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Registered number: 08411874
Ironmarket Limited
Strategic Report, Directors' Report and
Financial Statements
For The Year Ended 31 May 2024
Contents
Page
Strategic Report 1
Directors' Report 2—3
Independent Auditor's Report 4—6
Profit and Loss Account 7
Statement of Comprehensive Income 8
Balance Sheet 9—10
Statement of Changes in Equity 11
Statement of Cash Flows 12
Notes to the Statement of Cash Flows 13
Notes to the Financial Statements 14—21
Page 1
Strategic Report
The directors present their strategic report for the year ended 31 May 2024.
Review of the Business
The company continues to operate as a ‘Wealth Management’ business, operating as a Financial Adviser and Discretionary Investment Manager in the UK market.
Turnover increased by 6% year over year (“YoY”) demonstrating consistent core business performance throughout the trading period.
Gross Profit increased by 14% YoY.
Implementation of our Value proposition alongside the regulators Consumer Duty, we believe has improved profitability.
In terms of investment management, strategies continue to outperform benchmarks and peers over the period and over 3 years, 5 years and since inception. 
Principal Risks and Uncertainties
Investment Markets
Both a driver and detractor, market volatility and drawdown remain a risk both in terms of client expectation but also assets and income. 
Employees
Recruiting, training and retention of high calibre staff remains critical to our progress and delivery of objectives as we attempt to grow our support and Investment Management employee numbers.
We have independent verification that our internal ‘pathway’ offers a very attractive career path for those new to financial services.
During the trading year we have invested strongly in higher calibre staff.
PII Shrinkage
As since 2019, it is well documented within the industry press, the shrinkage of Professional Indemnity providers willing to insure businesses of our type with particular challenges around Defined Benefit Pension advice.
With diligent preparation and detailed disclosures and representations, we were able to buck the trend here and renew our coverage at a small discount with more favourable terms.
Key Performance Indicators
Despite the headwinds of an ever-increasing regulatory reporting burden, record market volatility and a tight labour market, our 6% YoY growth in turnover, 14% YoY gross profit and 26% YoY growth in Assets Under Management demonstrate strong fundamentals to continue to build upon. The level of capital held at year end was well more than the amount required to meet regulatory requirements showing 12% YoY Growth and very importantly, positioned the Firm to continue to invest in its future competitiveness and sustainability.
On behalf of the board
Mr W J Wilkes
Director
19/09/2024
Page 1
Page 2
Directors' Report
The directors present their report and the financial statements for the year ended 31 May 2024.
Principal Activity
The company's principal activity continues to be that of financial advisors.
Dividends
The value of interim dividends paid amounted to £306,212 .
Political Donations and Expenditure
Charitable donations made by the company for the year ended 31st May 2024 total £2,329.
Directors
The directors who held office during the year were as follows:
Mr W J Wilkes
Mrs A Johnson
Statement of Directors' Responsibilities
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', 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 the financial statements the directors are required to:
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and 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.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Directors' Report is approved:
  • so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
  • they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.
Page 2
Page 3
Independent Auditors
The auditors, Afford Bond Holdings Limited, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.
On behalf of the board
Mr W J Wilkes
Director
19/09/2024
Page 3
Page 4
Independent Auditor's Report
Opinion
We have audited the financial statements of Ironmarket Limited for the year ended 31 May 2024 which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes of Equity, Cash Flow Statement 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
In our opinion the financial statements:
  • give a true and fair view of the state of the company's affairs as at 31 May 2024 and of its profit/(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 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 directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the entity's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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. In connection with our audit of the financial statements, 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 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 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.
Page 4
Page 5
Matters on Which We Are Required to Report by Exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
  • adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
  • the financial statements are not in agreement with the accounting records or returns; or
  • certain disclosures of directors' remuneration specified by law are not made; or
  • we have not received all the information and explanations we require for our audit.
Responsibilities of Directors
As explained more fully in the Directors' Responsibilities Statement set out on page 2—3, 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.
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.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
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. 
