Company registration number 10778261 (England and Wales)
DURA CAPITAL LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
DURA CAPITAL LIMITED
COMPANY INFORMATION
Directors
M Allan
(Appointed 11 March 2024)
O Greif
(Appointed 11 March 2024)
A Jackson
(Appointed 11 March 2024)
A P Mcauley
(Appointed 6 May 2024)
Z Mariveles
(Resigned 1 May 2024)
M Aldous
(Resigned 11 March 2024)
Company number
10778261
Registered office
One Ground Floor
3 London Square
Cross Lanes
Guildford
Surrey
GU1 1UJ
Auditor
Alliotts LLP
3 London Square
Cross Lanes
Guildford
GU1 1UJ
DURA CAPITAL LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Statement of comprehensive income
9
Statement of financial position
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 21
DURA CAPITAL LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -
The directors present the strategic report for the year ended 30 June 2024.
Principal activities
The principal activity of the company continued to be that of a retail investment product manufacturer and distribution business.
Review of the business
The Company was incorporated on 18 May 2017. The Company is a retail investment product manufacturer and distribution business that was sold in October 2021 to Zak De Mariveles, and then to Altus Ventures Group Limited in March 2024.
During the financial year, the Company issued 250,000 new ordinary shares of £1 each, resulting in a total equity injection of £250,000.
The share issuance was aligned with the Company's strategy to enhance its capital base and bring in strategic partner to accelerate growth in the market
The directors believe there is a significant opportunity to develop the market with a continuously available range of good value products. This can be met by partnering with a diversified range of banks and deposit takers to meet the needs of both the adviser and direct to consumer markets.
The Company is presently operating with one Appointed Representative, Arcus Partners (AR) Limited, and remains well placed to grow its market share.
Appointed Representatives appointment
It is the Companies’ strategic goal to broaden the range of products offered by partnering with distribution firms who specialise in distribution of structured products via the Independent Financial Adviser (IFA) market based in the UK. The Company has opened discussions with several potential additional Appointed Representatives.
Principal risks and uncertainties
Interest Rate Environment
While the interest rate environment throughout the last year has enabled the Company to consistently offer competitive structured deposits from several banks, the current projected downward trend in rates may make this more difficult in the year ahead as it can impact the attractiveness of investment products to the retail market.
Key performance indicators
Financial key performance indicators
The directors use a number of key performance measures to monitor and manage performance within the business. The key performance indicator used is turnover. The directors monitor this key performance indicator on a regular basis throughout the year to ensure the Company's strategy is achieved.
Other key performance indicators
The directors also use a number of non-financial performance indicators including the number of complaints received, breaches recorded, firms that sign terms of business, bank relationships and percentage of market share.
Directors section 172(1) statement
The directors assessment of section 172(1) matters are as follows:
Long-term considerations
All major decisions that could impact the long-term outlook of the business are taken with reference to the Board (which contains the Company's shareholders) and are considered within the overall risk management process of the business. The Board continuously monitors the strategic direction of the business and is responsible for examining all of the options available with a view to providing a high-quality service to our clients.
DURA CAPITAL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
Company employees’ interest
The interest of the Company's employees are aligned with the interest of the Board. Staff are paid competitive market rates and are offered additional benefits.
Business Relationships with Suppliers, Customers and Others
The Company recognises the importance of its relationships with customers and has always endeavoured to ensure they receive a high level of service. The Company operates in a relatively specialist sector of the investment markets, so client communication is frequent, detailed and two-way. Suppliers are equally as important and treated in a similar manner.
Impact of the Company’s operations on the community and environment
Given the area of its operation and structure, the company has minimal impact on the environment and community. Where possible, we strive to offer a digital service to reduce the need for paper and postage.
High Standards of Business Conduct
The Company build to ensure it is operating at the very highest standards. This is evidenced by its government structure and control environment it operates.
Company Shareholders
The company is wholly owned by Altus Ventures Group Limited.
