Cornhill Bond Consulting Limited 12075967 false 2023-07-01 2024-06-30 2024-06-30 2024-06-30 The principal activity of the company is legal recruitment Digita Accounts Production Advanced 6.30.9574.0 true true true false Class 1 Class 2 Class 3 false false true false false false false false false false false false false false false false false false false false false false false false false false false false false false 12075967 2023-07-01 2024-06-30 12075967 2024-06-30 12075967 bus:Director6 bus:Consolidated 2024-06-30 12075967 bus:OrdinaryShareClass1 bus:Consolidated 2024-06-30 12075967 bus:PreferenceShareClass1 bus:Consolidated 2024-06-30 12075967 bus:Consolidated 2024-06-30 12075967 core:AcceleratedTaxDepreciationDeferredTax 2024-06-30 12075967 core:AcceleratedTaxDepreciationDeferredTax bus:Consolidated 2024-06-30 12075967 core:FurtherSpecificItem1DeferredTaxComponentTotalForDeferredTax 2024-06-30 12075967 core:FurtherSpecificItem1DeferredTaxComponentTotalForDeferredTax bus:Consolidated 2024-06-30 12075967 core:LoansBorrowingsDeferredTax 2024-06-30 12075967 core:LoansBorrowingsDeferredTax bus:Consolidated 2024-06-30 12075967 core:OtherDeferredTax bus:Consolidated 2024-06-30 12075967 core:CapitalRedemptionReserve bus:Consolidated 2024-06-30 12075967 core:ForeignCurrencyTranslationReserve bus:Consolidated 2024-06-30 12075967 core:MergerReserve bus:Consolidated 2024-06-30 12075967 core:Non-controllingInterests bus:Consolidated 2024-06-30 12075967 core:RetainedEarningsAccumulatedLosses 2024-06-30 12075967 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2024-06-30 12075967 core:ShareCapital 2024-06-30 12075967 core:ShareCapital bus:Consolidated 2024-06-30 12075967 core:SharePremium 2024-06-30 12075967 core:SharePremium bus:Consolidated 2024-06-30 12075967 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2024-06-30 12075967 core:CurrentFinancialInstruments 2024-06-30 12075967 core:CurrentFinancialInstruments bus:Consolidated 2024-06-30 12075967 core:CurrentFinancialInstruments core:WithinOneYear 2024-06-30 12075967 core:CurrentFinancialInstruments core:WithinOneYear bus:Consolidated 2024-06-30 12075967 core:CurrentFinancialInstruments core:WithinOneYear bus:Consolidated 2 2024-06-30 12075967 core:CurrentFinancialInstruments core:WithinOneYear 2 2024-06-30 12075967 core:Non-currentFinancialInstruments 2024-06-30 12075967 core:Non-currentFinancialInstruments bus:Consolidated 2024-06-30 12075967 core:Non-currentFinancialInstruments core:AfterOneYear 2024-06-30 12075967 core:Non-currentFinancialInstruments core:AfterOneYear bus:Consolidated 2024-06-30 12075967 core:BetweenTwoFiveYears 2024-06-30 12075967 core:BetweenTwoFiveYears bus:Consolidated 2024-06-30 12075967 core:MoreThanFiveYears 2024-06-30 12075967 core:MoreThanFiveYears bus:Consolidated 2024-06-30 12075967 core:WithinOneYear 2024-06-30 12075967 core:WithinOneYear bus:Consolidated 2024-06-30 12075967 core:FurnitureFittingsToolsEquipment 2024-06-30 12075967 core:FurnitureFittingsToolsEquipment bus:Consolidated 2024-06-30 12075967 core:LandBuildings 2024-06-30 12075967 core:LandBuildings bus:Consolidated 2024-06-30 12075967 core:DeferredTaxation 2024-06-30 12075967 core:DeferredTaxation bus:Consolidated 2024-06-30 12075967 core:AllSubsidiaries 2024-06-30 12075967 bus:FRS102 bus:Consolidated 2023-07-01 2024-06-30 12075967 bus:Audited bus:Consolidated 2023-07-01 2024-06-30 12075967 bus:FullAccounts bus:Consolidated 2023-07-01 2024-06-30 12075967 bus:RegisteredOffice bus:Consolidated 2023-07-01 2024-06-30 12075967 bus:Director1 bus:Consolidated 2023-07-01 2024-06-30 12075967 bus:Director2 bus:Consolidated 2023-07-01 2024-06-30 12075967 bus:Director3 2023-07-01 2024-06-30 12075967 bus:Director3 bus:Consolidated 2023-07-01 2024-06-30 12075967 bus:Director4 bus:Consolidated 2023-07-01 2024-06-30 12075967 bus:Director5 2023-07-01 2024-06-30 12075967 bus:Director5 bus:Consolidated 2023-07-01 2024-06-30 12075967 bus:Director6 bus:Consolidated 2023-07-01 2024-06-30 12075967 bus:HighestPaidDirector bus:Consolidated 2023-07-01 2024-06-30 12075967 bus:OrdinaryShareClass1 bus:Consolidated 2023-07-01 2024-06-30 12075967 bus:PreferenceShareClass1 bus:Consolidated 2023-07-01 2024-06-30 12075967 bus:Consolidated 2023-07-01 2024-06-30 12075967 bus:Consolidated 3 2023-07-01 2024-06-30 12075967 bus:PrivateLimitedCompanyLtd bus:Consolidated 2023-07-01 2024-06-30 12075967 bus:ConsolidatedGroupCompanyAccounts 2023-07-01 2024-06-30 12075967 core:CapitalRedemptionReserve bus:Consolidated 2023-07-01 2024-06-30 12075967 core:ForeignCurrencyTranslationReserve bus:Consolidated 2023-07-01 2024-06-30 12075967 core:MergerReserve bus:Consolidated 2023-07-01 2024-06-30 12075967 core:Non-controllingInterests bus:Consolidated 2023-07-01 2024-06-30 12075967 core:RetainedEarningsAccumulatedLosses 2023-07-01 2024-06-30 12075967 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2023-07-01 2024-06-30 12075967 core:ShareCapital 2023-07-01 2024-06-30 12075967 core:ShareCapital bus:Consolidated 2023-07-01 2024-06-30 12075967 core:SharePremium 2023-07-01 2024-06-30 12075967 core:SharePremium bus:Consolidated 2023-07-01 2024-06-30 12075967 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2023-07-01 