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Registered number: 02816999


LONDON & OXFORD CAPITAL MARKETS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

 
LONDON & OXFORD CAPITAL MARKETS LIMITED
 
 
COMPANY INFORMATION


Directors
Ms S Wang 
Mr C Yingsaeree 
Mr D Tudor-Williams 




Registered number
02816999



Registered office
4 Moorgate

London

EC2R 6DA




Independent auditors
Xeinadin Audit Limited
Chartered Accountants & Statutory Auditor

8th Floor

Becket House

36 Old Jewry

London

EC2R 8DD




Accountants
Elman Wall Limited
8th Floor

Becket House

36 Old Jewry

London

EC2R 8DD





 
LONDON & OXFORD CAPITAL MARKETS LIMITED
 

CONTENTS



Page
Strategic Report
1 - 4
Directors' Report
5 - 7
Independent Auditors' Report
8 - 11
Statement of Comprehensive Income
12
Statement of Financial Position
13 - 14
Statement of Changes in Equity
15
Statement of Cash Flows
16 - 17
Analysis of Net Debt
18
Notes to the Financial Statements
19 - 32


 
LONDON & OXFORD CAPITAL MARKETS LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The board of directors present the Strategic Report for London and Oxford Capital Markets Limited for the year ending 31st December 2023.

Business review
 
Turnover in the financial year was £3,205,761 (2022 - £3,203,910). 52% of the income was generated from Asset Management fees, 24% from portfolio services, 18% from wealth management fees and Other income was 6%.
Administrative expenses during the year were £970,108 (2022 - £839,721).
Trading income was £86,442 (2022 - £141,673).
Interest Receivable for the year was £264,553 (2022 – £250,591).
Interest Payable for the year was £91,786 (2022 – £273,856).
During the year dividends of £512,000 (2022 - £412,000) were paid in respect of A preference shares of the company. 

Page 1

 
LONDON & OXFORD CAPITAL MARKETS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Principal risks and uncertainties
 
The company's activities, as outlined above, expose it to various financial, operational and system, compliance, and reputation risks. Each principal risk and how this is assessed and managed are outlined below. The company's capital requirements are calculated in accordance with the FCA regulations. The company's capital is monitored regularly in light of any potential changes within the business.
The company's activities expose it to various financial risks, including market risk, credit risk and liquidity risk). For market risk, the firm propriety trading balances are monitored daily and subject to limits approved by the Board. As of 31 December 2023, the limit of proprietary trading position is set at £250,000. Credit risk reflects the risk of default where a client or counterparty cannot meet their obligations as they fall due. The company has a procedure to minimise credit risk, including monitoring client position concentration, high-risk client scoring and running a range of scenarios to identify potential credit issues. Liquidity risk is the risk that the company, although solvent, either do not have sufficient financial resources available to meet its obligations as they fall due or can only secure such resources at a high cost. The company has a liquidity risk management framework that enables it to identify, measure, manage and monitor its sources of liquidity risk on an ongoing basis. The framework defines the amount types and distribution of liquidity resources that it considers adequate to cover the nature and level of the liquidity risk to which it is or might be exposed; and the risk that the firm cannot meet its liabilities as they fall due. The framework has been drafted in accordance with FCA rules and guidance.
Operational and systems risk is the risk that derives from possible deficiencies relating to the company's information technology and system control, as well as the risks of human error and natural disasters. The company's systems are evaluated, maintained, and upgraded continuously.

The company's operations are also closely dependent on information technology, and any damage or failure of the systems would place the company at significant risk. The company has recovery programmes and backup systems for its core operations. The company also proactively improves and renews the system to ensure no failures or damages occur.
Reputation risk is the risk of loss of reputation arising from the negative publicity relating to the company's operations (whether justified or unjustified) that may result in a reduction of its clientele, reduction in revenue and legal claims against the company. The risk is mitigated by effectively managing information technology, compliance, and regulatory risks.
A comprehensive business contingency and disaster recovery plan have been prepared with recovery procedures and actions to be followed in the case of damage to any vital part of the company's structure.

