Company Registration No. 02489639 (England and Wales)
R C Brown Investment Management PLC
Annual report and
group financial statements
for the year ended 31 March 2025
R C Brown Investment Management PLC
Company information
Directors
Robert Brown
Oliver Brown
Alan Beaney
Glenn Meyer
Neil Whelan
Secretary
Oliver Brown
Company number
02489639
Registered office
1 The Square
Temple Quay
Bristol
BS1 6DG
Independent auditor
Saffery LLP
St Catherine's Court
Berkeley Place
Clifton
Bristol
BS8 1BQ
Bankers
National Westminster Bank plc
32 Corn Street
Bristol
BS1 1HQ
R C Brown Investment Management PLC
Contents
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 7
Group statement of comprehensive income
8
Group statement of financial position
9 - 10
Company statement of financial position
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 34
R C Brown Investment Management PLC
Strategic report
For the year ended 31 March 2025
1

The directors present the strategic report for the year ended 31 March 2025.

Principal activities

The principal activity of the company and Group continued to be that of investment management, administration of private clients, charities, OEICs, pension funds and trusts.

Review of the business

The group has continued to concentrate on the expansion of its private client business during the year.

 

During the year the Group achieved turnover of £2,688,088 (2024: £2,110,685) and resulted in an operating profit of £248,929 (2024: £104,623). The Balance Sheet remains stable with net assets of £2,217,351 (2024: £1,979,787).

 

The company continues to increase client numbers and provide custody facilities. The directors are confident of making further progress in the coming year.

 

Our financial position remains strong and the business well diversified.

Principal risks and uncertainties

Liquidity risk: Cash flow forecasts are used to ensure the company has sufficient liquid resources to meet its operating needs.

 

Credit risk: Surplus cash is invested in listed investments and receivables balances are monitored on a regular basis.

 

The MIFID 8 Disclosure under the Capital Requirements Directive can be found on the Company's website at www.rcbim.co.uk.

On behalf of the board

Oliver Brown
Director
14 July 2025
R C Brown Investment Management PLC
Directors' report
For the year ended 31 March 2025
2

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

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Robert Brown
Oliver Brown
Alan Beaney
Glenn Meyer
Neil Whelan
Qualifying third party indemnity provisions

The company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.

Future developments

The company is looking to consolidate following a significant period of growth over the past two years.

 

 

Auditor

Saffery LLP have expressed their willingness to continue in office.

Energy and carbon report

As the group 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.

R C Brown Investment Management PLC
Directors' report (continued)
For the year ended 31 March 2025
3
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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Strategic report

The truegroup has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of principal risks and uncertainties.

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 auditor of the company 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 auditor of the company is aware of that information.

On behalf of the board
Oliver Brown
Director
14 July 2025
R C Brown Investment Management PLC
Independent auditor's report
To the members of R C Brown Investment Management PLC
4
Opinion

We have audited the financial statements of R C Brown Investment Management PLC (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group 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:

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 group and parent 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 group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

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

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor's report 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.

 

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.

R C Brown Investment Management PLC
Independent auditor's report (continued)
To the members of R C Brown Investment Management PLC
5

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their 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:

 

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 parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent 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.

R C Brown Investment Management PLC
Independent auditor's report (continued)
To the members of R C Brown Investment Management PLC
6

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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

 

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the group and parent company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the group and parent company by discussions with directors and by updating our understanding of the sector in which the group and parent company operates.

 

Laws and regulations of direct significance in the context of the group and the company include The Companies Act 2006, UK Tax legislation and The Financial Services and Markets Act 2000, on which The Financial Conduct Authority (FCA) Handbook is based.

 

Audit response to risks identified

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of group and parent company financial statement disclosures. We reviewed the parent company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the parent company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

 

The company is regulated by the FCA. We discussed the company’s authorisation and permitted activities with the directors and obtained evidence of this from the FCA register. We obtained additional evidence about compliance by reviewing the breaches registers that have to be maintained under the CASS handbook, correspondence with the FCA and the results of the testing of compliance with the FCA Client Asset “CASS” rules, which is a separate assurance assignment.