2024-06-30 12075967 core:PlantEquipmentUnderOperatingLeases bus:Consolidated 2023-07-01 2024-06-30 12075967 core:ReportableOperatingSegment1 bus:Consolidated 2023-07-01 2024-06-30 12075967 core:ReportableOperatingSegment2 bus:Consolidated 2023-07-01 2024-06-30 12075967 core:ReportableOperatingSegment3 bus:Consolidated 2023-07-01 2024-06-30 12075967 core:FurnitureFittings bus:Consolidated 2023-07-01 2024-06-30 12075967 core:FurnitureFittingsToolsEquipment 2023-07-01 2024-06-30 12075967 core:FurnitureFittingsToolsEquipment bus:Consolidated 2023-07-01 2024-06-30 12075967 core:LandBuildings 2023-07-01 2024-06-30 12075967 core:LandBuildings bus:Consolidated 2023-07-01 2024-06-30 12075967 core:LeaseholdImprovements bus:Consolidated 2023-07-01 2024-06-30 12075967 core:OfficeEquipment bus:Consolidated 2023-07-01 2024-06-30 12075967 core:DeferredTaxation 2023-07-01 2024-06-30 12075967 core:DeferredTaxation bus:Consolidated 2023-07-01 2024-06-30 12075967 core:AllSubsidiaries 2023-07-01 2024-06-30 12075967 core:AllSubsidiaries bus:Consolidated 2023-07-01 2024-06-30 12075967 core:AllSubsidiaries core:RenderingOrReceivingServices 2023-07-01 2024-06-30 12075967 core:AllSubsidiaries core:RenderingOrReceivingServices bus:Consolidated 2023-07-01 2024-06-30 12075967 core:Subsidiary1 2023-07-01 2024-06-30 12075967 core:Subsidiary1 bus:Consolidated 2023-07-01 2024-06-30 12075967 core:Subsidiary1 bus:Consolidated 1 2023-07-01 2024-06-30 12075967 core:Subsidiary1 1 2023-07-01 2024-06-30 12075967 core:Subsidiary1 countries:AllCountries 2023-07-01 2024-06-30 12075967 core:Subsidiary1 countries:AllCountries bus:Consolidated 2023-07-01 2024-06-30 12075967 core:Subsidiary10 bus:Consolidated 2023-07-01 2024-06-30 12075967 core:Subsidiary10 bus:Consolidated 1 2023-07-01 2024-06-30 12075967 core:Subsidiary10 countries:AllCountries bus:Consolidated 2023-07-01 2024-06-30 12075967 core:Subsidiary11 bus:Consolidated 2023-07-01 2024-06-30 12075967 core:Subsidiary11 bus:Consolidated 1 2023-07-01 2024-06-30 12075967 core:Subsidiary11 countries:AllCountries bus:Consolidated 2023-07-01 2024-06-30 12075967 core:Subsidiary12 bus:Consolidated 2023-07-01 2024-06-30 12075967 core:Subsidiary12 bus:Consolidated 1 2023-07-01 2024-06-30 12075967 core:Subsidiary12 countries:AllCountries bus:Consolidated 2023-07-01 2024-06-30 12075967 core:Subsidiary2 2023-07-01 2024-06-30 12075967 core:Subsidiary2 bus:Consolidated 2023-07-01 2024-06-30 12075967 core:Subsidiary2 bus:Consolidated 1 2023-07-01 2024-06-30 12075967 core:Subsidiary2 1 2023-07-01 2024-06-30 12075967 core:Subsidiary2 countries:AllCountries 2023-07-01 2024-06-30 12075967 core:Subsidiary2 countries:AllCountries bus:Consolidated 2023-07-01 2024-06-30 12075967 core:Subsidiary3 2023-07-01 2024-06-30 12075967 core:Subsidiary3 bus:Consolidated 2023-07-01 2024-06-30 12075967 core:Subsidiary3 bus:Consolidated 1 2023-07-01 2024-06-30 12075967 core:Subsidiary3 1 2023-07-01 2024-06-30 12075967 core:Subsidiary3 countries:AllCountries 2023-07-01 2024-06-30 12075967 core:Subsidiary3 countries:AllCountries bus:Consolidated 2023-07-01 2024-06-30 12075967 core:Subsidiary4 bus:Consolidated 2023-07-01 2024-06-30 12075967 core:Subsidiary4 bus:Consolidated 1 2023-07-01 2024-06-30 12075967 core:Subsidiary4 countries:AllCountries bus:Consolidated 2023-07-01 2024-06-30 12075967 core:Subsidiary5 bus:Consolidated 2023-07-01 2024-06-30 12075967 core:Subsidiary5 bus:Consolidated 1 2023-07-01 2024-06-30 12075967 core:Subsidiary5 countries:AllCountries bus:Consolidated 2023-07-01 2024-06-30 12075967 core:Subsidiary6 bus:Consolidated 2023-07-01 2024-06-30 12075967 core:Subsidiary6 bus:Consolidated 1 2023-07-01 2024-06-30 12075967 core:Subsidiary6 countries:AllCountries bus:Consolidated 2023-07-01 2024-06-30 12075967 core:Subsidiary7 bus:Consolidated 2023-07-01 2024-06-30 12075967 core:Subsidiary7 bus:Consolidated 1 2023-07-01 2024-06-30 12075967 core:Subsidiary7 countries:AllCountries bus:Consolidated 2023-07-01 2024-06-30 12075967 core:Subsidiary8 bus:Consolidated 2023-07-01 2024-06-30 12075967 core:Subsidiary8 bus:Consolidated 1 2023-07-01 2024-06-30 12075967 core:Subsidiary8 countries:AllCountries bus:Consolidated 2023-07-01 2024-06-30 12075967 core:Subsidiary9 bus:Consolidated 2023-07-01 2024-06-30 12075967 core:Subsidiary9 bus:Consolidated 1 2023-07-01 2024-06-30 12075967 core:Subsidiary9 countries:AllCountries bus:Consolidated 2023-07-01 2024-06-30 12075967 core:UKTax bus:Consolidated 2023-07-01 2024-06-30 12075967 countries:AllCountries bus:Consolidated 2023-07-01 2024-06-30 12075967 2023-06-30 12075967 bus:Consolidated 2023-06-30 12075967 core:CapitalRedemptionReserve bus:Consolidated 2023-06-30 12075967 core:ForeignCurrencyTranslationReserve bus:Consolidated 2023-06-30 12075967 core:MergerReserve bus:Consolidated 2023-06-30 12075967 core:Non-controllingInterests bus:Consolidated 2023-06-30 12075967 core:RetainedEarningsAccumulatedLosses 2023-06-30 12075967 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2023-06-30 12075967 core:ShareCapital 2023-06-30 12075967 core:ShareCapital bus:Consolidated 2023-06-30 12075967 core:SharePremium 2023-06-30 12075967 core:SharePremium bus:Consolidated 2023-06-30 12075967 