Caseware UK (AP4) 2024.0.164 2024.0.164 2025-03-31falsefalse2024-04-01No description of principal activity66falsefalse 12902856 2024-04-01 2025-03-31 12902856 2023-04-01 2024-03-31 12902856 2025-03-31 12902856 2024-03-31 12902856 2023-04-01 12902856 5 2024-04-01 2025-03-31 12902856 5 2023-04-01 2024-03-31 12902856 d:CompanySecretary1 2024-04-01 2025-03-31 12902856 d:Director1 2024-04-01 2025-03-31 12902856 d:Director2 2024-04-01 2025-03-31 12902856 d:RegisteredOffice 2024-04-01 2025-03-31 12902856 d:Agent1 2024-04-01 2025-03-31 12902856 d:Agent2 2024-04-01 2025-03-31 12902856 e:Buildings e:LongLeaseholdAssets 2024-04-01 2025-03-31 12902856 e:Buildings e:ShortLeaseholdAssets 2024-04-01 2025-03-31 12902856 e:Buildings e:ShortLeaseholdAssets 2025-03-31 12902856 e:Buildings e:ShortLeaseholdAssets 2024-03-31 12902856 e:OfficeEquipment 2024-04-01 2025-03-31 12902856 e:OfficeEquipment 2025-03-31 12902856 e:OfficeEquipment 2024-03-31 12902856 e:OfficeEquipment e:OwnedOrFreeholdAssets 2024-04-01 2025-03-31 12902856 e:OtherPropertyPlantEquipment 2024-04-01 2025-03-31 12902856 e:OtherPropertyPlantEquipment 2025-03-31 12902856 e:OtherPropertyPlantEquipment 2024-03-31 12902856 e:OtherPropertyPlantEquipment e:OwnedOrFreeholdAssets 2024-04-01 2025-03-31 12902856 e:OwnedOrFreeholdAssets 2024-04-01 2025-03-31 12902856 e:CurrentFinancialInstruments 2025-03-31 12902856 e:CurrentFinancialInstruments 2024-03-31 12902856 e:CurrentFinancialInstruments e:WithinOneYear 2025-03-31 12902856 e:CurrentFinancialInstruments e:WithinOneYear 2024-03-31 12902856 f:RestWorldOutsideUK 2024-04-01 2025-03-31 12902856 f:RestWorldOutsideUK 2023-04-01 2024-03-31 12902856 e:UKTax 2024-04-01 2025-03-31 12902856 e:UKTax 2023-04-01 2024-03-31 12902856 e:ShareCapital 2025-03-31 12902856 e:ShareCapital 2024-03-31 12902856 e:ShareCapital 2023-04-01 12902856 e:RetainedEarningsAccumulatedLosses 2024-04-01 2025-03-31 12902856 e:RetainedEarningsAccumulatedLosses 2025-03-31 12902856 e:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 12902856 e:RetainedEarningsAccumulatedLosses 2024-03-31 12902856 e:RetainedEarningsAccumulatedLosses 2023-04-01 12902856 e:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2025-03-31 12902856 e:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-03-31 12902856 e:FinancialLiabilitiesFairValueThroughProfitOrLoss e:UnlistedNon-exchangeTraded 2025-03-31 12902856 e:FinancialLiabilitiesFairValueThroughProfitOrLoss e:UnlistedNon-exchangeTraded 2024-03-31 12902856 e:AcceleratedTaxDepreciationDeferredTax 2025-03-31 12902856 e:AcceleratedTaxDepreciationDeferredTax 2024-03-31 12902856 d:OrdinaryShareClass1 2024-04-01 2025-03-31 12902856 d:OrdinaryShareClass1 2025-03-31 12902856 d:OrdinaryShareClass1 2024-03-31 12902856 d:FRS102 2024-04-01 2025-03-31 12902856 d:Audited 2024-04-01 2025-03-31 12902856 d:FullAccounts 2024-04-01 2025-03-31 12902856 d:PrivateLimitedCompanyLtd 2024-04-01 2025-03-31 12902856 e:WithinOneYear 2025-03-31 12902856 e:WithinOneYear 2024-03-31 12902856 e:BetweenOneFiveYears 2025-03-31 12902856 e:BetweenOneFiveYears 2024-03-31 12902856 2 2024-04-01 2025-03-31 12902856 g:PoundSterling 2024-04-01 2025-03-31 iso4217:GBP xbrli:shares xbrli:pure
Registered number: 12902856










