Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-312024-03-31A holding company supporting the activities of both established and newly formed subsidiaries, associated companies and other investments.falsefalse2023-04-01false33false 04936333 2023-04-01 2024-03-31 04936333 2022-04-01 2023-03-31 04936333 2024-03-31 04936333 2023-03-31 04936333 2022-04-01 04936333 c:CompanySecretary1 2023-04-01 2024-03-31 04936333 c:Director1 2023-04-01 2024-03-31 04936333 c:Director2 2023-04-01 2024-03-31 04936333 c:RegisteredOffice 2023-04-01 2024-03-31 04936333 d:Buildings d:ShortLeaseholdAssets 2023-04-01 2024-03-31 04936333 d:MotorVehicles 2023-04-01 2024-03-31 04936333 d:MotorVehicles 2024-03-31 04936333 d:MotorVehicles 2023-03-31 04936333 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 04936333 d:FurnitureFittings 2023-04-01 2024-03-31 04936333 d:ComputerEquipment 2023-04-01 2024-03-31 04936333 d:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 04936333 d:Goodwill 2023-04-01 2024-03-31 04936333 d:CurrentFinancialInstruments 2024-03-31 04936333 d:CurrentFinancialInstruments 2023-03-31 04936333 d:CurrentFinancialInstruments 1 2024-03-31 04936333 d:CurrentFinancialInstruments 1 2023-03-31 04936333 d:Non-currentFinancialInstruments 2024-03-31 04936333 d:Non-currentFinancialInstruments 2023-03-31 04936333 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 04936333 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 04936333 d:ShareCapital 2024-03-31 04936333 d:ShareCapital 2023-03-31 04936333 d:ShareCapital 2022-04-01 04936333 d:SharePremium 2023-04-01 2024-03-31 04936333 d:SharePremium 2024-03-31 04936333 d:SharePremium 2023-03-31 04936333 d:SharePremium 2022-04-01 04936333 d:CapitalRedemptionReserve 2023-04-01 2024-03-31 04936333 d:CapitalRedemptionReserve 2024-03-31 04936333 d:CapitalRedemptionReserve 2023-03-31 04936333 d:CapitalRedemptionReserve 2022-04-01 04936333 d:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 04936333 d:RetainedEarningsAccumulatedLosses 2024-03-31 04936333 d:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 04936333 d:RetainedEarningsAccumulatedLosses 2023-03-31 04936333 d:RetainedEarningsAccumulatedLosses 2022-04-01 04936333 c:OrdinaryShareClass1 2023-04-01 2024-03-31 04936333 c:OrdinaryShareClass1 2024-03-31 04936333 c:OrdinaryShareClass1 2023-03-31 04936333 c:FRS102 2023-04-01 2024-03-31 04936333 c:Audited 2023-04-01 2024-03-31 04936333 c:FullAccounts 2023-04-01 2024-03-31 04936333 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 04936333 d:Subsidiary1 2023-04-01 2024-03-31 04936333 d:Subsidiary1 1 2023-04-01 2024-03-31 04936333 d:Subsidiary2 2023-04-01 2024-03-31 04936333 d:Subsidiary2 1 2023-04-01 2024-03-31 04936333 d:Subsidiary3 2023-04-01 2024-03-31 04936333 d:Subsidiary3 1 2023-04-01 2024-03-31 04936333 d:Subsidiary4 2023-04-01 2024-03-31 04936333 d:Subsidiary4 1 2023-04-01 2024-03-31 04936333 c:Consolidated 2024-03-31 04936333 c:ConsolidatedGroupCompanyAccounts 2023-04-01 2024-03-31 04936333 2 2023-04-01 2024-03-31 04936333 6 2023-04-01 2024-03-31 04936333 d:Associate1 2023-04-01 2024-03-31 04936333 d:Associate1 1 2023-04-01 2024-03-31 04936333 d:Associate2 2023-04-01 2024-03-31 04936333 d:Associate2 1 2023-04-01 2024-03-31 04936333 3 2024-03-31 04936333 3 2023-03-31 04936333 f:PoundSterling 2023-04-01 2024-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 04936333









