Company registration number 04263019 (England and Wales)
ACCRUE INVESTMENT MANAGEMENT LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
ACCRUE INVESTMENT MANAGEMENT LTD
COMPANY INFORMATION
Directors
Mr N Howe
Mr G Alcott
Secretary
Mr G Alcott
Company number
04263019
Registered office
4 Northumberland Buildings
BATH
Somerset
BA1 2JB
Auditor
Old Mill Audit Limited
Unit 2
Greenways Business Park
Bellinger Close
CHIPPENHAM
Wiltshire
England
SN15 1BN
ACCRUE INVESTMENT MANAGEMENT LTD
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Profit and loss account
7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 20
ACCRUE INVESTMENT MANAGEMENT LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 1 -

The directors present the strategic report for the year ended 30 April 2024.

Review of the business

The Company provides investment management services that are available on both a Discretionary, Advisory and Execution-only basis. The Company is authorised and regulated by the Financial Conduct Authority (FCA).

2024 has proven to be a challenging year, with the continuation of the war in Ukraine and inflation impacting global markets. The company generated a profit before tax of £94,823 in the year to 30 April 2024 compared to a profit before tax of £73,817 in the prior year. Turnover decreased to £428,960 (2023: £432,398) with gross margin increasing to 93.02% from 86.06% in the previous year.

Principal risks and uncertainties

The company provides investment management services to clients and as such does not take any proprietorial positions. The main risks facing the business are operational and IT infrastructure, market, credit and counterparty, liquidity, financial strength, cyber security and regulatory risk. The company operates in a competitive environment and therefore is also subject to changes in markets or actions of competitors.

The identified risks and uncertainties are regularly reviewed by the directors with appropriate responses and actions made.

 

Key performance indicators

Key financial performance indicators:

FuMA during this period are £52.8m, compared to £52m during the previous financial year.

The company had regulatory capital resources of £137,529.

 

The company monitors a range of capital and liquidity statistics on a daily, weekly and monthly basis.

 

Mr G Alcott
Director
14 August 2024
ACCRUE INVESTMENT MANAGEMENT LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -

The directors present their annual report and financial statements for the year ended 30 April 2024.

Principal activities

The principal activity of the company continued to be that of independent management and execution of investments for individuals, trusts and municipal bodies.

Results and dividends

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

Ordinary dividends were paid amounting to £72,630. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr N Howe
Mr G Alcott
Qualifying third party indemnity provisions

The company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.

Financial instruments
Credit Risk

The company monitors credit risk closely and considers that its current policies of credit checks meet its objectives and managing exposure to credit risks. The company has no significant concentrations of credit risk. Amounts shown in the balance sheet best represent maximum credit risk exposure in the event other parties fail to perform their obligations under financial instruments.

Financial Risk Management Objectives and Policies

The company holds or issues financial instruments in order to achieve three main objectives, being:

 

(a) to finance its operations;

 

(b) to manage its exposure to interest risks arising from its operations and from its sources of finance; and

 

(c) for trading purposes.

 

In addition, various financial instrumbents (e.g. trade debtors, trade creditors, accruals and prepayments) arise directly from the company's operations.

 

Transactions in the financial instruments result in the company assuming or transferring to another party one or more of the financial risks described below.

Auditor

In accordance with the company's articles, a resolution proposing that Old Mill Audit Limited be reappointed as auditor of the company will be put at a General Meeting.

ACCRUE INVESTMENT MANAGEMENT LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

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

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr G Alcott
Director
14 August 2024
ACCRUE INVESTMENT MANAGEMENT LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ACCRUE INVESTMENT MANAGEMENT LTD
- 4 -
Opinion

We have audited the financial statements of Accrue Investment Management Ltd (the 'company') for the year ended 30 April 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 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 company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, 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 our audit:

ACCRUE INVESTMENT MANAGEMENT LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ACCRUE INVESTMENT MANAGEMENT LTD (CONTINUED)
- 5 -
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 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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 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 company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

 

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

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

ACCRUE INVESTMENT MANAGEMENT LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ACCRUE INVESTMENT MANAGEMENT LTD (CONTINUED)
- 6 -

Our approach was as follows:

 

We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK Financial Reporting Standards and UK taxation legislation.