N. RODITI AND CO. LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025



















img729c.png

 
N. RODITI AND CO. LIMITED
 
 
Company Information


Directors
R Mowlem 
S N Roditi 




Company secretary
C Shyptur



Registered number
12902856



Registered office
2 Back Lane

London

NW3 1HL




Independent auditor
Sayers Butterworth LLP

Chartered Accountants & Statutory Auditor

3rd Floor

12 Gough Square

London

EC4A 3DW




Bankers
HSBC Private Bank
8 Cork Street

London

W1S 3LJ





Citi Private Bank

Citigroup Centre

33 Canada Square

Canary Wharf

London

E14 5LB





 
N. RODITI AND CO. LIMITED
 

Contents



Page
Strategic report
 
1 - 2
Directors' report
 
3 - 4
Independent auditor's report
 
5 - 8
Statement of comprehensive income (incorporating the profit and loss account)
 
9
Balance sheet
 
10
Statement of changes in equity
 
11
Statement of cash flows
 
12
Analysis of net debt
 
13
Notes to the financial statements
 
14 - 26


 
N. RODITI AND CO. LIMITED
 
 
Strategic report
For the Year Ended 31 March 2025

Introduction
 
The directors submit their Strategic report for the year ended 31 March 2025.

Business review
 
N. Roditi and Co. Limited is authorised and regulated by The Financial Conduct Authority (FCA). The category of membership of the FCA states that N. Roditi & Co. Limited is authorised to carry on business as a SNI MIFIDPRU investment firm with the permanent minimum capital requirement of £75,000 and is not allowed to hold or deal in client money or assets. The directors confirm that at no time during the year has the firm held or dealt with client money or assets and at all times during the year the firm has complied with the FCA permanent minimum capital requirement.
The company continues to provide investment advisory services. The company continues to have sufficient reserves to fund its operations and satisfy solvency requirements and the Financial Conduct Authority.

Principal risks and uncertainties
 
The key risk for the company is that the investment advisory services provided are no longer required and the investment advisory agreements in place is brought to an end. This risk is considered to be low for the foreseeable future.

Financial key performance indicators
 
The performance of the group is monitored on a quarterly basis. The key performance indicators used by the company are as follows:
 

2025
2024
Increase/ (Decrease)
£
£
£
Turnover
3,022,407
3,045,957
(23,550)
Profit before tax
445,105
107,004
338,101
Net assets
2,167,024
3,085,984
(918,960)


Financial instruments and risk management
 
The main financial risks inherent from the company's operations are credit risk, cash flow risk and liquidity risk. The directors monitor banking facilities and cash flows on a quarterly basis to ensure adequate working capital facilities are in place. In addition, the company undertakes an annual compliance review.

Page 1

 
N. RODITI AND CO. LIMITED
 

Strategic report (continued)
For the Year Ended 31 March 2025

Directors' statement of compliance with duty to promote the success of the Company
 
The Directors set out below their statement of compliance with s.172(1) of the Companies Act 2006 which should be read in conjunction with the other sections of the annual report. S.172 requires a Director of a Company to act in a way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole.
Interests of members of the company
The Company is a private company and wholly owned by a Director. The Board consists of two members, both of whom are responsible for the day-to-day operations of the Company. The company has six employees.
In common with many private companies the interests of the Board and the shareholder are aligned in that the Company should create value by generating strong and sustainable results.
Board decisions during the year
   
