Registered number |
Registered number: | |||||||
Balance Sheet | |||||||
as at |
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Notes | 2024 | 2023 | |||||
£ | £ | ||||||
Fixed assets | |||||||
Tangible assets | 12 | ||||||
Current assets | |||||||
Debtors | 13 | ||||||
Cash at bank and in hand | |||||||
Creditors: amounts falling due within one year | 14 | ( |
( |
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Net current assets | |||||||
Net assets | |||||||
Capital and reserves | |||||||
Called up share capital | |||||||
Share premium | |||||||
Profit and loss account | ( |
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Shareholders' funds | |||||||
Patrick Jacob | |||||||
Director | |||||||
Approved by the board on |
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Notes to the Accounts | ||||||||
for the year ended |
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1 | General Information | |||||||
Anthem Corporate Finance Limited is a private company, limited by shares, domiciled and incorporated in England and Wales (registered number: 03580990). The registered office address is 44 Russell Square, London, England, WC1B 4JP. The Company is authorised and regulated by the Financial Conduct Authority. |
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2 | Accounting policies | |||||||
Basis of preparation | ||||||||
otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied: |
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Going Concern | ||||||||
The management have prepared forecasts that show the company should have sufficient financial resources to continue as a going concern for a period being at least 12 months from the date of approval of the financial statements. Having performed this analysis, management believes the company has sufficient resources to meet its liabilities for the next 12 months and that the preparation of the financial statements on a going concern basis remains appropriate as the company expects to be able to meet its obligations as and when they fall due for the foreseeable future. |
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Foreign currency translation | ||||||||
The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Nonmonetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in profit or loss within 'administrative expenses'. All other foreign exchange gains and losses are presented in profit or loss within 'administrative expenses'. |
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Turnover | ||||||||
as a corporate finance advisor, when the right to this consideration has been met, excluding value added tax. Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Operating Leases: the company as a lessee | ||||||||
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. | ||||||||
Interest Income | ||||||||
Interest income is recognised in profit or loss using the effective interest method. | ||||||||
Finance Costs | ||||||||
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. |
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Tangible fixed assets | ||||||||
depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis: Office equipment - over 3 years The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. |
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Impairment of Fixed Asset Investments | ||||||||
Fixed asset investments are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased. |
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Valuation of Investments | ||||||||
remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment. |
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Pensions | ||||||||
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds. |
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Financial Instrument | ||||||||
Financial assets and financial liabilities are recognised in the Balance Sheet when the Company becomes a party to the contractual provisions of the instrument. Trade and other debtors and creditors are classified as basic financial instruments and measured on initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the Company will not be able to collect all amounts due. Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank, short-term bank deposits with an original maturity of three months or less and bank overdrafts which are an integral part of the Company’s cash management. Financial liabilities and equity instruments issued by the Company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities. Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs. Interest bearing bank loans, overdrafts and other loans which meet the criteria to be classified as basic financial instruments are initially recorded at the present value of cash payable to the bank, which is ordinarily equal to the proceeds received net of direct issue costs. These liabilities are subsequently measured at amortised cost, using the effective interest rate method. |
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Taxation | ||||||||
expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. |
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Dividends | ||||||||
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. |
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3 | Judgements in applying accounting policies and key sources of estimation uncertainty | |||||||
In the application of the Company's accounting policies, the directors are 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. (i) Impairment of investments Investments are assessed for indicators of impairment at each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss. |