As group auditors, our assessment of matters relating to non-compliance with laws or regulations and fraud differed at group and component level according to their particular circumstances. Our communications included a request to identify instances of non-compliance with laws and regulations and fraud that could give rise to a material misstatement of the group financial statements in addition to our risk assessment.

 

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through 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.

R C Brown Investment Management PLC
Independent auditor's report (continued)
To the members of R C Brown Investment Management PLC
7

Use of our report

This report is made solely to the parent 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 parent company's members those matters we are required to state to them in an auditors report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent company and the parent company's members as a body, for our audit work, for this report, or for the opinions we have formed.

 

Michael Strong
Senior Statutory Auditor
For and on behalf of Saffery LLP LLP
14 July 2025
Statutory Auditors
St Catherine's Court
Berkeley Place
Clifton
Bristol
BS8 1BQ
R C Brown Investment Management PLC
Group statement of comprehensive income
For the year ended 31 March 2025
8
2025
2024
Notes
£
£
Turnover
3
2,688,088
2,110,685
Cost of sales
(838,768)
(612,132)
Gross profit
1,849,320
1,498,553
Administrative expenses
(1,600,391)
(1,393,930)
Operating profit
4
248,929
104,623
Interest receivable and similar income
8
44,909
22,260
Other gains and losses
9
47,397
16,214
Profit before taxation
341,235
143,097
Tax on profit
10
(103,671)
(41,174)
Profit for the financial year
237,564
101,923
Profit for the financial year is attributable to:
- Owners of the parent company
230,325
91,459
- Non-controlling interests
7,239
10,464
237,564
101,923
Total comprehensive income for the year is attributable to:
- Owners of the parent company
230,325
91,459
- Non-controlling interests
7,239
10,464
237,564
101,923
R C Brown Investment Management PLC
Group statement of financial position
As at 31 March 2025
31 March 2025
9
2025
2024
Notes
£
£
£
£
Fixed assets
Goodwill
12
430,971
517,699
Tangible assets
13
16,534
23,470
Investments
14
738,324
877,853
1,185,829
1,419,022
Current assets
Debtors
17
514,821
474,756
Cash at bank and in hand
1,103,043
488,556
1,617,864
963,312
Creditors: amounts falling due within one year
18
(548,001)
(355,225)
Net current assets
1,069,863
608,087
Total assets less current liabilities
2,255,692
2,027,109
Creditors: amounts falling due after more than one year
19
(9,101)
(18,537)
Provisions for liabilities
Deferred tax liability
21
29,240
28,785
(29,240)
(28,785)
Net assets
2,217,351
1,979,787
Capital and reserves
Called up share capital
24
159,999
159,999
Share premium account
827,914
827,914
Capital redemption reserve
46,463
46,463
Profit and loss reserves
1,158,005
927,680
Equity attributable to owners of the parent company
2,192,381
1,962,056
Non-controlling interests
24,970
17,731
2,217,351
1,979,787
R C Brown Investment Management PLC
Group statement of financial position (continued)
As at 31 March 2025
31 March 2025
10
The financial statements were approved by the board of directors and authorised for issue on 14 July 2025 and are signed on its behalf by:
14 July 2025
Oliver Brown
Director
Company Registration No. 02489639 (England and Wales)
R C Brown Investment Management PLC
Company statement of financial position
As at 31 March 2025
31 March 2025
11
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
13
15,027
21,992
Investments
14
1,712,338
1,851,867
1,727,365
1,873,859
Current assets
Debtors
17
489,841
431,697
Cash at bank and in hand
847,553
297,216
1,337,394
728,913
Creditors: amounts falling due within one year
18
(492,075)
(278,627)
Net current assets
845,319
450,286
Total assets less current liabilities
2,572,684
2,324,145
Provisions for liabilities
Deferred tax liability
21
28,863
28,415
(28,863)
(28,415)
Net assets
2,543,821
2,295,730
Capital and reserves
Called up share capital
24
159,999
159,999
Share premium account
827,914
827,914
Capital redemption reserve
46,463
46,463
Profit and loss reserves
1,509,445
1,261,354
Total equity
2,543,821
2,295,730

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £248,091 (2024 - £109,230 profit).