 

We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance.

 

We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.

 

We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with law and regulations.

 

Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquires of management and those charged with governance and obtaining additional corroborative evidence as required.

 

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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Tim Lerwill BSc BFP FCA
Senior Statutory Auditor
For and on behalf of Old Mill Audit Limited
15 August 2024
Statutory Auditor
Unit 2
Greenways Business Park
Bellinger Close
CHIPPENHAM
Wiltshire
England
SN15 1BN
ACCRUE INVESTMENT MANAGEMENT LTD
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
431,460
432,398
Cost of sales
(29,956)
(60,279)
Gross profit
401,504
372,119
Administrative expenses
(322,029)
(303,490)
Operating profit
4
79,475
68,629
Interest receivable and similar income
8
15,348
5,188
Profit before taxation
94,823
73,817
Tax on profit
9
(21,621)
(14,499)
Profit for the financial year
73,202
59,318

The profit and loss account has been prepared on the basis that all operations are continuing operations.

ACCRUE INVESTMENT MANAGEMENT LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
2024
2023
£
£
Profit for the year
73,202
59,318
Other comprehensive income
-
-
Total comprehensive income for the year
73,202
59,318
ACCRUE INVESTMENT MANAGEMENT LTD
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
1,604
2,429
Investments
12
6
6
1,610
2,435
Current assets
Debtors
14
80,946
109,397
Cash at bank and in hand
116,589
67,477
197,535
176,874
Creditors: amounts falling due within one year
15
(61,215)
(41,745)
Net current assets
136,320
135,129
Total assets less current liabilities
137,930
137,564
Provisions for liabilities
Deferred tax liability
16
401
607
(401)
(607)
Net assets
137,529
136,957
Capital and reserves
Called up share capital
17
89,573
89,573
Profit and loss reserves
47,956
47,384
Total equity
137,529
136,957

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 14 August 2024 and are signed on its behalf by:
Mr G Alcott
Director
Company registration number 04263019 (England and Wales)
ACCRUE INVESTMENT MANAGEMENT LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 10 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 May 2022
89,573
84,906
174,479
Year ended 30 April 2023:
Profit and total comprehensive income for the year
-
59,318
59,318
Dividends
10
-
(96,840)
(96,840)
Balance at 30 April 2023
89,573
47,384
136,957
Year ended 30 April 2024:
Profit and total comprehensive income for the year
-
73,202
73,202
Dividends
10
-
(72,630)
(72,630)
Balance at 30 April 2024
89,573
47,956
137,529
ACCRUE INVESTMENT MANAGEMENT LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024
- 11 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
19
120,813
73,857
Income taxes paid
(14,419)
(39,323)
Net cash inflow from operating activities
106,394
34,534
Investing activities
Proceeds from disposal of subsidiaries
-
0
2
Interest received
15,348
5,186
Net cash generated from investing activities
15,348
5,188
Financing activities
Dividends paid
(72,630)
(96,840)
Net cash used in financing activities
(72,630)
(96,840)
Net increase/(decrease) in cash and cash equivalents
49,112
(57,118)
Cash and cash equivalents at beginning of year
67,477
124,595
Cash and cash equivalents at end of year
116,589
67,477
ACCRUE INVESTMENT MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 12 -
1
Accounting policies
Company information

Accrue Investment Management Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 4 Northumberland Buildings, BATH, Somerset, BA1 2JB.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

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

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

Atruet 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. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

 

Income is recognised on an accruals basis except commission received from financial institutions which is recognised on a cash received basis.

1.4
Tangible fixed assets

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computers
20% Straight Line
1.5
Fixed asset investments

Investments in subsidiary undertakings are recognised at cost.

1.6
Cash and cash equivalents

Cash and cash equivalents 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.