During the year, the company monitored and reviewed the terms of its Investment Advisory Agreements and any amounts payable under the terms of those Agreements. 
The interests of employees
All necessary training and support is provided to employees to ensure the company’s ongoing success. 
The interests of our customers and suppliers
We pay all our suppliers promptly and within the terms agreed. During the year we paid all  suppliers’ invoices within 30 days of receipt of the invoice. 
The impact of the Company’s operations on the community and the environment
As a small private limited company our business has a minimum impact on both the community and the environment. 
Maintaining a reputation for high standards of business conduct
As part of the requirements as a FCA regulated entity we are required to maintain high standards of business conduct. We maintain standards manuals, which are constantly reviewed and amended where necessary to ensure that the company's high service standards are maintained, including a code of ethical conduct. In addition to this we comply with statutory regulations covering Health and Safety, Employment Rights, Equality, Data Protections and Pensions. 


This report was approved by the board on 23 July 2025 and signed on its behalf.



R Mowlem
Director

Page 2

 
N. RODITI AND CO. LIMITED
 
 
 
Directors' report
For the Year Ended 31 March 2025

The directors present their report and the financial statements for the year ended 31 March 2025.

Results and dividends

The profit for the year, after taxation, amounted to £331,040 (2024 - £82,123).

Directors

The directors who served during the year were:

R Mowlem 
S N Roditi 

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and 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 for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

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

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

Matters covered in the Strategic report

Disclosures of strategic importance that would usually be contained in the Directors' Report are presented in the Strategic Report.

Page 3

 
N. RODITI AND CO. LIMITED
 
 
 
Directors' report (continued)
For the Year Ended 31 March 2025

Disclosure of information to auditor

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

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

Auditor

The auditor, Sayers Butterworth LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 23 July 2025 and signed on its behalf.
 





R Mowlem
Director

Page 4

 
N. RODITI AND CO. LIMITED
 
 
 
Independent auditor's report to the members of N. Roditi and Co. Limited
 

Opinion


We have audited the financial statements of N. Roditi and Co. Limited (the 'Company') for the year ended 31 March 2025, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 March 2025 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 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 United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


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


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


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


Page 5

 
N. RODITI AND CO. LIMITED
 
 
 
Independent auditor's report to the members of N. Roditi and Co. Limited (continued)


Other information


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


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic report and the 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.


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 set out on page 3, 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.


Page 6

 
N. RODITI AND CO. LIMITED
 
 
 
Independent auditor's report to the members of N. Roditi and Co. Limited (continued)


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:

Discussions were held with, and enquiries made of management and those charged with governance with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcome of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity. 
The following laws and regulations were identified as being of significance to the entity:
• Those laws and regulations considered to have a direct effect on the financial statements include the       regulations of the Financial Conduct Authority, UK financial reporting standards, Company Law, Tax    and Pension legislation, and distributable profits legislation.
• Those laws and regulations for which non-compliance may be fundamental to the operating aspects of    the company and therefore may have a material effect on the financial statements include compliance    with the requirements of the Financial Conduct Authority.
These matters were discussed amongst the engagement team at the planning stage and the team remained alert to non-compliance throughout the audit.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; review of documents filed with the Financial Conduct Authority in the year, enquiries with those charged with governance concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of company meeting minutes; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud.
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).


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 Auditor's report.


Page 7

 
N. RODITI AND CO. LIMITED
 
 
 
Independent auditor's report to the members of N. Roditi and Co. Limited (continued)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an 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.





Hannah Clegg (Senior statutory auditor)
  
for and on behalf of
Sayers Butterworth LLP
 
Chartered Accountants & Statutory Auditor
3rd Floor
12 Gough Square
London
EC4A 3DW

23 July 2025
Page 8

 
N. RODITI AND CO. LIMITED
 
 
Statement of comprehensive income (incorporating the profit and loss account)
For the Year Ended 31 March 2025

2025
2024
£
£

  

Turnover
 4 
3,022,407
3,045,957

Gross profit
  
3,022,407
3,045,957

Administrative expenses
  
(2,822,706)
(3,257,824)

Other operating income
 5 
139,642
155,526

Operating profit/(loss)
 6 
339,343
(56,341)

Interest receivable and similar income
 10 
109,587
165,689

Interest payable and similar expenses
 11 
(3,825)
(2,344)

Profit before tax
  
445,105
107,004

Tax on profit
 12 
(114,065)
(24,881)

Profit for the financial year
  
331,040
82,123

The notes on pages 14 to 26 form part of these financial statements.

