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Registered number: 11557030
Throgmorton Capital Management Limited
Strategic Report, Directors' Report and
Financial Statements
For The Year Ended 31 December 2024
Contents
Page
Company Information 1
Strategic Report 2—3
Directors' Report 4—5
Independent Auditor's Report 6—8
Statement of Comprehensive Income 9
Statement of Financial Position 10
Statement of Changes in Equity 11
Notes to the Financial Statements 12—19
Page 1
Company Information
Directors Mr Brendan Coburn
Mr Alasdair McWilliams
Company Number 11557030
Registered Office 3 The Stables
Wilmslow Road
East Didsbury
Manchester
M20 5PG
Auditors Ascendis Audit Limited
Unit 3, Building 2
The Colony
Altrincham Road, Wilmslow
Cheshire
SK9 4LY
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Strategic Report
The directors present their strategic report for the year ended 31 December 2024.
Review of the Business
Through the year, the company remained focused on providing the highest quality wealth management service to its existing clients and attracting new clients.
This strategy resulted in continued growth in funds under advice and funds within discretionary mandates through 2024.
It is anticipated that funds under advice, funds within discretionary mandates, and recurring revenue will continue to grow through 2025 as the company continues to attract new clients, win new discretionary mandates from existing clients, and as a result of the activities of the rest of the group.
Principal Risks and Uncertainties
Market Conditions
Potential impact - The level of recurring revenue generated by the company is directly related to the performance of financial
markets and weak markets would lead revenue to be below expectations.
Mitigation - We ensure that we hold sufficient cash to cover all our overheads even if the market were to drop significantly.
Regulatory Risk
Potential impact - The company requires FCA approval to undertake its financial services business. A breach of FCA
regulations might lead to the withdrawal of this approval.
Mitigation - The company continues to mitigate this risk by way of an experienced and dedicated compliance and risk team.
Employees
Potential impacts - Attracting and retaining talented employees is critical to the company continuing to deliver the high quality
service its clients have come to expect from it.
As a service company, high turnover of staff, particularly client facing staff, would have a negative impact on relationships
between the company and its clients and would result in experience being lost from the company. In turn, this could affect
the service the company provides to its clients and could have a negative effect on financial performance.
Mitigation - We ensure that the remuneration packages offered to staff are competitive, that all employees have development
plans, and that the working environment is the conducive to staff doing their best work.
IT Security
Potential impact - The company holds a significant amount of personal data on its clients. A cyber-attack designed to steal
data, or serious failure in our systems could result in reputational damage, interrupt our ability to deliver services to clients,
and consequently lead to a financial loss to the company.
Mitigation - The company retains an IT firm to advise it on security matters and provide continuous monitoring of threats to
its systems. The company's IT security system consists of, amongst other things, the use of antivirus, malware, email
scanning and internet monitoring, and is continuously evolving. Systems are resistant to data destruction as a result of
regular intra-day snapshots.
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Key performance indicators
Turnover increased significantly, by 53% from 2023 to 2024. This growth in revenue is a consequence of the firm having continued to organically grow its advice business and the assets it manages for clients on a discretionary basis throughout the year, acquisitions made by the group in the second half of 2023 being fully reflected in 2024's figures, and the contribution of an acquisition made in Q1 2024.
The company's gross profit margin for 2024 was 79% which is similar to the previous year’s margin. Considered as a whole, the year was another during which the company made good progress.
On behalf of the board
Mr Alasdair McWilliams
Director
20th March 2025
Page 3
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Directors' Report
The directors present their report and the financial statements for the year ended 31 December 2024.
Principal Activity
The principal activity of the company in the year under review was that of the provision of planning and discretionary investment management services to individuals across the UK. 
Future Developments
Future developments are referred to in the Strategic Report.
Dividends
The value of dividends paid amounted to £200,004 (2023: £260,979).
The directors recommended a final dividend of £NIL (2023: £NIL).
Financial Instruments
The company uses various financial instruments which include cash and various items, such as trade debtors and trade creditors that arise directly from operations. The main purpose of these financial instruments is to raise finance for the company's operations. Their existence exposes the company to a number of financial risks.
The significant risks arising from the company's financial instruments are credit risk, liquidity risk and cash flow risk.
Credit risk
The company's principal financial assets are cash at bank and trade debtors. The credit risk associated with cash at bank is limited as the bank has a high credit rating assigned by international credit-rating agencies. The principal credit risk therefore arises from trade debtors.
Credit risk is minimised by means of credit checking procedures and fees being agreed in advance with customers.
