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Registered number: 12505414
Ironmarket Group Holdings Limited
Strategic Report, Director's Report and
Financial Statements
For The Year Ended 31 May 2024
Contents
Page
Strategic Report 1
Director's Report 2—3
Independent Auditor's Report 4—6
Consolidated Profit and Loss Account 7
Consolidated Statement of Comprehensive Income 8
Consolidated Balance Sheet 9—10
Company Balance Sheet 11—12
Consolidated Statement of Changes in Equity 13
Consolidated Statement of Cash Flows 14
Notes to the Consolidated Statement of Cash Flows 15
Notes to the Financial Statements 16—25
Page 1
Strategic Report
The director presents his 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
Director's Report
The director presents his report and the financial statements for the year ended 31 May 2024.
Principal Activity
The group's principal activity continues to be that of financial advisors.
Dividends
Interim dividends paid (per share - rounded) were as follows:
£11.35 per share paid on each of 10,701 Ordinary A shares
£15.35 per share paid on each of 2,567 Ordinary B shares
£103.23 per share paid on each of 900 Ordinary C shares
£39.77 per share paid on each of 1,232 Ordinary D shares
The total distribution of dividends for the period ended 31 May 2024 will be £302,748.
Political Donations and Expenditure
Charitable donations made by companies within the group for the year ended 31st May 2024 total £2,329.
Directors
The director who held office during the year were as follows:
Mr W J Wilkes
Statement of Director's Responsibilities
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 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 director 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 director is 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 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.
The director is 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.
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Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Director's 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.
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 Group Holdings Limited for the year ended 31 May 2024 which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes of Equity, Company Statement of Changes of Equity, Consolidated 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 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 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 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. 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.
Page 4
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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 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 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 or 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 2—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 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 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
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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.
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 that 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 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
Consolidated Profit and Loss Account
2024 2023
Notes £ £
TURNOVER 1,742,749 1,648,932
GROSS PROFIT 1,742,749 1,648,932
Administrative expenses (1,366,133 ) (1,401,616 )
Other operating income 2,851 18,192
OPERATING PROFIT 4 379,467 265,508
Loss on disposal of fixed assets (3,264 ) -
Other interest receivable and similar income 9 9,516 614
Interest payable and similar charges 10 (25,195 ) (21,266 )
PROFIT BEFORE TAXATION 360,524 244,856
Tax on Profit 11 (88,419 ) (49,848 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT 272,105 195,008
The notes on pages 15 to 25 form part of these financial statements.
Page 7
Page 8
Consolidated Statement of Comprehensive Income
2024 2023
£ £
PROFIT FOR THE FINANCIAL YEAR 272,105 195,008
OTHER COMPREHENSIVE INCOME FOR THE YEAR - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT 272,105 195,008
Page 8
Page 9
Consolidated Balance Sheet
Registered number: 12505414
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 12 360,205 343,532
360,205 343,532
CURRENT ASSETS
Debtors 14 275,803 283,352
Investments 15 96,000 78,000
Cash at bank and in hand 446,872 378,618
818,675 739,970
Creditors: Amounts Falling Due Within One Year 16 (398,739 ) (277,107 )
NET CURRENT ASSETS (LIABILITIES) 419,936 462,863
TOTAL ASSETS LESS CURRENT LIABILITIES 780,141 806,395
Creditors: Amounts Falling Due After More Than One Year 17 (308,034 ) (307,813 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 20 (90,051 ) (85,883 )
NET ASSETS 382,056 412,699
CAPITAL AND RESERVES
Called up share capital 22 154 154
Profit and Loss Account 381,902 412,545
SHAREHOLDERS' FUNDS 382,056 412,699
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Page 10
On behalf of the board
Mr W J Wilkes
Director
19/09/2024
The notes on pages 15 to 25 form part of these financial statements.
Page 10
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Company Balance Sheet
Registered number: 12505414
2024 2023
Notes £ £ £ £
FIXED ASSETS
Investments 13 154 154
154 154
CURRENT ASSETS
Debtors 14 10,639 25,000
Investments 15 96,000 78,000
Cash at bank and in hand 232 2,309
106,871 105,309
NET CURRENT ASSETS (LIABILITIES) 106,871 105,309
TOTAL ASSETS LESS CURRENT LIABILITIES 107,025 105,463
NET ASSETS 107,025 105,463
CAPITAL AND RESERVES
Called up share capital 22 154 154
Profit and Loss Account 106,871 105,309
SHAREHOLDERS' FUNDS 107,025 105,463
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In accordance with section 408(3) of the Companies Act 2006, the company has not presented its own profit and loss account and the related notes. The company's profit for the year was £ 304,310 (2023: £ 311,348 profit).