Page 9

 
N. RODITI AND CO. LIMITED
Registered number: 12902856

Balance sheet
As at 31 March 2025

2025
2024
Note
£
£

Fixed assets
  

Tangible Fixed Assets
 14 
273,234
11,945

  
273,234
11,945

Current assets
  

Debtors: amounts falling due within one year
 15 
641,188
842,362

Cash at bank and in hand
 16 
1,570,790
2,957,813

  
2,211,978
3,800,175

Creditors: amounts falling due within one year
 17 
(264,372)
(726,136)

Net current assets
  
 
 
1,947,606
 
 
3,074,039

Total assets less current liabilities
  
2,220,840
3,085,984

Provisions for liabilities
  

Deferred tax
  
(53,816)
-

  
 
 
(53,816)
 
 
-

Net assets
  
2,167,024
3,085,984


Capital and reserves
  

Called up share capital 
 20 
500,000
500,000

Profit and loss account
  
1,667,024
2,585,984

  
2,167,024
3,085,984


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 July 2025.



R Mowlem
Director

The notes on pages 14 to 26 form part of these financial statements.

Page 10

 
N. RODITI AND CO. LIMITED
 

Statement of changes in equity
For the Year Ended 31 March 2025


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 April 2023
500,000
2,503,861
3,003,861



Profit for the year
-
82,123
82,123



At 1 April 2024
500,000
2,585,984
3,085,984



Profit for the year
-
331,040
331,040

Dividends: Equity capital
-
(1,250,000)
(1,250,000)


At 31 March 2025
500,000
1,667,024
2,167,024


The notes on pages 14 to 26 form part of these financial statements.

Page 11

 
N. RODITI AND CO. LIMITED
 

Statement of cash flows
For the Year Ended 31 March 2025

2025
2024
£
£

Cash flows from operating activities

Profit for the financial year
331,040
82,123

Adjustments for:

Depreciation of tangible assets
4,061
1,319

Interest paid
3,825
2,344

Interest received
(109,587)
(165,689)

Taxation charge
114,065
24,881

Decrease/(increase) in debtors
7,144
(259,103)

(Decrease)/increase in creditors
(461,761)
558,687

Corporation tax received/(paid)
133,777
(1,006,165)

Net cash generated from operating activities

22,564
(761,603)


Cash flows from investing activities

Purchase of tangible fixed assets
(265,349)
(9,648)

Interest received
109,587
165,689

Net cash from investing activities

(155,762)
156,041

Cash flows from financing activities

Dividends paid
(1,250,000)
-

Interest paid
(3,825)
(2,344)

Net cash used in financing activities
(1,253,825)
(2,344)

Net (decrease) in cash and cash equivalents
(1,387,023)
(607,906)

Cash and cash equivalents at beginning of year
2,957,813
3,565,719

Cash and cash equivalents at the end of year
1,570,790
2,957,813


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,570,790
2,957,813

1,570,790
2,957,813


The notes on pages 14 to 26 form part of these financial statements.

Page 12

 
N. RODITI AND CO. LIMITED
 

Analysis of Net Debt
For the Year Ended 31 March 2025




At 1 April 2024
Cash flows
At 31 March 2025
£

£

£

Cash at bank and in hand

2,957,813

(1,387,023)

1,570,790






2,957,813
(1,387,023)
1,570,790

The notes on pages 14 to 26 form part of these financial statements.

Page 13

 
N. RODITI AND CO. LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 March 2025

1.