The financial statements were approved by the board of directors and authorised for issue on 14 July 2025 and are signed on its behalf by:
14 July 2025
Oliver Brown
Director
Company Registration No. 02489639 (England and Wales)
R C Brown Investment Management PLC
Group statement of changes in equity
For the year ended 31 March 2025
12
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
£
Balance at 1 April 2023
152,360
763,945
43,463
911,841
1,871,609
7,267
1,878,876
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
-
-
91,459
91,459
10,464
101,923
Issue of share capital
24
10,639
63,969
-
-
74,608
-
74,608
Dividends
11
-
-
-
(32,000)
(32,000)
-
(32,000)
Own shares acquired
-
-
-
(43,620)
(43,620)
-
(43,620)
Redemption of shares
24
(3,000)
-
3,000
-
-
0
-
-
Balance at 31 March 2024
159,999
827,914
46,463
927,680
1,962,056
17,731
1,979,787
Year ended 31 March 2025:
Profit and total comprehensive income for the year
-
-
-
230,325
230,325
7,239
237,564
Balance at 31 March 2025
159,999
827,914
46,463
1,158,005
2,192,381
24,970
2,217,351
R C Brown Investment Management PLC
Company statement of changes in equity
For the year ended 31 March 2025
13
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 April 2023
152,360
763,945
43,463
1,227,744
2,187,512
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
-
-
109,230
109,230
Issue of share capital
24
10,639
63,969
-
-
74,608
Dividends
11
-
-
-
(32,000)
(32,000)
Own shares acquired
-
-
-
(43,620)
(43,620)
Redemption of shares
24
(3,000)
-
3,000
-
-
0
Balance at 31 March 2024
159,999
827,914
46,463
1,261,354
2,295,730
Year ended 31 March 2025:
Profit and total comprehensive income for the year
-
-
-
248,091
248,091
Balance at 31 March 2025
159,999
827,914
46,463
1,509,445
2,543,821
R C Brown Investment Management PLC
Group statement of cash flows
For the year ended 31 March 2025
14
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
34
426,806
40,743
Income taxes paid
(40,430)
(11,041)
Net cash inflow from operating activities
386,376
29,702
Investing activities
Purchase of tangible fixed assets
(3,488)
(13,668)
Proceeds on disposal of investments
467,454
654,311
Purchase of investments
(280,528)
(654,311)
Issue of loans in year
(5,800)
(74,200)
Receipt of loan repayments
47,000
50,000
Interest received
35,113
15,789
Dividends received
9,796
6,471
Net cash generated from/(used in) investing activities
269,547
(15,608)
Financing activities
Proceeds from issue of shares
-
74,608
Repurchase of own shares
-
0
(43,620)
Repayment of bank loans
(9,436)
(10,167)
Prior year dividends paid to equity shareholders
(32,000)
-
Net cash (used in)/generated from financing activities
(41,436)
20,821
Net increase in cash and cash equivalents
614,487
34,915
Cash and cash equivalents at beginning of year
488,556
453,641
Cash and cash equivalents at end of year
1,103,043
488,556
R C Brown Investment Management PLC
Notes to the group financial statements
For the year ended 31 March 2025
15
1
Accounting policies
Company information

R C Brown Investment Management PLC (“the company”) is a private company limited by shares incorporated in England and Wales. The registered office is 1 The Square, Temple Quay, Bristol, BS1 6DG.

 

The group consists of R C Brown Investment Management PLC and all of its subsidiaries.

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, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 month following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

R C Brown Investment Management PLC
Notes to the group financial statements (continued)
For the year ended 31 March 2025
1
Accounting policies (continued)
16
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company R C Brown Investment Management PLC together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 March 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Portcullis Financial Planning Limited has been included in the group financial statements using the purchase method of accounting. The purchase consideration has been allocated to the assets and liabilities on the basis of fair value at the date of acquisition.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group 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.

1.5
Turnover

Turnover represents the amount receivable in respect of investment management, the provision of back office services and investment advice to funds managed.

1.6
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.7
Intangible fixed assets - goodwill

Goodwill arising on the acquisition of Portcullis Financial Planning Limited represents the excess of the fair value of the consideration over the fair value of the identifiable assets and liabilities acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

1.8
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
over 3 to 4 years on a straight line basis
Computers
over 3 years on a straight line basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.