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2023-06-30 12075967 core:CostValuation 2023-06-30 12075967 core:FurnitureFittingsToolsEquipment 2023-06-30 12075967 core:FurnitureFittingsToolsEquipment bus:Consolidated 2023-06-30 12075967 core:LandBuildings 2023-06-30 12075967 core:LandBuildings bus:Consolidated 2023-06-30 12075967 core:DeferredTaxation 2023-06-30 12075967 core:DeferredTaxation bus:Consolidated 2023-06-30 12075967 core:AllSubsidiaries 2023-06-30 12075967 2022-07-01 2023-06-30 12075967 2023-06-30 12075967 bus:OrdinaryShareClass1 bus:Consolidated 2023-06-30 12075967 bus:PreferenceShareClass1 bus:Consolidated 2023-06-30 12075967 bus:Consolidated 2023-06-30 12075967 core:AcceleratedTaxDepreciationDeferredTax 2023-06-30 12075967 core:AcceleratedTaxDepreciationDeferredTax bus:Consolidated 2023-06-30 12075967 core:FurtherSpecificItem1DeferredTaxComponentTotalForDeferredTax 2023-06-30 12075967 core:FurtherSpecificItem1DeferredTaxComponentTotalForDeferredTax bus:Consolidated 2023-06-30 12075967 core:LoansBorrowingsDeferredTax 2023-06-30 12075967 core:LoansBorrowingsDeferredTax bus:Consolidated 2023-06-30 12075967 core:CurrentFinancialInstruments 2023-06-30 12075967 core:CurrentFinancialInstruments bus:Consolidated 2023-06-30 12075967 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 12075967 core:CurrentFinancialInstruments core:WithinOneYear bus:Consolidated 2023-06-30 12075967 core:CurrentFinancialInstruments core:WithinOneYear bus:Consolidated 2 2023-06-30 12075967 core:CurrentFinancialInstruments core:WithinOneYear 2 2023-06-30 12075967 core:Non-currentFinancialInstruments 2023-06-30 12075967 core:Non-currentFinancialInstruments bus:Consolidated 2023-06-30 12075967 core:Non-currentFinancialInstruments core:AfterOneYear 2023-06-30 12075967 core:Non-currentFinancialInstruments core:AfterOneYear bus:Consolidated 2023-06-30 12075967 core:BetweenTwoFiveYears 2023-06-30 12075967 core:BetweenTwoFiveYears bus:Consolidated 2023-06-30 12075967 core:MoreThanFiveYears 2023-06-30 12075967 core:MoreThanFiveYears bus:Consolidated 2023-06-30 12075967 core:WithinOneYear 2023-06-30 12075967 core:WithinOneYear bus:Consolidated 2023-06-30 12075967 core:FurnitureFittingsToolsEquipment 2023-06-30 12075967 core:FurnitureFittingsToolsEquipment bus:Consolidated 2023-06-30 12075967 core:LandBuildings 2023-06-30 12075967 core:LandBuildings bus:Consolidated 2023-06-30 12075967 core:AllSubsidiaries 2023-06-30 12075967 bus:HighestPaidDirector bus:Consolidated 2022-07-01 2023-06-30 12075967 bus:Consolidated 2022-07-01 2023-06-30 12075967 bus:Consolidated 3 2022-07-01 2023-06-30 12075967 core:MergerReserve bus:Consolidated 2022-07-01 2023-06-30 12075967 core:Non-controllingInterests bus:Consolidated 2022-07-01 2023-06-30 12075967 core:RetainedEarningsAccumulatedLosses 2022-07-01 2023-06-30 12075967 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2022-07-01 2023-06-30 12075967 core:ShareCapital 2022-07-01 2023-06-30 12075967 core:ShareCapital bus:Consolidated 2022-07-01 2023-06-30 12075967 core:SharePremium 2022-07-01 2023-06-30 12075967 core:SharePremium bus:Consolidated 2022-07-01 2023-06-30 12075967 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2022-07-01 2023-06-30 12075967 core:PlantEquipmentUnderOperatingLeases bus:Consolidated 2022-07-01 2023-06-30 12075967 core:AllSubsidiaries 2022-07-01 2023-06-30 12075967 core:AllSubsidiaries core:RenderingOrReceivingServices 2022-07-01 2023-06-30 12075967 core:AllSubsidiaries core:RenderingOrReceivingServices bus:Consolidated 2022-07-01 2023-06-30 12075967 core:Subsidiary1 bus:Consolidated 1 2022-07-01 2023-06-30 12075967 core:Subsidiary1 1 2022-07-01 2023-06-30 12075967 core:Subsidiary10 bus:Consolidated 1 2022-07-01 2023-06-30 12075967 core:Subsidiary11 bus:Consolidated 1 2022-07-01 2023-06-30 12075967 core:Subsidiary12 bus:Consolidated 1 2022-07-01 2023-06-30 12075967 core:Subsidiary2 bus:Consolidated 1 2022-07-01 2023-06-30 12075967 core:Subsidiary2 1 2022-07-01 2023-06-30 12075967 core:Subsidiary3 bus:Consolidated 1 2022-07-01 2023-06-30 12075967 core:Subsidiary3 1 2022-07-01 2023-06-30 12075967 core:Subsidiary4 bus:Consolidated 1 2022-07-01 2023-06-30 12075967 core:Subsidiary5 bus:Consolidated 1 2022-07-01 2023-06-30 12075967 core:Subsidiary6 bus:Consolidated 1 2022-07-01 2023-06-30 12075967 core:Subsidiary7 bus:Consolidated 1 2022-07-01 2023-06-30 12075967 core:Subsidiary8 bus:Consolidated 1 2022-07-01 2023-06-30 12075967 core:Subsidiary9 bus:Consolidated 1 2022-07-01 2023-06-30 12075967 core:UKTax bus:Consolidated 2022-07-01 2023-06-30 12075967 2022-06-30 12075967 bus:Consolidated 2022-06-30 12075967 core:MergerReserve bus:Consolidated 2022-06-30 12075967 core:Non-controllingInterests bus:Consolidated 2022-06-30 12075967 core:RetainedEarningsAccumulatedLosses 2022-06-30 12075967 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2022-06-30 12075967 core:ShareCapital 2022-06-30 12075967 core:ShareCapital bus:Consolidated 2022-06-30 12075967 core:SharePremium 2022-06-30 12075967 core:SharePremium bus:Consolidated 2022-06-30 12075967 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2022-06-30 12075967 core:AllSubsidiaries 2022-06-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 12075967