Financial key performance indicators
 
The Company’s key financial and other performance indicators during the year were as follows:
Revenue of £3,205,761 (2022: £3,203,910)
Operating margin of 2.01% (2022: 3.31%)
Operating profit of £64,494 (2022: £106,185)

Other key performance indicators
 
Number of Properties under management 18 (2022: 18)
Value of Properties under Management £412.37m (2022: £386.78m)

Page 2

 
LONDON & OXFORD CAPITAL MARKETS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Directors' statement of compliance with duty to promote the success of the Group
 
Section 172 Statement
Section 172 of the Companies Act 2006 requires a Director of a company to act in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole. In doing this, section 172 requires a Director to have regard, among other matters, to
• the likely consequences of any decision in the long term;
• the interests of the company’s employees;
• the need to foster the company’s business relationships with suppliers, customers and others;
• the impact of the company’s operations on the community and the environment;
• the desirability of the company to maintain a reputation for high standards of business conduct; and
• the need to act fairly with members of the company.
The Directors of the Company acknowledge their duty to promote the success of the company for the benefit of shareholders as a whole, having regard to a number of broader matters, including the likely consequences of decisions for the long term, the need to act fairly between members of the company, and the company’s broader relationship including the regulator, the financial institutions it cooperates with. This ensures that any engagement with the company’s stakeholders is considered adequate and will contribute sustainably to the company’s long-term strategy. The means of communication with the stakeholders include but are not limited to regular meetings, communication, and disclosures through the company’s official website. The Board is always alert in identifying and resolving any issues that might arise with customers, employees or any other stakeholder and receives regular updates from management to ensure that these issues will not negatively impact the company.
Sustainability in real estate
The company continues to promote sustainability and progressively improve in this area. As mentioned previously, within all commercial properties the company manages, we ensure that all electricity procured is from renewable sources. We are also continuing with our programme of replacing all communal lighting with LED lighting. We closely monitor all buildings to ensure plant and equipment run efficiently. At 75 King William Street, we are in the process of implementing a 4D monitoring system which will identify when a system isn’t running as it should such as pumps running out of hours when there is no demand. We have continued with the instalment of water monitoring systems into two additional buildings bringing the total to three in the portfolio. The systems monitor water usage half hourly thus identifying when water is used when there is no demand and notifies the site team of the issue resulting in substantial monetary savings.
One of the past initiatives introduced into one of the buildings was a Demand Side Response system which essentially shuts down the plant for short periods to reduce the demand on the grid, and thereby we receive a compensation payment for doing so, along with reducing the amount of power used. All commercial buildings have had sustainability base line surveys carried out and subsequently have sustainability action plans in place to allow initiatives implemented periodically.
Not only is the company ensuring properties conform to current minimum energy efficiency standards (MEES), it’s also focusing on making sure properties will continue to comply when enhanced requirements are predicted to be brought into legislation in 2027 and 2030.

Page 3

 
LONDON & OXFORD CAPITAL MARKETS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


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



................................................
Mr C Yingsaeree
Director
Date: 24 April 2024

Page 4

 
LONDON & OXFORD CAPITAL MARKETS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' 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 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 of the profit or loss of the Company for that period.

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


select suitable accounting policies for the Company'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 Company 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £156,399 (2022 - £236,358).

The Company has paid a dividend amounting to £412,000 for the financial year.