1.7
Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

ACCRUE INVESTMENT MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 13 -
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 end 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 or 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 current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The 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.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

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

ACCRUE INVESTMENT MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 14 -
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 in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
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.

1.11
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
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.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Investment Management
431,460
432,398
ACCRUE INVESTMENT MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
3
Turnover and other revenue
(Continued)
- 15 -
2024
2023
£
£
Other revenue
Interest income
15,348
5,188
4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Depreciation of owned tangible fixed assets
825
1,144
Operating lease charges
12,975
13,890
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
16,992
11,070
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Number of administrative staff
4
4
Number of management staff
3
3
Total
7
7

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
132,210
120,071
Social security costs
4,759
9,465
136,969
129,536
ACCRUE INVESTMENT MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 16 -
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
30,000
30,000
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
15,348
5,170
Other interest income
-
0
18
Total income
15,348
5,188
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
15,348
5,170
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
21,827
14,437
Deferred tax
Origination and reversal of timing differences
(206)
62
Total tax charge
21,621
14,499
ACCRUE INVESTMENT MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
9
Taxation
(Continued)
- 17 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
94,823
73,817
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.49%)
23,706
14,387
Tax effect of expenses that are not deductible in determining taxable profit
217
179
Permanent capital allowances in excess of depreciation
-
0
148
Tax at marginal rate
(2,302)
(215)
Taxation charge for the year
21,621
14,499
10
Dividends
2024
2023
£
£
Final paid
72,630
96,840
11
Tangible fixed assets
Computers
£
Cost
At 1 May 2023 and 30 April 2024
39,875
Depreciation and impairment
At 1 May 2023
37,446
Depreciation charged in the year
825
At 30 April 2024
38,271
Carrying amount
At 30 April 2024
1,604
At 30 April 2023
2,429
ACCRUE INVESTMENT MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 18 -
12
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
13
6
6
13
Subsidiaries
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Accrue Nominees (Exempt) Limited
4 Northumberland Buildings, Bath, BA1 2JB
Ordinary
100.00
Accrue Limited
4 Northumberland Buildings, Bath, BA1 2JB
Ordinary
100.00
Accrue Nominees Limited
4 Northumberland Buildings, Bath, BA1 2JB
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Accrue Nominees (Exempt) Limited
2
-
0
Accrue Limited
2
-
0
Accrue Nominees Limited
2
-
0
14
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
16,282
45,792
Prepayments and accrued income
64,664
63,605
80,946
109,397
15
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
27,571
3,490
Corporation tax
21,828
14,420
Other taxation and social security
11,816
14,332
Accruals and deferred income
-
0
9,503
61,215
41,745
ACCRUE INVESTMENT MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 19 -
16
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
401
607
2024
Movements in the year:
£
Liability at 1 May 2023
607
Effect of change in tax rate - profit or loss
(206)
Liability at 30 April 2024
401

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

17
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Employee Shares of £1 each
53,000
53,000
53,000
53,000
Founder Shares of £1 each
9,573
9,573
9,573
9,573
WK Shares of £1 each
27,000
27,000
27,000
27,000
89,573
89,573
89,573
89,573

The WK shares, Founder shares and Employee shares confer upon the holders the same rights and rank pari passu in all respects except as specified in the Articles of Association.

Called up share capital – represents the nominal value of shares that have been issued.

 

Profit and loss reserves – represents accumulated profits and losses.

ACCRUE INVESTMENT MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 20 -
18
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
15,393
13,131
Between two and five years
2,000
14,000
17,393
27,131
19
Cash generated from operations
2024
2023
£
£
Profit for the year after tax
73,202
59,318
Adjustments for:
Taxation charged
21,621
14,499
Investment income
(15,348)
(5,188)
Depreciation and impairment of tangible fixed assets
825
1,144
Movements in working capital:
Decrease in debtors
28,451
4,605
Increase/(decrease) in creditors
12,062
(521)
Cash generated from operations
120,813
73,857
20
Analysis of changes in net funds
1 May 2023
Cash flows
30 April 2024
£
£
£
Cash at bank and in hand
67,477
49,112
116,589
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