Caseware UK (AP4) 2023.0.135 2023.0.135 2024-06-302024-06-3022023-07-01false2falsefalse 02730015 2023-07-01 2024-06-30 02730015 2022-07-01 2023-06-30 02730015 2024-06-30 02730015 2023-06-30 02730015 2022-07-01 02730015 1 2023-07-01 2024-06-30 02730015 1 2022-07-01 2023-06-30 02730015 5 2023-07-01 2024-06-30 02730015 5 2022-07-01 2023-06-30 02730015 d:Director1 2023-07-01 2024-06-30 02730015 d:RegisteredOffice 2023-07-01 2024-06-30 02730015 e:PlantMachinery 2023-07-01 2024-06-30 02730015 e:PlantMachinery 2024-06-30 02730015 e:PlantMachinery 2023-06-30 02730015 e:PlantMachinery e:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 02730015 e:CurrentFinancialInstruments 2024-06-30 02730015 e:CurrentFinancialInstruments 2023-06-30 02730015 e:Non-currentFinancialInstruments 2024-06-30 02730015 e:Non-currentFinancialInstruments 2023-06-30 02730015 e:CurrentFinancialInstruments e:WithinOneYear 2024-06-30 02730015 e:CurrentFinancialInstruments e:WithinOneYear 2023-06-30 02730015 e:Non-currentFinancialInstruments e:AfterOneYear 2024-06-30 02730015 e:Non-currentFinancialInstruments e:AfterOneYear 2023-06-30 02730015 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2024-06-30 02730015 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2023-06-30 02730015 e:ReportableOperatingSegment1 2023-07-01 2024-06-30 02730015 e:ReportableOperatingSegment1 2022-07-01 2023-06-30 02730015 f:UnitedKingdom 2023-07-01 2024-06-30 02730015 f:UnitedKingdom 2022-07-01 2023-06-30 02730015 f:RestEuropeOutsideUK 2023-07-01 2024-06-30 02730015 f:RestEuropeOutsideUK 2022-07-01 2023-06-30 02730015 e:UKTax 2023-07-01 2024-06-30 02730015 e:UKTax 2022-07-01 2023-06-30 02730015 e:ShareCapital 2024-06-30 02730015 e:ShareCapital 2022-07-01 2023-06-30 02730015 e:ShareCapital 2023-06-30 02730015 e:ShareCapital 2022-07-01 02730015 e:SharePremium 2023-07-01 2024-06-30 02730015 e:SharePremium 2024-06-30 02730015 e:SharePremium 2022-07-01 2023-06-30 02730015 e:SharePremium 2023-06-30 02730015 e:SharePremium 2022-07-01 02730015 e:RetainedEarningsAccumulatedLosses 2023-07-01 2024-06-30 02730015 e:RetainedEarningsAccumulatedLosses 2024-06-30 02730015 e:RetainedEarningsAccumulatedLosses 2022-07-01 2023-06-30 02730015 e:RetainedEarningsAccumulatedLosses 2023-06-30 02730015 e:RetainedEarningsAccumulatedLosses 2022-07-01 02730015 d:OrdinaryShareClass1 2023-07-01 2024-06-30 02730015 d:OrdinaryShareClass1 2024-06-30 02730015 d:OrdinaryShareClass1 2023-06-30 02730015 d:FRS102 2023-07-01 2024-06-30 02730015 d:Audited 2023-07-01 2024-06-30 02730015 d:FullAccounts 2023-07-01 2024-06-30 02730015 d:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 02730015 e:WithinOneYear 2024-06-30 02730015 e:WithinOneYear 2023-06-30 02730015 e:BetweenOneFiveYears 2024-06-30 02730015 e:BetweenOneFiveYears 2023-06-30 02730015 6 2023-07-01 2024-06-30 iso4217:GBP xbrli:shares xbrli:pure
Registered number: 02730015











A J BUCKLEY ASSET MANAGEMENT LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024
















TWP ACCOUNTING LLP
Chartered Accountants & Statutory Auditors
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE

 
A J BUCKLEY ASSET MANAGEMENT LIMITED
 

COMPANY INFORMATION


Director
Paul George Willans 




Registered number
02730015



Registered office
The Old Rectory
Church Street

Weybridge

Surrey

KT13 8DE




Independent auditor
TWP Accounting LLP
Chartered Accountants & Statutory Auditors

The Old Rectory

Church Street

Weybridge

Surrey

KT13 8DE





 
A J BUCKLEY ASSET MANAGEMENT LIMITED
 

CONTENTS



Page
Strategic Report
1 - 2
Director's Report
3 - 4
Independent Auditor's Report
5 - 8
Statement of Comprehensive Income
9
Balance Sheet
10
Statement of Changes in Equity
11
Statement of Cash Flows
12 - 13
Analysis of Net Debt
13
Notes to the Financial Statements
14 - 23


 
A J BUCKLEY ASSET MANAGEMENT LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

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

Business review
 
We aim to present a balanced and comprehensive review of the development and performance of our business during the year, and its position at the year end.  Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face. 
As a regulated, wealth management firm, we continue to provide objective investment management and financial planning services to individuals and trustees; both in the UK and internationally.  Our business model is primarily based on long-term, contractual client relationships, rather than ad hoc or transactional services, with ancillary financial planning services provided solely to our UK resident clients. 
Our sources of income are:
• Initial and on-going investment management fees relating to contractual discretionary portfolio investment
management;
• Fees received in respect of advisory investment recommendations and implementation;
• Fees relating to financial planning consultancy services and advice;

Principal risks and uncertainties
 
Sufficient financial support is in place to reassure that the business remains a going concern, and, having made significant investment in technology, marketing and resources, our focus will be on growing turnover through ongoing marketing, business development and expertise. 
However, future development of the business may, as always, be subject to unforeseen future events outside of our control. 

Development and performance
 
The wealth management market in the UK remains highly competitive and has been impacted by ongoing regulatory changes (including IFPR and the Consumer Duty regime) and market conditions (such as inflationary pressures, interest rates, the continuing war in Ukraine and the escalating instability in the Middle East) over the last year.   
However, the company’s management are pleased that, notwithstanding global challenges, the internal investment in recent years is now bearing fruit, with a 5% rise in assets under management and a significant 1,287% increase in initial fee income.  This rise in new and pipeline has enabled us to complete the final restructuring of the business’ financial model, so that we will see a return to profitability, over the next few months. 

Financial key performance indicators
 
We consider that our key financial performance indicators are those that communicate the financial performance and strength of the company as a whole; these being turnover and total administrative expenses.  
The turnover of the company by income stream, in comparison to the last three periods, was:

Page 1

 
A J BUCKLEY ASSET MANAGEMENT LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
2022
2021
£
£
£
£
Initial investment management fees

55,551

4,449

2,314
 
9,700
 
Ongoing investment management fees

287,829

309,964

360,402
 
400,133
 
Advisory fees

500

-

-
 
-
 
Execution-only fees

276

818

1,053
 
741
 
Legacy commisions

8,095

7,805

8,913
 
11,685
 
Accruals

-

-

-
 
-
 
Client disbursements

40

-

-
 
312
 
352,291

323,036

372,682
 
422,571
 

There has been an increase in turnover of £29,255 (9.1%), compared to the previous year, although this was impacted by an above inflation rise in costs and adverse market. 
Nonetheless, the Company sustained a loss after tax of £25,776 (28.4%), due to continued investment in the business and an overseas client trip.  However, normal overheads continue to fall and will be lower this year.
Our focus is now firmly on developing further new business and the significant increase in pipeline business is being maintained.    
The company had a cash balance of £140,782.29 at year end, and the company’s overall net assets are £144,315, a fall of £25,776 on the previous year. 
 


This report was approved by the board on 21 October 2024 and signed on its behalf.



................................................
Paul George Willans
Director

Page 2

 
A J BUCKLEY ASSET MANAGEMENT LIMITED
 

 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 JUNE 2024

The director presents his report and the financial statements for the year ended 30 June 2024.

Principal activity

The principal activity of the company during the year was investment advice. This has been carried out in the United Kingdom, services being provided to residents, expatriates and foreign nationals. The company is permitted to hold client monies.

Results and dividends

The loss for the year, after taxation, amounted to £25,776 (2023 - loss £36,025).

