Company Registration No. 13168186 (England and Wales)
CLAYMORE CAPITAL MANAGEMENT LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
CLAYMORE CAPITAL MANAGEMENT LIMITED
COMPANY INFORMATION
Directors
C D Payne
D P Nelson
(Appointed 16 April 2024)
Company number
13168186
Registered office
4-7 Great Pulteney Street
London
W1F 9NA
United Kingdom
Auditor
HW Fisher Audit
Acre House
11-15 William Road
London
NW1 3ER
United Kingdom
CLAYMORE CAPITAL MANAGEMENT LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 21
CLAYMORE CAPITAL MANAGEMENT LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -
The directors present the strategic report for the year ended 31 December 2024.
Principal activities
The principal activity of the company remains that of the provision of investment, administrative and strategic advisory services.
Review of Business
The results of the year are set out on page 8. The profit for the year before tax was £166,080 (2023: £101,193) and the net asset position was £3,404,075 (2023: £3,290,692).
Principal Risks and Uncertainties
The main financial risks related to the services that the company provides are defined as follows:
Liquidity Risk - the risk that the company is unable to make a payment, particularly to suppliers, when required. This is reduced by adequate funding and basic liquidity requirements; and
Operational Risk – the risk of loss arising from inadequate or failed internal processes, personnel or systems. This is reduced through implementation of a control framework.
Key Performance Indicators
Management assess the performance of the business based on the below Key Performance Indicators (“KPIs”).
2024
2023
% Change
Turnover
4,423,509
14,146,453
-68.7%
Profit Before Tax
166,080
101,193
64.1%
PBT Margin %
3.8%
0.7%
From the 1 September 2023, the company transferred its non-regulated service offerings, including staff and related assets, to a separate business to drive efficiencies and improve the cost base, profitability and margins.
Future Developments
The directors confirm that the company will continue to provide investment, administrative and strategic advisory services and the company’s activities are not expected to change in the foreseeable future.
Section 172 Statement
The directors have acted in a way that they consider, in good faith, to be most likely to promote the success of the company for the benefit of its members as a whole and in doing so had regard, amongst other matters, to:
(a) the likely consequences of any decision in the long term;
(b) the interests of the company’s employees;
(c) the need to foster the company’s business relationships with suppliers, customers and others;
(d) the impact of the company’s operations on the community and the environment;
(e) the desirability of the company maintaining a reputation for high standards of business conduct; and
(f) the need to act fairly between members of the company.
The company’s principle activities are set out above and when making business decisions the board carefully considers the impact on the success of the company, its long term (financial and non-financial) impact.
CLAYMORE CAPITAL MANAGEMENT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Long term success is predicated on the collective talent, skills and values of the company’s workforce, so the board considers and discusses information from across the organisation to help it understand the impact of its operations on the interests and views of the employees and as a result has implemented a hybrid flexible working policy.
The directors understand that supplier relationships are key to the effective running of the business and as such the firm endeavours to pay all suppliers within the stated payment terms. This is managed as part of the liquidity risk mitigation controls.
As the company is committed to minimising its impact on the environment and promoting sustainable practices within its business operations. The company recognise that climate change is one of the greatest challenges facing society today, and as a responsible business, is committed to reducing its carbon footprint and conserving natural resources.
To ensure that the company is performing at the highest standards the firm is regulated by the FCA and adhered to all the relevant regulatory and capital requirements in the period.
The directors recognise the necessity to act fairly across the group entities to ensure the success of the group as a whole, and not just the company. This is managed through the use of service agreements between companies detailing the scope of services and pricing structure.
C D Payne
Director
23 April 2025
CLAYMORE CAPITAL MANAGEMENT LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
The directors present their annual report and financial statements for the year ended 31 December 2024.
Results and Dividends
The results for the year are set out on page 8.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
G K Humphreys
(Resigned 9 February 2024)
C D Payne
D P Nelson
(Appointed 16 April 2024)
Strategic Report
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of principal risks including reference to financial risks and future developments.
Statement of Disclosure to Auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
C D Payne
Director
23 April 2025
CLAYMORE CAPITAL MANAGEMENT LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
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 company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
CLAYMORE CAPITAL MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CLAYMORE CAPITAL MANAGEMENT LIMITED
- 5 -
Opinion
We have audited the financial statements of Claymore Capital Management Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the 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 strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
CLAYMORE CAPITAL MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CLAYMORE CAPITAL MANAGEMENT LIMITED
- 6 -
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 and the directors' report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of 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, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
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.
As part of our planning process:
We enquired of management the systems and controls the company has in place, the areas of the financial statements that are most susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud. The company did not inform us of any known, suspected or alleged fraud.
We obtained an understanding of the legal and regulatory frameworks applicable to the company. We determined that the following were most relevant: FRS 102, Companies Act 2006 and compliance with the regulations of the Financial Conduct Authority.
We considered the incentives and opportunities that exist in the company, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly.
Using our knowledge of the company, together with the discussions held with the company at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.
CLAYMORE CAPITAL MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CLAYMORE CAPITAL MANAGEMENT LIMITED
- 7 -
The key procedures we undertook to detect irregularities including fraud during the course of the audit included:
Identifying and testing journal entries and the overall accounting records, in particular any that were significant and unusual.
Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.
Assessing the extent of compliance, or lack of, with the relevant laws and regulations in particular the regulations of the financial conduct authority.
Testing revenue lines, in particular cut-off, for evidence of management bias.
Viewing and obtaining third-party confirmation of material bank and other loan balances.
Documenting and verifying all significant related party balances and transactions.
Reviewing documentation such as the company board minutes for discussions regarding internal matters and strategy.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with management.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
Simon Mott-Cowan (Senior Statutory Auditor)
For and on behalf of HW Fisher Audit
Chartered Accountants
Statutory Auditor
Acre House
11-15 William Road
London
NW1 3ER
United Kingdom
23 April 2025
CLAYMORE CAPITAL MANAGEMENT LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
4,423,509
14,146,453
Administrative expenses
(4,218,161)
(14,018,897)
Other operating income
7,307
Operating profit
4
205,348
134,863
Interest receivable and similar income
8
10,869
17,592
Interest payable and similar expenses
9
(50,137)
(51,262)
Profit before taxation
166,080
101,193
Tax on profit
10
(52,697)
172,376
Profit for the financial year
113,383
273,569
The profit and loss account has been prepared on the basis that all operations are continuing operations.
CLAYMORE CAPITAL MANAGEMENT LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
11
11,866
13,705
Tangible assets
12
61,992
46,553
73,858
60,258
Current assets
Debtors
13
4,412,469
4,066,837
Cash at bank and in hand
2,998,083
4,001,326
7,410,552
8,068,163
Creditors: amounts falling due within one year
14
(4,080,335)
(4,837,729)
Net current assets
3,330,217
3,230,434
Total assets less current liabilities
3,404,075
3,290,692
Capital and reserves
Called up share capital
18
2,000,000
2,000,000
Profit and loss reserves
1,404,075
1,290,692
Total equity
3,404,075
3,290,692
The financial statements were approved by the board of directors and authorised for issue on 23 April 2025 and are signed on its behalf by:
C D Payne
Director
Company Registration No. 13168186
CLAYMORE CAPITAL MANAGEMENT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2023
2,000,000
1,017,123
3,017,123
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
273,569
273,569
Balance at 31 December 2023
2,000,000
1,290,692
3,290,692
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
113,383
113,383
Balance at 31 December 2024
2,000,000
1,404,075
3,404,075
CLAYMORE CAPITAL MANAGEMENT LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
21
(879,721)
2,006,446
Interest paid
(1,262)
Income taxes (paid)/refunded
(93,455)
70,211
Net cash (outflow)/inflow from operating activities
(973,176)
2,075,395
Investing activities
Purchase of tangible fixed assets
(40,936)
(100,667)
Proceeds on disposal of tangible fixed assets
219,687
Interest received
10,869
17,592
Net cash (used in)/generated from investing activities
(30,067)
136,612
Net (decrease)/increase in cash and cash equivalents
(1,003,243)
2,212,007
Cash and cash equivalents at beginning of year
4,001,326
1,789,319
Cash and cash equivalents at end of year
2,998,083
4,001,326
CLAYMORE CAPITAL MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
1
Accounting policies
Company information
Claymore Capital Management Limited is a private company limited by shares incorporated in England and Wales. The registered office is 4-7 Great Pulteney Street, London, United Kingdom, W1F 9NA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
A connected beneficiary has offered financial support to the company should it be required. Thereforetrue, at the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
Revenue from Management Service Agreements for the provision of professional services is invoiced at cost plus mark up. Revenue is recognised in the period in which the service is completed.
Revenue from Investment Management Agreements for the provision of investment management services is invoiced at a pre-agreed rate based on the average month end NAV of the relevant portfolio. Revenue is recognised in the period in which the service is completed.
1.4
Intangible fixed assets
Intangible assets acquired are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost of the assets less their residual values over their useful lives on the following bases:
Development costs
Straight line over 10 years
Intangible assets which are not yet in use are not amortised at year end.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
IT hardware
Straight line over 3 - 5 years
CLAYMORE CAPITAL MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.7
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.
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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Basic financial liabilities
Basic financial liabilities, including creditors and loans are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
CLAYMORE CAPITAL MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
In the opinion of the directors, there are no critical judgements or estimation used to derive figures presented within these financial statements.
CLAYMORE CAPITAL MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Provision of services
4,423,509
14,146,453
2024
2023
£
£
Other significant revenue
Interest income
10,869
17,592
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
4,423,509
14,146,453
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange differences
(81,103)
16,305
Depreciation of owned tangible fixed assets
25,497
107,440
(Profit)/loss on disposal of tangible fixed assets
-
1,474
Amortisation of intangible assets
1,839
1,838
Operating lease charges
-
1,144,890
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
34,500
43,250
For other services
All other non-audit services
9,883
15,820
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
20
40
CLAYMORE CAPITAL MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
6
Employees
(Continued)
- 16 -
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
2,012,130
7,753,791
Social security costs
267,737
1,016,442
Pension costs
150,692
366,640
2,430,559
9,136,873
Aggregate remuneration includes variable pay of £442,873 (2023: £2,595,999), of which none was deferred.