Liquidity risk
The company seeks to manage risk by ensuring sufficient liquidity is available to meet foreseeable needs through the day to day involvement of management in business decisions.
Cash flow risk
Management monitor cash flows on a daily basis which ensures that the company has sufficient funds for operations.
Directors
The directors who held office during the year were as follows:
Mr Brendan Coburn
Mr Alasdair McWilliams
Post Balance Sheet Events
There are no post balance sheet events to report in the financial statements.
Matters covered in the Strategic Report
Disclosures required under s416(4) of the Companies Act 2006 are commented upon in the Strategic Report as the directors consider them to be of strategic importance to the business.
Statement of Directors' Responsibilities
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements the directors are required to:
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Statement of Directors' Responsibilities - continued
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Directors' Report is approved: 
  • so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
  • they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.
Independent Auditors
The auditors, Ascendis Audit Limited will be proposed for re-appointment under Section 485 of the Companies Act 2006.
On behalf of the board
Mr Alasdair McWilliams
Director
20th March 2025
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Independent Auditor's Report
Opinion
We have audited the financial statements of Throgmorton Capital Management Limited for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
In our opinion the financial statements:
  • give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its 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's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions Relating to Going Concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the entity's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other Information
The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on Other Matters Prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
  • the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
  • the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.
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Matters on Which We Are Required to Report by Exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
  • adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
  • the financial statements are not in agreement with the accounting records or returns; or
  • certain disclosures of directors' remuneration specified by law are not made; or
  • we have not received all the information and explanations we require for our audit.
Responsibilities of Directors
As explained more fully in the Directors' Responsibilities Statement set out on page 4—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.
Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 
Based on our understanding of the company and sector, we identified that the principal risks of non-compliance with laws and regulations related to, but was not limited to, the Companies Act 2006, UK tax legislation and Financial Conduct Authority regulation and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006.
We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to management bias in accounting estimates and judgements and in fraudulent revenue recognition.
Our procedures to respond to risks identified included the following:
• reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
• enquiring of management about actual and potential litigation and claims; 
• performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material
misstatement due to fraud; 
• performing substantive testing of turnover, accrued and deferred income, and cut off either side of the year end, to ensure income is recognised in the correct accounting period;
• reviewing regulatory correspondence with the Financial Conduct Authority; and; 
• in addressing the risk of fraud through management override of controls: testing the appropriateness of journal entries;
assessing whether the accounting estimates, judgements and decisions made by management are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
There are inherent limitations in our audit procedures described above. The more removed the laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to inquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to to detect than those that arise from error as they may involve deliberate concealment orcollusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
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Use Of Our Report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters that we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Paul Allan Byrne BA (Double Hons) FCA (Senior Statutory Auditor)
for and on behalf of Ascendis Audit Limited , Statutory Auditor
21st March 2025
Ascendis Audit Limited
Unit 3, Building 2
The Colony
Altrincham Road, Wilmslow
Cheshire
SK9 4LY
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Page 9
Statement of Comprehensive Income
2024 2023
as restated
Notes £ £
TURNOVER 4 2,381,285 1,552,403
Cost of sales (497,369 ) (295,394 )
GROSS PROFIT 1,883,916 1,257,009
Administrative expenses (836,754 ) (663,989 )
Other operating income 5,638 -
OPERATING PROFIT 5 1,052,800 593,020
Income from other fixed asset investments 12,302 -
Other interest receivable and similar income 10 12 4
Interest payable and similar charges 11 (1,365 ) (1,910 )
PROFIT BEFORE TAXATION 1,063,749 591,114
Tax on Profit 12 (215,509 ) (101,327 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR 848,240 489,787
OTHER COMPREHENSIVE INCOME FOR THE YEAR - -
Prior year adjustment - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 848,240 489,787
The notes on pages 12 to 19 form part of these financial statements.
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Statement of Financial Position
Registered number: 11557030
2024 2023
as restated
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 14 15,721 14,707
15,721 14,707
CURRENT ASSETS
Debtors 15 760,505 155,585
Cash at bank and in hand 579,118 509,454
1,339,623 665,039
Creditors: Amounts Falling Due Within One Year 16 (274,369 ) (247,261 )
NET CURRENT ASSETS (LIABILITIES) 1,065,254 417,778
TOTAL ASSETS LESS CURRENT LIABILITIES 1,080,975 432,485
PROVISIONS FOR LIABILITIES
Deferred Taxation 18 (3,931 ) (3,677 )
NET ASSETS 1,077,044 428,808
CAPITAL AND RESERVES
Called up share capital 20 48,000 48,000
Income Statement 1,029,044 380,808
SHAREHOLDERS' FUNDS 1,077,044 428,808
On behalf of the board
Mr Alasdair McWilliams
Director
20th March 2025
The notes on pages 12 to 19 form part of these financial statements.