Directors

The directors who served during the year were:

Ms S Wang 
Mr J G Rogers-Coltman (resigned 3 October 2023)
Mr C Yingsaeree 
Mr D Tudor-Williams 

Page 5

 
LONDON & OXFORD CAPITAL MARKETS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Future developments

London and Oxford Capital Markets Limited is embarking on a strategic realignment, intensifying our focus on asset management services while consciously scaling back our involvement in wealth management activities. This decision stems from a thorough analysis of our core competencies, market opportunities, and the evolving needs of our clients. By concentrating on asset management, we aim to leverage our extensive experience and insights in real estate, further optimizing operational efficiencies and enhancing the value proposition for property owners.
In the dynamic landscape of the real estate market, our agility and solid financial foundation are pivotal, enabling us to swiftly adapt our strategies to seize emerging opportunities and mitigate potential risks. Our commitment to utilizing advanced technology and cultivating a culture of innovation ensures that we are well-equipped to meet the challenges and expectations of an increasingly sophisticated marketplace.
As we refine our focus on asset management, we remain steadfast in our mission to deliver unmatched value and service to our clients. We believe that by concentrating on our areas of strength and continuously seeking ways to innovate and improve, London and Oxford Capital Markets Limited will not only navigate the complexities of today’s market but will also set new standards of excellence in asset management.
Our strategic shift is a reflection of our broader vision for the future—a future where London and Oxford Capital Markets Limited leads with resilience, adaptability, and a deep commitment to creating lasting value for our clients. As we move forward, we are excited about the possibilities that lie ahead and are committed to achieving sustainable growth and success in our focused domain of asset management.

Engagement with suppliers, customers and others

Refer to Strategic Report on Page 1-3.

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'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's auditors are aware of that information.

Post balance sheet events

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

Auditors

The auditorsXeinadin Audit Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Page 6

 
LONDON & OXFORD CAPITAL MARKETS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

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





................................................
Mr C Yingsaeree
Director

Date: 24 April 2024

Page 7

 
LONDON & OXFORD CAPITAL MARKETS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LONDON & OXFORD CAPITAL MARKETS LIMITED
 

Opinion


We have audited the financial statements of London & Oxford Capital Markets Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the 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 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 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 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 8

 
LONDON & OXFORD CAPITAL MARKETS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LONDON & OXFORD CAPITAL MARKETS 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 Report.  Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated.  If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves.  If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the 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 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 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:


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.


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 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.


Page 9

 
LONDON & OXFORD CAPITAL MARKETS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LONDON & OXFORD CAPITAL MARKETS 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 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:

Enquiry of management and those charged with governance around actual and potential litigation and claims;
Enquiry of management and those charged with governance to identify any instances of non-compliance with 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.
 
Owing to the inherent limitations of an audit there is unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. In addition as with any audit there remained a higher risk of nondetection of irregularities as these may involve collusion, forgery, intentional omissions, misrepresentation or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
 
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.


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


Page 10

 
LONDON & OXFORD CAPITAL MARKETS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LONDON & OXFORD CAPITAL MARKETS LIMITED (CONTINUED)


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.





Ian Palmer FCA (Senior Statutory Auditor)
  
for and on behalf of
Xeinadin Audit Limited
 
Chartered Accountants
Statutory Auditor
  
8th Floor
Becket House
36 Old Jewry
London
EC2R 8DD

24 April 2024
Page 11

 
LONDON & OXFORD CAPITAL MARKETS LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

  

Turnover
  
3,205,761
3,203,910

Cost of sales
  
(2,332,856)
(2,313,204)

Gross profit
  
872,905
890,706

Administrative expenses
  
(970,108)
(839,721)

Other operating income
 5 
161,697
55,200

Operating profit
  
64,494
106,185

Investment income
  
86,442
141,673

Amounts written off investments
  
(37,839)
-

Interest receivable and similar income
  
264,553
250,591

Interest payable and similar expenses
  
(91,786)
(273,856)

Other finance income
  
(40,293)
-

Profit before tax
  
245,571
224,593

Tax on profit
  
(89,172)
11,765

Profit for the financial year
  
156,399
236,358

There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of comprehensive income.

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

The notes on pages 19 to 32 form part of these financial statements.

