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Registration number: 09051799

Bowmore Asset Management Limited

Annual Report and Financial Statements

for the Year Ended 30 June 2024

 

Bowmore Asset Management Limited

Contents

Company Information

1

Strategic Report

2 to 4

Directors' Report

5

Statement of Directors' Responsibilities

6

Independent Auditor's Report

7 to 10

Profit and Loss Account

11

Statement of Comprehensive Income

12

Balance Sheet

13

Statement of Changes in Equity

14

Statement of Cash Flows

15

Notes to the Financial Statements

16 to 25

 

Bowmore Asset Management Limited

Company Information

Directors

Mr M W Incledon

Ms G Millen

Mr O J Webster-Smith

Mr C T Incledon

Registered office

Suite 5, Farleigh House
Farleigh Court
Old Weston Road
Flax Bourton
Bristol
BS48 1UR

Accountants

Newsham Hanson Accountants Limited
Accountant & Business Advisors
Edinburgh House
1-5 Bellevue Road
Clevedon
North Somerset
BS21 7NP

Auditors

Pareto Analysis Limited
Chartered Certified Accountants
Parkview
23 Wadham Street
Weston-super-Mare
Somerset
BS23 1JZ

 

 

Bowmore Asset Management Limited

Strategic Report for the Year Ended 30 June 2024

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

Principal activity

The principal activity of the company is that of investment portfolio management.

Fair review of the business

The economic environment has remained challenging driven by political uncertainly both in the UK and US. Rampant inflation, resulting in a cost of living crisis across many countries. This has had a serious impact on consumers’ ability to save and therefore a general reluctance to commit funds for longer-term investment. However, the environment for investment has in the majority of cases been positive with the clear indication that inflation is under control and very close to its 2% benchmark and there are indications that interest rates will start to come down.

Our seven core risk-graded portfolios continue to perform well in spite of the volatile markets and although we continue to increase our funds under management, we have not managed to scale at the pace we anticipated at the beginning of the year.

We are continually exploring acquisition opportunities and attracting high-calibre investment management expertise.

The company's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2024

2023

Gross Profit

£

1,602,533

1,412,254

Gross Profit %

%

85

84

In a company of this size, the Directors consider there to be numerous non-financial performance indicators but no individual metric is key.

Future Developments

We are excited by the prospect of migrating our trading and custodian platform from Platform Securities onto Third Financial. This will greatly enhance our client experience and provide our business with quantifiable efficiencies.

In terms of our MPS offering we have been rationalising the various platforms holding BAM assets and transitioning them onto a single platform.

Our primary focus continues to be sustainable organic growth and methods of effective distribution for building FUM. We have appointed a head of marketing and now brought the entire marketing function in house.

We have also strengthened the management team to allow its members to be more focused on the execution of our 5-year strategic business plan.

The board are firmly of the opinion that all of the foundation stones have now been laid to significantly scale the business in 2025 and beyond.

 

 

Bowmore Asset Management Limited

Strategic Report for the Year Ended 30 June 2024

Principal risks and uncertainties

The risks facing us moving forward are numerous and we are conscious of our relative size compared to many of our peer group and this is exactly the reason for our continued expansion. However, we want to continue to portray a feeling that we remain a family orientated business with old fashioned family values. We place our clients at the centre of everything we do and nothing that we plan to achieve as a business will have a detrimental impact on the service we provide to our clients.

The board is responsible for determining the level of risk acceptable to the company. This is subject to a regular review. The company seeks to mitigate its risks through the application of strict limits and controls and a monitoring process at operational level. Where it is appropriate and cost effective risks are passed to insurers.

Credit Risk
Credit risk is the risk that counterparties will not be able to meet their obligations as they fall due. There are regular credit reviews of counterparty limits to ensure debtors remain at a reasonable level. Credit reviews are undertaken before new counterparties are accepted.

Operational Risks
Operational risk is caused by failures in business processes or the systems or physical infrastructure that support them that have the potential to result in financial loss or reputation damage. This includes errors, omissions, systems failure, lack of resources or physical assets and deliberate acts such as fraud. The regulated environment in which the company operates, imposes extensive reporting requirements and continuing self assessment and appraisal. The company seeks to continually improve its operating efficiencies and standards.

Liquidity Risk
The company ensures that liquidity risk is maintained by monitoring cash balances daily to ensure it retains flexibility in the management of cash flows.

Market Risk
The company is affected by changes in market performance, as income of the company is derived from both performance and management fees arising from various funds under management.

Future Developments
2020 marked a significant year for the business. Aside from the Covid pandemic, we had reorganised and rebranded the group business, with the aim of then building and expanding the investment proposition, aiming to build via further marketing and business development in order to firmly establish Bowmore Asset Management on the investment management map.