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Statement of Changes in Equity
Share Capital Income Statement Total
£ £ £
As at 1 January 2023 48,000 152,000 200,000
Profit for the year and total comprehensive income - 489,787 489,787
Dividends paid - (260,979) (260,979)
As at 31 December 2023 and 1 January 2024 as restated 48,000 380,808 428,808
Profit for the year and total comprehensive income - 848,240 848,240
Dividends paid - (200,004) (200,004)
As at 31 December 2024 48,000 1,029,044 1,077,044
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Notes to the Financial Statements
1. General Information
Throgmorton Capital Management Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11557030 . The registered office is 3 The Stables, Wilmslow Road, East Didsbury, Manchester, M20 5PG.
The financial statements are prepared in pound sterling (£) which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
2. Statement of Compliance
The financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
3. Accounting Policies
3.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention.
3.2. Financial Reporting Standard 102 - Reduced Disclosure Exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
  • the requirements of Section 7 Statement of Cash Flows and Section 3 Financial Statement Presentation paragraph 3.17 (d);
  • the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44, 11.45, 11.47, 11.48 (a) (iii), 11.48 (a) (iv), 11.48 (b) and 11.48 (c);
  • the requirements of Section 12 Other Financial Instruments Issues paragraphs 12.27, 12.29 (a), 12.29 (b), 12.29A and 12.30;
  • the requirements of Section 26 Share-based Payment paragraphs 26.18 (b), 26.19 to 26.21 and 26.23;
3.3. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
3.4. Significant judgements and estimations
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Management do not consider that there are any judgements (apart from those involving estimations) that have been made in the process of applying the entity's accounting policies which have a significant effect on the amounts recognised in the financial statements.
Key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities are as follows:
Impairment of debtors
The company makes an estimate of the recoverable value of trade debtors. When assessing the impairment of trade debtors, management include factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.
3.5. Turnover
Turnover is measured at the fair value of the consideration receivable stated net of VAT. VAT is charged on all fees except for trading and financial planning fees.
Implementation fees are recognised once the funds are transferred.
Trading fees are recognised at the time of the transaction.
All other fees are calculated daily and invoiced on a monthly basis.
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3.6. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 25% per annum on a reducing balance basis
Computer Equipment 25% per annum on a reducing balance basis
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
3.7. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the income statement so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to income statement as incurred.
3.8. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
3.9. Financial Instruments
The company has elected to apply the provisions of Section 11 "Basic Financial Instruments" and Section 12 "Other Financial Instruments" of FRS102 to all of its financial instruments.
Financial instruments are recognised in the company's Statement of Financial Position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or torealise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Income.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in the Statement of Comprehensive Income.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and subsequently all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
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3.9. Financial Instruments - continued
Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are recognised at transaction price and subsequently measured at amortised cost.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.
3.10. Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in Other Comprehensive Income or directly in Equity.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
3.11. Provisions and Contingencies
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
3.12. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the income statement as they become payable in accordance with the rules of the scheme.
3.13. Current asset investments
These investments are initially recognised at cost and are subsequently re-measured at their fair value. Changes in fair value are recognised in the income statement. 
3.14. Income from current asset investments
Income from current asset investments is received in the form of dividends and is credited to the income statement
when received.
4. Turnover
The turnover is attributable to the one principal activity of the company, financial services.
All of the turnover derives from the United Kingdom.