Cornhill Bond Consulting Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 30 June 2024

 

Cornhill Bond Consulting Limited

Contents

Company Information

1

Strategic Report

2 to 3

Directors' Report

4

Statement of Directors' Responsibilities

5

Independent Auditor's Report

6 to 10

Consolidated Profit and Loss Account

11

Consolidated Statement of Comprehensive Income

12

Consolidated Balance Sheet

13

Balance Sheet

14

Consolidated Statement of Changes in Equity

15 to 17

Statement of Changes in Equity

18

Consolidated Statement of Cash Flows

19

Notes to the Financial Statements

20 to 43

 

Cornhill Bond Consulting Limited

Company Information

Directors

P S Deacon

J Walmsley

J D Marsden

C M Mills

D Wilkins

D Nicol

Registered office

First Floor
46 Bow Lane
London
EC4M 9DL

Auditors

Cohen Arnold
New Burlington House
1075 Finchley Road
London
NW11 0PU

 

Cornhill Bond Consulting Limited

Strategic Report for the Year Ended 30 June 2024

The directors present their strategic report for the year ended 30 June 2024.

Principal activity

The principal activity of the group is legal recruitment

Review of the business

Cornhill Bond Consulting Limited is the holding company of a global group of legal recruitment companies (The Group), trading principally under the Marsden Group and Deacon Search names. The Group has offices in London, Sydney, Brisbane, Dubai, Toronto, New York, Los Angeles and San Francisco.

The Group connects the brightest talent in the legal world with law firms and legal teams around the globe. Its recruitment and search expertise covers law firms, in-house teams, office launches, mergers and strategic partner and team hiring. We have continued to invest across our product lines and geographies, particularly in the US business and in our global inhouse team.

In February 2023 a controlling interest of the issued Ordinary and Preference Share Capital of Cornhill Bond Consulting Limited was acquired by the Cornhill Bond Employee Ownership Trust (“the Trust”) with all eligible employees becoming beneficiaries of the Trust. The Board determined that this was the best way to future-proof the business, to plan for succession and to preserve our culture. Reaction from the employees to the transfer to employee ownership has been universally positive.


 

Financial review

Gross Profit and operating profit margin before tax are the main key performance indicators used by The Group’s management. Gross Profit for 2024 was £18.2million which represented a 9% increase on the preceding year (2023 - £16.7m). Operating profit before tax was £4.3 million (2023 - £4.3m), a profit margin of 23.6% (2023 – 25.9%), calculated as a percentage of the net placement profit.

The increase in turnover was in line with our expectations and consistent with growth across the legal industry as a whole. Operating profit was slightly reduced by the continued ramp up of senior hires made during the preceding financial year. Our focus has been on integrating these new joiners and we expect to see a return on this investment in 2024/25 and beyond. The number of employees in the Group increased from 74 in 2022/2023 to 76 in 2023/2024.

Cash balances at 30 June 2024 were healthy at £5.1m (2023 - £5.4m) and net current assets were £5.7m (2023 - £3.8m).
 

 

Cornhill Bond Consulting Limited

Strategic Report for the Year Ended 30 June 2024

Principal risks and uncertainties

The Group’s principal risks are uncertainty in the global economy, cash flow and employee retention. These risks are kept under regular review by the Board with appropriate measures used to monitor and mitigate them.

The business is well hedged against wider global economy concerns. Whilst law firms tend to recruit fewer junior lawyers when markets are down, the partner recruitment market, a significant part of our business, is in many ways counter-cyclical. As law firms struggle to grow their market share, they look to hire partners and teams from competitors. As significant players in this senior lateral market, we benefit.

Cash balances are monitored closely across the Group. Bad debts have always been minimal and maintaining good client relationships, along with prompt invoicing and follow up, ensures that this remains the case.

Employee retention remains a risk factor, but we continue to enjoy excellent staff retention and the transition to employee ownership has been extremely well received. Staff welfare is very important to us and we have continued to invest in our benefits programme and coaching. We anticipate rolling out a leadership and contribution bonus scheme in the current financial year.


Approved and authorised by the Board on 25 March 2025 and signed on its behalf by:
 

.........................................
J D Marsden
Director

.........................................
D Wilkins
Director

 

Cornhill Bond Consulting Limited

Directors' Report for the Year Ended 30 June 2024

The directors present their report and the for the year ended 30 June 2024.

Directors of the group

The directors who held office during the year were as follows:

P S Deacon

J Walmsley

J D Marsden

C M Mills

D Wilkins

D Nicol (appointed 15 July 2023)

Dividends

During both years there were no dividends paid out on the Ordinary share capital of the Group but £8,064 (2023 - £27,577) was paid out on the Preference share capital of the Group.

Information included in the Strategic Report

The Group has offices across the world and these are disclosed in the Strategic Report on pages 2 to 3.

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Reappointment of auditors

The auditors Cohen Arnold are deemed to be reappointed under section 487(2) of the Companies Act 2006.

Approved and authorised by the Board on 25 March 2025 and signed on its behalf by:
 

.........................................
J D Marsden
Director

.........................................
D Wilkins
Director

 

Cornhill Bond Consulting Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual 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 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 group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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 group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and 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.

 

Cornhill Bond Consulting Limited

Independent Auditor's Report to the Members of Cornhill Bond Consulting Limited

Opinion

We have audited the financial statements of Cornhill Bond Consulting Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the group's and the parent company's affairs as at 30 June 2024 and of the group's profit 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 responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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.

 

Cornhill Bond Consulting Limited

Independent Auditor's Report to the Members of Cornhill Bond Consulting Limited

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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 Group and Parent Company 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 Group and Parent Company 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.

Opinion on other matter 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.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the group and parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' 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:

adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

the parent company financial statements are not in agreement with the accounting records and 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 Statement of Directors' Responsibilities [set out on page 5], 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.

 

Cornhill Bond Consulting Limited

Independent Auditor's Report to the Members of Cornhill Bond Consulting Limited

Auditor 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.

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 obtained an understanding of the legal and regulatory framework applicable to the Group and Parent Company and the industry in which it operates through discussion with the directors and senior management and determined the most relevant to the presentation of the financial statements are those that relate to the financial reporting legislation (UK GAAP and the Companies Act 2006), the relevant tax regulations, the, the UK General Data Protection Regulation (GDPR) and Health & Safety Regulations. We communicated these identified frameworks amongst our audit team and remained alert to any indications of non-compliance throughout the audit. We ensured that the engagement team had sufficient competence and capability to identify or recognise non-compliance with laws and regulations.

We discussed with the directors and senior management the policies and procedures regarding compliance with these legal and regulatory frameworks.

We assessed the susceptibility of the Group and Parent Company's financial statements to material misstatement, including how fraud might occur, by reviewing the Group and Parent Company's identified risks and enquiry with the directors and senior management during the planning and finalisation phases of our audit. The susceptibility to such material misstatement was determined to be low.

Based on this understanding we designed our audit procedures to identify non-compliance with the identified legal and regulatory frameworks, which were part of our procedures on the related financial statement items. Our procedures included reviewing the Group and Parent Company’s internal controls policies and procedures, reviewing the minutes of board meetings and correspondence with regulatory bodies including HMRC, testing transactions outside the normal course of the business and journal entries, and discussions with the directors and senior management.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

 

Cornhill Bond Consulting Limited

Independent Auditor's Report to the Members of Cornhill Bond Consulting Limited

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group’s internal control.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group’s or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern.

Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. The auditor is responsible for the direction, supervision and performance of the group audit. The auditor remains solely responsible for the auditor's opinion.

 

Cornhill Bond Consulting Limited

Independent Auditor's Report to the Members of Cornhill Bond Consulting Limited

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.

......................................
Keith Sussman FCA (Senior Statutory Auditor)
For and on behalf of Cohen Arnold, Statutory Auditor

New Burlington House
1075 Finchley Road
London
NW11 0PU

Our audit was completed on 25 March 2025 and our opinion was expressed at that date.

