Company registration number 11231740 (England and Wales)
WOBURN ASSET MANAGEMENT LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
WOBURN ASSET MANAGEMENT LIMITED
COMPANY INFORMATION
Director
John Edmondson
Secretary
Zome Secretaries Limited
Company number
11231740
Registered office
5th Floor
111 Charterhouse Street
London
EC1M 6AW
Accountants
Whitemoor Davis Limited
5th Floor
111 Charterhouse Street
London
EC1M 6AW
Auditor
Fisher, Sassoon & Marks
43-45 Dorset Street
Marylebone
London
W1U 7NA
WOBURN ASSET MANAGEMENT LIMITED
CONTENTS
Page
Strategic report
1 - 2
Director's report
3
Director's responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 22
WOBURN ASSET MANAGEMENT LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 30 JUNE 2024
- 1 -

The director presents the strategic report for the period ended 30 June 2024.

Review of the business

The results of the period and the financial position at the period end were considered satisfactory by the director who hope to continue increasing both turnover and profits respectively.

Principal risks and uncertainties

As a service provider the director considers that the key financial risk exposures faced by the company relate to credit risk and the need to maintain sufficient liquidity to satisfy regulatory capital requirements and working capital needs. The company's financial risk management objectives are to minimise the key financial risks through having clearly defined terms of business with counter parties and stringent credit control over transactions with them and regular monitoring of cash flow and management accounts to ensure regulatory capital requirements are not breached and the company maintains adequate working capital.

Development and performance

At the period end, the company had net assets of £137,990 (2023: £86,556).

The company is well placed to achieve its long-term business strategy.

Key performance indicators

The company's key performance indicators are turnover and profitability as disclosed below from the information on page 6 of the financial statements.

The company's key performance indicators are turnover which increased from £57,041 in 2023 to £314,876 this period; and profitability which increased significantly from a loss of £34,575 in 2023 to a profit of £166,434 for the current period.

Regulatory compliance requirement

In accordance with the rules of the Financial Conduct Authority, the company has published information on its risk management objectives and the policies on its regulatory capital requirements and resources. These disclosures can be reviewed at the registered office.

WOBURN ASSET MANAGEMENT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
- 2 -
Directors' statement of compliance with duty to promoting the success of the company

The director of the company has acted in a way that he considers, in good faith, would most likely promote the success of the company for the benefit of its shareholders and customers as a whole. In doing so the director has had regard to (amongst other matters):    

 

 

 

 

 

 

Future developments

The Company’s main aim is to increase assets under management and engage additional clients. Once assets under management increase, the Company will hire additional staff. Additional hires will increase fixed costs, but revenues and profits will increase. The main milestone is to double assets under management in the medium term.

On behalf of the board

John Edmondson
Director
18 October 2024
WOBURN ASSET MANAGEMENT LIMITED
DIRECTOR'S REPORT
FOR THE PERIOD ENDED 30 JUNE 2024
- 3 -

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

Principal activities

The principal activity of the company continued to be that of the provision of investment management services to professional clients.

Results and dividends

Ordinary dividends were paid amounting to £115,000.

Director

The director who held office during the period and up to the date of signature of the financial statements was as follows:

John Edmondson
Financial instruments
Liquidity risk

The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.

Foreign currency risk

The company’s principal foreign currency exposures arise from trading with overseas companies. Company policy permits but does not demand that these exposures may be hedged in order to fix the cost in sterling.

Regulatory risk

The company's main business activity is regulated by FCA and the company provides its services strictly according to current UK legislation, but there is always the risk of a changing regulatory landscape which can affect the company's business. The company aims to be very flexible and react immediately in case of any significant changes in legislation and other regulatory issues, in order to adapt quickly to new business environments.

Post reporting date events

There are no post balance sheet events to report.

Auditor

The auditor, Fisher, Sassoon & Marks, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

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

On behalf of the board
John Edmondson
Director
18 October 2024
WOBURN ASSET MANAGEMENT LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 30 JUNE 2024
- 4 -

The director is responsible for preparing the annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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:

 

 

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 enable them 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.

WOBURN ASSET MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WOBURN ASSET MANAGEMENT LIMITED
- 5 -
Opinion

We have audited the financial statements of Woburn Asset Management Limited (the 'company') for the period ended 30 June 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the 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 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.

Opinions on other matters prescribed by the Companies Act 2006

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

WOBURN ASSET MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WOBURN ASSET MANAGEMENT LIMITED
- 6 -
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 and the director's 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:

 

Responsibilities of director

As explained more fully in the director's responsibilities statement, 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 has no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

Extent to which the audit was considered capable of detecting irregularities, including fraud

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.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

WOBURN ASSET MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WOBURN ASSET MANAGEMENT LIMITED
- 7 -

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or through collusion.