General information

N. Roditi and Co. Limited is a private company limited by shares, incorporated in England and Wales. The registered office is 2 Back Lane, London, NW3 1HL.
The principal activity of the company during the year was the provision of investment advisory services.
N. Roditi and Co. Limited is authorised and regulated by The Financial Conduct Authority (FCA). The category of membership of the FCA states that N. Roditi and Co. Limited is authorised to carry on business, but is not allowed to hold or deal in client money. The directors confirm that at no time during the above year has the firm held or dealt with client money and at all times during the year the firm has complied with the FCA minimum capital resources requirement of £75,000.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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

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

The following principal accounting policies have been applied:

 
2.2

Going concern

The company meets its day-to-day working capital requirements through its retained earnings and cash balances. The directors have a reasonable expectation that the company has adequate resources to continue in operation existence for the foreseeable future. On this basis, the company continues to adopt the going concern basis in preparing its financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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

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

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 14

 
N. RODITI AND CO. LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 March 2025

2.Accounting policies (continued)

 
2.4

Turnover

Turnover comprises of fees received or receivable in respect of investment advisory services provided during the year and 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 value added tax.

 
2.5

Other operating income

Other operating income comprises fees received or receivable in respect of staff and support costs recharged during the year and is recognised to the extent that it is probable that the economic benefits will flow to the company and the income can be reliably measured. Other operating income is measured as the fair value of the consideration received or receivable, excluding value added tax.

 
2.6

Operating leases: the Company as lessee

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

 
2.7

Interest income

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

 
2.8

Pensions

Defined contribution pension plan

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 expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 15

 
N. RODITI AND CO. LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 March 2025

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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


 
2.10

Tangible fixed assets

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

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 16

 
N. RODITI AND CO. LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 March 2025

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

L/hold property improvements
-
10%
Reducing balance
Office equipment
-
20%
Reducing balance
Artwork
-
Held at fair value

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

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

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.12

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. 

 
2.13

Creditors

Short-term creditors are measured at the transaction price. 

 
2.14

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.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

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

Basic financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in
Page 17

 
N. RODITI AND CO. LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 March 2025

2.Accounting policies (continued)


2.14
Financial instruments (continued)

the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

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

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

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
 
Critical accounting estimates and assumptions

The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. In the opinion of the directors, there are no estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Page 18

 
N. RODITI AND CO. LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 March 2025

4.


Turnover

Analysis of turnover by country of destination:

2025
2024
£
£

Rest of the world
3,022,407
3,045,957

3,022,407
3,045,957


Turnover comprises fees receivable in respect of investment advisory services.


5.


Other operating income

2025
2024
£
£

Recharges and other income
139,642
155,526

139,642
155,526



6.


Operating profit/(loss)

The operating profit/(loss) is stated after charging:

2025
2024
£
£

Exchange differences
(8,053)
113,267

Other operating lease rentals
203,429
156,771


7.


Auditor's remuneration

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


2025
2024
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements
14,750
14,600

Fees payable to the Company's auditor in respect of:

Taxation compliance services
12,105
5,353

All other services
4,891
2,997
Page 19

 
N. RODITI AND CO. LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 March 2025

8.


Employees

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


2025
2024
£
£

Wages and salaries
1,844,120
2,235,160

Social security costs
246,858
301,250

Cost of defined contribution scheme
5,184
3,480

2,096,162
2,539,890


There are no key management personnel apart from the directors, please refer to note 9 for details of directors' remuneration.

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


        2025
        2024
            No.
            No.







Employees
4
4



Directors
2
2

6
6


9.


Directors' remuneration

2025
2024
£
£

Directors' emoluments
1,624,183
2,046,550

Company contributions to defined contribution pension schemes
1,321
1,321

1,625,504
2,047,871


During the year retirement benefits were accruing to 1 director (2024 - 1) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £1,540,000 (2024 - £1,965,862).

Page 20

 
N. RODITI AND CO. LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 March 2025

10.


Interest receivable

2025
2024
£
£


Other interest receivable
109,587
165,689

109,587
165,689


11.