SCHNEIDER HOLDINGS LONDON LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
SCHNEIDER HOLDINGS LONDON LIMITED
 
 
COMPANY INFORMATION


Directors
S D W Schneider 
C W Taylor 




Company secretary
Schneider Investment Associates LLP



Registered number
04936333



Registered office
1 Bedford Row

London

WC1R 4BU




Independent auditors
BKL Audit LLP
Chartered Accountants & Statutory Auditor

35 Ballards Lane

London

N3 1XW





 
SCHNEIDER HOLDINGS LONDON LIMITED
 

CONTENTS



Page
Group Strategic Report
 
 
1 - 4
Directors' Report
 
 
5 - 6
Independent Auditors' Report
 
 
7 - 10
Consolidated Statement of Comprehensive Income
 
 
11
Consolidated Statement of Financial Position
 
 
12 - 13
Company Statement of Financial Position
 
 
14 - 15
Consolidated Statement of Changes in Equity
 
 
16
Company Statement of Changes in Equity
 
 
17
Consolidated Statement of Cash Flows
 
 
18 - 19
Notes to the Financial Statements
 
 
20 - 43


 
SCHNEIDER HOLDINGS LONDON LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

Introduction
 
The principal activity of the Group is that of a holding company supporting the activities of both established and newly formed subsidiaries, associated companies and other investments.

Business review
 
Overall underlying results attributable to the shareholders of the group were in line with expectation. During the year the group disposed of an associate company in the below market value property sector resulting in a significant gain on disposal. The group’s core lending operations continued to perform well with further expansion in the group’s overall deployed loan book.     
The cycle of uncertainty surrounding interest rates and continuing inflationary pressures seems to have now stabilised at the cost of a significantly higher interest rate environment. The Group through its core lending activities, notably to the below market value property sector, is sensitive to the overall base interest rate cycles but the group’s lending models are well positioned to operate in rapidly changing environments. The group continues to focus on maintaining a strong balance sheet and the directors remain cautiously optimistic anticipating continued profitability and growth across its core operations. 
The group’s main focus continues to be the provision of funding solutions to a variety of sectors in the small to medium size market.

Page 1

 
SCHNEIDER HOLDINGS LONDON LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Principal risks and uncertainties
 
The management of the business and the execution of the Company’s strategy are subject to a number of risks. The key business risks and uncertainties are detailed below.
Financial risk management
The Group’s operations expose it to a variety of financial risks that include the effects of changes in market, credit and liquidity risks.  The group has in place an overall risk management framework and risk management programmes at an individual company level where appropriate. Although the overall risk objective will be similar the nature the operations of the companies within the group requires different approaches as some companies will have direct market exposure through their propriatery trading activities and some will only hold non-trading book exposures. 
Market risk 
The Group defines market risk as the risk of losses in on- and off-balance sheet positions arising from movements in market prices or risk factors. The companies in the group operate within the risk threshold pre assigned to particular project or strategy in conjunction with the overall group’s market risk framework.
Market risk – foreign exchange risk
The Group maintains balances in a number of currencies, primarily Euros and US Dollars and has an active policy to manage and keep any underlying currency exposures to a minimum.
Credit risk
The group is exposed to credit risk through its deposited cash balances at its bankers Lloyds Bank, its Clearing and Settlement agents and its corporate Loan book.  There are also balances due from other credit institutions and corporates relating to the groups facilities and funding activities.
There is a continuous monitoring of all group debts to ensure that all outstanding sums are settled within the agreed credit terms.  Any disputed details are dealt with by the credit control department and escalated to senior management where necessary to ensure that there are minimal impaired debts at any time.
Counterparty credit risk
The group generates risk through the potential default of its counterparties to fulfil their obligations to the Company and these may arise through non-payment or failure to settle transactions. Triggers for these default events will likely be driven by changes in market risk factors (market driven counterparty risks) and the group differentiates between these and other types of repayment risk arising through its non-trading book. 
Liquidity risk
The Company actively maintains sufficient cash resources and bank facilities to ensure the group has sufficient available funds for operations and timely settlement of transactions. The group operates a liquidity management framework and individual companies have documented their liquidity requirements within the framework of a Liquidity Policy.

Page 2

 
SCHNEIDER HOLDINGS LONDON LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Financial and non-financial key performance indicators
 
The group records and tracks both financial and non-financial key performance indicators at various frequency levels. A sample of key financial key performance indicators are illustrated below.
Profitability ratios such as operating margins 2024: 45.7% (2023: 20.0%) are key indicators for the Group.
Return on Equity 2024: 32.01% (2023: -0.01%) was lower compared to last year due mainly to one off impairment charges.
At an operational level the group monitors financial and non-financial performance indicators in all its key areas of operations. 