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

Use of our report

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

Jonathan Marks (Senior Statutory Auditor)
For and on behalf of Fisher, Sassoon & Marks
18 October 2024
Chartered Accountants
Statutory Auditor
43-45 Dorset Street
Marylebone
London
W1U 7NA
WOBURN ASSET MANAGEMENT LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 30 JUNE 2024
- 8 -
Period
Year
ended
ended
30 June
31 August
2024
2023
Notes
£
£
Turnover
3
314,876
57,041
Administrative expenses
(76,514)
(87,758)
Operating profit/(loss)
4
238,362
(30,717)
Interest receivable and similar income
7
965
3,788
Interest payable and similar expenses
8
-
0
(50)
Net fair value (loss)/gain on investments
9
(16,389)
(12,162)
Profit/(loss) before taxation
222,938
(39,141)
Tax on profit/(loss)
10
(56,504)
4,566
Profit/(loss) for the financial period
166,434
(34,575)

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

WOBURN ASSET MANAGEMENT LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 JUNE 2024
- 9 -
Period
Year
ended
ended
30 June
31 August
2024
2023
£
£
Profit/(loss) for the period
166,434
(34,575)
Other comprehensive income
-
-
Total comprehensive income for the period
166,434
(34,575)
WOBURN ASSET MANAGEMENT LIMITED
BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 10 -
30 June 2024
31 August 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
1,809
499
Investments
13
10,420
10,420
12,229
10,919
Current assets
Debtors
15
35,849
15,495
Investments
16
-
0
21,716
Cash at bank and in hand
174,526
55,250
210,375
92,461
Creditors: amounts falling due within one year
17
(84,614)
(15,652)
Net current assets
125,761
76,809
Total assets less current liabilities
137,990
87,728
Provisions for liabilities
Deferred tax liability
18
-
0
1,172
-
(1,172)
Net assets
137,990
86,556
Capital and reserves
Called up share capital
19
55,100
55,100
Profit and loss reserves
82,890
31,456
Total equity
137,990
86,556
The financial statements were approved and signed by the director and authorised for issue on 18 October 2024
John Edmondson
Director
Company registration number 11231740 (England and Wales)
WOBURN ASSET MANAGEMENT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 JUNE 2024
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 September 2022
55,100
158,031
213,131
Year ended 31 August 2023:
Loss and total comprehensive income
-
(34,575)
(34,575)
Dividends
11
-
(92,000)
(92,000)
Balance at 31 August 2023
55,100
31,456
86,556
Period ended 30 June 2024:
Profit and total comprehensive income
-
166,434
166,434
Dividends
11
-
(115,000)
(115,000)
Balance at 30 June 2024
55,100
82,890
137,990
WOBURN ASSET MANAGEMENT LIMITED
STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 JUNE 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
22
223,786
(26,364)
Interest paid
-
0
(50)
Income taxes refunded/(paid)
5,688
(10,608)
Net cash inflow/(outflow) from operating activities
229,474
(37,022)
Investing activities
Purchase of tangible fixed assets
(1,885)
-
0
Proceeds on disposal of tangible fixed assets
395
-
0
Purchase of investments
(15,671)
-
0
Proceeds on disposal of investments
20,998
84,840
Interest received
132
-
0
Other income received from investments
833
3,788
Net cash generated from investing activities
4,802
88,628
Financing activities
Dividends paid
(115,000)
(92,000)
Net cash used in financing activities
(115,000)
(92,000)
Net increase/(decrease) in cash and cash equivalents
119,276
(40,394)
Cash and cash equivalents at beginning of period
55,250
95,645
Cash and cash equivalents at end of period
174,526
55,250
WOBURN ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
- 13 -
1
Accounting policies
Company information

Woburn Asset Management Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5th Floor, 111 Charterhouse Street, London, EC1M 6AW.

1.1
Accounting convention

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

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

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

1.2
Going concern

Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Reporting period

The company's year end was shortened in the period to 30 June 2024. This was to make reporting to the various authorities co-terminus. Comparative amounts presented in the financial statements (including the related notes) are therefore not entirely comparable.

