IRIS Accounts Production v24.3.2.46 08304855 Board of Directors 1.12.23 30.11.24 30.11.24 Medium entities financial brokers. true false true true false false true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh083048552023-11-30083048552024-11-30083048552023-12-012024-11-30083048552022-11-30083048552022-12-012023-11-30083048552023-11-3008304855ns15:EnglandWales2023-12-012024-11-3008304855ns14:PoundSterling2023-12-012024-11-3008304855ns10:Director12023-12-012024-11-3008304855ns10:PrivateLimitedCompanyLtd2023-12-012024-11-3008304855ns10:MediumEntities2023-12-012024-11-3008304855ns10:Audited2023-12-012024-11-3008304855ns10:Medium-sizedCompaniesRegimeForDirectorsReport2023-12-012024-11-3008304855ns10:Medium-sizedCompaniesRegimeForAccounts2023-12-012024-11-3008304855ns10:FullAccounts2023-12-012024-11-3008304855ns10:OrdinaryShareClass12023-12-012024-11-3008304855ns10:Director22023-12-012024-11-3008304855ns10:CompanySecretary12023-12-012024-11-3008304855ns10:RegisteredOffice2023-12-012024-11-3008304855ns5:CurrentFinancialInstruments2024-11-3008304855ns5:CurrentFinancialInstruments2023-11-3008304855ns5:ShareCapital2024-11-3008304855ns5:ShareCapital2023-11-3008304855ns5:RetainedEarningsAccumulatedLosses2024-11-3008304855ns5:RetainedEarningsAccumulatedLosses2023-11-3008304855ns5:ShareCapital2022-11-3008304855ns5:RetainedEarningsAccumulatedLosses2022-11-3008304855ns5:RetainedEarningsAccumulatedLosses2022-12-012023-11-3008304855ns5:RetainedEarningsAccumulatedLosses2023-12-012024-11-300830485532023-12-012024-11-300830485532022-12-012023-11-300830485522023-12-012024-11-300830485522022-12-012023-11-3008304855ns5:WithinOneYearns5:CurrentFinancialInstruments2024-11-3008304855ns5:WithinOneYearns5:CurrentFinancialInstruments2023-11-3008304855ns5:WithinOneYear2024-11-3008304855ns5:WithinOneYear2023-11-3008304855ns10:OrdinaryShareClass12024-11-3008304855ns5:RetainedEarningsAccumulatedLosses2023-11-30
REGISTERED NUMBER: 08304855 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2024

FOR

CERES SECURITIES LIMITED

CERES SECURITIES LIMITED (REGISTERED NUMBER: 08304855)






CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 30 November 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Income Statement 7

Other Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Cash Flow Statement 11

Notes to the Cash Flow Statement 12

Notes to the Financial Statements 13


CERES SECURITIES LIMITED

COMPANY INFORMATION
For The Year Ended 30 November 2024







DIRECTORS: J S Brimmer
C P McSwiggan





SECRETARY: J S Brimmer





REGISTERED OFFICE: 49 Queen Victoria Street
London
EC4N 4SA





REGISTERED NUMBER: 08304855 (England and Wales)





AUDITORS: Banks & Co Limited
Chartered Certified Accountants
Statutory Auditors
1 Carnegie Road
Newbury
Berkshire
RG14 5DJ

CERES SECURITIES LIMITED (REGISTERED NUMBER: 08304855)

STRATEGIC REPORT
For The Year Ended 30 November 2024

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

PRINCIPLE PLACE OF BUSINESS

Ceres Securities Limited is a company incorporated and domiciled in England and has its registered office and principle place of business at 10 Ironmonger Lane, London, EC2V 8EY.

REVIEW OF BUSINESS
The Directors of Ceres Securities Limited are pleased to confirm the annual results of the company as shown in the annexed financial statements.

The business has shown a decrease in revenue by 13.94% from £435,046 to £374,387.

The downturn in revenue is attributed to a decrease in revenue from our core business, which is arranging hard to borrow equities, increased competition in this space and the failure of new business relationships to materialise due to exceptional delays in the FCA granting new Licences to potential new customers of Ceres services. Once these licences are granted, we foresee new revenue streams resulting in increased and sustainable profits for Ceres Securities Limited in the coming year.