Directors' statement of compliance with duty to promote the success of the Group
 
Under section 172(1) of the Companies Act 2006, the Directors are required to act in a way that they consider, in all good faith, would most likely promote the success of the Company. This success must be for the benefit of the Company’s shareholders but also for all other stakeholders. In its decisions the company has regard to the interests of its stakeholders and the desirability to maintain a reputation for high standards of business conduct. The Directors understand that the success of the company will be dependent on fostering strong mutually beneficial relationship with its customers, suppliers, employees and other stakeholders and actively manage such relationships. Furthermore the Directors ensure that they act fairly as between members of the company whilst also taking into consideration the impact of the company’s decisions on the wider community and the environment.
Shareholders
As a private company and group, the majority shareholder holds an active role in the daily running of the business, which ensures that the strategy of the Group is completely aligned with overall strategic objectives.
Employees
The team meet on a regular basis to discuss management information and investments and key management also form part of these conversations.
Customers
The Group has a varied customer base across its various activities and treating customers fairly is ingrained in the organisation. The behaviour of employees towards customers is governed by the Group policies and underlying legal agreements of the transactions placed.
Suppliers
The Group has various key supplier relationships which are monitored regularly ensuring the smooth running of the business.
Community and the environment
The Group ensures that its activities where relevant are carried out in a sustainable manner.

Page 3

 
SCHNEIDER HOLDINGS LONDON LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024


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



S D W Schneider
Director

Date: 14 April 2025

Page 4

 
SCHNEIDER HOLDINGS LONDON LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The directors present their report and the financial statements for the year ended 31 March 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 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 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 the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


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

make judgments and accounting estimates that are reasonable and prudent;

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

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation and minority interests, amounted to £985,446 (2023 - loss £208,876).

Dividends of £335,000 (2023: £850,000) were declared and paid during the year.

Directors

The directors who served during the year were:

S D W Schneider 
C W Taylor 

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director 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 and the Group's auditors are aware of that information.

Page 5

 
SCHNEIDER HOLDINGS LONDON LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Auditors

Under section 487(2) of the Companies Act 2006BKL Audit LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

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





S D W Schneider
Director

Date: 14 April 2025

Page 6

 
SCHNEIDER HOLDINGS LONDON LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SCHNEIDER HOLDINGS LONDON LIMITED
 

Opinion


We have audited the financial statements of Schneider Holdings London Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company 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 Group's and of the parent Company's affairs as at 31 March 2024 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group 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 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 Group's or the parent 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.


Page 7

 
SCHNEIDER HOLDINGS LONDON LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SCHNEIDER HOLDINGS LONDON 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 directors are 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 Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 5, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent 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 Group or the 
Page 8

 
SCHNEIDER HOLDINGS LONDON LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SCHNEIDER HOLDINGS LONDON LIMITED (CONTINUED)


parent 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 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 Group 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:

Enquiring of management and those charged with governance around actual and potential litigation and claims;
Reviewing minutes of meetings of those charged with governance;
Reviewing financial statement disclosures 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.


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


Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Company's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our
Page 9

 
SCHNEIDER HOLDINGS LONDON LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SCHNEIDER HOLDINGS LONDON LIMITED (CONTINUED)


opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' Report. However, future events or conditions may cause the Company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statementsWe are responsible for the direction, supervision and performance of the Group audit. We remain solely responsible for our audit opinion.


We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.


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.





David Landau FCA (Senior Statutory Auditor)
  
for and on behalf of
BKL Audit LLP
 
Chartered Accountants
Statutory Auditor
  
London

15 April 2025
Page 10

 
SCHNEIDER HOLDINGS LONDON LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
Note
£
£

  

Turnover
 4 
3,764,181
3,521,246

Cost of sales
  
(828,815)
(31,131)

Gross profit
  
2,935,366
3,490,115

Administrative expenses
  
(1,216,608)
(639,354)

Exceptional administrative expenses
 12 
-
(2,089,777)

Operating profit
 5 
1,718,758
760,984

Income from shares in group undertakings
  
99,855
224,194

Profit on investment disposal
  
1,464,843
225,208

Interest receivable and similar income
  
15,105
19,387

Interest payable and similar expenses
 9 
(861,958)
(319,338)

Profit before taxation
  
2,436,603
910,435

Tax on profit
 10 
705,397
(266,415)

Profit for the financial year
  
3,142,000
644,020

Profit for the year attributable to:
  

Non-controlling interests
  
2,156,554
852,896

Owners of the parent Company
  
985,446
(208,876)

  
3,142,000
644,020

Total comprehensive income for the year attributable to:
  

Non-controlling interest
  
2,156,554
852,896

Owners of the parent Company
  
985,446
(208,876)

  
3,142,000
644,020

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 20 to 43 form part of these financial statements.

