Registered number: 02730015
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
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A J BUCKLEY ASSET MANAGEMENT LIMITED
COMPANY INFORMATION
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A J BUCKLEY ASSET MANAGEMENT LIMITED
CONTENTS
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A J BUCKLEY 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.
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;
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.
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.
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:
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A J BUCKLEY ASSET MANAGEMENT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
This report was approved by the board on 21 October 2024 and signed on its behalf.
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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.
The loss for the year, after taxation, amounted to £25,776 (2023 - loss £36,025).
The director who served during the year was:
The director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations.
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 2006. He is also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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A J BUCKLEY ASSET MANAGEMENT LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
There have been no significant events affecting the Company since the year end.
The auditor, TWP Accounting LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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A J BUCKLEY ASSET MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF A J BUCKLEY ASSET MANAGEMENT LIMITED
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 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).
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.
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.
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 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.
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A J BUCKLEY ASSET MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF A J BUCKLEY ASSET MANAGEMENT LIMITED (CONTINUED)
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.
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.
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A J BUCKLEY ASSET MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF A J BUCKLEY ASSET MANAGEMENT LIMITED (CONTINUED)
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 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.
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A J BUCKLEY ASSET MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF A J BUCKLEY ASSET MANAGEMENT LIMITED (CONTINUED)
for and on behalf of
Chartered Accountants & Statutory Auditors
The Old Rectory
Church Street
Surrey
KT13 8DE
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A J BUCKLEY ASSET MANAGEMENT LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
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A J BUCKLEY ASSET MANAGEMENT LIMITED
REGISTERED NUMBER: 02730015
BALANCE SHEET
AS AT 30 JUNE 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 14 to 23 form part of these financial statements.
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