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Registered number: 13176903









LOYAL NORTH HOLDINGS LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

 
LOYAL NORTH HOLDINGS LIMITED
 
 
COMPANY INFORMATION


Director
A Ilinskaia 




Registered number
13176903



Registered office
2 Queen Anne's Gate Buildings
22 Dartmouth Street

London

SW1H 9BP




Independent auditors
Adler Shine LLP
Chartered Accountants & Statutory Auditor

Cornwall Avenue

London

United Kingdom

N3 1LF





 
LOYAL NORTH HOLDINGS LIMITED
 

CONTENTS



Page
Strategic Report
1
Director's Report
2 - 3
Independent Auditors' Report
4 - 7
Statement of Comprehensive Income
8
Balance Sheet
9
Statement of Changes in Equity
10 - 11
Notes to the Financial Statements
12 - 20


 
LOYAL NORTH HOLDINGS LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2024

Introduction
 
The director presents her strategic report for the year ended 31 May 2024.

Business review
 
Loyal North Holdings Limited (the “Company”) does not trade. The principal activity of the Company is that of a holding company and is the parent company of Loyal North Plc.

Principal risks and uncertainties
 
The Company’s operations expose it to some aspect of financial risks which include:
Liquidity risk – the Company does not trade on its own account and it manages its cash flow requirements prudently through close monitoring to ensure that the fixed annual administrative costs are sufficiently covered from time to time.
Credit risk – the Company has unsecured related party loan arrangements in place which is regularly re-assessed to mitigate any risk related to the failure of material loan repayments and that this risk is monitored closely.

Financial key performance indicators
 
As a holding company, the director believes that Key Performance Indicators are not relevant for an understanding for the Company’s performance.


This report was approved by the board on 8 April 2025 and signed on its behalf.



A Ilinskaia
Director

Page 1

 
LOYAL NORTH HOLDINGS LIMITED
 
 
 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MAY 2024

The director presents her report and the financial statements for the year ended 31 May 2024.

Director's responsibilities statement

The director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless she is 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 director is required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments 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 director is 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 to enable her to ensure that the financial statements comply with the Companies Act 2006She is 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.

Results and dividends

The loss for the year, after taxation, amounted to £222,662 (2023 - profit £1,117,836).

Director

The director who served during the year was:

A Ilinskaia 

Disclosure of information to auditors

The director at the time when this Director's Report is approved has confirmed that:
 
so far as she is aware, there is no relevant audit information of which the Company's auditors are unaware, and

she has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Page 2

 
LOYAL NORTH HOLDINGS LIMITED
 
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024

Auditors

Adler Shine LLP, was appointed as auditor in the year and will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Going concern
Having reviewed the company's results for the period, its financial forecast and expected cashflows, the director is of the opinion that the Company has adequate resources available to it to continue in operational existence for the foreseeable future. Accordingly, the director continues to adopt a going concern basis in preparing the financial statements for the period ended 31 May 2024.

This report was approved by the board and signed on its behalf.
 





A Ilinskaia
Director

Date: 8 April 2025

Page 3

 
LOYAL NORTH HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LOYAL NORTH HOLDINGS LIMITED
 

Opinion


We have audited the financial statements of Loyal North Holdings Limited (the 'Company') for the year ended 31 May 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 May 2024 and of its loss 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 United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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 director with respect to going concern are described in the relevant sections of this report.