Our procedures are developed based on risks identified from our knowledge of the entity, its environment, the significant laws and regulations governing its activities and of the related parties and service organisations connected with it. We also consider how the systems and controls the entity has put in place over its activities might mitigate risks identified.
Audit response to risks identified 
• Enquiry of management, those charged with governance around actual and potential litigation and claims.
• Reviewing minutes of meetings of thgose charged with governance.
• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
• Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness.
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.
Page 5
Page 6
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.
David Bailey BA(Econ) FCA (Senior Statutory Auditor)
for and on behalf of Afford Bond Holdings Limited , Statutory Auditor
19/09/2024
Afford Bond Holdings Limited
31 Wellington Road
Nantwich
Cheshire
CW5 7ED
Page 6
Page 7
Profit and Loss Account
2024 2023
Notes £ £
TURNOVER 3 1,742,749 1,648,932
GROSS PROFIT 1,742,749 1,648,932
Administrative expenses (1,364,333 ) (1,332,066 )
Other operating income 2,851 18,192
OPERATING PROFIT 5 381,267 335,058
Loss on disposal of fixed assets (3,264 ) -
Other interest receivable and similar income 9,516 614
Interest payable and similar charges 10 (25,093 ) (21,164 )
PROFIT BEFORE TAXATION 362,426 314,508
Tax on Profit 11 (88,419 ) (49,848 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR 274,007 264,660
The notes on pages 13 to 21 form part of these financial statements.
Page 7
Page 8
Statement of Comprehensive Income
2024 2023
£ £
PROFIT FOR THE FINANCIAL YEAR 274,007 264,660
OTHER COMPREHENSIVE INCOME FOR THE YEAR - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 274,007 264,660
Page 8
Page 9
Balance Sheet
Registered number: 08411874
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 12 360,205 343,532
360,205 343,532
CURRENT ASSETS
Debtors 13 265,164 258,352
Cash at bank and in hand 446,639 376,309
711,803 634,661
Creditors: Amounts Falling Due Within One Year 14 (398,738 ) (277,107 )
NET CURRENT ASSETS (LIABILITIES) 313,065 357,554
TOTAL ASSETS LESS CURRENT LIABILITIES 673,270 701,086
Creditors: Amounts Falling Due After More Than One Year 15 (308,034 ) (307,813 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 18 (90,051 ) (85,883 )
NET ASSETS 275,185 307,390
CAPITAL AND RESERVES
Called up share capital 20 154 154
Profit and Loss Account 275,031 307,236
SHAREHOLDERS' FUNDS 275,185 307,390
Page 9
Page 10
On behalf of the board
Mr W J Wilkes
Director
19/09/2024
The notes on pages 13 to 21 form part of these financial statements.
Page 10
Page 11
Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 1 June 2022 154 423,576 423,730
Profit for the year and total comprehensive income - 264,660 264,660
Dividends paid - (381,000) (381,000)
As at 31 May 2023 and 1 June 2023 154 307,236 307,390
Profit for the year and total comprehensive income - 274,007 274,007
Dividends paid - (306,212) (306,212)
As at 31 May 2024 154 275,031 275,185
Page 11
Page 12
Statement of Cash Flows
2024 2023
Notes £ £
Cash flows from operating activities
Net cash generated from operations 1 503,875 482,900
Interest paid (25,093 ) (13,711 )
Tax paid (5,371 ) (58,879 )
Interest element of hire purchase payments paid - (18,958)
Net cash generated from operating activities 473,411 391,352
Cash flows from investing activities
Purchase of tangible assets (113,582 ) (164,730 )
Interest received 9,516 614
Net cash used in investing activities (104,066 ) (164,116 )
Cash flows from financing activities
Equity dividends paid (306,212 ) (381,000 )
Repayment of bank borrowings (18,547 ) (97,862 )
Proceeds from new other loans - 145,185
Repayment of other loans (20,900) -
Repayment of finance leases 65,607 (96,214 )
Amount introduced by directors 3,515 6,722
Amount withdrawn by directors (22,478) (88)
Net cash used in financing activities (299,015 ) (423,257 )
Increase/(decrease) in cash and cash equivalents 70,330 (196,021 )
Cash and cash equivalents at beginning of year 2 376,309 572,330
Cash and cash equivalents at end of year 2 446,639 376,309
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Notes to the Statement of Cash Flows
1. Reconciliation of profit for the financial year to cash generated from operations
