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REGISTERED NUMBER: 12843185 (England and Wales)















Report of the Directors and

Financial Statements

for the Year Ended 30 September 2024

for

Helford Depositary Services Ltd

Helford Depositary Services Ltd (Registered number: 12843185)






Contents of the Financial Statements
for the Year Ended 30 September 2024




Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 4

Statement of Income and Retained Earnings 8

Statement of Financial Position 9

Statement of Cash Flows 10

Notes to the Statement of Cash Flows 11

Notes to the Financial Statements 12


Helford Depositary Services Ltd

Company Information
for the Year Ended 30 September 2024







DIRECTORS: A M Burke
C M N Sailland





REGISTERED OFFICE: 128 City Road
London
London
EC1V 2NX





REGISTERED NUMBER: 12843185 (England and Wales)





AUDITORS: WP Audit Services LLP
Chancery House
30 St Johns Road
Woking
Surrey
GU21 7SA

Helford Depositary Services Ltd (Registered number: 12843185)

Report of the Directors
for the Year Ended 30 September 2024

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

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of fund management activities.

DIVIDENDS
Interim dividends of £22 per share were paid on 25 October 2023 and £3 per share was paid on 31 January 2024. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 30 September 2024 will be £28,375.

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

A M Burke
C M N Sailland

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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

Helford Depositary Services Ltd (Registered number: 12843185)

Report of the Directors
for the Year Ended 30 September 2024


AUDITORS
The auditors, WP Audit Services LLP, have indicated their willingness to continue in office.

ON BEHALF OF THE BOARD:





C M N Sailland - Director


20 January 2025

Report of the Independent Auditors to the Members of
Helford Depositary Services Ltd

Opinion
We have audited the financial statements of Helford Depositary Services Ltd (the 'company') for the year ended 30 September 2024 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 September 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Helford Depositary Services Ltd


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

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

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Helford Depositary Services Ltd


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

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

- the nature of the industry and sector, control environment and business performance including the design of the
company's accounting policies, key drivers for profit and performance targets;
- results of our enquiries of management about their own identification and assessment of the risks of irregularities;
- any matters we identified having obtained and reviewed the company's documentation of their policies and procedures relating to identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
- the matters discussed among the audit engagement team and involving relevant internal specialists, including tax and IT specialists regarding how and where fraud might occur in the financial statements and any potential indicators of fraud

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in relation to revenue. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and local tax legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty. These included compliance with Financial Conduct Authority regulations.


Report of the Independent Auditors to the Members of
Helford Depositary Services Ltd


Audit response to the risks identified
Our procedures to respond to risks identified included the following:

- reviewing the financial statement disclosures and verifying through obtaining supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
- enquiring of management and external legal counsel concerning actual and potential litigation and claims;
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
- reading minutes of meetings of those charged with governance, and reviewing regulatory correspondence with the Financial Conduct Authority;
- obtained an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of provisions; and
- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments, assessing whether the judgements made in making accounting estimates are indicative of a potential bias and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members including internal specialists and significant component audit teams, and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit.

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

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Stuart Wright (Senior Statutory Auditor)
for and on behalf of WP Audit Services LLP
Chancery House
30 St Johns Road
Woking
Surrey
GU21 7SA

20 January 2025

Helford Depositary Services Ltd (Registered number: 12843185)

Statement of Income and
Retained Earnings
for the Year Ended 30 September 2024

30/9/24 30/9/23
Notes £    £   

REVENUE 108,250 131,500

Administrative expenses (57,966 ) (49,381 )
50,284 82,119

Other operating income 600 1,800
OPERATING PROFIT 6 50,884 83,919

Interest receivable and similar income 3,275 -
PROFIT BEFORE TAXATION 54,159 83,919

Tax on profit 7 (10,837 ) (16,947 )
PROFIT FOR THE FINANCIAL YEAR 43,322 66,972

Retained earnings at beginning of year 65,571 869

Dividends 8 (28,375 ) (2,270 )

RETAINED EARNINGS AT END OF
YEAR

80,518

65,571

Helford Depositary Services Ltd (Registered number: 12843185)

Statement of Financial Position
30 September 2024

30/9/24 30/9/23
Notes £    £   
FIXED ASSETS
Property, plant and equipment 9 - 4,788

CURRENT ASSETS
Debtors 10 30,255 32,980
Prepayments and accrued income 8,000 13,000
Cash at bank 203,446 175,006
241,701 220,986
CREDITORS
Amounts falling due within one year 11 (26,083 ) (24,069 )
NET CURRENT ASSETS 215,618 196,917
TOTAL ASSETS LESS CURRENT
LIABILITIES

215,618

201,705

PROVISIONS FOR LIABILITIES 12 - (1,034 )
NET ASSETS 215,618 200,671

CAPITAL AND RESERVES
Called up share capital 13 114 114
Share premium 14 134,986 134,986
Retained earnings 14 80,518 65,571
SHAREHOLDERS' FUNDS 215,618 200,671

The financial statements were approved by the Board of Directors and authorised for issue on 20 January 2025 and were signed on its behalf by:





C M N Sailland - Director


Helford Depositary Services Ltd (Registered number: 12843185)