Page 11

 
SCHNEIDER HOLDINGS LONDON LIMITED
REGISTERED NUMBER: 04936333

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 14 
48,151
59,154

Tangible assets
 15 
885,972
239,884

Investments
 16 
3,079,574
4,212,248

  
4,013,697
4,511,286

Current assets
  

Stocks
 17 
1,815,530
-

Debtors: amounts falling due after more than one year
 18 
8,560,899
14,899,410

Debtors: amounts falling due within one year
 18 
28,753,167
17,675,232

Current asset investments
 19 
604,352
212,565

Cash at bank and in hand
 20 
989,722
4,931,770

  
40,723,670
37,718,977

Creditors: amounts falling due within one year
 21 
(3,547,741)
(3,916,602)

Net current assets
  
 
 
37,175,929
 
 
33,802,375

Total assets less current liabilities
  
41,189,626
38,313,661

Creditors: amounts falling due after more than one year
 22 
(9,750,000)
(7,524,481)

Net assets
  
31,439,626
30,789,180

Page 12

 
SCHNEIDER HOLDINGS LONDON LIMITED
REGISTERED NUMBER: 04936333
    
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Capital and reserves
  

Called up share capital 
 25 
7,541
7,541

Share premium account
 26 
1,019,744
1,019,744

Capital redemption reserve
 26 
4,123
4,123

Profit and loss account
 26 
30,408,218
29,757,772

Equity attributable to owners of the parent Company
  
31,439,626
30,789,180

  
31,439,626
30,789,180


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




S D W Schneider
Director

Date: 14 April 2025

The notes on pages 20 to 43 form part of these financial statements.

Page 13

 
SCHNEIDER HOLDINGS LONDON LIMITED
REGISTERED NUMBER: 04936333

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 15 
16,690
24,107

Investments
 16 
27,150,595
27,487,972

  
27,167,285
27,512,079

Current assets
  

Debtors: amounts falling due after more than one year
 18 
2,772,869
392,869

Debtors: amounts falling due within one year
 18 
648,522
1,855,075

Cash at bank and in hand
 20 
6,388
31,621

  
3,427,779
2,279,565

Creditors: amounts falling due within one year
 21 
(321,809)
(684,670)

Net current assets
  
 
 
3,105,970
 
 
1,594,895

Total assets less current liabilities
  
30,273,255
29,106,974

  

  

Net assets
  
30,273,255
29,106,974


Capital and reserves
  

Called up share capital 
 25 
7,541
7,541

Share premium account
 26 
1,019,744
1,019,744

Capital redemption reserve
 26 
4,123
4,123

Profit and loss account brought forward
 26 
28,075,566
29,015,941

Profit/(loss) for the year
 26 
1,501,281
(90,375)

Other changes in the profit and loss account

  

(335,000)
(850,000)

Profit and loss account carried forward
  
29,241,847
28,075,566

  
30,273,255
29,106,974


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


S D W Schneider
Director

Date: 14 April 2025

Page 14

 
SCHNEIDER HOLDINGS LONDON LIMITED
REGISTERED NUMBER: 04936333
    
COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

The notes on pages 20 to 43 form part of these financial statements.

Page 15
 

 
SCHNEIDER HOLDINGS LONDON LIMITED


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024



Called up share capital
Share premium account
Capital redemption reserve
Profit and loss account
Equity attributable to owners of parent Company
Total equity


£
£
£
£
£
£



At 1 April 2022
7,541
1,019,744
4,123
30,816,648
31,848,056
31,848,056



Comprehensive income for the year


Loss for the year
-
-
-
(208,876)
(208,876)
(208,876)


Dividends: Equity capital
-
-
-
(850,000)
(850,000)
(850,000)





At 1 April 2023
7,541
1,019,744
4,123
29,757,772
30,789,180
30,789,180



Comprehensive income for the year


Profit for the year
-
-
-
985,446
985,446
985,446


Dividends: Equity capital
-
-
-
(335,000)
(335,000)
(335,000)



At 31 March 2024
7,541
1,019,744
4,123
30,408,218
31,439,626
31,439,626



The notes on pages 20 to 43 form part of these financial statements.

Page 16
 
SCHNEIDER HOLDINGS LONDON LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


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

£
£
£
£
£


At 1 April 2022
7,541
1,019,744
4,123
29,015,941
30,047,349


Comprehensive income for the year

Loss for the year
-
-
-
(90,375)
(90,375)

Dividends: Equity capital
-
-
-
(850,000)
(850,000)



At 1 April 2023
7,541
1,019,744
4,123
28,075,566
29,106,974


Comprehensive income for the year

Profit for the year
-
-
-
1,501,281
1,501,281

Dividends: Equity capital
-
-
-
(335,000)
(335,000)


At 31 March 2024
7,541
1,019,744
4,123
29,241,847
30,273,255


The notes on pages 20 to 43 form part of these financial statements.