Director

The director who served during the year was:

Paul George Willans 

Director's responsibilities statement

The director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the director is required to:


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

Disclosure of information to auditor

The director at the time when this Director's Report is approved has confirmed that:
 
so far as  is aware, there is no relevant audit information of which the Company's auditor is unaware, and

 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 auditor is aware of that information.

Page 3

 
A J BUCKLEY ASSET MANAGEMENT LIMITED
 

 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Post balance sheet events

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

Auditor

The auditor, TWP Accounting LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 21 October 2024 and signed on its behalf.
 





................................................
Paul George Willans
Director

Page 4

 
A J BUCKLEY ASSET MANAGEMENT LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF A J BUCKLEY ASSET MANAGEMENT LIMITED
 

Opinion


We have audited the financial statements of A J BUCKLEY ASSET MANAGEMENT LIMITED (the 'Company') for the year ended 30 June 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, 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 30 June 2024 and of its loss 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'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 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 director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


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


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


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The director is responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 5

 
A J BUCKLEY ASSET MANAGEMENT LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF A J BUCKLEY ASSET MANAGEMENT LIMITED (CONTINUED)


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 Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Director's 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 Director's 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 director's 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 Director's Responsibilities Statement set out on page 3, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines 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 director is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
A J BUCKLEY ASSET MANAGEMENT LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF A J BUCKLEY ASSET MANAGEMENT LIMITED (CONTINUED)


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.


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:
Obtain an understanding of the policies and procedures management have in place to detect and prevent fraud and non-compliance with laws and regulations
Enquire of management any cases of actual or suspected fraud and non-compliance with laws and regulations.
Enquire of management and those charged with governance around actual and potential litigation and claims.
Reviewing minutes of meetings of those charged with governance.
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
Assess the key risk areas within the financial statements which are susceptible to fraud or error and design our audit approach thereon
Perform substantive tests on a sample of transactions throughout the financial statements to ensure that no material errors have been identified
Perform cut off tests on a sample of transactions to ensure expenditure have been accounted for in the correct period
Review of after year end information to ensure expenditure have been accounted for in the correct period.
Perform analytical review procedures to identify any irregularities and investigation thereon
Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.


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 Auditor's 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 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.


Page 7

 
A J BUCKLEY ASSET MANAGEMENT LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF A J BUCKLEY ASSET MANAGEMENT LIMITED (CONTINUED)





Paul Hawksley   ACA MAAT CTA (Senior Statutory Auditor)
  
for and on behalf of
TWP Accounting LLP
 
Chartered Accountants & Statutory Auditors
  
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE

21 October 2024
Page 8

 
A J BUCKLEY ASSET MANAGEMENT LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
Note
£
£

  

Turnover
 4 
352,291
323,036

Gross profit
  
352,291
323,036

Administrative expenses
  
(378,696)
(397,309)

Other operating income
  
8
-

Operating loss
 5 
(26,397)
(74,273)

Amounts written off investments
  
867
(191)

Interest receivable and similar income
 9 
14
-

Interest payable and similar expenses
  
(1,146)
(5,723)

Loss before tax
  
(26,662)
(80,187)

Tax on loss
 10 
886
44,162

Loss for the financial year
  
(25,776)
(36,025)

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 14 to 23 form part of these financial statements.

Page 9

 
A J BUCKLEY ASSET MANAGEMENT LIMITED
REGISTERED NUMBER: 02730015

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 11 
6,188
6,786

  
6,188
6,786

Current assets
  

Debtors: amounts falling due within one year
 12 
37,810
40,110

Current asset investments
 13 
2,344
1,477

Cash at bank and in hand
 14 
140,783
258,542

  
180,937
300,129

Creditors: amounts falling due within one year
 15 
(42,810)
(79,867)

Net current assets
  
 
 
138,127
 
 
220,262

Total assets less current liabilities
  
144,315
227,048

Creditors: amounts falling due after more than one year
 16 
-
(56,957)

  

Net assets
  
144,315
170,091


Capital and reserves
  

Called up share capital 
 19 
8,286
8,286

Share premium account
 20 
53,482
53,482

Profit and loss account
 20 
82,547
108,323

  
144,315
170,091


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 21 October 2024.