Pillar 3 disclosure
Copies of the Company's Pillar 3 disclosures as required by the IFPRU Rules of the FCA Handbook will be available from the Company's website at https://www.duracapital.co.uk
M Allan
Director
10 July 2025
DURA CAPITAL LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
The directors present their annual report and financial statements for the year ended 30 June 2024.
Results and dividends
The results for the year are set out on page 9.
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:
M Allan
(Appointed 11 March 2024)
O Greif
(Appointed 11 March 2024)
A Jackson
(Appointed 11 March 2024)
A P Mcauley
(Appointed 6 May 2024)
Z Mariveles
(Resigned 1 May 2024)
M Aldous
(Resigned 11 March 2024)
Energy and carbon report
As the company has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.
Statement of directors' responsibilities
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.
DURA CAPITAL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
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
M Allan
Director
10 July 2025
DURA CAPITAL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF DURA CAPITAL LIMITED
- 5 -
Opinion
We have audited the financial statements of Dura Capital Limited (the 'company') for the year ended 30 June 2024 which comprise the statement of comprehensive income, the statement of financial position, 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 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 June 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.
DURA CAPITAL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF DURA CAPITAL LIMITED (CONTINUED)
- 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 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, 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 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.
Extent to which the audit was capable of detecting irregularities, including fraud
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, Financial Conduct Authority regulatory requirements, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation;
DURA CAPITAL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF DURA CAPITAL LIMITED (CONTINUED)
- 7 -
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
Audit response to risks identified
To address the risk of fraud through management bias and override of controls, we:
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities 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.
DURA CAPITAL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF DURA CAPITAL LIMITED (CONTINUED)
- 8 -
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.
Stephen Meredith BA FCA DChA
Senior Statutory Auditor
For and on behalf of Alliotts LLP
10 July 2025
Chartered Accountants
Statutory Auditor
3 London Square
Cross Lanes
Guildford
GU1 1UJ
DURA CAPITAL LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
- 9 -
2024
2023
Notes
£
£
Revenue
3
449,943
395,603
Cost of sales
(83,654)
(93,423)
Gross profit
366,289
302,180
Distribution costs
(138,008)
(159,443)
Administrative expenses
(254,852)
(138,604)
Other operating income
35,000
140,000
Profit before taxation
8,429
144,133
Tax on profit
7
3,445
(34,762)
Profit for the financial year
11,874
109,371
The income statement has been prepared on the basis that all operations are continuing operations.
DURA CAPITAL LIMITED
STATEMENT OF FINANCIAL POSITION
- 10 -
2024
2023
Notes
£
£
£
£
Current assets
Trade and other receivables
9
338,463
84,560
Investments
10
3,191
4,549
Cash and cash equivalents
330,260
313,266
671,914
402,375
Current liabilities
11
(120,131)
(112,466)
Net current assets
551,783
289,909
Equity
Called up share capital
13
375,000
125,000
Other reserves
14
263,389
263,389
Retained earnings
14
(86,606)
(98,480)
Total equity
551,783
289,909
The financial statements were approved by the board of directors and authorised for issue on 10 July 2025 and are signed on its behalf by:
M Allan
A Jackson
Director
Director
Company registration number 10778261 (England and Wales)
DURA CAPITAL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 11 -
Share capital
Capital contribution reserve
Retained earnings
Total
Notes
£
£
£
£
Balance at 1 July 2022
125,000
263,389
(207,851)
180,538
Year ended 30 June 2023:
Profit and total comprehensive income
-
-
109,371
109,371
Balance at 30 June 2023
125,000
263,389
(98,480)
289,909
Year ended 30 June 2024:
Profit and total comprehensive income
-
-
11,874
11,874
Issue of share capital
13
250,000
-
-
250,000
Balance at 30 June 2024
375,000
263,389
(86,606)
551,783
DURA CAPITAL LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
18
(229,260)
58,531
Income taxes paid
(5,104)
(34,938)
Net cash (outflow)/inflow from operating activities
(234,364)
23,593
Investing activities
Proceeds from disposal of investments
1,358
652
Net cash generated from investing activities
1,358
652
Financing activities
Proceeds from issue of shares
250,000
Net cash generated from/(used in) financing activities
250,000
-
Net increase in cash and cash equivalents
16,994
24,245
Cash and cash equivalents at beginning of year
313,266
289,021
Cash and cash equivalents at end of year
330,260
313,266
DURA CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 13 -
1
Accounting policies
Company information
Dura Capital Limited is a private company limited by shares incorporated in England and Wales. The registered office is One Ground Floor, 3 London Square, Cross Lanes, Guildford, Surrey, GU1 1UJ.