Page 17

 
SCHNEIDER HOLDINGS LONDON LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
3,142,000
644,020

Adjustments for:

Amortisation of intangible assets
11,003
7,103

Depreciation of tangible assets
9,020
8,778

Loss on disposal of tangible assets
(1,464,843)
(225,208)

Interest paid
861,958
319,338

Interest received
(114,960)
(243,581)

Taxation charge
(705,397)
266,415

(Increase)/decrease in stocks
(1,815,530)
-

(Increase) in debtors
(4,739,423)
(226,829)

(Increase) in amounts owed by participating ints
(6,653,096)
(3,869,597)

Increase/(decrease) in creditors
6,654,337
(1,752,867)

(Decrease)/increase in amounts owed to groups
(1)
2

Net fair value losses recognised in P&L
790,880
2,089,777

Corporation tax (paid)
(268,536)
(91,183)

Net cash generated from operating activities

(4,292,588)
(3,073,832)


Cash flows from investing activities

Purchase of intangible fixed assets
-
(19,500)

Purchase of tangible fixed assets
(655,106)
(217,137)

Purchase of unlisted and other investments
(20,001)
(355,598)

Sale of unlisted and other investments
1,464,843
300,636

Purchase of short-term listed investments
(411,388)
-

Sale of short-term listed investments
10,650
-

Purchase of share in associates
-
(6,717)

Sale of share in associates
333,946
-

Interest received
15,105
19,387

Dividend recieved from associate
99,855
224,194

Net cash from investing activities

837,904
(54,735)

Cash flows from financing activities

New secured loans
709,594
7,524,481

Dividends paid
(335,000)
(850,000)

Interest paid
(861,958)
(319,338)

Net cash used in financing activities
(487,364)
6,355,143
Page 18

 
SCHNEIDER HOLDINGS LONDON LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024


2024
2023

£
£


Net (decrease)/increase in cash and cash equivalents
(3,942,048)
3,226,576

Cash and cash equivalents at beginning of year
4,931,770
1,705,194

Cash and cash equivalents at the end of year
989,722
4,931,770


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
989,722
4,931,770

989,722
4,931,770


The notes on pages 20 to 43 form part of these financial statements.

Page 19

 
SCHNEIDER HOLDINGS LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

The principal activity of Schneider Holdings London Limited ("the Company") during the year was that of a holding company supporting the activities of both established and newly formed subsidiaries, associated companies and other investments.
The company is a private Company limited by shares and is incorporated and domiciled in England. 
The address of its Registered Office is 1 Bedford Row, London, WC1R 4BU.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The Consolidated and Company financial statements have been prepared on a going concern basis, under the historical cost convention as modified by the recognition of certain assets and liabilities measured at fair value, and in accordance with United Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland ("FRS 102") and the Companies Act 2006.
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

The preparation of Consolidated and Company financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Consolidated Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

Going concern

The financial statements have been prepared on the going concern basis, which assumes that the Group will continue to be able to meet its liabilities as they fall due for a period of at least twelve months from the date of approval of these financial statements.
Based on the results to date and future projections, the directors are confident that the Group will continue to meet its liabilities as they fall due, looking forward at least twelve months from the date of signing these financial statements. As a result, the directors have prepared the financial statements on a going concern basis.

Page 20

 
SCHNEIDER HOLDINGS LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

Associates and joint ventures

An entity is treated as a joint venture where the Group is a party to a contractual agreement with one or more parties from outside the Group to undertake an economic activity that is subject to joint control.

An entity is treated as an associated undertaking where the Group exercises significant influence in that it has the power to participate in the operating and financial policy decisions.
In the consolidated accounts, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate. The Consolidated Statement of Comprehensive Income includes the Group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the Group. In the Consolidated Statement of Financial Position, the interests in associated undertakings are shown as the Group's share of the identifiable net assets, including any unamortised premium paid on acquisition.
Any premium on acquisition is dealt with in accordance with the goodwill policy.

 
2.5

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover comprises revenue recognised by the Group in respect of services supplied during the year, exclusive of Value Added Tax and along with profits and losses derived from trading activities.
Turnover in relation to the provision of facilitation services is recognised over the period the service is provided.
Turnover in respect of dealings in equity and FX derivatives is recognised on a trade date basis.
Turnover in respect of LLP profit shares and dividends is recognised when profits and dividends are irrevocably allocated.
Turnover in respect of interest receivable is recognised at the applicable interest rate over the period in which it relates.
Turnover in respect of hedge fund trading is recognised over the period to which the income relates. The loan arrangement fees are held at amortised cost from inception with the income recognised at the start of the loan.
In accordance with accepted practice, the profits and losses from trading activities include unrealised profits and losses at the period end, as open positions are included at market value. The directors consider this to be necessary to show a true and fair view, since the marketability of the instruments enables decisions to be taken continually about whether to hold or sell them, and hence the economic measure of profit in any period is properly made by reference to market values.

