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REGISTERED NUMBER: 11703495 (England and Wales)















AUXILIUM PARTNERSHIP LIMITED

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024






AUXILIUM PARTNERSHIP LIMITED (REGISTERED NUMBER: 11703495)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024










Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 3

Income Statement 6

Balance Sheet 7

Statement of Changes in Equity 8

Notes to the Financial Statements 9


AUXILIUM PARTNERSHIP LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTORS: M T Graves
P S C Brodnicki
B D Thompson
E N M Burgaud McCarthy





REGISTERED OFFICE: Capital House
Pride Place
Derby
DE24 8QR





REGISTERED NUMBER: 11703495 (England and Wales)





AUDITORS: Rothmans Audit LLP
Statutory Auditors
Chartered Accountants
Fryern House
125 Winchester Road
Chandlers Ford
Hampshire
SO53 2DR

AUXILIUM PARTNERSHIP LIMITED (REGISTERED NUMBER: 11703495)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2024


The directors present their report with the financial statements of the company for the year ended 31 December 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

M T Graves
P S C Brodnicki
B D Thompson

Other changes in directors holding office are as follows:

L C Tilley - resigned 7 June 2024
E N M Burgaud McCarthy - appointed 18 June 2024

THIRD PARTY INDEMNITIES
Qualifying third party indemnity provisions for the benefit of the directors were in force during the year under review and remain in force as at the date of approval of the financial statements.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing 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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Rothmans Audit LLP, were appointed during the period. They will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





M T Graves - Director


4 April 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
AUXILIUM PARTNERSHIP LIMITED


Opinion
We have audited the financial statements of Auxilium Partnership Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity 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 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 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 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
AUXILIUM PARTNERSHIP LIMITED


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page two, 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.

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 that the Company operates in, focusing on those laws and regulations that had a direct effect on the Financial Statements or that had a fundamental effect of the operations of the Company. The key laws and regulations we considered in this context included the UK Companies Act.

Discussions were held within the engagement team regarding how and where fraud might occur in the Financial Statements and any potential indicators of fraud. As part of this discussion, we identified potential risk areas such as the completeness of revenue and liabilities, and the risk of fraud through accounting estimates such as the provider refund liability. Audit procedures were designed to ensure all of the risks were addressed.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

o enquiring of management as to actual and potential litigation and claims; and
o reviewing any correspondence with regulators.

To address the risk of fraud through management bias and override of controls, we:

o performed analytical procedures to identify any unusual or unexpected relationships;
o tested journal entries to identify unusual transactions and bias; and
o assessed whether judgements and assumptions contained any indication of potential bias.

There are inherent limitations in our audit procedures described above. The more removed that 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 enquiry 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 detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

Other matters which we are required to address
The prior year financial statements were audited by BDO LLP. An unmodified audit opinion was expressed in the report dated 6 September 2024.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
AUXILIUM PARTNERSHIP 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.




Kevin Richards ACA FCCA (Senior Statutory Auditor)
for and on behalf of Rothmans Audit LLP
Statutory Auditors
Chartered Accountants
Fryern House
125 Winchester Road
Chandlers Ford
Hampshire
SO53 2DR

4 April 2025

AUXILIUM PARTNERSHIP LIMITED (REGISTERED NUMBER: 11703495)

INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024

2024 2023
Notes £    £   

TURNOVER 1,395,626 1,010,117

Administrative expenses 496,250 450,358
OPERATING PROFIT 899,376 559,759

Interest receivable and similar income 65,105 71
964,481 559,830

Interest payable and similar expenses 5,273 -
PROFIT BEFORE TAXATION 959,208 559,830

Tax on profit 278,450 164,300
PROFIT FOR THE FINANCIAL YEAR 680,758 395,530

AUXILIUM PARTNERSHIP LIMITED (REGISTERED NUMBER: 11703495)

BALANCE SHEET
31 DECEMBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 1,157 1,543

CURRENT ASSETS
Debtors 6 1,874,860 1,478,552
Cash at bank 142,212 149,237
2,017,072 1,627,789
CREDITORS
Amounts falling due within one year 7 1,155,563 1,047,060
NET CURRENT ASSETS 861,509 580,729
TOTAL ASSETS LESS CURRENT
LIABILITIES

862,666

582,272

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 862,566 582,172
SHAREHOLDERS' FUNDS 862,666 582,272

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 4 April 2025 and were signed on its behalf by:





M T Graves - Director


AUXILIUM PARTNERSHIP LIMITED (REGISTERED NUMBER: 11703495)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2023 100 786,662 786,762

Changes in equity
Dividends - (600,020 ) (600,020 )
Total comprehensive income - 395,530 395,530
Balance at 31 December 2023 100 582,172 582,272

Changes in equity
Dividends - (400,364 ) (400,364 )
Total comprehensive income - 680,758 680,758
Balance at 31 December 2024 100 862,566 862,666

AUXILIUM PARTNERSHIP LIMITED (REGISTERED NUMBER: 11703495)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024


1. COMPANY INFORMATION

Auxilium Partnership Limited is a private company, limited by shares, incorporated in England and Wales. The company's registered number is 11703495 and the registered office address is Capital House, Pride Place, Derby, DE24 8QR.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The presentation currency is £ sterling.

Going concern
The financial statements have been prepared on the going concern basis.

Significant judgements and estimate
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as reported at the balance sheet date and the amounts reported for revenues and expenses in the year. The following judgements have had the most significant effect on amounts recognised in the financial statements.

The directors do not consider there to be any significant judgements.

Key sources of estimation uncertainty are as follows:

1)Provider refund liability

A liability has been estimated by the directors and included in the financial statements. The liability is calculated based on average lapse rates using historic data.

Turnover
Revenue is recognised in respect of commission receivable, and services rendered, to the company's network and is shown net of VAT and other sales related taxes. Commission receivable is recognised on receipt, adjusted for accrued and deferred income. Payments are made by providers when the broker has submitted the case, its been accepted and has gone on risk.

Tangible fixed assets
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.

The cost of tangible fixed assets initially recognised includes its purchase price and any cost that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in a manner intended by management.

Depreciation is provided to write off the cost, less estimated residual values, evenly over their expected useful lives. It is calculated at the following rates:

Office equipment25% reducing balance

The assets' residual values and useful lives are reviewed and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.

Tangible fixed assets are derecognised on disposal when no future economic benefits are expected. On disposal, the difference between the net disposal proceeds and the carrying amount is recognised in the Income Statement.

Financial instruments
The company only has financial assets and liabilities of the kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and debt instruments are subsequently measured at amortised cost.


AUXILIUM PARTNERSHIP LIMITED (REGISTERED NUMBER: 11703495)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


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

Current tax is recognised at the amount of tax payable using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

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 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the Income Statement in the period to which they relate.

Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Interim 400,364 600,020

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2024
and 31 December 2024 5,168
DEPRECIATION
At 1 January 2024 3,625
Charge for year 386
At 31 December 2024 4,011
NET BOOK VALUE
At 31 December 2024 1,157
At 31 December 2023 1,543

AUXILIUM PARTNERSHIP LIMITED (REGISTERED NUMBER: 11703495)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed by group undertakings 1,850,815 1,450,001
Prepayments and accrued income 24,045 28,551
1,874,860 1,478,552

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed to group undertakings 850,384 588,307
Corporation tax 45,929 164,252
Social security and other taxes 5,658 11,279
Other creditors 4,112 736
Provider refund liability 164,033 213,293
Accruals and deferred income 85,447 69,193
1,155,563 1,047,060

8. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

During the year the company advanced a loan to a group company. The balance outstanding at the year end is £1,850,815 (2023: £1,450,001) and is included within 'Debtors: Amounts falling due within one year'. Interest of £65,105 (2023: £nil) and a management charge of £151,004 (2023: £138,287) was included in this balance.

During the year profit share payments of £68,104 (2023: £78,619) were made to Capital Protect Limited, a company under common control. The balance due to Capital Protect Limited at the year end was £3,339 (2023: £10,874).

During the year profit share payments of £4,754 (2023: £nil) were made to MRG Finance Group Ltd, a company in which a relative of a director of Auxilium Partnership Limited is a director and majority shareholder. The balance due to MRG Finance Group Ltd at the year end was £1,039 (2023: £nil).

9. ULTIMATE CONTROLLING PARTY AND CONTROLLING PARTY

The immediate parent company is Aux Group Limited, a company registered in England & Wales.

The ultimate parent company is Mortgage Advice Bureau (Holdings) Plc, a company registered in England & Wales.

The largest and smallest group in which the results of the company are consolidated is that headed by Mortgage Advice Bureau (Holdings) Plc. Copies of the publicly available consolidated financial statements can be obtained from the Registrar of Companies.

The directors do no consider there to be any one individual controlling party.