Interest payable and similar expenses

2025
2024
£
£


Loan interest payable
3,825
2,344

3,825
2,344


12.


Taxation


2025
2024
£
£

Corporation tax


Current tax on profits for the year
60,249
24,881


Total current tax
60,249
24,881

Deferred tax


Origination and reversal of timing differences
53,816
-


Tax on profit
114,065
24,881
Page 21

 
N. RODITI AND CO. LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 March 2025
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2024 - lower than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:

2025
2024
£
£


Profit on ordinary activities before tax
445,105
107,004


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)
111,276
26,751

Effects of:


Expenses not deductible for tax purposes
405
344

Net capital allowances
(51,432)
(2,214)

Deferred tax provision leading to an increase in the tax charge
53,816
-

Total tax charge for the year
114,065
24,881


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


13.


Dividends

2025
2024
£
£


Dividends paid
1,250,000
-

1,250,000
-



Page 22

 
N. RODITI AND CO. LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 March 2025

14.


Tangible fixed assets





L/hold property improvements
Office equipment
Artwork
Total

£
£
£
£



Cost 


At 1 April 2024
-
14,555
-
14,555


Additions
203,104
53,291
8,955
265,350



At 31 March 2025

203,104
67,846
8,955
279,905



Depreciation


At 1 April 2024
-
2,610
-
2,610


Charge for the year on owned assets
-
4,061
-
4,061



At 31 March 2025

-
6,671
-
6,671



Net book value



At 31 March 2025
203,104
61,175
8,955
273,234



At 31 March 2024
-
11,945
-
11,945

Page 23

 
N. RODITI AND CO. LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 March 2025

15.


Debtors

2025
2024
£
£


Trade debtors
55,157
39,430

Other debtors
442,873
721,080

Prepayments and accrued income
143,158
81,852

641,188
842,362



16.


Cash and cash equivalents

2025
2024
£
£

Cash at bank and in hand
1,570,790
2,957,813

1,570,790
2,957,813



17.


Creditors: Amounts falling due within one year

2025
2024
£
£

Trade creditors
44,724
48,124

Other taxation and social security
14,546
597,591

Other creditors
184,913
1,105

Accruals and deferred income
20,189
79,316

264,372
726,136


Page 24

 
N. RODITI AND CO. LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 March 2025

18.


Financial instruments

2025
2024
£
£

Financial assets


Financial assets measured at amortised cost.
2,053,073
3,718,314


Financial liabilities


Financial liabilities measured at amortised cost
247,670
715,310


Financial assets measured at amortised cost comprise, trade debtors, other debtors and cash at bank.


Other financial liabilities measured at amortised cost comprise trade creditors, other taxation and social security, other creditors and accruals.


19.


Deferred taxation




2025


£






Charged to profit or loss
(53,816)



At end of year
(53,816)

The deferred taxation balance is made up as follows:

2025
2024
£
£


Origination and reversal of timing differences
(53,816)
-

(53,816)
-


20.


Share capital

2025
2024
£
£
Allotted, called up and fully paid



500,000 (2024 - 500,000) Ordinary shares shares of £1.00 each
500,000
500,000


Page 25

 
N. RODITI AND CO. LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 March 2025

21.


Commitments under operating leases

At 31 March 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2025
2024
£
£


Not later than 1 year
238,500
156,000

Later than 1 year and not later than 5 years
576,688
468,000

815,188
624,000


22.


Related party transactions

At the balance sheet date, the company owed a director £184,194 (2024: the company was owed £153,568 from a director). The company paid interest amounting to £3,825 (2024: £2,344) on the loan. The loan is unsecured and repayable upon demand.
During the year the company incurred costs of £329,807 (2024: £273,467) and received recharged income of £139,642 (2024: £155,526) from companies where the directors are also directors of N Roditi & Co Limited or close family members.
 


23.


Controlling party

The controlling party is Mr Spencer Nicholas Roditi.

 
Page 26