Page 21

 
SCHNEIDER HOLDINGS LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property
-
Straight line over the lease term
Motor vehicles
-
20% Straight line
Fixtures and fittings
-
20% Straight line
Computer equipment
-
33% Straight line
Assets under construction
-
No depreciation

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 22

 
SCHNEIDER HOLDINGS LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Consolidated Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
Long term loans to related companies are treated as investments.
Investments held as current assets are shown at market value.

 
2.9

Stocks

Stocks comprise theatre production costs, which are recorded as a current asset net of the relevant tax credit. Theatre production costs are amortised to the Consolidated Statement of Comprehensive Income over the period in which rights to the relevant production are being exploited by the Group.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.10

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.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.11

Financial instruments

The Group only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to and from related parties.
(i) Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, 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 the Consolidated
Page 23

 
SCHNEIDER HOLDINGS LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.11
Financial instruments (continued)

Statement of Comprehensive Income.
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) 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.
(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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.
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 classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
(iii) Offsetting
Financial assets and liabilities are offset and 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.

 
2.12

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is Sterling.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 24

 
SCHNEIDER HOLDINGS LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.13

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.

 
2.14

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.

 
2.15

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.16

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.

 
2.17

Interest income

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

Page 25

 
SCHNEIDER HOLDINGS LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.18

Current and deferred taxation

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


  
2.19

Joint arrangements that are not entities ("JANE")

A JANE is a contractual arrangement with other participants to engage in joint activities where no separate entity is created. Such arrangements are accounted for in the financial statements by including only the Group's share of assets and liabilities in accordance with the terms of the arrangement.

Page 26

 
SCHNEIDER HOLDINGS LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the Consolidated Statement of Financial Position date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements:
(i) Useful economic lives of tangible fixed assets
The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 15 for the carrying amount of the tangible fixed assets, and note 2.6 for the useful economic lives for each class of assets.
(ii) Debtors
The Group makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. See note 18 for the net carrying amount of the debtors.
(iii) Valuation of investments
The Group has certain fixed and current asset investments that require recognition at fair value involving the use of valuation and estimation techniques. Where market value or fair value cannot be reliably determined, such investments are stated at historic cost less impairment.
There are no key assumptions concerning the future at the reporting date that have a significant risk causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.


4.


Turnover

The whole of the turnover is attributable to the principal activity.

All turnover arose within the United Kingdom.

Page 27

 
SCHNEIDER HOLDINGS LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation and amortisation
20,022
7,418

Exchange differences
(3,114)
9,085

Other operating lease rentals
16,575
16,438


6.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors and their associates:


2024
2023
£
£

Fees payable to the Company's auditors and their associates for the audit of the consolidated and parent Company's financial statements
24,000
22,150

Fees payable to the Company's auditors and their associates in respect of:

The auditing of accounts of associates of the Group pursuant to legislation
26,500
22,225

Taxation compliance services
4,700
4,500

Page 28

 
SCHNEIDER HOLDINGS LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Wages and salaries
149,583
241,959
135,000
135,000

Social security costs
17,401
28,174
16,667
17,386

Cost of defined contribution scheme
328
2,109
-
-

167,312
272,242
151,667
152,386


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Directors
3
3
2
2



Administration
6
3
1
1

9
6
3
3


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
125,000
125,000

125,000
125,000



9.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
1
240,325

Other loan interest payable
861,957
79,013

861,958
319,338

Page 29

 
SCHNEIDER HOLDINGS LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
(827,504)
263,770


Total current tax
(827,504)
263,770

Deferred tax


Origination and reversal of timing differences
122,107
2,645

Total deferred tax
122,107
2,645


Tax on profit
(705,397)
266,415

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
2,436,604
910,435


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
609,151
172,983

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
84,586
77,421

Capital allowances for year in excess of depreciation
(90,346)
(4,054)

Theatre tax credit
(900,635)
-

Other timing differences leading to an increase (decrease) in taxation
(530,260)
17,420

Deferred tax
122,107
2,645

Total tax charge for the year
(705,397)
266,415


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 30

 
SCHNEIDER HOLDINGS LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.


Dividends

2024
2023
£
£


Dividends
335,000
850,000

335,000
850,000


12.


Exceptional items

2024
2023
£
£


Impairment of investments
-
2,089,777

-
2,089,777


13.


Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit after tax of the parent Company for the year was £1,501,281 (2023 - loss £90,375).

Page 31

 
SCHNEIDER HOLDINGS LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

14.


Intangible assets

Group





Website
Goodwill
Total

£
£
£



Cost


At 1 April 2023
19,500
71,025
90,525



At 31 March 2024

19,500
71,025
90,525



Amortisation


At 1 April 2023
-
31,371
31,371


Charge for the year on owned assets
3,900
7,103
11,003



At 31 March 2024

3,900
38,474
42,374



Net book value



At 31 March 2024
15,600
32,551
48,151



At 31 March 2023
19,500
39,654
59,154



Page 32
 


 
SCHNEIDER HOLDINGS LONDON LIMITED


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


15.