 

Cornhill Bond Consulting Limited

Consolidated Profit and Loss Account for the Year Ended 30 June 2024

Note

2024
£

2023
£

Turnover

3

18,578,176

17,066,738

Cost of sales

 

(369,315)

(355,075)

Gross profit

 

18,208,861

16,711,663

Administrative expenses

 

(13,906,402)

(12,384,532)

Operating profit

4

4,302,459

4,327,131

Other interest receivable and similar income

5

16,731

77,344

Interest payable and similar expenses

6

(34,681)

(89,527)

   

(17,950)

(12,183)

Profit before tax

 

4,284,509

4,314,948

Tax on profit

10

(915,808)

(919,270)

Profit for the financial year

 

3,368,701

3,395,678

Profit/(loss) attributable to:

 

Owners of the company

 

3,268,232

3,388,715

Minority interests

 

100,469

6,963

 

3,368,701

3,395,678

 

Cornhill Bond Consulting Limited

Consolidated Statement of Comprehensive Income for the Year Ended 30 June 2024

2024
£

2023
£

Profit for the year

3,368,701

3,395,678

Foreign exchange gains on minority interests

5,563

(6,491)

Total comprehensive income for the year

3,374,264

3,389,187

Total comprehensive income attributable to:

Owners of the company

3,273,795

3,382,224

Minority interests

100,469

6,963

3,374,264

3,389,187

 

Cornhill Bond Consulting Limited

(Registration number: 12075967)
Consolidated Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

11

114,132

126,203

Current assets

 

Debtors

13

4,081,975

2,440,884

Cash at bank and in hand

 

5,071,884

5,390,021

 

9,153,859

7,830,905

Creditors: Amounts falling due within one year

15

(3,343,924)

(4,042,770)

Net current assets

 

5,809,935

3,788,135

Total assets less current liabilities

 

5,924,067

3,914,338

Creditors: Amounts falling due after more than one year

15

(327,626)

(301,648)

Provisions for liabilities

16

(18,786)

(21,147)

Net assets

 

5,577,655

3,591,543

Capital and reserves

 

Called up share capital

18

103,739

103,739

Share premium reserve

1,029

1,029

Capital reserve

57,629

-

Other reserves

(890,281)

(1,029,787)

Retained earnings

6,199,035

4,516,090

Equity attributable to owners of the company

 

5,471,151

3,591,071

Minority interests

 

106,504

472

Shareholders' funds

 

5,577,655

3,591,543

Approved and authorised by the Board on 25 March 2025 and signed on its behalf by:
 

.........................................
J D Marsden
Director

.........................................
D Wilkins
Director

 

Cornhill Bond Consulting Limited

(Registration number: 12075967)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

11

93,355

103,824

Investments

12

1,096,182

1,096,182

 

1,189,537

1,200,006

Current assets

 

Debtors

13

1,272,542

1,271,775

Cash at bank and in hand

 

49,479

33,583

 

1,322,021

1,305,358

Creditors: Amounts falling due within one year

15

(2,043,212)

(1,946,244)

Net current liabilities

 

(721,191)

(640,886)

Total assets less current liabilities

 

468,346

559,120

Provisions for liabilities

16

(14,110)

(16,414)

Net assets

 

454,236

542,706

Capital and reserves

 

Called up share capital

18

103,739

103,739

Share premium reserve

1,029

1,029

Retained earnings

349,468

437,938

Shareholders' funds

 

454,236

542,706

The company made a profit after tax for the financial year of £1,420,995 (2023 - profit of £4,120,907).

The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own profit and loss account in these financial statements.

Approved and authorised by the Board on 25 March 2025 and signed on its behalf by:
 

.........................................
J D Marsden
Director

.........................................
D Wilkins
Director

 
     
 

Cornhill Bond Consulting Limited

Consolidated Statement of Changes in Equity for the Year Ended 30 June 2024
Equity attributable to the parent company

Share capital
£

Share premium
£

Capital reserve
£

Consolidation reserve
£

Merger reserve
£

Retained earnings
£

Total
£

At 1 July 2023

103,739

1,029

-

-

(1,029,787)

4,516,090

3,591,071

Profit for the year

-

-

-

-

-

3,268,232

3,268,232

Other comprehensive income

-

-

-

-

-

-

-

Total comprehensive income

-

-

-

-

-

3,268,232

3,268,232

Dividends

-

-

-

-

-

(8,064)

(8,064)

Contributions to Cornhill Bond Consulting Group Employee Ownership Trust

-

-

-

-

-

(1,501,401)

(1,501,401)

Recognition of loans using NPV method

-

-

75,822

-

-

(75,822)

-

Unwinding of loans using NPV method

-

-

(18,193)

-

-

-

(18,193)

Foreign currency differences on consolidation

-

-

-

139,506

-

-

139,506

At 30 June 2024

103,739

1,029

57,629

139,506

(1,029,787)

6,199,035

5,471,151

 

Cornhill Bond Consulting Limited

Consolidated Statement of Changes in Equity for the Year Ended 30 June 2024
Equity attributable to the parent company

Non- controlling interests
£

Total equity
£

At 1 July 2023

472

3,591,543

Profit for the year

100,469

3,368,701

Other comprehensive income

5,563

5,563

Total comprehensive income

106,032

3,374,264

Dividends

-

(8,064)

Contributions to Cornhill Bond Consulting Group Employee Ownership Trust

-

(1,501,401)

Recognition of loans using NPV method

-

-

Unwinding of loans using NPV method

-

(18,193)

Foreign currency differences on consolidation

-

139,506

At 30 June 2024

106,504

5,577,655

 

Cornhill Bond Consulting Limited

Consolidated Statement of Changes in Equity for the Year Ended 30 June 2024
Equity attributable to the parent company

Share capital
£

Share premium
£

Merger reserve
£

Retained earnings
£

Total
£

Non-controlling interests - Equity
£

Total equity
£

At 1 July 2022

102,239

-

(1,029,787)

5,514,133

4,586,585

7,588

4,594,173

Profit for the year

-

-

-

3,388,715

3,388,715

6,963

3,395,678

Other comprehensive income

-

-

-

-

-

(6,491)

(6,491)

Total comprehensive income

-

-

-

3,388,715

3,388,715

472

3,389,187

Dividends

-

-

-

(27,577)

(27,577)

-

(27,577)

New share capital subscribed

1,500

1,029

-

-

2,529

-

2,529

Contributions to Cornhill Bond Consulting Group Employee Ownership Trust

-

-

-

(3,684,067)

(3,684,067)

-

(3,684,067)

Other share capital movements

-

-

-

(675,114)

(675,114)

-

(675,114)

Increase in ownership interests in subsidiaries

-

-

-

-

-

(7,588)

(7,588)

At 30 June 2023

103,739

1,029

(1,029,787)

4,516,090

3,591,071

472

3,591,543

 

Cornhill Bond Consulting Limited

Statement of Changes in Equity for the Year Ended 30 June 2024

Share capital
£

Share premium
£

Retained earnings
£

Total
£

At 1 July 2023

103,739

1,029

437,938

542,706

Profit for the year

-

-

1,420,995

1,420,995

Dividends

-

-

(8,064)

(8,064)

Contributions to Cornhill Bond Consulting Group Employee Ownership Trust

-

-

(1,501,401)

(1,501,401)

At 30 June 2024

103,739

1,029

349,468

454,236

The Company has adopted merger accounting and taken relief from the creation of a share premium account on the issue of the shares as set out in s612 of the Companies Act 2006.