The Directors of Ceres Securities Limited have undertaken a stringent cost saving initiative over the past three months and have significantly reduced their consultancy fees. The Directors have downsized the office space of Ceres Securities Limited which will result in cost savings.

Pre tax profits are shown as £6,822. This is significantly higher than the pre-tax losses of £4,101 reported in the preceding year.

PRINCIPAL RISKS AND UNCERTAINTIES
The business is exposed, as all companies, to risks arising from changes in the economic conditions and competition within the market.

The Directors monitor the economic conditions and seek to take advantage of strategic changes. Close communication with the client base enables the Directors to build strong ongoing relationships.

ON BEHALF OF THE BOARD:





C P McSwiggan - Director


26 March 2025

CERES SECURITIES LIMITED (REGISTERED NUMBER: 08304855)

REPORT OF THE DIRECTORS
For The Year Ended 30 November 2024

The directors present their report with the financial statements of the company for the year ended 30 November 2024.

DIVIDENDS
No dividends will be distributed for the year ended 30 November 2024.

FUTURE DEVELOPMENTS
The Directors will continue to expand and develop the client base through investment in marketing and client service development, to enable the company to take full advantages of opportunities as they arise.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 December 2023 to the date of this report.

J S Brimmer
C P McSwiggan

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Banks & Co Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





C P McSwiggan - Director


26 March 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CERES SECURITIES LIMITED

Opinion
We have audited the financial statements of Ceres Securities Limited (the 'company') for the year ended 30 November 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 company's affairs as at 30 November 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 Auditors' 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 company's ability to continue as a going concern for a period of at least twelve 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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.

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 the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CERES SECURITIES LIMITED


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 Report of the Directors.

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, 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 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 three, 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 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.

Auditors' 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 a Report of the Auditors 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:


-
Enquiry of management and those charged with governance around actual and potential
litigation claims;

-
Enquiry of staff in compliance functions to identify any instances of non-compliance with laws
and regulations;

-
Reviewing financial statements disclosure and testing to supporting documentation to assess
compliance with applicable laws and regulations;



-
Performing audit work over the risk of management override of controls, including testing of
journal entries and other adjustments for appropriateness, evaluating the business rationale of
significant transactions outside the normal course of business and reviewing accounting
estimates for bias,

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CERES SECURITIES 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 a Report of the Auditors 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.




R M L Taylor FCCA (Senior Statutory Auditor)
for and on behalf of Banks & Co Limited
Chartered Certified Accountants
Statutory Auditors
1 Carnegie Road
Newbury
Berkshire
RG14 5DJ

26 March 2025

CERES SECURITIES LIMITED (REGISTERED NUMBER: 08304855)

INCOME STATEMENT
For The Year Ended 30 November 2024

2024 2023
Notes £    £   

TURNOVER 3 374,387 435,046

Cost of sales 224,066 262,438
GROSS PROFIT 150,321 172,608

Administrative expenses 161,373 198,351
(11,052 ) (25,743 )

Other operating income 4 17,765 22,060
OPERATING PROFIT/(LOSS) 6 6,713 (3,683 )

Interest receivable and similar income 7 217 17
6,930 (3,666 )

Interest payable and similar expenses 8 108 435
PROFIT/(LOSS) BEFORE TAXATION 6,822 (4,101 )

Tax on profit/(loss) 9 1,787 5,081
PROFIT/(LOSS) FOR THE
FINANCIAL YEAR

5,035

(9,182

)

CERES SECURITIES LIMITED (REGISTERED NUMBER: 08304855)

OTHER COMPREHENSIVE INCOME
For The Year Ended 30 November 2024

2024 2023
Notes £    £   

PROFIT/(LOSS) FOR THE YEAR 5,035 (9,182 )


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

5,035

(9,182

)

CERES SECURITIES LIMITED (REGISTERED NUMBER: 08304855)