The Board were delighted to finally secure the appointment of Jonathan Webster-Smith, as both director and shareholder within the group. Jonathan has taken on the role of Chief Investment Officer, bringing over 20 years’ experience in fund management, especially the development of Managed Portfolio Services, with him.

With Jonathan joining in May 2021, this also coincided with the appointment of Charles Incledon to the Bowmore Asset Management board as Client Service Director.

Although our sister company, Bowmore Financial Planning will continue to act as our primary distribution channel, we are also looking to widen the reach of Bowmore Asset Management by distributing through other third-party advisers. We are planning to recruit a number of business development executives over the next few months as well as replicating our Managed Portfolio Services onto a wider range of platforms.

We believe that with the above, alongside further growth and acquisition by Bowmore Financial Planning, Bowmore should add a further £100m in Funds Under Management over the course of the next financial year and will retain its position as one of the fastest growing Discretionary Fund Managers in the UK.

 

Bowmore Asset Management Limited

Strategic Report for the Year Ended 30 June 2024

Approved and authorised by the Board on 7 October 2024 and signed on its behalf by:
 

.........................................
Mr M W Incledon
Director

 

Bowmore Asset Management Limited

Directors' Report for the Year Ended 30 June 2024

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

Directors of the company

The directors who held office during the year were as follows:

Mr M W Incledon

Ms G Millen

Mr O J Webster-Smith

Mr C T Incledon

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Reappointment of auditors

The auditors Pareto Analysis Limited are deemed to be reappointed under section 487(2) of the Companies Act 2006.

Approved and authorised by the Board on 7 October 2024 and signed on its behalf by:
 

.........................................
Mr M W Incledon
Director

 

Bowmore Asset Management Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities 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:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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 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.

 

Bowmore Asset Management Limited

Independent Auditor's Report to the Members of Bowmore Asset Management Limited

Opinion

We have audited the financial statements of Bowmore Asset Management Limited (the 'company') for the year ended 30 June 2024, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and 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 30 June 2024 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 auditor 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.

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.

Matters on which we are required to report by exception

In the light of our 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 and the Directors' Report.

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.

 

Bowmore Asset Management Limited

Independent Auditor's Report to the Members of Bowmore Asset Management Limited

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 original financial statements were 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.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 6], 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.

Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Auditor 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:

 

Bowmore Asset Management Limited

Independent Auditor's Report to the Members of Bowmore Asset Management Limited

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures
in line with our responsibilities, outlined above, to detect irregularities, including fraud. The risk of not detecting
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.
The extent to which our procedures are capable of detecting irregularities including fraud is detailed below.
However, the primary responsibility for the prevention and detection of fraud rests with both those charged with
governance of the entity and management.

Our approach was as follows:

• We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant are those that relate to the reporting framework (FRS102 and the Companies Act 2006) and the relevant direct and indirect tax compliance regulation in the United Kingdom. In addition, the Company has to comply with laws and regulations relating to employment, data protection and anti-bribery and corruption. The Company is also regulated by the Financial Conduct Authority.

• We understood how the Company is complying with those frameworks by making enquiries of management to understand how the Company maintains and communicates its policies and procedures in these areas and corroborated this by reviewing supporting documentation.

• We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur by considering the risk of management override and by assuming revenue to be a fraud risk.

• Based on this understanding we designed our audit procedures to identity noncompliance with such laws and regulations. Our procedures involved testing journals identified by specific risk criteria.

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

Other Information

The other information comprises the information included in the annual report other than the financial statements and our auditor’s 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.
 

 

Bowmore Asset Management Limited

Independent Auditor's Report to the Members of Bowmore Asset Management Limited

......................................
Paul William John (Senior Statutory Auditor)
For and on behalf of Pareto Analysis Limited, Statutory Auditor

Parkview
23 Wadham Street
Weston-super-Mare
Somerset
BS23 1JZ


 

7 October 2024

 

Bowmore Asset Management Limited

Profit and Loss Account for the Year Ended 30 June 2024

Note

2024
£

2023
£

Turnover

3

1,884,328

1,686,734

Cost of sales

 

(281,795)

(274,480)

Gross profit

 

1,602,533

1,412,254

Administrative expenses

 

(1,130,253)

(1,108,249)

Other operating income

4

59,224

2,500

Operating profit

5

531,504

306,505

Other interest receivable and similar income

6

13,877

-

Interest payable and similar expenses

7

(13,217)

(12,171)

   

660

(12,171)

Profit before tax

 