Tangible fixed assets


Group







Short-term leasehold property
Motor vehicles
Fixtures and fittings
Computer equipment
Asset under construction
Total

£
£
£
£
£
£



Cost


At 1 April 2023
108,933
37,088
44,240
40,364
212,331
442,956


Additions
655,106
-
-
-
-
655,106


Transfers between classes
212,331
-
-
-
(212,331)
-



At 31 March 2024

976,370
37,088
44,240
40,364
-
1,098,062



Depreciation


At 1 April 2023
108,933
12,981
44,240
36,917
-
203,071


Charge for the year on owned assets
-
7,417
-
1,602
-
9,019



At 31 March 2024

108,933
20,398
44,240
38,519
-
212,090



Net book value



At 31 March 2024
867,437
16,690
-
1,845
-
885,972



At 31 March 2023
-
24,107
-
3,446
212,331
239,884

Page 33
 
SCHNEIDER HOLDINGS LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

           15.Tangible fixed assets (continued)


Company






Motor vehicles

£

Cost 


At 1 April 2023
37,088



At 31 March 2024

37,088



Depreciation


At 1 April 2023
12,981


Charge for the year on owned assets
7,417



At 31 March 2024

20,398



Net book value



At 31 March 2024
16,690



At 31 March 2023
24,107






Page 34

 
SCHNEIDER HOLDINGS LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

16.


Fixed asset investments

Group





Investments in associates
Unlisted investments
Total

£
£
£



Cost or valuation


At 1 April 2023
2,133,388
5,747,158
7,880,546


Additions
-
20,001
20,001


Disposals
(333,946)
(3,502,926)
(3,836,872)


Share of profit/(loss)
(27,849)
-
(27,849)



At 31 March 2024

1,771,593
2,264,233
4,035,826



Impairment


At 1 April 2023
-
3,668,298
3,668,298


Charge for the period
-
790,880
790,880


Impairment on disposals
-
(3,502,926)
(3,502,926)



At 31 March 2024

-
956,252
956,252



Net book value



At 31 March 2024
1,771,593
1,307,981
3,079,574



At 31 March 2023
2,133,388
2,078,860
4,212,248

Page 35

 
SCHNEIDER HOLDINGS LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Company





Investments in subsidiary companies
Unlisted investments
Total

£
£
£



Cost or valuation


At 1 April 2023
27,150,510
850,005
28,000,515


Additions
80
-
80



At 31 March 2024

27,150,590
850,005
28,000,595



Impairment


At 1 April 2023
-
512,543
512,543


Charge for the period
-
337,457
337,457



At 31 March 2024

-
850,000
850,000



Net book value



At 31 March 2024
27,150,590
5
27,150,595



At 31 March 2023
27,150,510
337,462
27,487,972


Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Principal activity

Class of shares

Holding

Schneider Investment Associates LLP
Loans and financing
Ordinary
51%
Schneider Proprietary Trading LLP*
Financial services
Ordinary
51%
Schneider Property Finance Limited
Property loan finance
Ordinary
100%
The London Space Elevator Limited
Performing arts
Ordinary
80%

*Indirect holdings

Page 36

 
SCHNEIDER HOLDINGS LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

Associates


The following were associates of the Company:


Name

Principal activity

Class of shares

Holding

Schneider Financial Solutions Limited*
Litigation finance
Ordinary
26%
PRL Legal Funding Limited*
Litigation finance
Ordinary
26%

*Indirect holdings
During the year, the Group sold its entire 26% shareholding in former associate entity, The Property Buying Company Limited.


17.


Stocks

Group
Group
2024
2023
£
£

Production costs
1,815,530
-

1,815,530
-


Page 37

 
SCHNEIDER HOLDINGS LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

18.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Due after more than one year

Amounts owed by group undertakings
-
-
2,772,869
392,869

Due from participating interests
6,637,086
12,473,911
-
-

Other debtors
900,000
1,749,688
-
-

Prepayments and accrued income
1,023,813
675,811
-
-

8,560,899
14,899,410
2,772,869
392,869


Amounts owed by group undertakings are unsecured, interest-free, have no fixed repayment date and are repayable on demand.

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Due within one year

Trade debtors
15,526,349
12,491,350
-
-

Amounts owed by group undertakings
-
1
-
1,324,384

Amounts owed by joint ventures and associated undertakings
6,206,978
354,144
-
-

Other debtors
5,795,847
4,023,891
513,217
509,962

Prepayments and accrued income
1,212,738
791,958
124,050
6,841

Deferred taxation
11,255
13,888
11,255
13,888

28,753,167
17,675,232
648,522
1,855,075


Amounts owed by group undertakings are unsecured, interest-free, have no fixed repayment date and are repayable on demand.


