET ASSETS 274,088 263,309

CAPITAL AND RESERVES
Called up share capital 20 25,000 25,000
Share premium 21 25,000 25,000
Retained earnings 21 224,088 213,309
SHAREHOLDERS' FUNDS 274,088 263,309

The financial statements were approved by the director and authorised for issue on 19 April 2024 and were signed by:





P Coffin - Director


CAPITAL FINANCIAL MARKETS LIMITED (REGISTERED NUMBER: 08224800)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 January 2022 25,000 220,814 25,000 270,814

Changes in equity
Profit for the year - 27,995 - 27,995
Total comprehensive income - 27,995 - 27,995
Dividends - (35,500 ) - (35,500 )
Total transactions with owners,
recognized directly in equity

-

(35,500

)

-

(35,500

)
Balance at 31 December 2022 25,000 213,309 25,000 263,309

Changes in equity
Profit for the year - 59,779 - 59,779
Total comprehensive income - 59,779 - 59,779
Dividends - (49,000 ) - (49,000 )
Total transactions with owners,
recognized directly in equity

-

(49,000

)

-

(49,000

)
Balance at 31 December 2023 25,000 224,088 25,000 274,088

CAPITAL FINANCIAL MARKETS LIMITED (REGISTERED NUMBER: 08224800)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 162,466 100,251
Interest paid (2,819 ) (10,415 )
Interest element of hire purchase payments
paid

(1,402

)

(2,142

)
Tax paid (16,812 ) (25,895 )
Net cash from operating activities 141,433 61,799

Cash flows from investing activities
Purchase of tangible fixed assets (1,591 ) (2,426 )
Purchase of current asset investments (292,711 ) (368,908 )
Sale of current asset investments 341,336 394,087
Gain on sale of current asset investment (6,774 ) 7,061
Interest received 786 5,441
Net cash from investing activities 41,046 35,255

Cash flows from financing activities
Loan repayments in year (68,026 ) (131,974 )
Capital repayments in year (8,400 ) (7,524 )
Amount withdrawn by directors 2,229 (23,208 )
Amount transferred to group undertakings (6,860 ) (42,500 )
Equity dividends paid (49,000 ) (35,500 )
Net cash from financing activities (130,057 ) (240,706 )

Increase/(decrease) in cash and cash equivalents 52,422 (143,652 )
Cash and cash equivalents at beginning
of year

2

98,576

242,228

Cash and cash equivalents at end of year 2 150,998 98,576

CAPITAL FINANCIAL MARKETS LIMITED (REGISTERED NUMBER: 08224800)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
31.12.23 31.12.22
£    £   
Profit before taxation 75,175 44,868
Depreciation charges 9,739 15,065
(Gain)/loss on revaluation of fixed assets (2,040 ) 28,579
Finance costs 4,221 12,557
Finance income (786 ) (5,441 )
86,309 95,628
(Increase)/decrease in trade and other debtors (28,193 ) 34,415
Increase/(decrease) in trade and other creditors 104,350 (29,792 )
Cash generated from operations 162,466 100,251

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 151,001 98,591
Bank overdrafts (3 ) (15 )
150,998 98,576
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 98,591 242,229
Bank overdrafts (15 ) (1 )
98,576 242,228


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank and in hand 98,591 52,410 151,001
Bank overdrafts (15 ) 12 (3 )
98,576 52,422 150,998

Liquid resources
Current asset investments 115,610 (39,811 ) 75,799
115,610 (39,811 ) 75,799
Debt
Finance leases (39,106 ) 8,400 (30,706 )
Debts falling due within 1 year (68,026 ) 68,026 -
(107,132 ) 76,426 (30,706 )
Total 107,054 89,037 196,091

CAPITAL FINANCIAL MARKETS LIMITED (REGISTERED NUMBER: 08224800)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Capital Financial Markets Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of listed investments.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements re rounded to the nearest pound.

The immediate and ultimate parent company is CFM Holdings Limited, a company registered in England and Wales. The parent company and its subsidiary undertakings comprise a small-sized group. The parent company has therefore taken advantage of the exemptions provided by section 399 of the Companies Act 2006 not to prepare group accounts.

Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors take great comfort from the positive results achieved in 2023 and thus continue to adopt the going concern basis of accounting in preparing the financial statements.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

There are not considered to be any key estimates or judgements.

Turnover
Turnover represents amounts receivable for services net of VAT and trade discounts.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

CAPITAL FINANCIAL MARKETS LIMITED (REGISTERED NUMBER: 08224800)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on cost

Tangible fixed assets are initially measured at cost, and subsequently measured at cost less depreciation and impairment losses.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the profit or loss.

Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss.If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible ot estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current marker assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation increase.

Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using the tax rates that have been enacted or substantively enacted by the reporting end date.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

CAPITAL FINANCIAL MARKETS LIMITED (REGISTERED NUMBER: 08224800)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
Financial assets, other than investments, are initially measured at transaction price (including transaction costs) and subsequently held at amortised costs, less any impairment.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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 profit and loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. that impairment reversal is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

CAPITAL FINANCIAL MARKETS LIMITED (REGISTERED NUMBER: 08224800)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

31.12.23 31.12.22
£    £   
Broking services 635,987 589,360
635,987 589,360

An analysis of turnover by geographical market is given below:

31.12.23 31.12.22
£    £   
United Kingdom 635,987 589,360
635,987 589,360

4. OTHER OPERATING INCOME
31.12.23 31.12.22
£    £   
Rates refund - 5,861

5. EMPLOYEES AND DIRECTORS
31.12.23 31.12.22
£    £   
Wages and salaries 120,545 128,069
Social security costs 6,543 9,699
Other pension costs 4,248 15,197
131,336 152,965

The average number of employees during the year was as follows:
31.12.23 31.12.22

Management 4 4

Directors' remuneration
31.12.23 31.12.22
£ £
Remuneration for qualifying services 41,472 59,641
Company pension contributions to defined contribution schemes 2,000 13,375
43,472 73,016
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2022 - 2).

6. OPERATING PROFIT

The operating profit is stated after charging:

31.12.23 31.12.22
£    £   
Other operating leases 16,576 23,941
Depreciation - owned assets 2,014 3,506
Depreciation - assets on hire purchase contracts 7,725 11,559

CAPITAL FINANCIAL MARKETS LIMITED (REGISTERED NUMBER: 08224800)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

7. AUDITORS' REMUNERATION
31.12.23 31.12.22
£    £   
Fees payable to the company's auditors for the audit of the company's
financial statements

6,500

6,250

8. EXCEPTIONAL ITEMS
31.12.23 31.12.22
£    £   
Gain/loss on sale of investmts 6,773 (7,062 )

9. INTEREST RECEIVABLE AND SIMILAR INCOME
31.12.23 31.12.22
£    £   
Bank interest receivable 144 -
Curr asset inv income 642 5,441
786 5,441

10. INTEREST PAYABLE AND SIMILAR EXPENSES
31.12.23 31.12.22
£    £   
Interest on Investment acct - 347
Interest payable 2,819 10,068
Hire purchase 1,402 2,142
4,221 12,557

11. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.12.23 31.12.22
£    £   
Current tax:
UK corporation tax 15,396 16,873
Tax on profit 15,396 16,873

UK corporation tax has been charged at 20.85% (2022 - 19%).

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.23 31.12.22
£    £   
Profit before tax 75,175 44,868
Profit multiplied by the standard rate of corporation tax in the UK of
20.825% (2022 - 19%)

15,655

8,525

Effects of:
Expenses not deductible for tax purposes 554 876
Income not taxable for tax purposes (133 ) (1,034 )
Depreciation in excess of capital allowances 1,155 1,734
Unrealised gain/loss on investments (425 ) 5,430
Gain/Loss on disposal of assets (1,410 ) 1,342
Total tax charge 15,396 16,873

CAPITAL FINANCIAL MARKETS LIMITED (REGISTERED NUMBER: 08224800)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

12. DIVIDENDS

A final dividend of £49,000 was paid in the year (2022: £35,500).

13. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 January 2023 3,289 54,976 17,019 75,284
Additions - - 1,591 1,591
At 31 December 2023 3,289 54,976 18,610 76,875
DEPRECIATION
At 1 January 2023 1,783 24,052 15,503 41,338
Charge for year 502 7,725 1,512 9,739
At 31 December 2023 2,285 31,777 17,015 51,077
NET BOOK VALUE
At 31 December 2023 1,004 23,199 1,595 25,798
At 31 December 2022 1,506 30,924 1,516 33,946

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2023
and 31 December 2023 54,976 5,004 59,980
DEPRECIATION
At 1 January 2023 24,052 2,502 26,554
Charge for year 7,725 - 7,725
At 31 December 2023 31,777 2,502 34,279
NET BOOK VALUE
At 31 December 2023 23,199 2,502 25,701
At 31 December 2022 30,924 2,502 33,426

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 143,168 102,211
Amounts owed by group undertakings 59,360 52,500
Other debtors 3,375 16,375
VAT - 4,564
Prepayments 7,875 3,075
213,778 178,725

CAPITAL FINANCIAL MARKETS LIMITED (REGISTERED NUMBER: 08224800)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

15. CURRENT ASSET INVESTMENTS
31.12.23 31.12.22
£    £   
Listed investments 62,833 102,644
Unlisted investments 12,966 12,966
75,799 115,610
Market value of listed investments at 31 December 2023 - £ 62,833 (2022 - £ 102,645 ).

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts (see note 18) 3 68,041
Hire purchase contracts (see note 19) 8,013 6,999
Trade creditors 114,265 21,517
Tax 15,457 16,873
Social security and other taxes 3,697 2,690
VAT 9,391 -
Wages Control - 2,944
Directors' current accounts 2,621 392
Accrued expenses 16,148 12,000
169,595 131,456

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.23 31.12.22
£    £   
Hire purchase contracts (see note 19) 22,693 32,107

18. LOANS

An analysis of the maturity of loans is given below:

31.12.23 31.12.22
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 3 15
Bank loans - 68,026
3 68,041

CAPITAL FINANCIAL MARKETS LIMITED (REGISTERED NUMBER: 08224800)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

19. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.12.23 31.12.22
£    £   
Gross obligations repayable:
Within one year 8,581 8,401
Between one and five years 22,693 32,675
31,274 41,076

Finance charges repayable:
Within one year 568 1,402
Between one and five years - 568
568 1,970

Net obligations repayable:
Within one year 8,013 6,999
Between one and five years 22,693 32,107
30,706 39,106

Non-cancellable operating leases
31.12.23 31.12.22
£    £   
Within one year 13,500 13,500

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
25,000 Ordinary share £1 25,000 25,000

21. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 January 2023 213,309 25,000 238,309
Profit for the year 59,779 59,779
Dividends (49,000 ) (49,000 )
At 31 December 2023 224,088 25,000 249,088

22. ULTIMATE PARENT COMPANY

CFM Holdings Limited is regarded by the director as being the company's ultimate parent company.

CAPITAL FINANCIAL MARKETS LIMITED (REGISTERED NUMBER: 08224800)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

23. RELATED PARTY DISCLOSURES

At the balance sheet date:-

An amount of £2,621 (2022: £392) was owed to the director in respect of expenses and amounts advanced to the company.

An amount of £59,360 (2022: £52,500) was owed by CFM Holdings Limited, the ultimate parent company.

Dividends of £49,000 (2022: £35,500) were paid in the year to CFM Holdings Limited, the ultimate parent company.

Consultancy fees of £26,000 were paid to Mrs C Coffin in the year, a former director of the company.

No Management charge (2022: £12,500) was paid in the year to CFM Holdings Limited, the ultimate parent company.


All loans are interest-free and repayable on demand.

During the year, a total of key management personnel compensation of £ 43,472 (2022 - £ 73,016 ) was paid.

24. ULTIMATE CONTROLLING PARTY

The controlling party is P Coffin.

The ultimate controlling party is P Coffin.