................................................
Paul George Willans
Director

The notes on pages 14 to 23 form part of these financial statements.

Page 10
 

 
A J BUCKLEY ASSET MANAGEMENT LIMITED


 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024



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


£
£
£
£



At 1 July 2022
6,046
-
144,348
150,394





Loss for the year
-
-
(36,025)
(36,025)



Contributions by and distributions to owners


Shares issued during the year
2,240
53,482
-
55,722





At 1 July 2023
8,286
53,482
108,323
170,091





Loss for the year
-
-
(25,776)
(25,776)



At 30 June 2024
8,286
53,482
82,547
144,315



The notes on pages 14 to 23 form part of these financial statements.

Page 11
 
A J BUCKLEY ASSET MANAGEMENT LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
£
£

Cash flows from operating activities

Loss for the financial year
(25,776)
(36,025)

Adjustments for:

Depreciation of tangible assets
1,506
1,696

Impairments of fixed assets
-
191

Interest paid
1,146
5,723

Interest received
(14)
-

Taxation charge
(886)
(44,162)

Decrease in debtors
19
2,548

Increase in creditors
1,538
12,637

Increase/(decrease) in provisions
-
(10,000)

Corporation tax received
686
44,750

Net cash generated from operating activities

(21,781)
(22,642)


Cash flows from investing activities

Purchase of tangible fixed assets
(908)
(1,031)

Gain of listed investments
867
-

Interest received
14
-

Net cash from investing activities

(27)
(1,031)
Page 12

 
A J BUCKLEY ASSET MANAGEMENT LIMITED
 

STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024


2024
2023

£
£



Cash flows from financing activities

Issue of ordinary shares
-
55,722

Repayment of loans
(94,805)
(36,006)

Interest paid
(1,146)
(5,723)

Net cash used in financing activities
(95,951)
13,993

Net (decrease) in cash and cash equivalents
(117,759)
(9,680)

Cash and cash equivalents at beginning of year
258,542
268,222

Cash and cash equivalents at the end of year
140,783
258,542


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
140,783
258,542

140,783
258,542



ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 JUNE 2024




At 1 July 2023
Cash flows
At 30 June 2024
£

£

£

Cash at bank and in hand

258,542

(117,759)

140,783

Debt due after 1 year

(56,957)

56,957

-

Debt due within 1 year

(37,848)

37,848

-


163,737
(22,954)
140,783

The notes on pages 14 to 23 form part of these financial statements.

Page 13

 
A J BUCKLEY ASSET MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

A J Buckley Asset Management Limited  is incorporated in England and Wales and limited by shares. The address of the registered office is given in the company information on page of these financial statements. The place of business is East Street, Alresford, Hampshire, SO24 9EE.  
The principal activity of the company during the year was investment advice. This has been carried out in the United Kingdom, services being provided to residents, expatriates and foreign nationals. The company is permitted to hold client monies.

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 financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

The following principal accounting policies have been applied:

 
2.2

Going concern

During the year, the company made loss before tax of £25,776 and at the balance sheet date, the company had shareholders’ funds of £144,315. 
As we move away from the COVID-19 pandemic, the company has stabilised and investments have become more attractive. The director has prepared cash flow forecasts demonstrating that, due to rising turnover, the company’s cash flow is improving and it will be able to meet liabilities as they fall due for the next twelve months.
Therefore the company continue to adopt the going concern basis of accounting in preparing the annual financial statements.

 
2.3

Revenue

Turnover comprises revenue recognised by the company in respect of discretionary investment services supplied to clients during the year, with fees met from client asset balances held on the Novia, Praemium, Credo and RL360 international platform facility. Initial fees, commissions and ongoing advice fees are recognised on fulfilment of any financial planning advisory, initial or transactional services performance obligations.  The performance obligations are satisfied over time.
Services invoiced in later periods that relate to services supplied during the year are accrued and included within debtors.

 
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.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 14

 
A J BUCKLEY ASSET MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.5

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 Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

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 balance sheet date in the countries where the Company operates and generates income.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Equipment
-
20%
reducing balance

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.