Page 4

 
LOYAL NORTH HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LOYAL NORTH HOLDINGS LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The director is responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other 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 Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Director's Report have 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 Strategic Report or the Director's 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 and returns; or
certain disclosures of director's 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 Director's Responsibilities Statement set out on page 2, the director is 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 director determines 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 director is 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 director either intends to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
LOYAL NORTH HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LOYAL NORTH HOLDINGS LIMITED (CONTINUED)


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 an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. 
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we have:
• considered the nature of the industry and sectors, control environment and business performance;
• made enquires of management about their own identification and assessment of the risk of irregularities; 
• performed audit work over the risk of management override of controls, including testing of journal entries   and other adjustments for appropriateness and reviewing accounting estimates for bias;
• reviewed minutes of meetings;
• undertaken appropriate sample based testing of bank transactions;
• identified and evaluated compliance with relevant laws and regulations and made enquiries of any    instances of non-compliance. The key laws and regulations we considered in this context included UK
 Companies Act, Data Protection, Anti-Bribery, Employment Law, Health and Safety, and Money
 Laundering Act.
• discussed matters among the audit engagement team regarding how and where fraud might occur in the   financial statements and potential indicators of fraud.
Due to 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 Auditors' Report.


Other matters 
 

The comparative figures for the year ended 31 May 2023 were unaudited.


Page 6

 
LOYAL NORTH HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LOYAL NORTH HOLDINGS LIMITED (CONTINUED)


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 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' 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.





Christopher Taylor FCA (Senior Statutory Auditor)
for and on behalf of
Adler Shine LLP
Chartered Accountants
Statutory Auditor
Cornwall Avenue
London
United Kingdom
N3 1LF

9 April 2025
Page 7

 
LOYAL NORTH HOLDINGS LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2024

2024
2023
Note
£
£

  

Administrative expenses
  
(256,798)
(504)

Operating loss
  
(256,798)
(504)

Interest receivable and similar income
 5 
91,712
1,136,914

Interest payable and similar expenses
 6 
(57,576)
(18,574)

(Loss)/profit before tax
  
(222,662)
1,117,836

(Loss)/profit for the financial year
  
(222,662)
1,117,836

Other comprehensive income for the year
  

Total comprehensive income for the year
  
(222,662)
1,117,836

The notes on pages 12 to 20 form part of these financial statements.

Page 8

 
LOYAL NORTH HOLDINGS LIMITED
REGISTERED NUMBER: 13176903

BALANCE SHEET
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 7 
2,906,500
1,856,500

  
2,906,500
1,856,500

Current assets
  

Debtors: amounts falling due after more than one year
 8 
1,244,541
-

Debtors: amounts falling due within one year
 8 
47,538
-

Cash at bank and in hand
 9 
5,736
520,695

  
1,297,815
520,695

Creditors: amounts falling due within one year
 10 
(1,138,194)
(13)

Net current assets
  
 
 
159,621
 
 
520,682

Total assets less current liabilities
  
3,066,121
2,377,182

Creditors: amounts falling due after more than one year
 11 
(1,067,067)
(681,466)

  

Net assets
  
1,999,054
1,695,716


Capital and reserves
  

Called up share capital 
 13 
105
104

Share premium account
 14 
1,103,395
577,396

Profit and loss account
 14 
895,554
1,118,216

  
1,999,054
1,695,716


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 8 April 2025.




A Ilinskaia
Director

The notes on pages 12 to 20 form part of these financial statements.

Page 9

 
LOYAL NORTH HOLDINGS LIMITED
 

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


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£

At 1 June 2023
104
577,396
1,118,216
1,695,716


Comprehensive income for the year

Loss for the year
-
-
(222,662)
(222,662)
Total comprehensive income for the year
-
-
(222,662)
(222,662)


Contributions by and distributions to owners

Shares issued during the year
1
525,999
-
526,000


Total transactions with owners
1
525,999
-
526,000


At 31 May 2024
105
1,103,395
895,554
1,999,054


The notes on pages 12 to 20 form part of these financial statements.

Page 10

 
LOYAL NORTH HOLDINGS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2023


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£

At 1 June 2022
103
77,397
380
77,880


Comprehensive income for the year

Profit for the year
-
-
1,117,836
1,117,836
Total comprehensive income for the year
-
-
1,117,836
1,117,836


Contributions by and distributions to owners

Shares issued during the year
1
499,999
-
500,000


Total transactions with owners
1
499,999
-
500,000


At 31 May 2023
104
577,396
1,118,216
1,695,716


The notes on pages 12 to 20 form part of these financial statements.