R C Brown Investment Management PLC
Notes to the group financial statements (continued)
For the year ended 31 March 2025
1
Accounting policies (continued)
17
1.9
Fixed asset investments

Listed investments are initially measured at fair value and subsequently remeasured to fair value at each financial reporting date in accordance with section 11.14 of FRS 102. Deferred tax is recognised based on the difference in fair value and the tax base of each investment.

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in the profit and loss account.

 

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.10
Impairment of fixed 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.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.12
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's statement of financial position when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

R C Brown Investment Management PLC
Notes to the group financial statements (continued)
For the year ended 31 March 2025
1
Accounting policies (continued)
18
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.

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 group 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.

Classification of 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 the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

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

Other financial liabilities

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.

R C Brown Investment Management PLC
Notes to the group financial statements (continued)
For the year ended 31 March 2025
1
Accounting policies (continued)
19
Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

Equity instruments issued by the group 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 group.

 

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.14
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 group’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. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. 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.

1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

R C Brown Investment Management PLC
Notes to the group financial statements (continued)
For the year ended 31 March 2025
1
Accounting policies (continued)
20
1.16
Retirement benefits

The Group operates a money purchase contribution scheme for employees. The assets of the scheme are held separately from those of the company in an independently administered fund. The contributions payable are charged against profits as incurred during the accounting period.

1.17
Share-based payments

Share options that have been issued by the Group have been reviewed under the Black Scholes model to evaluate any provision that may be required to set against the reserves of the Group. No provision has been made to the reserves on the grounds of materiality.

1.18
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.19
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Critical accounting judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

There are not considered to be any key accounting judgements or estimations.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
2,688,088
2,110,685
2025
2024
£
£
Other revenue
Interest income
35,113
15,789
Dividends received
9,796
6,471
R C Brown Investment Management PLC
Notes to the group financial statements (continued)
For the year ended 31 March 2025
21
4
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging:
Research and development costs
40,038
28,550
Depreciation of owned tangible fixed assets
10,424
10,927
(Profit)/loss on disposal of tangible fixed assets
-
314
Amortisation of intangible assets
86,728
86,728
Operating lease charges
41,903
37,407
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
13,600
13,200
Audit of the financial statements of the company's subsidiaries
2,325
2,250
15,925
15,450
For other services
Other assurance services
9,850
9,500
Taxation compliance services
4,950
4,800
All other non-audit services
4,400
4,200
19,200
18,500
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Investment
7
7
6
6
Administration
6
5
5
4
13
12
11
10
R C Brown Investment Management PLC
Notes to the group financial statements (continued)
For the year ended 31 March 2025
6
Employees (continued)
22

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
776,326
729,376
667,801
627,626
Social security costs
79,009
75,309
72,099
68,743
Pension costs
29,229
25,174
17,935
15,484
884,564
829,859
757,835
711,853
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
410,850
404,597
Company pension contributions to defined contribution schemes
9,350
7,898
420,200
412,495

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2024 - 2).

The number of directors who exercised share options during the year was 0 (2024 - 2)

Remuneration disclosed above includes the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
115,000
105,000
8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
35,113
15,789
Other income from investments
Dividends received
9,796
6,471
Total income
44,909
22,260
R C Brown Investment Management PLC
Notes to the group financial statements (continued)
For the year ended 31 March 2025
8
Interest receivable and similar income (continued)
23
2025
2024
Investment income includes the following:
£
£
Dividends from financial assets measured at fair value through profit or loss
9,796
6,471
9
Other gains and losses
2025
2024
£
£
Fair value gains/(losses) on financial instruments
Gain on financial assets held at fair value through profit or loss
47,397
16,214
R C Brown Investment Management PLC
Notes to the group financial statements (continued)
For the year ended 31 March 2025
24
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
103,146
41,461
Adjustments in respect of prior periods
(1,107)
(467)
Total current tax
102,039
40,994
Deferred tax
Origination and reversal of timing differences
1,632
180
Total tax charge
103,671
41,174

The actual 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:

2025
2024
£
£
Profit before taxation
341,235
143,097
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
85,309
35,774
Tax effect of expenses that are not deductible in determining taxable profit
4,802
6,648
Tax effect of income not taxable in determining taxable profit
(7,509)
(1,333)
Tax effect of utilisation of tax losses not previously recognised
-
0
(9,130)
Change in unrecognised deferred tax assets
(445)
671
Adjustments in respect of prior years
(1,107)
(467)
Amortisation on assets not qualifying for tax allowances
21,682
21,682
Other non-reversing timing differences
2,190
79
Other permanent differences
-
0
(11,517)
Tax at marginal rate
-
0
(1,233)
Dividend income
(1,251)
-
Adjustments to losses
8,255
8,255
Effect of prior year adjustment
(8,255)
(8,255)
Taxation charge
103,671
41,174

 

11
Dividends
2025
2024
Recognised as distributions to equity holders:
£
£
Final paid
-
32,000
R C Brown Investment Management PLC
Notes to the group financial statements (continued)
For the year ended 31 March 2025
25
12
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 April 2024 and 31 March 2025
914,040
Amortisation and impairment
At 1 April 2024
396,341
Amortisation charged for the year
86,728
At 31 March 2025
483,069
Carrying amount
At 31 March 2025
430,971
At 31 March 2024
517,699
The company had no intangible fixed assets at 31 March 2025 or 31 March 2024.
13
Tangible fixed assets
Group
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 April 2024
909
175,077
175,986
Additions
204
3,284
3,488
At 31 March 2025
1,113
178,361
179,474
Depreciation and impairment
At 1 April 2024
773
151,743
152,516
Depreciation charged in the year
315
10,109
10,424
At 31 March 2025
1,088
161,852
162,940
Carrying amount
At 31 March 2025
25
16,509
16,534
At 31 March 2024
136
23,334
23,470
R C Brown Investment Management PLC
Notes to the group financial statements (continued)
For the year ended 31 March 2025
13
Tangible fixed assets (continued)
26
Company
Computers
£
Cost
At 1 April 2024
175,569
Additions
1,802
At 31 March 2025
177,371
Depreciation and impairment
At 1 April 2024
153,577
Depreciation charged in the year
8,767
At 31 March 2025
162,344
Carrying amount
At 31 March 2025
15,027
At 31 March 2024
21,992
14
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
974,014
974,014
Listed investments
738,324
877,853
738,324
877,853
738,324
877,853
1,712,338
1,851,867

Listed investments are held at market value. The historic cost of listed investments is £602,491 (2024: £776,261) the decrease in value of £173,770 being attributable to disposal of investments (2024: £4,298).

R C Brown Investment Management PLC
Notes to the group financial statements (continued)
For the year ended 31 March 2025
14
Fixed asset investments (continued)
27
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 April 2024
877,853
Additions
280,528
Valuation changes
47,397
Disposals
(467,454)
At 31 March 2025
738,324
Carrying amount
At 31 March 2025
738,324
At 31 March 2024
877,853
Movements in fixed asset investments
Company
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 April 2024
974,014
877,853
1,851,867
Additions
-
280,528
280,528
Valuation changes
-
47,397
47,397
Disposals
-
(467,454)
(467,454)
At 31 March 2025
974,014
738,324
1,712,338
Carrying amount
At 31 March 2025
974,014
738,324
1,712,338
At 31 March 2024
974,014
877,853
1,851,867
R C Brown Investment Management PLC
Notes to the group financial statements (continued)
For the year ended 31 March 2025
28
15
Subsidiaries

Details of the company's subsidiaries at 31 March 2025 are as follows:

Name of undertaking
Registered office
Nature of business
Class of shares held
Portcullis Financial Planning Ltd
United Kingdom
Independent financial advisor
Ordinary shares
RCBIM Nominees Ltd
United Kingdom
Dormant company
Ordinary shares

RCBIM Nominees Limited is 100% owned.

Portcullis Financial Planning is 90% owned.

16
Financial instruments
Group
Company
2025
2024
2025
2024
£
£
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
738,324
877,853
738,324
877,853

Credit risk

The directors do not consider the Group to have a credit risk as amounts owing at year end are paid from client money account within seven working days in accordance with their client agreements.

 

Liquidity risk

The directors consider liquidity risk to be negligible given the Group has no borrowings and has cash reserves. It also has a significant amount of liquid investments.

 

Market risk

The Group faces some market risk as its fee income is based on assets under management. Client portfolios are invested across a broad range of asset classes and geographies, hence protecting the value of client assets and fee income.