2024 2023
£ £
Profit for the financial year 274,007 264,660
Adjustments for:
Tax on profit 88,419 49,848
Interest expense 25,093 32,669
Interest income (9,516 ) (614 )
Depreciation of tangible assets 93,644 93,435
Loss on disposal of tangible assets 3,264 -
Movements in working capital:
Increase in trade and other debtors (6,812 ) (21,873 )
Increase in trade and other creditors 35,776 64,775
Net cash generated from operations 503,875 482,900
2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:
2024 2023
£ £
Cash at bank and in hand 446,639 376,309
3. Analysis of changes in net (debt)/funds
As at 1 June 2023 Cash flows As at 31 May 2024
£ £ £
Cash at bank and in hand 376,309 70,330 446,639
Finance leases (174,521) (65,607) (240,128)
Debts falling due within one year (44,021 ) 1,478 (42,543 )
Debts falling due after more than one year (158,883) 37,970 (120,913)
(1,116) 44,171 43,055
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Notes to the Financial Statements
1. General Information
Ironmarket Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08411874 . The registered office is Unit 10 Brindley Court Dalewood Road, Lymedale Business Park, Newcastle-Under-Lyme, ST5 9QA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
2.2. Turnover
Turnover relates to the provision of wealth management services and is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% on reducing balance
Motor Vehicles 25% on reducing balance
Fixtures & Fittings 25% on reducing balance
Computer Equipment 25% on reducing balance
2.4. Leasing and Hire Purchase Contracts
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
2.5. Financial Instruments
The company has chosen to adopt Sections 11 and 12 of FRS102 in respect of financial instruments.
(i) Financial Assets
Basic financial assets, including trade and other receivables, cash and bank balances and investments are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.
(ii) Financial liabilities
Basic financial liabilities, including trade and other payables, 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 receipts discounted at a market rate of interest.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
...CONTINUED
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2.5. Financial Instruments - continued
Trade payables 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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.7. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.8. Rounding
The company accounts are presented having being rounded to the nearest GBP.
3. Turnover
Turnover relates to the provision of wealth management services and is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
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4. Other Operating Income
2024 2023
£ £
Grant income - 4,500
Other operating income 2,851 13,692
2,851 18,192
5. Operating Profit
The operating profit is stated after charging:
2024 2023
£ £
Bad debts 5,910 -
Operating lease rentals - 35,920
Depreciation of tangible fixed assets 93,644 93,435
6. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
2024 2023
£ £
Audit Services
Audit of the company's financial statements 6,925 11,001
7. Staff Costs
Staff costs, including directors' remuneration, were as follows:
2024 2023
£ £
Wages and salaries 396,482 349,631
Social security costs 959 814
Other pension costs 74,427 72,006
471,868 422,451
8. Average Number of Employees
Average number of employees, including directors, during the year was as follows:
2024 2023
Office and administration 16 15
Management staff 2 2
18 17
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9. Directors' remuneration
2024 2023
£ £
Emoluments 25,152 24,702
Company contributions to money purchase pension schemes 46,000 46,000
Amounts paid to third parties in respect of directors' services - 729
71,152 71,431
The number of directors to whom retirement benefits were accruing was as follows:
2024 2023
Money purchase pension schemes 2 2
10. Interest Payable and Similar Charges
2024 2023
£ £
Bank loans and overdrafts 13,863 14,411
Finance charges payable under finance leases and hire purchase contracts 11,230 6,753
25,093 21,164
11. Tax on Profit
The tax charge on the profit for the year was as follows:
Tax Rate 2024 2023
2024 2023 £ £
Current tax
UK Corporation Tax 25.0% 20.0% 84,251 15,690
Deferred Tax