Page 12

 
LONDON & OXFORD CAPITAL MARKETS LIMITED
REGISTERED NUMBER: 02816999

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 15 
23,734
39,899

Investments
 16 
2,517,662
2,565,501

  
2,541,396
2,605,400

Current assets
  

Fixed assets held for sale
  
10,000
-

Debtors: amounts falling due after more than one year
 17 
6,754,980
13,710,425

Debtors: amounts falling due within one year
 17 
10,051,663
7,687,434

Current asset investments
 18 
161,240
121,600

Cash at bank and in hand
 19 
13,151,839
12,154,684

  
30,129,722
33,674,143

Creditors: amounts falling due within one year
 20 
(20,084,703)
(15,097,527)

Net current assets
  
 
 
10,045,019
 
 
18,576,616

Total assets less current liabilities
  
12,586,415
21,182,016

Creditors: amounts falling due after more than one year
 21 
-
(8,240,000)

  

Net assets
  
12,586,415
12,942,016

Page 13

 
LONDON & OXFORD CAPITAL MARKETS LIMITED
REGISTERED NUMBER: 02816999
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

2023
2022
£
£

Capital and reserves
  

Called up share capital 
 22 
10,150,000
10,150,000

Capital redemption reserve
 23 
150,000
150,000

Profit and loss account
 23 
2,286,415
2,642,016

  
12,586,415
12,942,016


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



................................................
Mr C Yingsaeree
Director

Date: 24 April 2024

The notes on pages 19 to 32 form part of these financial statements.

Page 14

 
LONDON & OXFORD CAPITAL MARKETS LIMITED
 

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


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

£
£
£
£


At 1 January 2022
10,150,000
150,000
2,817,658
13,117,658


Comprehensive income for the year

Profit for the year
-
-
236,358
236,358
Total comprehensive income for the year
-
-
236,358
236,358


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(412,000)
(412,000)


Total transactions with owners
-
-
(412,000)
(412,000)



At 1 January 2023
10,150,000
150,000
2,642,016
12,942,016


Comprehensive income for the year

Profit for the year
-
-
156,399
156,399
Total comprehensive income for the year
-
-
156,399
156,399


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(512,000)
(512,000)


Total transactions with owners
-
-
(512,000)
(512,000)


At 31 December 2023
10,150,000
150,000
2,286,415
12,586,415


The notes on pages 19 to 32 form part of these financial statements.

Page 15

 
LONDON & OXFORD CAPITAL MARKETS LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
156,399
236,358

Adjustments for:

Depreciation of tangible assets
24,413
41,274

Impairments of fixed assets investments
37,839
-

Interest paid
91,786
273,856

Interest received
(350,995)
(392,264)

Taxation charge
89,172
(11,765)

Decrease in debtors
4,587,040
2,883,947

(Decrease) in creditors
(1,522,381)
(1,027,603)

Increase/(decrease)) in amounts owed to groups
-
(1)

Corporation tax (paid)
(7,449)
(403,654)

Net cash generated from operating activities

3,105,824
1,600,148


Cash flows from investing activities

Purchase of tangible fixed assets
(8,248)
(6,327)

Purchase of short-term listed investments
(39,640)
(121,600)

Purchase of fixed asset investments
-
(9,999)

Interest received
264,553
250,591

Income from investments
86,442
141,673

Net cash from investing activities

303,107
254,338

Cash flows from financing activities

Repayment of other loans
(1,807,990)
(947,210)

Dividends paid
(512,000)
(412,000)

Interest paid
(91,786)
(273,856)

Net cash used in financing activities
(2,411,776)
(1,633,066)

Net increase in cash and cash equivalents
997,155
221,420

Cash and cash equivalents at beginning of year
12,154,684
11,933,264

Cash and cash equivalents at the end of year
13,151,839
12,154,684


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
13,151,839
12,154,684

13,151,839
12,154,684

Page 16

 
LONDON & OXFORD CAPITAL MARKETS LIMITED
 

The notes on pages 19 to 32 form part of these financial statements.