 

Capital risk

The directors consider the Group to be well capitalised and able to absorb significant shocks to the business. The Company holds in cash more than its necessary capital requirements. Excess capital may be invested in gilts and equities to produce a greater return. The Company’s capital is discussed at every monthly board meeting to ensure it remains suitable for the business and the environment.

 

R C Brown Investment Management PLC
Notes to the group financial statements (continued)
For the year ended 31 March 2025
29
17
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
49,365
3,282
49,365
3,282
Amounts owed by group undertakings
-
-
2,910
-
Other debtors
320,388
349,582
319,306
348,884
Prepayments and accrued income
145,068
120,715
118,260
79,531
514,821
473,579
489,841
431,697
Deferred tax asset (note 21)
-
0
1,177
-
0
-
0
514,821
474,756
489,841
431,697

During the year the company made a loan of £nil (2024: £50,000) to MGS Partners Limited. As at the year end there was an outstanding balance of £103,100 (2023: £150,100). The loan is repayable by annual instalments commencing 12 months after the date of the agreement and final payment is due 72 months after the date of agreement. Interest is payable at a rate of 5.5% over the Bank of England base rate.

 

During the year the company made a loan of £10,000 (2024: £24,200) to Illimani LLP. As at the year end there was an outstanding balance of £30,000 (2024: £24,200).The loan is repayable by annual instalments commencing 12 months after the date of the agreement and final payment is due 72 months after the date of agreement. Interest is payable at a rate of 5.5% over the Bank of England base rate.

 

At the year end £106,480 (2024: £139,440 ) in respect of the amounts above fall due in more than one year.

 

18
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans
20
10,648
10,648
-
0
-
0
Trade creditors
133,420
19,351
133,420
19,351
Corporation tax payable
103,146
41,537
79,548
9,461
Other taxation and social security
36,162
82,439
36,162
82,439
Dividends payable
-
0
32,000
-
0
32,000
Other creditors
24,636
33,874
2,956
-
0
Accruals and deferred income
239,989
135,376
239,989
135,376
548,001
355,225
492,075
278,627

 

R C Brown Investment Management PLC
Notes to the group financial statements (continued)
For the year ended 31 March 2025
30
19
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans and overdrafts
20
9,101
18,537
-
0
-
0
20
Loans and overdrafts
Group
Company
2025
2024
2025
2024
£
£
£
£
Bank loans
19,749
29,185
-
0
-
0
Payable within one year
10,648
10,648
-
0
-
0
Payable after one year
9,101
18,537
-
0
-
0

The loan is repayable by monthly instalments commencing 13 months after the date of the drawdown and final payment is due 72 months after the date of drawdown. Interest is payable at a fixed rate of 2.5%.

21
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
Assets
Assets
2025
2024
2025
2024
Group
£
£
£
£
Accelerated capital allowances
4,134
5,946
-
-
Tax losses
25,106
22,839
-
-
Retirement benefit obligations
-
-
-
1,177
29,240
28,785
-
1,177
Liabilities
Liabilities
Assets
Assets
2025
2024
2025
2024
Company
£
£
£
£
Accelerated capital allowances
3,757
5,576
-
-
Tax losses
25,106
22,839
-
-
28,863
28,415
-
-
R C Brown Investment Management PLC
Notes to the group financial statements (continued)
For the year ended 31 March 2025
21
Deferred taxation (continued)
31
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 April 2024
27,608
28,415
Charge to profit or loss
1,632
448
Liability at 31 March 2025
29,240
28,863
22
Contingent assets

During the year a claim has been submitted to HMRC to reclaim historical VAT paid on fees. As at year end the reclaim had not been confirmed by HMRC and as such this has not been included in the financial statements, as the company are awaiting HMRC confirmation of the claim.

23
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
29,229
25,174

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

24
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
159,999
159,999
159,999
159,999

The ordinary shares rank pari passu and confer the right to vote, participate in dividends and other distributions upon a winding up.