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5. Operating Profit
The operating profit is stated after charging:
2024 2023
as restated
£ £
Bad debts 725 -
Operating lease rentals 20,216 31,313
Depreciation of tangible fixed assets 4,293 4,092
6. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
2024 2023
as restated
£ £
Audit Services
Audit of the company's financial statements 7,950 5,250
7. Staff Costs
Staff costs, including directors' remuneration, were as follows:
2024 2023
as restated
£ £
Wages and salaries 595,638 398,261
Social security costs 58,995 36,097
Other pension costs 31,830 12,672
686,463 447,030
8. Average Number of Employees
Average number of employees, including directors, during the year was as follows:
2024 2023
Administrative staff 8 6
Management staff 2 2
Sales staff 4 3
14 11
9. Directors' remuneration
2024 2023
as restated
£ £
Emoluments 53,092 26,000
The number of directors to whom retirement benefits were accruing was as follows:
2024 2023
as restated
Money purchase pension schemes 3000 -
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10. Interest Receivable and Similar Income
2024 2023
as restated
£ £
Change in Fair Value of current asset investments 12 4
Dividends received 12,302 -
12,314 4
11. Interest Payable and Similar Charges
2024 2023
as restated
£ £
Interest payable on other loans 1,365 1,910
12. Tax on Profit
The tax charge on the profit for the year was as follows:
Tax Rate 2024 2023
as restated
2024 2023 £ £
Current tax
UK Corporation Tax 25.0% 23.5% 214,528 105,541
Prior period adjustment 727 (4,472 )
215,255 101,069
Deferred Tax
Deferred taxation 254 258
Total tax charge for the period 215,509 101,327
The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
2024 2023
£ £
Profit before tax 1,063,749 591,114
Tax on profit at 25% (UK standard rate) 265,938 138,912
Goodwill/depreciation not allowed for tax (254 ) -
Expenses not deductible for tax purposes 100 800
Prior period adjustment 727 (4,472 )
Difference in tax rates 254 (136 )
Group relief (48,181 ) (33,777 )
Dividends from companies (3,075 ) -
Total tax charge for the period 215,509 101,327
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13. Prior Period Adjustment
In the 2023 accounts the company incorrectly recognised a bank loan which was in the name of its parent company, Throgmorton Holdings Limited. A prior period adjustment has therefore been necessary to correct this prior period error. In the 2023 comparatives this adjustment has reduced bank loans due within one year and over one year by £117,396 and £1,028,255 respectively, with the intercompany debtor of £1,043,010 with the parent company becoming an intercompany creditor of £45,718. The profit before taxation for 2023 has been increased by £56,923 as a result of reallocating loan interest and fees to that intercompany account from the Income Statement. The adjustment has had no tax effect as the increase in taxable profits was matched by increased group relief from the parent.
14. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 January 2024 11,725 8,837 20,562
Additions - 5,307 5,307
As at 31 December 2024 11,725 14,144 25,869
Depreciation
As at 1 January 2024 3,178 2,677 5,855
Provided during the period 2,137 2,156 4,293
As at 31 December 2024 5,315 4,833 10,148
Net Book Value
As at 31 December 2024 6,410 9,311 15,721
As at 1 January 2024 8,547 6,160 14,707
15. Debtors
2024 2023
as restated
£ £
Due within one year
Trade debtors 96,361 102,166
Prepayments and accrued income 73,300 90,448
Other debtors 7,740 8,689
Amounts owed by group company 583,104 (45,718 )
760,505 155,585
16. Creditors: Amounts Falling Due Within One Year
2024 2023
as restated
£ £
Trade creditors 2,749 16,248
Other loans - 52,390
Corporation tax 214,528 105,541
Other taxes and social security 18,981 12,106
VAT 16,719 11,189
Other creditors - 2,377
Accruals and deferred income 21,392 47,410
274,369 247,261
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17. Loans
An analysis of the maturity of loans is given below:
2024 2023
as restated
£ £
Amounts falling due within one year or on demand:
Other loans - 52,390
18. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
as restated
£ £
Other timing differences 3,931 3,677
19. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 January 2024 3,677 3,677
Additions 254 254
Balance at 31 December 2024 3,931 3,931
The deferred tax provisions relate to accelerated capital allowances.
20. Share Capital
2024 2023
as restated
Allotted, called up but not fully paid £ £
480,000,100 Ordinary Shares of £ 0.0001 each 48,000 48,000
21. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
as restated
£ £
Not later than one year 20,216 25,800
Later than one year and not later than five years - 20,287
20,216 46,087
22. Pension Commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
During the year the charge to profit or loss in respect of defined contribution schemes was £31,830 (2023: £12,672).
At the statement of financial position date contributions of £0 (2023: £2,377) were due to the fund and are included in creditors.
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23. Dividends
2024 2023
as restated
£ £
On equity shares:
Interim dividend paid 200,004 260,979
24. Reserves
Retained earnings - this reserve includes all current and prior year retained profits and losses net of distributions to shareholders.
25. Related Party Disclosures
The company has taken advantage of exemption, under 33.1A of the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose transactions with wholly owned subsidiaries within the group.
At the reporting date £583,104 was due from (2023: £45,718 due to) group companies.
26. Controlling Parties
Throgmorton Holdings Limited is regarded by the directors as being the company's ultimate parent company. Its consolidated accounts, including those of this company, are not filed publicly as it is a private company incorporated in Jersey.
There is no single ultimate controlling party.
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