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
166,072
1,274,230
Company pension contributions to defined contribution schemes
12,265
3,565
178,337
1,277,795
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2023: 1).
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
178,337
950,771
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
10,869
17,592
CLAYMORE CAPITAL MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
9
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
137
1,262
Other finance costs:
Other interest
50,000
50,000
50,137
51,262
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
61,057
(116,322)
Deferred tax
Origination and reversal of timing differences
(8,360)
(56,054)
Total tax charge/(credit)
52,697
(172,376)
The actual charge/(credit) for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
166,080
101,193
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
41,520
23,801
Tax effect of expenses that are not deductible in determining taxable profit
11,483
6,586
Adjustments in respect of prior years
(186,163)
Effect of change in corporation tax rate
7,768
Other permanent differences
(306)
(1,264)
Fixed asset differences (super deduction)
(499)
Movement in deferred tax not recognised
(22,605)
Taxation charge/(credit) for the year
52,697
(172,376)
CLAYMORE CAPITAL MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
11
Intangible fixed assets
Development costs
£
Cost
At 1 January 2024 and 31 December 2024
18,301
Amortisation and impairment
At 1 January 2024
4,596
Amortisation charged for the year
1,839
At 31 December 2024
6,435
Carrying amount
At 31 December 2024
11,866
At 31 December 2023
13,705
12
Tangible fixed assets
IT Hardware
£
Cost
At 1 January 2024
114,796
Additions
40,936
At 31 December 2024
155,732
Depreciation and impairment
At 1 January 2024
68,243
Depreciation charged in the year
25,497
At 31 December 2024
93,740
Carrying amount
At 31 December 2024
61,992
At 31 December 2023
46,553
13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
735,705
1,147,298
Other debtors
3,203,140
1,444,958
Prepayments and accrued income
446,520
1,455,837
4,385,365
4,048,093
CLAYMORE CAPITAL MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
13
Debtors
(Continued)
- 19 -
2024
2023
Amounts falling due after more than one year:
£
£
Deferred tax asset (note 16)
27,104
18,744
Total debtors
4,412,469
4,066,837
14
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Other borrowings
15
2,500,000
2,500,000
Trade creditors
240,627
527,575
Corporation tax
61,362
93,760
Other taxation and social security
590,649
599,431
Other creditors
178,816
416,579
Accruals and deferred income
508,881
700,384
4,080,335
4,837,729
15
Loans and overdrafts
2024
2023
£
£
Other loans
2,500,000
2,500,000
Payable within one year
2,500,000
2,500,000
The entity has drawn down £2,500,000 from a loan facility made available. The drawdown is repayable on demand and has an applicable rate of interest of 2%.
16
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Assets
Assets
2024
2023
Balances:
£
£
Timing difference
27,104
18,744
CLAYMORE CAPITAL MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
16
Deferred taxation
(Continued)
- 20 -
2024
Movements in the year:
£
Asset at 1 January 2024
(18,744)
Credit to profit or loss
(8,360)
Asset at 31 December 2024
(27,104)
The deferred tax liability set out above, charged at 25%, relates to accelerated capital allowances and will reverse over the intended life of the asset.
17
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
150,692
366,640
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
18
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2,000,000
2,000,000
2,000,000
2,000,000
19
Related party transactions
At the year end the company owes £nil (2023: £153,615) to a connected company. During the year, the company charged £nil (2023: £641,837) for professional services and £nil (2023: £812,255) for disbursements. Other transactions with a net debit of £153,615 (2023: Net credit of £2,162,313) including cash transfers were processed with this related company.
At the year end the company is owed £1,251,602 (2023: £637,821) by a connected company. During the year the company was charged £790,729 (2023: £292,082) for professional services. The company charged this connected company £714,493 (2023: £365,095) for disbursements. Other transactions with a net debit of £690,018 (2023: £292,082) including cash transfers were processed with this related company.
20
Ultimate controlling party
The parent entity is Claymore Investment Trust and, as at 31 December 2024, Dr Frank Zindel was the person with significant control.
The parent entity does not prepare accounts or consolidated accounts that are available in the public domain.
CLAYMORE CAPITAL MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
21
Cash (absorbed by)/generated from operations
2024
2023
£
£
Profit for the year after tax
113,383
273,569
Adjustments for:
Taxation charged/(credited)
52,697
(172,376)
Finance costs
50,137
51,262
Investment income
(10,869)
(17,592)
(Gain)/loss on disposal of tangible fixed assets
-
1,474
Amortisation and impairment of intangible assets
1,839
1,838
Depreciation and impairment of tangible fixed assets
25,497
107,440
Movements in working capital:
(Increase)/decrease in debtors
(337,272)
5,478,237
Decrease in creditors
(775,133)
(3,717,406)
Cash (absorbed by)/generated from operations
(879,721)
2,006,446
22
Analysis of changes in net funds
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
4,001,326
(1,003,243)
2,998,083
Borrowings excluding overdrafts
(2,500,000)
-
(2,500,000)
1,501,326
(1,003,243)
498,083
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