 
2.8

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet 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.

 
2.9

Debtors

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

Page 15

 
A J BUCKLEY ASSET MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.10

Cash

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.

 
2.11

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.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. 
The estimates and underlying assumptions are reviewed on an ongoing basis.


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Discretionary investment services
352,291
323,036

352,291
323,036


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
107,633
67,410

Africa
244,658
255,626

352,291
323,036


Page 16

 
A J BUCKLEY ASSET MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

5.


Operating loss

The operating loss is stated after charging:

2024
2023
£
£

Other operating lease rentals
5,800
3,960


6.


Auditor's remuneration

During the year, the Company obtained the following services from the Company's auditor and its associates:


2024
2023
£
£

Auditor's remuneration

7,735
7,650

7.


Employees

Staff costs, including director's remuneration, were as follows:


2024
2023
£
£

Wages and salaries
224,602
241,099

Social security costs
23,398
26,631

Cost of defined contribution scheme
22,423
24,066

270,423
291,796


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


        2024
        2023
            No.
            No.







Average number of employees
2
2

Page 17

 
A J BUCKLEY ASSET MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

8.


Director's remuneration

2024
2023
£
£

Director's emoluments
150,090
160,639

Company contributions to defined contribution pension schemes
14,895
15,992

164,985
176,631


During the year retirement benefits were accruing to no directors (2023 - 1) in respect of defined contribution pension schemes.


9.


Interest receivable

2024
2023
£
£


Other interest receivable
14
-

14
-


10.


Taxation


2024
2023
£
£

Corporation tax


Adjustments in respect of previous periods
(886)
(44,162)


Total current tax
(886)
(44,162)

Deferred tax

Total deferred tax
-
-


Taxation on loss on ordinary activities
(886)
(44,162)
Page 18

 
A J BUCKLEY ASSET MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 25%). The differences are explained below:

2024
2023
£
£


Loss on ordinary activities before tax
(26,662)
(80,187)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
(6,666)
(20,047)

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
114
76

Rebates from HMRC
(886)
(44,162)

Unrelieved tax losses carried forward
6,552
19,971

Total tax charge for the year
(886)
(44,162)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.



Page 19

 
A J BUCKLEY ASSET MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

11.


Tangible fixed assets





Equipment

£



Cost or valuation


At 1 July 2023
15,736


Additions
908



At 30 June 2024

16,644



Depreciation


At 1 July 2023
8,950


Charge for the year on owned assets
1,506



At 30 June 2024

10,456



Net book value



At 30 June 2024
6,188



At 30 June 2023
6,786


12.


Debtors

2024
2023
£
£


Trade debtors
511
511

Other debtors
1,300
1,200

Prepayments and accrued income
35,999
38,399

37,810
40,110



13.


Current asset investments

2024
2023
£
£

Listed investments
2,344
1,477

2,344
1,477


Page 20

 
A J BUCKLEY ASSET MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

14.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
140,783
258,542

140,783
258,542



15.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
-
37,848

Trade creditors
1,032
695

Other taxation and social security
12,516
12,415

Other creditors
11,356
12,885

Accruals and deferred income
17,906
16,024

42,810
79,867



16.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
-
56,957

-
56,957


Page 21

 
A J BUCKLEY ASSET MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

17.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
-
37,848


-
37,848


Amounts falling due 2-5 years

Bank loans
-
56,957


-
56,957


-
94,805



18.


Deferred taxation


19.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



828,563 (2023 - 828,563) Ordinary shares of £0.01 each
8,286
8,286



20.


Reserves

Share premium account

The share premium account represents the premium arising on the issue of shares net of issue costs.

Profit and loss account

The profit and loss account represents profit net of adjustments. No dividend was declared.


21.


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 £22,423 (2023 - £24,066) Contributions totalling £nil (2023 - £nil) were payable to the fund at the balance sheet date.

Page 22

 
A J BUCKLEY ASSET MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

22.


Commitments under operating leases

At 30 June 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
5,100
2,400

Later than 1 year and not later than 5 years
11,900
2,800

17,000
5,200


23.


Controlling party

P G Willans has ultimate control of the company by virtue of majority shareholding of the company.


Page 23