Page 17

 
LONDON & OXFORD CAPITAL MARKETS LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023





At 1 January 2023
Cash flows
Other non-cash changes
At 31 December 2023
£

£

£

£

Cash at bank and in hand

12,154,684

997,155

-

13,151,839

Debt due after 1 year

(8,240,000)

-

8,240,000

-

Debt due within 1 year

(1,817,597)

-

(6,422,403)

(8,240,000)


2,097,087
997,155
1,817,597
4,911,839

The notes on pages 19 to 32 form part of these financial statements.

Page 18

 
LONDON & OXFORD CAPITAL MARKETS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

London and Oxford Capital Markets Limited, is a private company limited by shares incorporated in England and Wales. The address of the registered company is 4 Moorgate, London, EC2R 6DA.
The principal activity of the company continued to be the provision of corporate finance and investment advisory services. The company focuses on providing independent advice and expertise to clients both large and small in the private and public sectors.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

  
2.2

Revenue

Turnover represents the amounts receivable from trading in securities and the provision of financial and advisory services to customers during the year, net of value added tax, to the extent that they are non-refundable. Any contingent fees associated with such transactions have not been recognised where significant doubt exists as to their realisation. Turnover arises in the United Kingdom.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

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 profit or loss 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 Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 19

 
LONDON & OXFORD CAPITAL MARKETS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Operating leases: the Company as lessee

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

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

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

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss 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 Company in independently administered funds.

 
2.8

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

 
2.9

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.

Page 20

 
LONDON & OXFORD CAPITAL MARKETS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

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:

Plant and machinery
-
25%
on cost
Fixtures and fittings
-
25%
on cost
Computer equipment
-
25%
on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company 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 Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.11

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.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.13

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 21

 
LONDON & OXFORD CAPITAL MARKETS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.14

Financial instruments

The Company only enters into basic financial instrument 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, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

 
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.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these juedgements and estimates have been made include:
The estimation of the useful lives of fixed assets for calculating depreciation.


4.


Turnover

Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
3,205,761
3,203,910

3,205,761
3,203,910


Page 22

 
LONDON & OXFORD CAPITAL MARKETS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Other operating income

2023
2022
£
£

Other operating income
161,697
55,200

161,697
55,200



6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Exchange differences
5,162
(1,807)

Other operating lease rentals
208,083
206,071


7.


Auditors' remuneration

During the year, the Company 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 Company's financial statements
15,000
7,500

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

Audit-related assurance services
5,000
1,250

All non-audit services not included above
4,000
2,500

Page 23

 
LONDON & OXFORD CAPITAL MARKETS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Employees

2023
2022
£
£

Wages and salaries
1,701,064
1,598,596

Social security costs
202,293
202,399

Cost of defined contribution scheme
39,089
34,898

1,942,446
1,835,893


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


        2023
        2022
            No.
            No.







Employees
25
24


9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
348,783
490,590

Company contributions to defined contribution pension schemes
7,149
10,172

355,932
500,762


During the year retirement benefits were accruing to 3 directors (2022 - 3) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £240,782 (2022 - £215,918).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £4,209 (2022 - £3,750).

The total accrued pension provision of the highest paid director at 31 December 2023 amounted to £NIL (2022 - £NIL).

Page 24

 
LONDON & OXFORD CAPITAL MARKETS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Income from investments

2023
2022
£
£

Income from fixed asset investments
86,442
141,673

86,442
141,673







11.


Interest receivable

2023
2022
£
£


Other interest receivable
264,553
250,591

264,553
250,591


12.