BALANCE SHEET
30 November 2024

2024 2023
Notes £    £   
CURRENT ASSETS
Debtors 10 48,253 29,154
Cash at bank 54,437 55,089
102,690 84,243
CREDITORS
Amounts falling due within one year 11 36,702 23,290
NET CURRENT ASSETS 65,988 60,953
TOTAL ASSETS LESS CURRENT
LIABILITIES

65,988

60,953

CAPITAL AND RESERVES
Called up share capital 13 75,000 75,000
Retained earnings 14 (9,012 ) (14,047 )
SHAREHOLDERS' FUNDS 65,988 60,953

The financial statements were approved by the Board of Directors and authorised for issue on 26 March 2025 and were signed on its behalf by:





C P McSwiggan - Director


CERES SECURITIES LIMITED (REGISTERED NUMBER: 08304855)

STATEMENT OF CHANGES IN EQUITY
For The Year Ended 30 November 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 December 2022 75,000 (4,865 ) 70,135

Changes in equity
Total comprehensive income - (9,182 ) (9,182 )
Balance at 30 November 2023 75,000 (14,047 ) 60,953

Changes in equity
Total comprehensive income - 5,035 5,035
Balance at 30 November 2024 75,000 (9,012 ) 65,988

CERES SECURITIES LIMITED (REGISTERED NUMBER: 08304855)

CASH FLOW STATEMENT
For The Year Ended 30 November 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 828 (10,839 )
Interest paid (108 ) (435 )
Tax paid (1,589 ) (5,362 )
Net cash from operating activities (869 ) (16,636 )

Cash flows from investing activities
Interest received 217 17
Net cash from investing activities 217 17

Decrease in cash and cash equivalents (652 ) (16,619 )
Cash and cash equivalents at
beginning of year

2

55,089

71,708

Cash and cash equivalents at end
of year

2

54,437

55,089

CERES SECURITIES LIMITED (REGISTERED NUMBER: 08304855)

NOTES TO THE CASH FLOW STATEMENT
For The Year Ended 30 November 2024

1. RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£    £   
Profit/(loss) before taxation 6,822 (4,101 )
Finance costs 108 435
Finance income (217 ) (17 )
6,713 (3,683 )
(Increase)/decrease in trade and other debtors (19,099 ) 4,197
Increase/(decrease) in trade and other creditors 13,214 (11,353 )
Cash generated from operations 828 (10,839 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 November 2024
30.11.24 1.12.23
£    £   
Cash and cash equivalents 54,437 55,089
Year ended 30 November 2023
30.11.23 1.12.22
£    £   
Cash and cash equivalents 55,089 71,708


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.12.23 Cash flow At 30.11.24
£    £    £   
Net cash
Cash at bank 55,089 (652 ) 54,437
55,089 (652 ) 54,437
Total 55,089 (652 ) 54,437

CERES SECURITIES LIMITED (REGISTERED NUMBER: 08304855)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 30 November 2024

1. STATUTORY INFORMATION

Ceres Securities Limited is a private company, limited by shares, registered in England & Wales. The company's registered number is 08304855 and its registered office address is 10 Ironmonger Lane, London EC2V 8EY.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts included in these financial statements are rounded to the nearest £.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These 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. The financial statements have been prepared under the historical cost convention.

Going concern
The company meets its day-today working capital requirements through the cash that has been accumulated over a number of years, there are no other bank or credit facilities in place. The current economic conditions create some uncertainty over the level of demand for the company's services. However, with the continuing support of the directors, the company's forecasts show that the company should be able to operate within the level of its current facilities.

Although these financial statements currently show a pre tax profit of £6,822, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company, therefore, adopts the going concern basis in preparing its financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Financial instruments
Basic financial assets, including trade and other receivables, cash and bank balances and
investments in commercial paper, are initially recognised at transaction price, unless the
arrangement constitutes a financing transaction, where the transaction is measured at the
present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are
assessed for objective evidence of impairment. If an asset is impaired the impairment loss
is the difference between the carrying amount and the present value of the estimated
cash flows discounted at the asset's original effective interest rate. The impairment loss is
recognised in profit or loss.

Impairment of financial assets
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
current 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
profit or loss.