Deferred taxation 4,168 34,158
Total tax charge for the period 88,419 49,848
The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
2024 2023
£ £
Profit before tax 362,426 314,508
Tax on profit at 25% (UK standard rate) 90,607 62,902
Goodwill/depreciation not allowed for tax 23,411 18,690
Expenses not deductible for tax purposes 9,425 2,532
...CONTINUED
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Capital allowances (28,396 ) (34,305 )
Research and Development tax credit (10,320 ) (20,197 )
Group relief (476 ) (13,932 )
Deferred tax from unrecognised timing difference from a prior period 4,168 34,158
Total tax charge for the period 88,419 49,848
12. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 June 2023 138,732 335,161 70,985 57,143 602,021
Additions - 106,876 4,191 2,516 113,583
Disposals - - (3,673 ) (12,564 ) (16,237 )
As at 31 May 2024 138,732 442,037 71,503 47,095 699,367
Depreciation
As at 1 June 2023 43,354 143,527 36,204 35,404 258,489
Provided during the period 23,846 55,355 9,188 5,255 93,644
Disposals - - (1,766 ) (11,205 ) (12,971 )
As at 31 May 2024 67,200 198,882 43,626 29,454 339,162
Net Book Value
As at 31 May 2024 71,532 243,155 27,877 17,641 360,205
As at 1 June 2023 95,378 191,634 34,781 21,739 343,532
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
2024 2023
£ £
Motor Vehicles 224,066 191,634
13. Debtors
2024 2023
£ £
Due within one year
Trade debtors 539 19,169
Prepayments and accrued income 114,600 71,695
Other debtors 150,025 167,488
265,164 258,352
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14. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 53,007 25,591
Trade creditors 141,945 79,798
Bank loans and overdrafts 21,643 23,121
Other loans 20,900 20,900
Corporation tax 94,570 15,690
Other taxes and social security 3,037 -
VAT 27,084 26,239
Net wages - 514
Other creditors 24,235 52,903
Accruals and deferred income 11,501 12,572
Directors' loan accounts 816 19,779
398,738 277,107
15. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 187,121 148,930
Bank loans 82,596 99,666
Other loans 38,317 59,217
308,034 307,813
16. Loans
An analysis of the maturity of loans is given below:
2024 2023
£ £
Amounts falling due within one year or on demand:
Bank loans 21,643 23,121
Other loans 20,900 20,900
42,543 44,021
2024 2023
£ £
Amounts falling due between one and five years:
Bank loans 82,596 99,666
Other loans 38,317 59,217
120,913 158,883
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17. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 53,007 25,591
Later than one year and not later than five years 187,121 148,930
240,128 174,521
240,128 174,521
Non-cancellable operating leases
2024
2023
£
£
Within one year
10,576
11,733
Between one and five years
18,299
30,063
image
image
28,875
image
41,796
image
Hire purchase payments represent rentals payable by the company for certain motor vehicles. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments. Hire purchase contracts are secured on the assets to which they relate.
18. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 90,051 85,883
19. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 June 2023 85,883 85,883
Deferred taxation 4,168 4,168
Balance at 31 May 2024 90,051 90,051
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20. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 154 154
21. Financial Instruments
The company has the following financial instruments:
2024 2023
£ £
Financial assets
Financial assets that are debt Instruments measured at amortised cost 447,179 395,478
Financial liabilities
Financial liabilities measured at amortised cost 382,073 254,319
22. Pension Commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
During the year the charge to profit or loss in respect of defined contribution schemes was £74,427 (2023: £72,006).
23. Reserves
Retained earnings
£
At 1 June 2023 
307,236
Profit for the year 
295,619
Dividends
(306,212)
image
At 31 May 2024
296,643
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24. Related Party Disclosures
Other debtors include loans totalling £150,000 (2023: £155,000) to companies under common control.
25. Controlling Parties
The company's ultimate controlling party is Ironmarket Group Holdings Limited by virtue of their interest in the share capital of the company.
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