Share capital
£

Share premium
£

Retained earnings
£

Total
£

At 1 July 2022

102,239

-

28,675

130,914

Profit for the year

-

-

4,120,907

4,120,907

Dividends

-

-

(27,577)

(27,577)

New share capital subscribed

1,500

1,029

-

2,529

Contributions to Cornhill Bond Consulting Group Employee Ownership Trust

-

-

(3,684,067)

(3,684,067)

At 30 June 2023

103,739

1,029

437,938

542,706

 

Cornhill Bond Consulting Limited

Consolidated Statement of Cash Flows for the Year Ended 30 June 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the year

 

3,368,701

3,395,678

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

4

30,065

27,990

Finance income

5

(16,731)

(77,344)

Finance costs

6

2,134

1,023

Income tax expense

10

915,808

919,270

Foreign exchange gains/losses

 

145,069

(6,491)

 

4,445,046

4,260,126

Working capital adjustments

 

(Increase)/decrease in trade debtors

13

(1,517,679)

1,647,847

(Decrease)/increase in trade creditors

15

(781,712)

425,563

Increase in group redundancy provisions

 

70,752

-

Cash generated from operations

 

2,216,407

6,333,536

Income taxes paid

10

(960,794)

(1,046,426)

Net cash flow from operating activities

 

1,255,613

5,287,110

Cash flows from investing activities

 

Interest received

16,731

77,344

Acquisitions of tangible assets

(17,993)

(22,799)

Proceeds from sale of tangible assets

 

-

1

Cost of acquiring subsidiary undertakings

 

-

(682,702)

Minor cashflow movements not shown elsewhere

 

(1)

2

Net cash flows from investing activities

 

(1,263)

(628,154)

Cash flows from financing activities

 

Interest paid

6

(2,134)

(1,023)

Proceeds from issue of ordinary shares, net of issue costs

 

-

2,529

Contributions to Cornhill Bond Consulting Group Employee Ownership Trust

 

(1,501,401)

(3,684,067)

Payments on long term borrowing

 

(60,888)

343,518

Dividends paid

(8,064)

(27,577)

Net cash flows from financing activities

 

(1,572,487)

(3,366,620)

Net (decrease)/increase in cash and cash equivalents

 

(318,137)

1,292,336

Cash and cash equivalents at 1 July

 

5,390,021

4,097,685

Cash and cash equivalents at 30 June

 

5,071,884

5,390,021

 

Cornhill Bond Consulting Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
First Floor
46 Bow Lane
London
EC4M 9DL

These financial statements were authorised for issue by the Board on 25 March 2025.

2

Accounting policies

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

 

Cornhill Bond Consulting Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

2 Accounting policies (cont'd)

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30 June 2024.

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

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

Merger accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured at cost of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured at cost at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.
 

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.
 

The Company has adopted the following disclosure exemptions permitted by FRS 102 Sections 1.12 (b) and (e): the requirement to present a statement of cash flows; and the requirement to disclose key management personnel compensation in total.

Merger accounting

The Company was established from a merger of two businesses through a share for share transfer, and obtained over 90% of the holding in the merged businesses. Under the provisions of section 612 of the Companies Act 2006 the Company has taken relief from the creation of a share premium account on the issue of the shares.

The adoption of this policy has retrospectively been applied as if it was always in place and the comparatives have been restated accordingly.

 

Cornhill Bond Consulting Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

2 Accounting policies (cont'd)

Going concern

The financial statements have been prepared in accordance with the accounting principles appropriate to a going concern, as the directors have a reasonable expectation that the Group and Company have adequate resources to continue in operational existence for the foreseeable future by meeting its liabilities as they fall due, based on the net current asset position of both the Group and the Company and available finance.

The cash flow forecasts, together with cash balances, show the Group and Company have adequate cash reserves to meet their liabilities for at least 12 months from the date of approval of these financial statements.

After reviewing the Group and Company's forecasts, the directors have a reasonable expectation that both the Group and Company have adequate resources to continue for the foreseeable future and the financial statements have been prepared on a going concern basis.

Key sources of estimation uncertainty

When applying the Company's and Group's accounting policies, management must make a number of key judgements involving estimates and assumptions concerning the future. These estimates and judgements are based on factors considered to be relevant, including historical experience that may differ significantly from the actual outcome. As at the balance sheet date there were no judgements or estimations made in these financial statements that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the group.

The group recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the group's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Cornhill Bond Consulting Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

2 Accounting policies (cont'd)

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

15% on cost

Leasehold improvements

in accordance with the lease

Computer equipment

straight line over 3 years

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

Cornhill Bond Consulting Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

2 Accounting policies (cont'd)

Dividends

Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. 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 instruments

Trade and other debtors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition, trade and other debtors that are classified as receivable within one year are measured at the non-discounted amount of the cash or other consideration expected to be received net of impairment.

Trade and other creditors are recognised initially at transaction price less attributable transaction costs. Subsequent to initial recognition trade and other creditors that are classified as payable within one year are measured at the non-discounted amount of the cash or other consideration expected to be paid.

All of the company assets and liabilities are shown at amortised cost.
 

3

Turnover

The analysis of the group's turnover for the year from continuing operations is as follows:

2024
£

2023
£

Legal recruitment

18,578,176

17,066,738

No disclosures have been provided of turnover by class of business or geographical market as, in the opinion of the directors, such disclosures could be seriously prejudicial to the Group's interests.

 

Cornhill Bond Consulting Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

4

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

30,065

27,990

Operating lease expense - plant and machinery

7,922

-

5

Other interest receivable and similar income

2024
£

2023
£

Interest income on bank deposits

14,263

999

Other finance income

2,468

76,345

16,731

77,344

6

Interest payable and similar expenses

2024
£

2023
£

Interest on bank overdrafts and borrowings

-

1

Interest expense on other finance liabilities

2,134

1,022

Foreign exchange gains

32,547

88,504

34,681

89,527

 

Cornhill Bond Consulting Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

7

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

10,294,098

8,633,189

Social security costs

1,078,342

925,970

Other short-term employee benefits

217,716

138,220

Pension costs, defined contribution scheme

221,702

244,284

Provision for redundancy costs

71,004

-

Other employee expense

19,256

54,839

11,902,118

9,996,502

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Administration and support

14

10

Sales

62

64

76

74

 

Cornhill Bond Consulting Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

8

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

1,760,269

1,000,871

Contributions paid to money purchase schemes

20,228

-

1,780,497

1,000,871

During the year the number of directors who were receiving benefits and share incentives was as follows:

2024
No.

2023
No.

Accruing benefits under money purchase pension scheme

2

-

In respect of the highest paid director:

2024
£

2023
£

Remuneration

504,251

206,180

9

Auditors' remuneration

2024
£

2023
£

Audit of these financial statements

36,000

41,000


 

The audit fee charged to the company includes the audit fees in relation to all UK subsidiary undertakings.