Statement of Cash Flows
for the Year Ended 30 September 2024

30/9/24 30/9/23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 67,558 55,131
Tax paid (15,913 ) (204 )
Net cash from operating activities 51,645 54,927

Cash flows from investing activities
Purchase of tangible fixed assets - (6,538 )
Sale of tangible fixed assets 2,000 -
Interest received 3,275 -
Net cash from investing activities 5,275 (6,538 )

Cash flows from financing activities
Amount introduced by directors - 470
Amount withdrawn by directors (105 ) -
Equity dividends paid (28,375 ) (2,270 )
Net cash from financing activities (28,480 ) (1,800 )

Increase in cash and cash equivalents 28,440 46,589
Cash and cash equivalents at beginning of
year

2

175,006

128,417

Cash and cash equivalents at end of year 2 203,446 175,006

Helford Depositary Services Ltd (Registered number: 12843185)

Notes to the Statement of Cash Flows
for the Year Ended 30 September 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

30/9/24 30/9/23
£    £   
Profit before taxation 54,159 83,919
Depreciation charges 544 1,750
Loss on disposal of fixed assets 2,244 -
Finance income (3,275 ) -
53,672 85,669
Decrease/(increase) in trade and other debtors 7,725 (32,145 )
Increase in trade and other creditors 6,161 1,607
Cash generated from operations 67,558 55,131

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 30 September 2024
30/9/24 1/10/23
£    £   
Cash and cash equivalents 203,446 175,006
Year ended 30 September 2023
30/9/23 1/10/22
£    £   
Cash and cash equivalents 175,006 128,417


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/10/23 Cash flow At 30/9/24
£    £    £   
Net cash
Cash at bank 175,006 28,440 203,446
175,006 28,440 203,446
Total 175,006 28,440 203,446

Helford Depositary Services Ltd (Registered number: 12843185)

Notes to the Financial Statements
for the Year Ended 30 September 2024

1. STATUTORY INFORMATION

Helford Depositary Services Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3. ACCOUNTING POLICIES

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

Turnover
Turnover comprises fee income receivable for providing investment management, advisory and ancillary services. Income is recognised in accordance with the key terms of the governing agreements. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates and value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - Straight line over 3 years

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Helford Depositary Services Ltd (Registered number: 12843185)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

3. ACCOUNTING POLICIES - continued

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 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 company's cash management.

Financial Instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to and from related parties.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Financial instruments are initially measured at transaction price.

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

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

4. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the company's accounting policies, which are described in note 3, the Directors are required to make judgements, estimates and assumptions which affect the amounts reported for assets and liabilities as at the period end date and the amounts reported for revenues and expenses during the period. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. However, the nature of the estimation means that actual outcomes could differ from these estimates.

The Directors consider there to be no critical judgements, estimates and assumptions used in the preparation of these financial statements.

5. EMPLOYEES AND DIRECTORS

There were no staff costs for the year ended 30 September 2024 nor for the year ended 30 September 2023.

The average number of employees during the year was as follows:
30/9/24 30/9/23

Directors 2 2

30/9/24 30/9/23
£    £   
Directors' remuneration - -

Helford Depositary Services Ltd (Registered number: 12843185)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

6. OPERATING PROFIT

The operating profit is stated after charging:

30/9/24 30/9/23
£    £   
Depreciation - owned assets 544 1,750
Loss on disposal of fixed assets 2,244 -
Auditors' remuneration 6,000 4,500
Auditors' remuneration for non audit work 2,000 1,500
Foreign exchange differences 3,158 1,015

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
30/9/24 30/9/23
£    £   
Current tax:
UK corporation tax 11,871 15,913

Deferred tax (1,034 ) 1,034
Tax on profit 10,837 16,947

8. DIVIDENDS
30/9/24 30/9/23
£    £   
Ordinary shares of £0.01 each
Interim 28,375 2,270

9. PROPERTY, PLANT AND EQUIPMENT
Plant and
machinery
£   
Cost
At 1 October 2023 6,538
Disposals (6,538 )
At 30 September 2024 -
Depreciation
At 1 October 2023 1,750
Charge for year 544
Eliminated on disposal (2,294 )
At 30 September 2024 -
Net book value
At 30 September 2024 -
At 30 September 2023 4,788

Helford Depositary Services Ltd (Registered number: 12843185)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/9/24 30/9/23
£    £   
Trade debtors 27,250 25,500
Prepayments 2,966 7,453
VAT 39 27
30,255 32,980

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/9/24 30/9/23
£    £   
Trade creditors 5,604 1,641
Tax 11,871 15,913
Accruals 8,000 6,000
Other creditors 243 45
Directors' current accounts 365 470
26,083 24,069

12. PROVISIONS FOR LIABILITIES
30/9/24 30/9/23
£    £   
Deferred tax - 1,034

Deferred
tax
£   
Balance at 1 October 2023 1,034
Credit to Income Statement during year (1,034 )
Balance at 30 September 2024 -

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30/9/24 30/9/23
value: £    £   
1,135 Ordinary £0.01 114 114

14. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 October 2023 65,571 134,986 200,557
Profit for the year 43,322 43,322
Dividends (28,375 ) (28,375 )
At 30 September 2024 80,518 134,986 215,504

Helford Depositary Services Ltd (Registered number: 12843185)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

15. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is the Managing Director, Christophe Sailland.