Interest payable and similar expenses

2023
2022
£
£


Other loan interest payable
13,091
133,135

Other interest payable
78,695
140,721

91,786
273,856

Page 25

 
LONDON & OXFORD CAPITAL MARKETS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
89,172
-

Adjustments in respect of previous periods
-
(11,765)


89,172
(11,765)


Total current tax
89,172
(11,765)

Deferred tax

Total deferred tax
-
-


Taxation on profit/(loss) on ordinary activities
89,172
(11,765)

Factors affecting tax charge for the year

The tax assessed for the year is the same as (2022 - the same as) the standard rate of corporation tax in the UK of 23.5% (2022 - 19%) as set out below:

2023
2022
£
£


Profit on ordinary activities before tax
245,571
224,593


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.5% (2022 - 19%)
57,536
42,673

Effects of:


Expenses not deductible for tax purposes
22,141
4,601

Capital allowances for year in excess of depreciation
(10)
(380)

Adjustments to tax charge in respect of prior periods
6,301
(11,765)

Exempt ABGH distributions
(294)
(219)

Remeasurement of deferred tax for changes in tax rates
1,250
(2,196)

Movement in deferred tax not recognised
(21,132)
9,152

Adjustments to brought forward values
23,380
-

Group relief
-
(53,631)

Total tax charge for the year
89,172
(11,765)

Page 26

 
LONDON & OXFORD CAPITAL MARKETS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
13.Taxation (continued)


Factors that may affect future tax charges

The rate of corporation tax has been increased from 19% to 25% with effect from 1 April 2023. In the current year the hybrid rate of 23.5% has been used. Deferred tax assets and liabilities have therefore been remeasured at 23.5%.


14.


Dividends

2023
2022
£
£


Dividends - A Preferance shares
512,000
412,000

512,000
412,000


15.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
1,846
15,000
90,953
201,433
309,232


Additions
-
-
-
8,248
8,248



At 31 December 2023

1,846
15,000
90,953
209,681
317,480



Depreciation


At 1 January 2023
1,615
5,938
81,188
180,592
269,333


Charge for the year on owned assets
231
3,750
9,765
10,667
24,413



At 31 December 2023

1,846
9,688
90,953
191,259
293,746



Net book value



At 31 December 2023
-
5,312
-
18,422
23,734



At 31 December 2022
231
9,062
9,765
20,841
39,899

Page 27

 
LONDON & OXFORD CAPITAL MARKETS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

16.


Fixed asset investments





Investments in subsidiary companies
Unlisted investments
Other fixed asset investments
Total

£
£
£
£



Cost or valuation


At 1 January 2023
10,001
55,500
2,500,000
2,565,501


Reclassed as Asset Held for Sale
(10,000)
-
-
(10,000)



At 31 December 2023

1
55,500
2,500,000
2,555,501



Impairment


Charge for the period
-
37,839
-
37,839



At 31 December 2023

-
37,839
-
37,839



Net book value



At 31 December 2023
1
17,661
2,500,000
2,517,662



At 31 December 2022
10,001
55,500
2,500,000
2,565,501


Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Tokhouse Limited
4 Moorgate, London, England, EC2R 6DA
Ordinary
100%
London and Oxford Nominees Limited
4 Moorgate, London, England, EC2R 6DA
Ordinary
100%

Page 28

 
LONDON & OXFORD CAPITAL MARKETS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

17.


Debtors

2023
2022
£
£

Due after more than one year

Other debtors
6,754,980
13,710,425

6,754,980
13,710,425


2023
2022
£
£

Due within one year

Trade debtors
2,584,881
2,320,007

Other debtors
6,742,470
5,236,430

Prepayments and accrued income
724,312
130,997

10,051,663
7,687,434



18.


Current asset investments

2023
2022
£
£

Short term investment
161,240
121,600

161,240
121,600



19.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
13,151,839
12,154,684

13,151,839
12,154,684


Included within cash at bank and in hand amount of £13,151,839 as shown on the balance sheet are amounts of £10,656,338 (2022: £8,950,671) which relate to monies held on behalf of the clients in accordance with the Financial Conduct Authority (FCA) Client Assets Sourcebook.