Derecognition of financial assets
Financial assets are derecognised when (a) the contractual rights to the cash flows from
the asset expire or are settled; or (b) substantially all the risks and rewards of the
ownership of the asset are transferred to another party; or (c) despite having retained
some significant risks and rewards of ownership, control of the asset has been transferred
to another party who has the practical ability to unilaterally sell the asset to an unrelated
third party without imposing additional restrictions.

CERES SECURITIES LIMITED (REGISTERED NUMBER: 08304855)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 30 November 2024

2. ACCOUNTING POLICIES - continued

Financial liabilities
Basic financial liabilities, including trade and other payables, bank loans, loans from fellow
group companies and preference shares that are classified as debt, are initially
recognised at transaction price, unless the arrangement constitutes a financing
transaction, where the debt instrument is measured at the present value of the future
receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest
rate method.

Trade payables are obligations to pay for goods or services that have been acquired in
the ordinary course of business from suppliers. Accounts payable are classified as current
liabilities if payment is due within one year or less. If not, they are presented as noncurrent liabilities. Trade payables are recognised initially at transaction price and
subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities
Financial liabilities are derecognised when the liability is extinguished, that is when the
contractual obligation is discharged, cancelled or expires.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Operating leases
Rentals paid under operating leases are charged to income on a straight line basis over the term of the lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset is consumed.

3. TURNOVER

The turnover and profit (2023 - loss) before taxation are attributable to the one principal activity of the company.

CERES SECURITIES LIMITED (REGISTERED NUMBER: 08304855)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 30 November 2024

4. OTHER OPERATING INCOME
2024 2023
£    £   
Re-charged expenditure 17,765 22,060

5. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 2,000 36,996
Social security costs - 3,328
2,000 40,324

The average number of employees during the year was as follows:
2024 2023

Directors 2 2
Support Staff - 2
2 4

2024 2023
£    £   
Directors' remuneration - 12,332

6. OPERATING PROFIT/(LOSS)

The operating profit (2023 - operating loss) is stated after charging:

2024 2023
£    £   
Auditors' remuneration 3,228 3,264
Foreign exchange differences 2,397 457

7. INTEREST RECEIVABLE AND SIMILAR INCOME
2024 2023
£    £   
Deposit account interest 184 17
Corporation tax interest 33 -
217 17

8. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
PAYE interest 108 435

CERES SECURITIES LIMITED (REGISTERED NUMBER: 08304855)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 30 November 2024

9. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 1,787 1,556
Prior year under/(over)
UK corporation tax - (88 )
Total current tax 1,787 1,468

Deferred tax - 3,613
Tax on profit/(loss) 1,787 5,081

UK corporation tax was charged at 19%) in 2023.

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit/(loss) before tax 6,822 (4,101 )
Profit/(loss) multiplied by the standard rate of corporation tax in
the UK of 19% (2023 - 19%)

1,296

(779

)

Effects of:
Expenses not deductible for tax purposes 491 2,335
Adjustments to tax charge in respect of previous periods - (88 )
year

Deferred tax - 3,613
Total tax charge 1,787 5,081

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 46,523 26,948
Other debtors 1,730 2,206
48,253 29,154

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Tax 1,754 1,556
Social security and other taxes - 2,101
Other creditors 903 635
Accrued expenses 34,045 18,998
36,702 23,290

CERES SECURITIES LIMITED (REGISTERED NUMBER: 08304855)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 30 November 2024

12. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 4,138 9,120

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
75,000 Ordinary £1 75,000 75,000

14. RESERVES
Retained
earnings
£   

At 1 December 2023 (14,047 )
Profit for the year 5,035
At 30 November 2024 (9,012 )

15. RELATED PARTY DISCLOSURES

Entities providing key management personnel services
During the year the company made payments totalling £91,727 (2023 - £81,770) to management companies controlled by the two directors.

Other related parties
During the year the company paid gross wages totalling £2,000 (2023 - £24,664) to employees who are relations of one of the directors.

There were no amounts outstanding at the year end.

16. ULTIMATE CONTROLLING PARTY

The directors consider the controlling parties to be Mr J S Brimmer and Mr C P McSwiggan, who are able to act in concert to control the financial affairs of the company.