 

Cornhill Bond Consulting Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

10

Taxation

Tax charged/(credited) in the consolidated profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

1,041,581

915,196

Deferred taxation

Arising from origination and reversal of timing differences

(125,773)

4,074

Tax expense in the income statement

915,808

919,270

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of 23.77% (2023 - 19.74%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

4,284,509

4,314,948

Corporation tax at standard rate

1,018,548

851,965

Increase in UK and foreign current tax from adjustment for prior periods

7,606

-

Tax (decrease)/increase from effect of capital allowances and depreciation

(117)

5,113

Tax (decrease)/increase from other short-term timing differences

(96,895)

15,140

Effect of expense not deductible in determining taxable profit (tax loss)

17,508

62,189

Effect of foreign tax rates

(30,842)

(15,137)

Total tax charge

915,808

919,270

 

Cornhill Bond Consulting Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

10 Taxation (cont'd)

Deferred tax

Group

Deferred tax assets and liabilities

2024

Asset
£

Liability
£

Accelerated capital allowances

-

18,786

Tax recoverable under s455

3,756

-

Effects of overseas tax treatment

123,412

-

Other tax recoverable

11

-

127,179

18,786

2023

Asset
£

Liability
£

Accelerated capital allowances

-

21,147

Tax recoverable under s455

3,756

-

Other tax recoverable

11

-

3,767

21,147

Company

Deferred tax assets and liabilities

2024

Asset
£

Liability
£

Accelerated capital allowances

-

14,110

Tax recoverable under s455

3,756

-

Other tax recoverable

11

-

3,767

14,110

2023

Asset
£

Liability
£

Accelerated capital allowances

-

16,414

Tax recoverable under s455

3,756

-

Other tax recoverable

11

-

3,767

16,414

 

Cornhill Bond Consulting Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

11

Tangible assets

Group

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 July 2023

132,856

217,772

350,628

Additions

-

17,993

17,993

Disposals

-

(5,833)

(5,833)

At 30 June 2024

132,856

229,932

362,788

Depreciation

At 1 July 2023

46,336

178,088

224,424

Charge for the year

13,286

16,779

30,065

Eliminated on disposal

-

(5,833)

(5,833)

At 30 June 2024

59,622

189,034

248,656

Carrying amount

At 30 June 2024

73,234

40,898

114,132

At 30 June 2023

86,520

39,683

126,203

Included within the net book value of land and buildings above is £73,234 (2023 - £86,520) in respect of short leasehold land and buildings.
 

 

Cornhill Bond Consulting Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

11 Tangible assets (cont'd)

Company

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 July 2023

132,856

29,787

162,643

Additions

-

7,720

7,720

At 30 June 2024

132,856

37,507

170,363

Depreciation

At 1 July 2023

46,336

12,482

58,818

Charge for the year

13,286

4,904

18,190

At 30 June 2024

59,622

17,386

77,008

Carrying amount

At 30 June 2024

73,234

20,121

93,355

At 30 June 2023

86,520

17,304

103,824

Included within the net book value of land and buildings above is £73,234 (2023 - £86,520) in respect of short leasehold land and buildings.
 

12

Investments

Group

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the group holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

Marsden Holdco Ltd*

35A Hazlemere Road
Penn
Buckinghamshire
HP10 8AD

Ordinary

100%

100%

England & Wales

 

Cornhill Bond Consulting Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

Deacon Search Ltd*

First Floor
46 Bow Lane
London
EC4M 9DL

Ordinary

100%

100%

England & Wales

Marsden Legal Search LLC*

1313 N. Market St.
Suite 5100
Wilmington, 19801

Ordinary

88.89%

88.89%

USA

Marsden International Legal Search Ltd

35A Hazlemere Road
Penn
Buckinghamshire
HP10 8AD

Ordinary

100%

100%

England & Wales

Marsden International Ltd

10 Fermar Drive
Maple
Ontario
L6A 2M6

Ordinary

100%

100%

Canada

Cornhill Bond Pty Ltd

Level 6
14 Martin Place
Sydney
NSW 2000

Ordinary

100%

100%

Australia

Marsden International FZ-LLC

D Quarters, Building 5
Dubai Media City
Dubai
PO 502221

Ordinary

100%

100%

United Arab Emirates

Macarthur Bond Pty Ltd

Level 6
14 Martin Place
Sydney NSW 2000

Ordinary

100%

100%

Australia

MBS Recruitment Pty Ltd

Level 6
14 Martin Place
Sydney
NSW 2000

Ordinary

100%

100%

Australia

Marsden International Pty Ltd

Level 6
14 Martin Place
Sydney
NSW 2000

Ordinary

100%

100%

Australia

 

Cornhill Bond Consulting Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

Deacon Search Pty Ltd

Level 6
14 Martin Place
Sydney
NSW 2000

Ordinary

100%

100%

Australia

Barton Philip Pty Ltd

Level 7
420 King William Street
Adelaide
South Australia 5000

Ordinary

100%

0%

Australia

* indicates direct investment of the company

Barton Philip Pty Ltd was incorporated on 12 January 2024

 

Cornhill Bond Consulting Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

12 Investments (cont'd)

Group

Subsidiary undertakings

Marsden Holdco Ltd

The principal activity of Marsden Holdco Ltd is holding company

Deacon Search Ltd

The principal activity of Deacon Search Ltd is legal recruitment

Marsden Legal Search LLC

The principal activity of Marsden Legal Search LLC is legal recruitment

Marsden International Legal Search Ltd

The principal activity of Marsden International Legal Search Ltd is legal recruitment

Marsden International Ltd

The principal activity of Marsden International Ltd is providing worldwide admin services for the group

Cornhill Bond Pty Ltd

The principal activity of Cornhill Bond Pty Ltd is legal recruitment

Marsden International FZ-LLC

The principal activity of Marsden International FZ-LLC is legal recruitment

Macarthur Bond Pty Ltd

The principal activity of Macarthur Bond Pty Ltd is legal recruitment

MBS Recruitment Pty Ltd

The principal activity of MBS Recruitment Pty Ltd is legal recruitment

Marsden International Pty Ltd

The principal activity of Marsden International Pty Ltd is legal recruitment

Deacon Search Pty Ltd

The principal activity of Deacon Search Pty Ltd is legal recruitment

Barton Philip Pty Ltd

The principal activity of Barton Philip Pty Ltd is legal recruitment

 

Cornhill Bond Consulting Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

12 Investments (cont'd)

Company

2024
£

2023
£

Investments in subsidiaries

1,096,182

1,096,182

Subsidiaries

£

Cost or valuation

At 1 July 2023

1,096,182

Provision

Carrying amount

At 30 June 2024

1,096,182

At 30 June 2023

1,096,182

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

Marsden Holdco Ltd

35A Hazlemere Road
Penn
Buckinghamshire
HP10 8AD

England & Wales

Ordinary

100%

100%

Deacon Search Ltd

First Floor
46 Bow Lane
London
EC4M 9DL

England & Wales

Ordinary

100%

100%

Marsden Legal Search LLC

1313 N. Market St.
Suite 5100
Wilmington, 19801

USA

Ordinary

88.89%

88.89%

 

Cornhill Bond Consulting Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

Subsidiary undertakings

Marsden Holdco Ltd

The principal activity of Marsden Holdco Ltd is to act as an intermediate holding company.