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4 | Turnover | |||||||
2024 | 2023 | |||||||
£ | £ | |||||||
Advisory services | 615,000 | 383,750 | ||||||
All turnover arose within the United Kingdom. | ||||||||
6 | Employees | 2024 | 2023 | |||||
£ | £ | |||||||
Wages and salaries | 68,577 | 66,969 | ||||||
Social security costs | 16,289 | 2,687 | ||||||
Cost of defined contribution scheme | 1,860 | 1,860 | ||||||
86,726 | 71,516 | |||||||
The average monthly number of employees, including the directors, during the year was as follows: | ||||||||
2024 | 2023 | |||||||
No. | No. | |||||||
Advisors | ||||||||
7 | Directors' Remuneration | 2024 | 2023 | |||||
£ | £ | |||||||
Directors' Emoluments | 47,638 | 43,012 | ||||||
8 | Interest Receivable | 2024 | 2023 | |||||
£ | £ | |||||||
Other Interest Receivable | 8,292 | - | ||||||
9 | Interest Payable and Similar Expenses | 2024 | 2023 | |||||
£ | £ | |||||||
Other Interest Payable | - | (21) | ||||||
10 | Taxation | 2024 | 2023 | |||||
£ | £ | |||||||
Corporation tax | ||||||||
Current tax on profits for the year | 99,871 | 37,259 | ||||||
Adjustments in respect of previous periods | ||||||||
Total current tax | 99,871 | 37,259 | ||||||
11 | Dividends | 2024 | 2023 | |||||
£ | £ | |||||||
Dividends paid on Equity Capital | 330,000 | 556,000 | ||||||
12 | Tangible fixed assets | |||||||
Office Equipment | ||||||||
£ | ||||||||
Cost | ||||||||
At 1 July 2023 | ||||||||
Additions | ||||||||
At 30 June 2024 | ||||||||
Depreciation | ||||||||
At 1 July 2023 | ||||||||
Charge for the year | ||||||||
At 30 June 2024 | ||||||||
Net book value | ||||||||
At 30 June 2024 | ||||||||
At 30 June 2023 | ||||||||
13 | Debtors | 2024 | 2023 | |||||
£ | £ | |||||||
Trade debtors | ||||||||
Other debtors | ||||||||
14 | Creditors: amounts falling due within one year | 2024 | 2023 | |||||
£ | £ | |||||||
Trade creditors | ||||||||
Taxation and social security costs | ||||||||
Other creditors | ||||||||
15 | Financial Instruments | 2024 | 2023 | |||||
£ | £ | |||||||
Financial assets | ||||||||
Financial assets measured at amortised cost | 158,802 | 649,684 | ||||||
Financial liabilities | ||||||||
Financial liabilities measured at amortised cost | 26,336 | 35,994 | ||||||
Financial assets that are equity instruments measured at cost less impairment comprise investments | ||||||||
in unlisted shares. | ||||||||
Financial assets measured at amortised cost comprise cash at bank and in hand, trade debtors, other | ||||||||
debtors and accrued income. | ||||||||
Financial liabilities measured at amortised cost comprise trade creditors, other creditors and | ||||||||
accruals. | ||||||||
The Company's operations expose it to a variety of financial risks. The directors have identified price | ||||||||
risk, credit risk, cash flow risk, foreign currency risk and liquidity risk as the key risks to which the | ||||||||
Company is exposed. | ||||||||
Price risk | ||||||||
The Company is exposed to price risk due to normal inflationary increases in the purchase price of | ||||||||
the goods and services purchased in the United Kingdom. The Company also has exposure to equity | ||||||||
securities price risk as it holds listed or other equity investments. | ||||||||
Cash flow risk | ||||||||
In the short-term cash flow risk is mitigated by the directors' policy of maintaining a relatively high | ||||||||
level of cash and current assets. In the medium to long term the Company's objectives are to | ||||||||
develop its current business base and further diversify (by geography and industry) its core advisory | ||||||||
business. | ||||||||
Credit risk | ||||||||
Credit risk arises primarily from the Company's cash at bank and the risk that debt counterparties do | ||||||||
not discharge their obligations. Cash is only deposited with banks with a high credit rating and the | ||||||||
directors consider that the Company faces relatively low credit risks. | ||||||||
Liquidity risk | ||||||||
Liquidity risk arises from the management of cash funds and working capital. The risk is that the | ||||||||
Company will fail to meet its financial obligations as they fall due. The Company operates within the | ||||||||
constraints of available funds. Cash flow projections are produced and regularly reviewed by | ||||||||
management. | ||||||||
Foreign currency risk | ||||||||
Foreign currency risk arises from income earned and expenses incurred in currencies other than | ||||||||
pounds sterling. The Company's main exposure to currency risk is fluctuations in the US Dollar | ||||||||
exchange rate. | ||||||||
16 | Share Capital | 2024 | 2023 | |||||
£ | £ | |||||||
Allotted, called up and fully paid | ||||||||
40,000 Ordinary shares of £0.10 each | 4,000 | 4,000 | ||||||
17 | Reserves | |||||||
Share premium account The share premium account is used to record the aggregate amount or value of premiums paid when the Company's shares are issued at an amount in excess of nominal value. Profit & loss account This reserve relates to the cumulative retained earnings less amounts distributed to shareholders. |
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18 | 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. The pension cost charge represents contributions payable by the Company to the fund and amounted to £1,860 (2022 - £1,860). Contributions totalling £360 (2023 - £360) were payable to the fund at the reporting date. | ||||||||
19 | Contingent liabilities | |||||||
20 | Controlling party | |||||||
21 | Other information | |||||||
ANTHEM CORPORATE FINANCE LIMITED is a private company limited by shares and incorporated in England. Its registered office is: | ||||||||
44 Russell Square | ||||||||
London | ||||||||
WC1B 4JP |