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr W J Wilkes
Director
19/09/2024
The notes on pages 15 to 25 form part of these financial statements.
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Consolidated Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 1 June 2022 154 497,554 497,708
Profit for the year and total comprehensive income - 195,008 195,008
Dividends paid - (280,017) (280,017)
As at 31 May 2023 and 1 June 2023 154 412,545 412,699
Profit for the year and total comprehensive income - 272,105 272,105
Dividends paid - (302,748) (302,748)
As at 31 May 2024 154 381,902 382,056
Page 13
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Consolidated Statement of Cash Flows
2024 2023
Notes £ £
Cash flows from operating activities
Net cash generated from operations 1 516,437 388,247
Interest paid (25,195 ) (13,711 )
Tax paid (5,370 ) (58,879 )
Interest element of hire purchase payments paid - (18,958)
Net cash generated from operating activities 485,872 296,699
Cash flows from investing activities
Purchase of tangible assets (113,582 ) (164,730 )
Proceeds from disposal of tangible assets 2 -
Purchase of current asset investments (18,000 ) (24,000 )
Interest received 9,516 614
Net cash used in investing activities (122,064 ) (188,116 )
Cash flows from financing activities
Equity dividends paid (302,748 ) (280,017 )
Repayment of bank borrowings (18,548 ) -
Repayment of other loans (20,900) (97,862)
Repayment of finance leases 65,607 145,185
Amount introduced by directors 3,514 6,723
Amount withdrawn by directors (22,479) (88)
Capital repayments in year - (96,214)
Net cash used in financing activities (295,554 ) (322,273 )
Increase/(decrease) in cash and cash equivalents 68,254 (213,690 )
Cash and cash equivalents at beginning of year 2 378,618 592,308
Cash and cash equivalents at end of year 2 446,872 378,618
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Notes to the Consolidated Statement of Cash Flows
1. Reconciliation of profit for the financial year to cash generated from operations
2024 2023
£ £
Profit for the financial year 272,105 195,008
Adjustments for:
Tax on profit 88,419 49,848
Interest expense 25,195 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:
Decrease/(increase) in trade and other debtors 7,549 (46,873 )
Increase in trade and other creditors 35,777 64,774
Net cash generated from operations 516,437 388,247
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 446,872 378,618
3. Analysis of changes in net funds
As at 1 June 2023 Cash flows As at 31 May 2024
£ £ £
Cash at bank and in hand 378,618 68,254 446,872
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)
1,193 42,095 43,288
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Notes to the Financial Statements
1. General Information
Ironmarket Group Holdings Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12505414 . The registered office is 31 Wellington Road, Nantwich, CW5 7ED.
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. Basis Of Consolidation
The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings together with the group’s share of the results of associates made up to 31 May 2024.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which give it control of the financial and operating policies of the entity, it accounts for that entity as a subsidiary.
Where a subsidiary has different accounting policies to the group, adjustments are made to those subsidiary financial statements to apply the group’s accounting policies when preparing the consolidated financial statements.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the group holds a long-term interest and where the group has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate. The results of associates are accounted for using the equity method of accounting.
Any subsidiary undertakings or associates sold or acquired during the year are included up to, or from, the dates of change of control or change of significant influence respectively.
Where control of a subsidiary is lost, the gain or loss is recognised in the consolidated income statement. The cumulative amounts of any exchange differences on translation, recognised in equity, are not included in the gain or loss on disposal and are transferred to retained earnings. The gain or loss also includes amounts included in other comprehensive income that are required to be reclassified to profit or loss but excludes those amounts that are not required to be reclassified.
Where control of a subsidiary is achieved in stages, the initial acquisition that gave the group control is accounted for as a business combination. Thereafter where the group increases its controlling interest in the subsidiary the transaction is treated as a transaction between equity holders. Any difference between the fair value of the consideration paid and the carrying amount of the non-controlling interest acquired is recognised directly in equity. No changes are made to the carrying value of assets, liabilities or provisions for contingent liabilities.
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2.3. Business Combinations
Business combinations are accounted for by applying the purchase method.
The cost of a business combination is the fair value of the consideration given, liabilities incurred or assumed and of equity instruments issued plus the costs directly attributable to the business combination. Where control is achieved in stages the cost is the consideration at the date of each transaction.
Contingent consideration is initially recognised at estimated amount where the consideration is probable and can be measured reliably. Where (i) the contingent consideration is not considered probable or cannot be reliably measured but subsequently becomes probable and measurable or (ii) contingent consideration previously measured is adjusted, the amounts are recognised as an adjustment to the cost of the business combination.