Page 11

 
LOYAL NORTH HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

Loyal North Holdings Limited is a private company limited by shares and registered in England and Wales. Its registered office address is 2 Queen Anne's Gate Buildings, 22 Dartmouth Street, London, SW1H 9BP.
The financial statements are presented in Sterling (£), rounded to the nearest £1.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

 
2.3

Going concern

After making enquiries and taking into account the financial support of its parent company, the director has a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, the director continues to adopt the going concern basis in preparing the financial statements.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 12

 
LOYAL NORTH HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


 
2.11

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance Sheet 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 to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the
Page 13

 
LOYAL NORTH HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)


2.11
Financial instruments (continued)

estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.



Page 14

 
LOYAL NORTH HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

3.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
5,400
-


4.


Employees

The Company has no employees other than the director, who did not receive any remuneration (2023 -
£NIL).






5.


Interest receivable

2024
2023
£
£


Other interest receivable
91,712
1,136,914

91,712
1,136,914


6.


Interest payable and similar expenses

2024
2023
£
£


Other loan interest payable
57,576
18,574

57,576
18,574

Page 15

 
LOYAL NORTH HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

7.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 June 2023
1,856,500


Additions
1,050,000



At 31 May 2024
2,906,500








Page 16

 
LOYAL NORTH HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

8.


Debtors

2024
2023
£
£

Due after more than one year

Amounts owed by group undertakings
1,244,541
-

1,244,541
-


2024
2023
£
£

Due within one year

Amounts owed by group undertakings
47,538
-

47,538
-



9.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
5,736
520,695

5,736
520,695



10.


Creditors: Amounts falling due within one year

2024
2023
£
£

Other loans
82,795
-

Other creditors
1,049,999
13

Accruals and deferred income
5,400
-

1,138,194
13


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LOYAL NORTH HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

11.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Other loans
1,067,067
681,466

1,067,067
681,466



12.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Other loans
82,795
-


82,795
-


Amounts falling due 2-5 years

Other loans
1,067,067
681,466


1,067,067
681,466


1,149,862
681,466


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LOYAL NORTH HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

13.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



10,505 (2023 - 10,400) class a shares of £0.01 each
105
104


105 shares were issued at a premium of £526,000 in the year.


14.


Reserves

Share premium account

The share premium account comprises of accumulated premiums from the issuance of shares. 

Profit and loss account

The profit and loss accounts comprises of accumulated distributable retained earnings of the Company.


15.


Related party transactions

The company has taken the exemption available in FRS 102 whereby it has not disclosed transactions with the ultimate parent company or any wholly subsidiary undertakings of the group.
During the year, the company received a loan of £80,000 from Symbiotic Capital Management Limited, a company controlled by a common director with the parent company. The loan is repayable within one year at an interest rate of 25%. The balance outstanding at year end was £82,795. No security has been provided for the loan.
As at the year end, the company had a loan of £1,067,067 (2023: £681,466) from Fusion Investments Advisers Limited, a company controlled by a common director with the parent company. The loan is repayable within two years at an interest rate of 2.5% plus Base rate. No security has been provided for the loan.


16.


Post balance sheet events

On 14 February 2025 the Company issued additional 511 ordinary shares with nominal value of each shares of £0.01 for £2,262,748 with two external investors in line with the Company's strategic initiative in raising new capital to finance the Loyal North Group's (Loyal North Holdings Limited and its group undertakings) growth, operations and expansion.   

Page 19

 
LOYAL NORTH HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

17.


Controlling party

The parent company is Fusion Asset Management (Services) Limited. The ultimate controlling party is Kirill Ilinski.
The results of the company are consolidated in Fusion Asset Management (Services) Limited, a private company limited by shares and registered in England and Wales. The consolidated accounts can be obtained from Companies House.

 
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