532,164

294,334

Tax on profit

11

(136,723)

(54,338)

Profit for the financial year

 

395,441

239,996

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Bowmore Asset Management Limited

Statement of Comprehensive Income for the Year Ended 30 June 2024

2024
£

2023
£

Profit for the year

395,441

239,996

Total comprehensive income for the year

395,441

239,996

 

Bowmore Asset Management Limited

(Registration number: 09051799)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

12

26,510

29,823

Tangible assets

13

4,637

4,839

 

31,147

34,662

Current assets

 

Debtors

14

1,330,381

1,241,726

Investments

15

667,964

-

Cash at bank and in hand

 

85,116

316,458

 

2,083,461

1,558,184

Creditors: Amounts falling due within one year

17

(663,573)

(497,653)

Net current assets

 

1,419,888

1,060,531

Total assets less current liabilities

 

1,451,035

1,095,193

Creditors: Amounts falling due after more than one year

17

(76,744)

(117,502)

Provisions for liabilities

18

(1,159)

-

Net assets

 

1,373,132

977,691

Capital and reserves

 

Called up share capital

5

5

Share premium reserve

21

399,996

399,996

Retained earnings

21

973,131

577,690

Shareholders' funds

 

1,373,132

977,691

Approved and authorised by the Board on 7 October 2024 and signed on its behalf by:
 

.........................................
Mr M W Incledon
Director

 

Bowmore Asset Management Limited

Statement of Changes in Equity for the Year Ended 30 June 2024

Share capital
£

Share premium
£

Retained earnings
£

Total
£

At 1 July 2023

5

399,996

577,690

977,691

Profit for the year

-

-

395,441

395,441

At 30 June 2024

5

399,996

973,131

1,373,132

Share capital
£

Share premium
£

Retained earnings
£

Total
£

At 1 July 2022

5

399,996

337,694

737,695

Profit for the year

-

-

239,996

239,996

At 30 June 2023

5

399,996

577,690

977,691

 

Bowmore Asset Management Limited

Statement of Cash Flows for the Year Ended 30 June 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the year

 

395,441

239,996

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

5

9,752

8,255

Finance income

6

(13,877)

-

Finance costs

7

13,217

12,171

Income tax expense

11

136,723

54,338

Difference due to rounding

 

(1)

1

 

541,255

314,761

Working capital adjustments

 

(Increase)/decrease in trade debtors

14

(88,655)

77,625

Increase/(decrease) in trade creditors

17

85,739

(559,643)

Cash generated from operations

 

538,339

(167,257)

Income taxes paid

11

(54,338)

(9,202)

Net cash flow from operating activities

 

484,001

(176,459)

Cash flows from investing activities

 

Interest received

6

13,877

-

Acquisitions of tangible assets

(6,236)

(1,440)

Acquisition of intangible assets

12

-

(33,137)

Acquisition of investments

(667,964)

-

Net cash flows from investing activities

 

(660,323)

(34,577)

Cash flows from financing activities

 

Interest paid

7

(13,217)

(12,171)

Proceeds from bank borrowing draw downs

 

(41,803)

(42,848)

Net cash flows from financing activities

 

(55,020)

(55,019)

Net decrease in cash and cash equivalents

 

(231,342)

(266,055)

Cash and cash equivalents at 1 July

 

316,458

582,513

Cash and cash equivalents at 30 June

 

85,116

316,458

 

Bowmore Asset Management Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Suite 5, Farleigh House
Farleigh Court
Old Weston Road
Flax Bourton
Bristol
BS48 1UR

These financial statements were authorised for issue by the Board on 7 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

 

Bowmore Asset Management Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

33% straight line

Office equipment

33% straight line

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Development costs

33% straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Bowmore Asset Management Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Turnover

The analysis of the company's turnover for the year from continuing operations is as follows:

2024
£

2023
£

Sale of goods

1,884,328

1,686,734

4

Other operating income

The analysis of the company's other operating income for the year is as follows:

2024
£

2023
£

Miscellaneous other operating income

59,224

2,500

 

Bowmore Asset Management Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

5

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

6,438

4,941

Amortisation expense

3,314

3,314

6

Other interest receivable and similar income

2024
£

2023
£

Interest income on bank deposits

13,877

-

7

Interest payable and similar expenses

2024
£

2023
£

Interest on bank overdrafts and borrowings

13,217

12,171

8

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

537,235

549,354

Social security costs

56,522

75,525

Other short-term employee benefits

16,004

18,233

Pension costs, defined contribution scheme

13,522

14,744

Other employee expense

27,419

3,124

650,702

660,980

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Administration and support

7

6

7

6

9

Directors' remuneration

The directors' remuneration for the year was as follows:

 

Bowmore Asset Management Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

2024
£

2023
£

Remuneration

348,363

366,180

Contributions paid to money purchase schemes

4,325

4,040

352,688

370,220

10

Auditors' remuneration

2024
£

2023
£

Estimated money value of benefits in kind for audit services

4,775

3,480

 

Bowmore Asset Management Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

11

Taxation

Tax charged/(credited) in the profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

135,564

54,338

Deferred taxation

Arising from origination and reversal of timing differences

1,159

-

Tax expense in the income statement

136,723

54,338

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2023 - the same as the standard rate of corporation tax in the UK) of 25% (2023 - 20.5%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

532,164

294,334

Corporation tax at standard rate

133,041

60,326

Tax decrease from effect of capital allowances and depreciation

(1,559)

(8,683)

Effect of expense not deductible in determining taxable profit (tax loss)

4,081

2,695

Deferred tax expense from unrecognised tax loss or credit

1,160

-

Total tax charge

136,723

54,338


 

Bowmore Asset Management Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

12

Intangible assets

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 July 2023

38,737

38,737

At 30 June 2024

38,737

38,737

Amortisation

At 1 July 2023

8,914

8,914

Amortisation charge

3,313

3,313

At 30 June 2024

12,227

12,227

Carrying amount

At 30 June 2024

26,510

26,510

At 30 June 2023

29,823

29,823

13

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 July 2023

3,760

23,249

27,009

Additions

-

6,236

6,236

At 30 June 2024

3,760

29,485

33,245

Depreciation

At 1 July 2023

3,760

18,410

22,170

Charge for the year

-

6,438

6,438

At 30 June 2024

3,760

24,848

28,608

Carrying amount

At 30 June 2024

-

4,637

4,637

At 30 June 2023

-

4,839

4,839

 

Bowmore Asset Management Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

14

debtors

Current

2024
£

2023
£

Trade debtors

469,013

400,087

Other debtors

804,848

789,039

Prepayments

56,520

52,600

 

1,330,381

1,241,726

15

Current asset investments

2024
£

2023
£

Other investments

667,964

-

16

Cash and cash equivalents

2024
£

2023
£

Cash at bank

85,116

316,458

17

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

22

41,803

42,848

Trade creditors

 

77,338

65,353

Social security and other taxes

 

59,069

55,025

Outstanding defined contribution pension costs

 

2,508

2,390

Other payables

 

243,278

243,819

Accruals

 

104,013

33,880

Income tax liability

11

135,564

54,338

 

663,573

497,653

Due after one year

 

Loans and borrowings

22

76,744

117,502

18

Provisions for liabilities

Deferred tax
£

Total
£

Additional provisions

1,159

1,159

At 30 June 2024

1,159

1,159

 

Bowmore Asset Management Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

19

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £13,522 (2023 - £14,744).

Contributions totalling £2,508 (2023 - £2,390) were payable to the scheme at the end of the year and are included in creditors.

20

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A share of £0.01 each

25

-

25

-

Ordinary B share of £0.01 each

25

-

25

-

Ordinary C share of £0.01 each

50

1

50

1

Ordinary D share of £0.01 each

300

3

300

3

Ordinary E share of £0.01 each

100

1

100

1

500

5

500

5

21

Reserves

Share premium

Share premium account contains the premium arising on issue of equity shares, in excess of their nominal value, net of issue of expenses.

22

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

76,744

117,502

Current loans and borrowings

2024
£

2023
£

Bank borrowings

41,803

42,848

 

Bowmore Asset Management Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

23

Commitments

Other financial commitments

Property lease
The total amount of other financial commitments not provided in the financial statements was £10,452 (2023 - £40,176).

24

Control

The company is controlled by its Parent company, Bowmore Wealth Group Limited, which owns 100% of the called up share capital.

25

Related party transactions

Summary of transactions with other related parties

M Incledon
G Millen
O Webster-Smith

 
Directors and shareholders of the company

 
Bowmore Financial Planning Limited

M Incledon and G Millen are directors of the company and Bowmore Financial Planning Limited.

Management charges of £124,466 (2023 - £120,000) were paid to Bowmore Financial Planning Limited during the year.

The amount due from Bowmore Financial Planning Limited at the balance sheet date is £755,448 (2023 - £780,399). No interest is payable on the outstanding balance.


Bowmore Wealth Group Limited

M Incledon, G Millen & O Webster-Smtih are directors of the company Bowmore Wealth Group Limited.

The amount due to Bowmore Wealth Group Lmited at the balance sheet date is £243,278 (2023 - £243,278) No interest is payable on the outstanding balance.