1.4
Turnover

Turnover comprises revenue recognised by the company in respect of commissions receivable during the year from the provision of investment service activities. Turnover is recognised when the services have been provided and the right to receive payment is established. Turnover is shown net of VAT and other sales related taxes.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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

Fixtures and fittings
Over 3 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

WOBURN ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 14 -

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

Investments in unlisted company shares, which have been classified as fixed asset investments as the company intends to hold them on a continuing basis, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 

Investments in listed company shares, which have been classified as current asset investments, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

WOBURN ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 15 -
1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.10
Equity instruments

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

1.11
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

WOBURN ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 16 -
Deferred tax

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

 

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

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

Judgements and key sources of estimation uncertainty In the application of the company’s accounting policies, the director is required to make judgements, estimates, and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The director does not consider there to be any critical judgements or key sources of estimation uncertainty involved in the preparation of the company's financial statements.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Commission receivable
314,876
57,041
WOBURN ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
3
Turnover and other revenue
(Continued)
- 17 -
2024
2023
£
£
Turnover analysed by geographical market
Non-UK
314,876
57,041
2024
2023
£
£
Other revenue
Interest income
132
-
4
Operating profit/(loss)
2024
2023
Operating profit/(loss) for the period is stated after charging/(crediting):
£
£
Exchange (gains)/losses
-
0
34
Auditors' remuneration - audit related services
10,200
6,500
Depreciation of owned tangible fixed assets
575
2,405
Profit on disposal of tangible fixed assets
(395)
-
5
Employees

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

2024
2023
Number
Number
1
1

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
9,100
9,100
6
Director's remuneration
2024
2023
£
£
Remuneration for qualifying services
9,100
9,100
WOBURN ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
- 18 -
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
132
-
0
Income from fixed asset investments
Income from other fixed asset investments
833
3,788
Total income
965
3,788
8
Interest payable and similar expenses
2024
2023
£
£
Other interest
-
0
50
9
Net fair value (loss)/gain on investments
2024
2023
£
£
Change in value of financial assets held at fair value through profit or loss
6,170
6,170
Loss on disposal of investments
(22,559)
(18,332)
(16,389)
(12,162)
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
57,676
(5,738)
Deferred tax
Origination and reversal of timing differences
(1,172)
1,172
Total tax charge/(credit)
56,504
(4,566)
WOBURN ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
10
Taxation
(Continued)
- 19 -

The actual charge/(credit) for the period can be reconciled to the expected charge/(credit) for the period based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit/(loss) before taxation
222,938
(39,141)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
55,735
(7,437)
Tax effect of expenses that are not deductible in determining taxable profit
769
2,871
Taxation charge/(credit) for the period
56,504
(4,566)
11
Dividends
2024
2023
£
£
Interim paid
115,000
92,000
12
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 September 2023
8,208
Additions
1,885
Disposals
(1,204)
At 30 June 2024
8,889
Depreciation and impairment
At 1 September 2023
7,709
Depreciation charged in the period
575
Eliminated in respect of disposals
(1,204)
At 30 June 2024
7,080
Carrying amount
At 30 June 2024
1,809
At 31 August 2023
499
WOBURN ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
- 20 -
13
Fixed asset investments
2024
2023
£
£
Unlisted investments
10,420
10,420
14
Financial instruments
2024
2023
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
19,757
12,936
Instruments measured at fair value through profit or loss
-
111,822
Carrying amount of financial liabilities
Measured at amortised cost
26,939
15,602
15
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
32,599
7,340
Corporation tax recoverable
-
0
5,738
Other debtors
3,250
2,417
35,849
15,495
16
Current asset investments
2024
2023
£
£
Unlisted investments
-
21,716
-
0
21,716
17
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
252
240
Corporation tax
57,676
50
Other creditors
14,986
8,862
Accruals and deferred income
11,700
6,500
84,614
15,652
WOBURN ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
- 21 -
18
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Balances:
£
£
Investments
-
1,172
2024
Movements in the period:
£
Liability at 1 September 2023
1,172
Transfer on disposal
(1,172)
Liability at 30 June 2024
-
19
Share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
55,000 ordinary shares of £1 each
55,000
55,000
100 ordinary A shares of £1 each
100
100
55,100
55,100

The ordinary A shares are entitled to dividend payments or any other distribution at the option of the director. They do not carry voting rights.

20
Related party transactions

Dividends totalling £115,000 (2023: £92,000) were paid in the year, of which £86,250 (2023: £69,000) was paid to the company's director and £28,750 (2023: £23,000) to the other shareholder.

21
Ultimate controlling party

The ultimate controlling party is J Edmondson, the director of the company.

WOBURN ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
- 22 -
22
Cash generated from/(absorbed by) operations
2024
2023
£
£
Profit/(loss) for the period after tax
166,434
(34,575)
Adjustments for:
Taxation charged/(credited)
56,504
(4,566)
Finance costs
-
0
50
Investment income
(965)
(3,788)
Gain on disposal of tangible fixed assets
(395)
-
Depreciation and impairment of tangible fixed assets
575
2,405
Net loss/(gain) on investments
16,389
12,162
Movements in working capital:
Increase in debtors
(26,092)
(6,821)
Increase in creditors
11,336
8,769
Cash generated from/(absorbed by) operations
223,786
(26,364)
23
Analysis of changes in net funds
1 September 2023
Cash flows
30 June 2024
£
£
£
Cash at bank and in hand
55,250
119,276
174,526
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