Deacon Search Ltd

The principal activity of Deacon Search Ltd is legal recruitment.

Marsden Legal Search LLC

The principal activity of Marsden Legal Search LLC is legal recruitment.

13

Debtors

   

Group

Company

Current

Note

2024
£

2023
£

2024
£

2023
£

Trade debtors

 

3,361,936

1,993,967

-

-

Amounts owed by related parties

23

-

-

1,104,032

1,104,032

Other debtors

 

96,608

81,888

50,000

55,248

Prepayments

 

265,066

361,262

114,743

108,728

Accrued income

 

231,186

-

-

-

Income tax asset

10

127,179

3,767

3,767

3,767

   

4,081,975

2,440,884

1,272,542

1,271,775

 

Cornhill Bond Consulting Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

14

Cash and cash equivalents

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Cash on hand

259

259

-

-

Cash at bank

5,056,062

5,374,490

49,479

33,583

Short-term deposits

15,563

15,272

-

-

5,071,884

5,390,021

49,479

33,583

15

Creditors

   

Group

Company

Note

2024
£

2023
£

2024
£

2023
£

Due within one year

 

Loans and borrowings

19

43,949

41,870

-

-

Trade creditors

 

234,120

134,015

44,200

40,842

Amounts due to related parties

23

28,982

21,515

1,943,841

1,853,473

Social security and other taxes

 

904,362

1,185,948

3,859

-

Other payables

 

36,052

319,746

-

-

Accruals

 

1,731,771

2,055,775

51,312

51,929

Income tax liability

10

364,688

283,901

-

-

 

3,343,924

4,042,770

2,043,212

1,946,244

Due after one year

 

Loans and borrowings

19

256,874

301,648

-

-

Other non-current financial liabilities

 

70,752

-

-

-

 

327,626

301,648

-

-

Included in Group Other Payables is the amount of £13,353 (2023 - £6,662) which is secured by a fixed and floating charge over the assets of that group company.

 

Cornhill Bond Consulting Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

16

Provisions for liabilities

Group

Deferred tax
£

Total
£

At 1 July 2023

21,147

21,147

Increase (decrease) in existing provisions

(2,361)

(2,361)

At 30 June 2024

18,786

18,786

Company

Deferred tax
£

Total
£

At 1 July 2023

16,414

16,414

Increase (decrease) in existing provisions

(2,304)

(2,304)

At 30 June 2024

14,110

14,110

 

Cornhill Bond Consulting Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

17

Pension and other schemes

Defined contribution pension scheme

The group operates various defined contribution pension schemes across the world. The pension cost charge for the year represents contributions payable by the group to the schemes and amounted to £221,702 (2023 - £244,284).

18

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

102,500

102,500

102,500

102,500

Preference of £0.0001 each

12,391,547

1,239

12,391,547

1,239

 

12,494,047

103,739

12,494,047

103,739

19

Loans and borrowings

Non-current loans and borrowings

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Other borrowings

256,874

301,648

-

-

Current loans and borrowings

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Other borrowings

43,949

41,870

-

-

 

Cornhill Bond Consulting Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

19 Loans and borrowings (cont'd)

Group

Other borrowings

Loans from employees of a subsidiary is denominated in Australian dollars with a nominal interest rate of 5.25%, and the final instalment is due on 21 February 2030. The carrying amount at year end is £300,823 (2023 - £343,519).

The interest-free loans were made by employees of a subsidiary company are repayable in equal instalments over 7 years from February 2023. The initial loans are both Australian $600,000 with a one-off repayment of $200,000 on each loan made in 2023. The remaining $800,000 has been amortised over the 7 years at the effective rate.

20

Obligations under leases and hire purchase contracts

Group

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

162,195

360,529

Later than one year and not later than five years

962,710

371,371

Later than five years

75,069

-

1,199,974

731,900

The amount of non-cancellable operating lease payments recognised as an expense during the year was £324,324 (2023 - £357,739).

Company

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

36,850

200,000

Later than one year and not later than five years

800,548

125,616

Later than five years

75,068

-

912,466

325,616

The amount of non-cancellable operating lease payments recognised as an expense during the year was £200,000 (2023 - £200,000).

 

Cornhill Bond Consulting Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

21

Dividends

The company has made no dividend payments on the ordinary share capital in either year covered by these financial statements.

22

Commitments

Company

Other financial commitments

As at 30 June 2024 80.4% (2023: 77.2%) of the company's issued share capital was held by an employee ownership trust know as the Cornhill Bond Consulting Group Employee Ownership Trust ("the Trust"). The purchase price comprised a completion payment and deferred consideration, together with put and call options to purchase the remaining shareholdings over a 10 year period to 2032. The company intends to make gifts out of its profits to the Trust from time to time to enable it to pay such consideration.

23

Related party transactions

Group

Summary of transactions with subsidiaries

Subsidiary companies
 Management charges, share of placement fees and recharges of overheads
 

Income and receivables from related parties

2024

Subsidiary
£

Receipt of services

4,362,137

2023

Subsidiary
£

Receipt of services

3,499,882

Expenditure with and payables to related parties

2024

Subsidiary
£

Rendering of services

4,362,137

2023

Subsidiary
£

Rendering of services

3,499,882

 

Cornhill Bond Consulting Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

23 Related party transactions (cont'd)

Company

Summary of transactions with subsidiaries

Management fees chargeable
 

Income and receivables from related parties

2024

Subsidiary
£

Receipt of services

337,936

2023

Subsidiary
£

Receipt of services

328,420

 

Cornhill Bond Consulting Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

23 Related party transactions (cont'd)

Loans to related parties

2024

Subsidiary
£

Total
£

At start of period

1,104,031

1,104,031

At end of period

1,104,031

1,104,031

2023

Subsidiary
£

Total
£

At start of period

51,614

51,614

Advanced

1,853,907

1,853,907

Repaid

(801,490)

(801,490)

At end of period

1,104,031

1,104,031

Loans from related parties

2024

Subsidiary
£

Total
£

At start of period

1,853,471

1,853,471

Advanced

487,828

487,828

Repaid

(405,524)

(405,524)

At end of period

1,935,775

1,935,775

2023

Subsidiary
£

Total
£

At start of period

1,213,349

1,213,349

Advanced

1,713,418

1,713,418

Repaid

(1,073,296)

(1,073,296)

At end of period

1,853,471

1,853,471