 

 

R C Brown Investment Management PLC
Notes to the group financial statements (continued)
For the year ended 31 March 2025
32
25
Share-based payment transactions
Group and company
Number of share options
Weighted average exercise price
2025
2024
2025
2024
Number
Number
£
£
Outstanding at 1 April 2024
54,601
65,240
7.94
7.79
Exercised
-
(10,639)
-
7.00
Expired
(27,601)
-
7.00
-
Outstanding at 31 March 2025
27,000
54,601
9.06
7.94
Exercisable at 31 March 2025
27,000
54,601
9.06
7.94

The options outstanding at 31 March 2025 had an exercise price of £9.06.

28,000 share options were issued on 1 November 2017 with an option price of £9.06 per share.

 

No adjustment has been made under section 26 of FRS 102 on the basis that the options are not material to the financial statements.

26
Capital Redemption Reserve

The capital redemption reserve arose on the repurchase of ordinary share capital by the Company. Amounts included here are unavailable for distribution to shareholders.

27
Events after the reporting date

On 14 April 2025 a special resolution was passed by directors of Portcullis Financial Planning to convert 98 ordinary shares to ordinary A shares with a nominal value of £1.

 

Additionally a share purchase agreement was signed on the same date for R.C. Brown Investment Management PLC to sell 79 ordinary A shares in Portcullis Financial Planning to one of the directors of Portcullis. In order to fund part of this purchase Portcullis has paid R.C. Brown Investment Management PLC £81,700 on the director's behalf and the director owes Portcullis this balance post year end as well as a further £339,700 to R.C Brown Investment Management PLC.

R C Brown Investment Management PLC
Notes to the group financial statements (continued)
For the year ended 31 March 2025
33
28
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2025
2024
2025
2024
£
£
£
£
Within one year
156,027
200,526
139,287
188,663
Between two and five years
33,937
71,300
2,012
71,300
189,964
271,826
141,299
259,963
29
Related party transactions

During the year the Company paid expenses of £7,850 (2024: £7,020) on the behalf of a subsidiary company. As at year end there was an outstanding balance of £2,900 (2024: £nil) owed from the subsidiary company.

30
Directors' transactions

The Group manages personal funds owned by certain directors and their immediate families free of charge. The estimated value of services provided totals in aggregate £24,626 (2024: £23,214).

 

Share options have been issued to Neil Whelan the details of which are shown in note 25 to the financial statements.

 

During the prior year the Company repurchased 3,000 shares from a director. the shares were repurchased for a total of £43,260. The outstanding balance at the year-end was £nil. No similar transactions have taken place in the current year

 

As at 31 March 2025 nil directors owed the company £nil (2024: two directors owed £17,111). Interest is charged at a rate of 0%. The maximum overdrawn amount in the year was £nil (2024: £17,111)

31
Controlling party

Robert Brown is the ultimate controlling party by virtue of his majority shareholding.

 

In the event that all the share options issued were exercised by the directors they would continue to exercise control of the company.

 

R C Brown Investment Management PLC
Notes to the group financial statements (continued)
For the year ended 31 March 2025
34
32
Return on assets
The company is required to disclose its return on assets, calculated as net profit divided by total balance sheet:
2025
2024
i. Profit / (loss) for the year
£340,428
£101,923
ii. Net assets
£2,320,215
£1,979,787
iii. Return on assets
14.67%
5.14%
33
Analysis of changes in net funds - group
1 April 2024
Cash flows
31 March 2025
£
£
£
Cash at bank and in hand
488,556
614,487
1,103,043
Borrowings excluding overdrafts
(29,185)
9,436
(19,749)
459,371
623,923
1,083,294
34
Cash generated from group operations
2025
2024
£
£
Profit for the year after tax
237,564
101,923
Adjustments for:
Taxation charged
103,671
41,174
Investment income
(44,909)
(22,260)
(Gain)/loss on disposal of tangible fixed assets
-
314
Amortisation and impairment of intangible assets
86,728
86,728
Depreciation and impairment of tangible fixed assets
10,424
10,927
Other gains and losses
(47,397)
(16,214)
Movements in working capital:
(Increase)/decrease in debtors
(82,442)
93,160
Increase/(decrease) in creditors
163,167
(255,009)
Cash generated from operations
426,806
40,743
2025-03-312024-04-01falseCCH SoftwareCCH Accounts Production 2024.210Robert BrownAlan BeaneyGlenn MeyerNeil WhelanNeil WhelanOliver 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