The company is regulated by the FCA.
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
Atruet 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
Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, VAT and other sales related taxes. The following criteria must also be met before turnover is recognised:
Turnover from the promotion of structured products is based on a margin when the product is launched to the market. The company has no on-going commitments to service structured products and revenue is recognised at the point of the individual product launches.
1.4
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.
1.5
Financial instruments
The Company only enters into basic financial instrument 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, loans to related parties and investments in ordinary shares.
Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an 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.
Investments in derivative funds are measured at fair value with changes recognised in the Statement of Comprehensive income where the fair value can be measured reliably.
DURA CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 14 -
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
DURA CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 15 -
1.6
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.
1.7
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 income statement 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. 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. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Retirement benefits
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expenses 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 Company in independently administered finds.
1.9
Capital contribution reserve
The Company has received historic payments to fund expenses incurred in its formation. These payments have been recognised as expenses in the Statement of Comprehensive Income. As these amounts were assessed as non-refundable these were accounted for as a capital contribution reserve. Any cash movements relating to the capital contribution reserve are treated as movements through equity.
1.10
The Company holds money on behalf of clients in accordance with the Financial Conduct Authority's Client Money Rules ("Cass"). Client money is held in the client bank accounts and is segregated from the Company's own funds. Such money and the corresponding liabilities are not reflected in the Company's Statement of Financial Position.
DURA CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 16 -
2
Judgements and key sources of estimation uncertainty
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectation of future events that are believed to be reasonable under the circumstances.
In the opinion of the directors, the financial statements do not include any significant estimates or judgements.
3
Revenue
2024
2023
£
£
Revenue analysed by class of business
Turnover on launch of structured products
449,943
395,603
2024
2023
£
£
Revenue analysed by geographical market
United Kingdom
449,943
395,603
2024
2023
£
£
Other revenue
Income gain arising from service agreement
35,000
140,000
4
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
12,800
14,400
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
3
1
DURA CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
5
Employees
(Continued)
- 17 -
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
114,981
135,417
Social security costs
13,591
17,255
Pension costs
9,436
6,771
138,008
159,443
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
101,042
135,417
Company pension contributions to defined contribution schemes
8,333
6,771
109,375
142,188
7
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
1,351
34,445
Adjustments in respect of prior periods
(4,796)
317
Total current tax
(3,445)
34,762
The actual (credit)/charge 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
8,429
144,133
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
2,107
36,033
Tax effect of expenses that are not deductible in determining taxable profit
(479)
Adjustments in respect of prior years
(4,796)
317
Marginal relief
(277)
(1,588)
Taxation (credit)/charge for the year
(3,445)
34,762
DURA CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 18 -
8
Financial instruments
2024
2023
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
3,191
4,549
Financial assets measured at fair value through profit or loss comprise current asset investments.
Financial assets at fair value through profit or loss
FRS102 requires three-level hierarchy disclosure for categorising financial assets and liabilities at fair value and requires enhanced disclosure about fair value measurement. The fair value hierarchy classifies financial assets and liabilities according to the source of inputs ranked according to availability of observable market prices used in measuring fair value as follows:
Level 1: The unadjusted quoted price in an active market for identical assets or liabilities that the entity can access at the measurement date.
Level 2: Inputs other than quoted prices included within Level 1 that are observable (ie developed using market data) for the asset or liability, either directly or indirectly.