Page 29

 
LONDON & OXFORD CAPITAL MARKETS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

20.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other loans
-
1,807,990

Trade creditors
50,153
106,609

Amounts owed to group undertakings
1
1

Corporation tax
77,547
-

Other taxation and social security
-
4,708

Other creditors
11,089,631
12,548,561

Accruals and deferred income
627,371
629,658

Share capital treated as debt
8,240,000
-

20,084,703
15,097,527


Disclosure of the terms and conditions attached to the non-equity shares is made in note 22.

Included in other creditors above are amounts of £10,656,338 (2022: £9,017,389) which relate to monies held on behalf of the clients in accordance with the Financial Conduct Authority (FCA) Client Assets Sourcebook and £200,000 which represents  4.5% Fixed rate Corporate Bonds repayable.


21.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Share capital treated as debt
-
8,240,000

-
8,240,000




Page 30

 
LONDON & OXFORD CAPITAL MARKETS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

22.


Share capital

2023
2022
£
£
Shares classified as equity

Allotted, called up and fully paid



150,000 (2022 - 150,000) Ordinary shares of £1.00 each
150,000
150,000
10,000 (2022 - 10,000) Preference shares of £1,000.00 each
10,000,000
10,000,000

10,150,000

10,150,000

2023
2022
£
£
Shares classified as debt

Allotted, called up and fully paid



824,000 (2022 - 824,000)  'A' Redeemable Preference  shares of £10.00 each
8,240,000
8,240,000


The shares entitled the holders to a fixed preferential dividend at the rate of 5% per annum. 
The 'A' preference shares shall be redeemed at any time after the fifth anniversary of the date of issue of the relevant 'A' preference share at the issue price at the option of either the company or the holder on not less than 30 days prior written notice.


23.


Reserves

Capital redemption reserve

Capital redemption reserve includes all shares that have been repurchased by the company.

Profit and loss account

Profit and loss includes all current and prior periods retained profit.


24.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £39,088 (2022: £34,898). Contributions totalling £Nil (2022: £9,607) were payable to the fund at the reporting date and are included in creditors.

Page 31

 
LONDON & OXFORD CAPITAL MARKETS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

25.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
181,740
181,740

Later than 1 year and not later than 5 years
726,960
726,960

Later than 5 years
84,148
265,888

992,848
1,174,588


26.


Related party transactions

At the year end, following balances were receivable/payable from the related parties-
Included in Debtors due after more than one year -
Siacon Limited - Common director (Mr. C Yingsaeree)  £2,314,186 (2022: £4,224,186)
Cyanstone Investment Fund SCA SICAV RAIF - Common Management £3,795,685 (2022: £3,795,685)
Included in Debtors due within one year -
Cyanstone Investment Fund SCA SICAV RAIF - Common Managemen £981,100 (2022: £652,280)
- JH Global Partners Limited - Common Director (Mr. C Yingsaeree) £- (2022: £12,569)
Joker Charlie Club1636 Limited - Common director £(185) (2022: £83,793)
Tokenhouse Property Management Ltd Common director (Mr. C Yingsaeree) £3,835 (2022: £3,418)
Kayard Property Limited - Common director (Mr. C Yingsaeree and Mr. D Tudor-Williams) £-
(2022: £10,413)
Cavenue Property Limited - Common director (Mr. C Yingsaeree and Mr. D Tudor-Williams) £- 
(2022: £5,132)
Westferry Circus Property Ltd - Common director (Mr. C Yingsaeree and Mr. D Tudor-Williams) £- (2022: £4,831)
Throgmorton Property Limited - Common director (Mr. C Yingsaeree and Mr. D Tudor-Williams) £-
(2022: £439)
- Tokhouse Limited - 100% Subsidiary £10,000 (2022: £29,427)
Included in Creditors due within one year -
- London and Oxford Nominee Limited - 100% Subsidiary £1 (2022: £1)


27.


Controlling party

At the balance sheet date, London and Oxford Capital Markets Limited was under control of WSJ Global Limited by virtue of the shareholding in the company.

 
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