19.


Current asset investments

Group
Group
2024
2023
£
£

Listed investments
400,738
-

Unlisted investments
203,614
212,565

604,352
212,565


Unlisted investments relate to units in a hedge fund and a distressed debt fund.

Page 38

 
SCHNEIDER HOLDINGS LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

20.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
989,722
4,931,770
6,388
31,621

989,722
4,931,770
6,388
31,621


Included within cash and cash equivalents is £114,187 (2023: £136,520) held with the clearers through whom Schneider Proprietary Trading LLP trades.


21.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Other loans
750,000
2,265,925
-
-

Trade creditors
152,984
49,013
-
-

Amounts owed to group undertakings
-
-
85,904
-

Corporation tax
-
268,536
-
268,536

Other taxation and social security
-
41,590
-
1,606

Amounts owed to non-controlling interests
1,678,549
609,329
-
-

Other creditors
461,692
612,904
210,000
390,000

Accruals and deferred income
504,516
69,305
25,905
24,528

3,547,741
3,916,602
321,809
684,670


Amounts owed to undertakings are unsecured, interest-free, have no fixed repayment date and are repayable on demand.

Page 39

 
SCHNEIDER HOLDINGS LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

22.


Creditors: Amounts falling due after more than one year

Group
Group
2024
2023
£
£

Bank loans
9,500,000
7,517,753

Other loans
250,000
-

Accruals and deferred income
-
6,728

9,750,000
7,524,481


Bank loans of £9,500,000 (2023: £7,517,753) are secured by a debenture comprising fixed and floating charges over all the assets and undertakings of Schneider Property Finance Limited with a guarantee provided by Schneider Investments Associates LLP.
Other loans were unsecured with interest charged at an average rate of 2.5% per annum.




23.


Loans


Analysis of the maturity of loans is given below:


Group
Group
2024
2023
£
£

Amounts falling due within one year

Other loans
750,000
2,265,925


750,000
2,265,925

Amounts falling due 1-2 years

Bank loans
9,500,000
7,517,753

Other loans
250,000
-


9,750,000
7,517,753



10,500,000
9,783,678


Page 40

 
SCHNEIDER HOLDINGS LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

24.


Financial instruments

Group
Group
2024
2023
£
£

Financial assets

Financial assets measured at fair value through profit or loss
604,352
212,565




Financial assets measured at fair value through profit or loss comprise current investments shown at market value.


25.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



754,132 (2023 - 754,132) Ordinary shares of £0.01 each
7,541
7,541



26.


Reserves

Share premium account

Comprises amounts paid for share capital in excess of their nominal value.

Capital redemption reserve

Arose upon a historic repurchase of shares.

Profit and loss account

Comprises current and accumulated profits and losses.


27.


Pension commitments

The Group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £3,684 (2023: £1,175). Contributions totalling £1,541 (2023: £811) were payable to the fund at the reporting date and are included in creditors.

Page 41

 
SCHNEIDER HOLDINGS LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

28.


Commitments under operating leases

At 31 March 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2024
2023
£
£

Not later than 1 year
200,207
53,357

Later than 1 year and not later than 5 years
1,549,357
1,437,401

Later than 5 years
1,102,640
1,417,680

2,852,204
2,908,438

29.


Related party transactions

iThe Company and the Group had the following balances and transactions with participating interests:


2024
2023
£
£

Amounts due from associates
12,844,066
12,827,956
Share of associates' profit
99,855
224,194
Accrued income from associates
1,023,812
1,007,744
Interest income
1,443,906
1,267,161
15,411,639
15,327,055

Transactions during the year included the following:
Dividends paid to directors during the year of £307,429 (2023: £780,044).
Included within other creditors due within one year is an amount of £210,000 (2023: £390,000) borrowed from a non-executive director of the Company. This amount is unsecured and interest payable at an average rate of 2% per annum.
Included within other creditors is an unsecured loan of £750,000 (2023: £2,265,925) due to a member of key management personnel. During the year, interest of £209,656 (2023: £64,255) was incurred in relation to this balance.
Included in trade creditors and accruals is an amount of £1,925 (2023: £nil) owed to a director.


30.


Non-controlling interests

There are minority interests which represent amounts due to and from other members of the various subsidiary LLPs. All such amounts, including any capital contributions they have made, have been included within creditors in the Consolidated Statement of Financial Position.

Page 42

 
SCHNEIDER HOLDINGS LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

31.


Controlling party

The ultimate controlling party is S D W Schneider by virtue of his majority shareholding in the company.

 
Page 43