On acquisition of a business, fair values are attributed to the identifiable assets, liabilities and contingent liabilities unless the fair value cannot be measured reliably, in which case the value is incorporated in goodwill. Intangible assets are only recognised separately from goodwill where they are separable and arise from contractual or other legal rights. Where the fair value of contingent liabilities cannot be reliably measured they are disclosed on the same basis as other contingent liabilities.
2.4. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.5. 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
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2.6. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.7. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
2.8. 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 group'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.
3. Other Operating Income
2024 2023
£ £
Grant income - 4,500
Other operating income 2,851 13,692
2,851 18,192
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4. 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
5. 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 group and company's financial statements 6,925 5,506
Other Services
Other non-audit services - 335
6. 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
7. Average Number of Employees
Group
Average number of employees, including directors, during the year was as follows:
2024 2023
Office and administration 16 15
Management 2 2
18 17
Company
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
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8. Director's 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
9. Interest Receivable and Similar Income
2024 2023
£ £
Bank interest receivable 9,044 614
Other interest receivable 472 -
9,516 614
10. Interest Payable and Similar Charges
2024 2023
£ £
Bank loans and overdrafts 13,965 14,513
Finance charges payable under finance leases and hire purchase contracts 11,230 6,753
25,195 21,266
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
...CONTINUED
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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 360,524 244,856
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
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
Group
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 June 2023 138,732 335,161 70,986 57,144 602,023
Additions - 106,876 4,190 2,516 113,582
Disposals - - (3,673 ) (12,564 ) (16,237 )
As at 31 May 2024 138,732 442,037 71,503 47,096 699,368
Depreciation
As at 1 June 2023 43,354 143,527 36,205 35,405 258,491
Provided during the period 23,846 55,355 9,187 5,255 93,643
Disposals - - (1,766 ) (11,205 ) (12,971 )
As at 31 May 2024 67,200 198,882 43,626 29,455 339,163
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
Company
The company had no tangible fixed assets as at 31 May 2024 or 31 May 2023.
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13. Investments
Company
Subsidiaries
£
Cost
As at 1 June 2023 154
As at 31 May 2024 154
Provision
As at 1 June 2023 -
As at 31 May 2024 -
Net Book Value
As at 31 May 2024 154
As at 1 June 2023 154
Subsidiaries
Details of the company's subsidiaries as at 31 May 2024 are as follows:
Name of undertaking Registered Office Class of shares held Direct holding Indirect holding
Ironmarket Limited Unit 10 Brindley Court, Dalewood Road, Lymedale Business Park, Newcastle under Lyme, ST5 9QA Ordinary 100.00% -
The aggregate capital and reserves and the result for the year of the subsidiaries listed above was as follows:
14. Debtors
Group Company
2024 2023 2024 2023
£ £ £ £
Due within one year
Trade debtors 539 19,169 - -
Other debtors 275,264 264,183 10,639 25,000
275,803 283,352 10,639 25,000
15. Current Asset Investments
Group Company
2024 2023 2024 2023
£ £ £ £
Unlisted investments 96,000 78,000 96,000 78,000
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16. Creditors: Amounts Falling Due Within One Year
Group
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 53,007 25,591
Trade creditors 141,946 79,797
Bank loans and overdrafts 21,643 23,121
Other loans 20,900 20,900
Other creditors 25,050 73,197
Corporation tax 94,571 15,690
Taxation and social security 30,121 26,239
Accruals and deferred income 11,501 12,572
398,739 277,107
17. Creditors: Amounts Falling Due After More Than One Year
Group
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
18. Loans
An analysis of the maturity of loans is given below:
Group
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
Group
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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19. Obligations Under Finance Leases and Hire Purchase
Group
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
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.
20. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 90,051 85,883
21. Provisions for Liabilities
Group
Deferred Tax Total
£ £
As at 1 June 2023 85,883 85,883
Additions 4,168 4,168
Balance at 31 May 2024 90,051 90,051
22. Share Capital
2024 2023
Allotted, called up but not fully paid £ £
10,701 Ordinary A shares of £ 0.01 each 107 107
2,567 Ordinary B shares of £ 0.01 each 26 26
900 Ordinary C shares of £ 0.01 each 9 9
1,232 Ordinary D shares of £ 0.01 each 12 12
154 154
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23. Pension Commitments
The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group 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).
At the balance sheet date contributions of £0 (2023: £531) were due to the fund and are included in creditors.
24. Dividends
2024 2023
£ £
On equity shares:
Final dividend paid 302,748 280,017
25. Controlling Parties
lronmarket Group Holdings Limited is regarded by the director as being the company's ultimate parent company.
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