Level 3: Inputs are unobservable (ie for which market data is unavailable) for the asset or liability.
The level of fair value hierarchy within which the fair value measurement categorised in its entirety should be determined on the basis of the lowest level input that is significant to the fair value measurement in its entirety.
The categorisation of the Company's investment within the hierarchy is based upon the pricing transparency of each investments and does not necessarily correspond to the director's perceived risk of investment, The investment are classified within Level 2 as they have been observed using market prices.
The determination of what constitutes "observable" requires significant, judgement by the directors. The directors consider observable data to be that market data which is readily available, regularly distribute or updated, reliable and verifiable, not proprietary, provided by multiple, independent sources that are actively involved in the relevant market.
The following tables analyse within the fair value hierarchy the Company's investments measured at fair value:
Level 2
Total
£
£
Financial assets at fair value through profit or loss
3,191
3,191
There were no transfers between levels during the current year.
Determining the fair value of the Company's investments considers factors specific to the investment.
There have been no changes to the fair value for which investments are measured at using Level 2 inputs.
DURA CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 19 -
9
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Trade receivables
3,352
Amounts owed by group undertakings
325,000
Prepayments and accrued income
10,111
84,560
338,463
84,560
10
Current asset investments
2024
2023
£
£
Investments in derivative funds
3,191
4,549
11
Current liabilities
2024
2023
£
£
Trade payables
4,114
5,388
Corporation tax
25,896
34,445
Other taxation and social security
5,103
Accruals and deferred income
85,018
72,633
120,131
112,466
12
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
9,436
6,771
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.
DURA CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 20 -
13
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of £1 each
375,000
125,000
375,000
125,000
On 30 May 2024 250,000 £1 ordinary shares were issued for £250,000.
14
Reserves
Capital contribution reserve
Includes all long-term amounts provided by the owners of the Company which were provided without a repayment obligation
Retained earnings
Includes all retained profits and accumulated losses, less amounts distributed to shareholders.
15
Externally imposed capital requirements
The Company is subject to capital and regulatory resources requirements as a result of its FCA authorisation.
16
Related party transactions
Remuneration of key management personnel
Key management personnel are those persons having authority and responsibility for planning, controlling and directing the activities of the Company. The directors are considered to be the key management personnel of the Company and details of director's remuneration is disclosed is note 6.
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Purchases
Purchases
2024
2023
£
£
Distribution structured product fees
27,314
-
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due from related parties
£
£
Entities with control, joint control or significant influence over the company
325,000
-
DURA CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
16
Related party transactions
(Continued)
- 21 -
During the year, the company has provided a callable loan facility to its parent company, Altus Ventures Group Limited, amounting to £500,000.
The loan unsecured with an interest rate of 8% charged per annum and repayable on demand with 30 days' notice.
During the year, the company recognised interest income of £Nil from this loan. As at 30 June 2024, the outstanding loan balance was £325,000.
Altus Ventures Group Limited owns 100% of the Company's share capital, classifying it as a related party under Section 33 of FRS 102.
The company has assessed liquidity risks and confirmed it has sufficient resources to meet any repayment request within the 30-day notice period.
17
Ultimate controlling party
The ultimate holding company of Dura Capital Limited is Altus Ventures Group Limited Ltd. A company registered in England and Wales and whose registered office is One Ground Floor 3 London Square, Cross Lanes, Guildford, Surrey, GU1 1UJ.
18
Cash (absorbed by)/generated from operations
2024
2023
£
£
Profit for the year after tax
11,874
109,371
Adjustments for:
Taxation (credited)/charged
(3,445)
34,762
Movements in working capital:
Increase in trade and other receivables
(253,903)
(84,560)
Increase/(decrease) in trade and other payables
16,214
(1,042)
Cash (absorbed by)/generated from operations
(229,260)
58,531
19
Analysis of changes in net funds
1 July 2023
Cash flows
30 June 2024
£
£
£
Cash at bank and in hand
313,266
16,994
330,260
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