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Registered number: 02816999


LONDON & OXFORD CAPITAL MARKETS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

 
LONDON & OXFORD CAPITAL MARKETS LIMITED
 
 
COMPANY INFORMATION


Directors
Ms S Wang 
Mr C Yingsaeree 




Registered number
02816999



Registered office
4 Moorgate

London

EC2R 6DA




Independent auditors
Xeinadin Audit Limited
Chartered Accountants & Statutory Auditor

8th Floor

Becket House

36 Old Jewry

London

EC2R 8DD





 
LONDON & OXFORD CAPITAL MARKETS LIMITED
 

CONTENTS



Page
Strategic Report
1 - 4
Directors' Report
5 - 6
Independent Auditors' Report
7 - 10
Statement of Comprehensive Income
11
Statement of Financial Position
12 - 13
Statement of Changes in Equity
14
Statement of Cash Flows
15 - 16
Analysis of Net Debt
17
Notes to the Financial Statements
18 - 33


 
LONDON & OXFORD CAPITAL MARKETS LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
The Board of Directors presents the Strategic Report for London and Oxford Capital Markets Limited ("the Company") for the financial year ended 31 December 2024.

Business review
 
In 2024, the Company implemented a significant strategic transition following the  Voluntary Requirement (VREQ) by the Financial Conduct Authority (FCA) in April. In response, the Board commenced a formal Regulatory Wind-Down Plan to cease all regulated activities and transition the Company into a non-regulated investment holding structure.
Throughout the year, the Company ceased all new client onboarding and discontinued regulated services across its trading and wealth management divisions. Asset management services continued under existing contractual arrangements and are scheduled to conclude in April 2025. As a result, the Company’s operational focus shifted from revenue generation to regulatory compliance, risk mitigation, and preparing for FCA deauthorization.
Turnover for the year was £9,090,176 (2023: £3,205,761). Revenue during the year was primarily generated from legacy asset management and portfolio services, along with administrative fees. Trading activity and client advisory services have been phased out in accordance with the wind-down timeline.
Administrative expenses for the year were £1,922,565 (2023: £970,108), reflecting restructuring costs, staff reductions, and professional fees related to the wind-down. Interest receivable and payable for the year stood at £83,415 and £4,512 respectively.
As of the end of 2024, the Company maintained sufficient capital and liquidity reserves to support all operational obligations and wind-down costs. In line with its revised capital strategy, the Company also redeemed a portion of its outstanding A Preference Shares during the year. This action was part of a broader effort to simplify the capital structure and support the transition to a non-regulated investment holding model. The Board has continued to engage with clients, regulators, and counterparties to ensure transparency and regulatory compliance.

Principal risks and uncertainties
 
The Company remains exposed to various financial, operational, and compliance risks, with regulatory and liquidity risks being the most significant during the wind-down. These risks are managed under the Company's internal control and risk management frameworks.
Regulatory and Compliance Risk: The Company's primary focus in 2024 was compliance with the FCA VREQ. A comprehensive wind-down plan was implemented to ensure full regulatory adherence, including the cessation of regulated activities, proper management of client assets, and timely communication with all stakeholders.
Credit and Liquidity Risk: The firm continued to monitor client exposures and maintained adequate liquidity to meet its obligations as they fell due. Liquidity buffers were maintained in accordance with FCA requirements throughout the wind-down period.
Operational Risk: The transition introduced additional operational risks, which were mitigated through detailed planning, legal reviews, and the retention of key personnel.
Reputation Risk: The Board recognised the importance of maintaining the Company's reputation throughout the wind-down. Regular communication with clients and service providers helped ensure transparency and minimise reputational impact.

Page 1

 
LONDON & OXFORD CAPITAL MARKETS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Financial key performance indicators
 
The Company’s financial and other performance indicators for the year are as follows:
Revenue: £9,090,176 (2023: £3,205,761)
Operating Margin: (23.50 %) (2023: 2.01%)
Operating Profit: £(2,136,923) (2023: £64,494)

Other key performance indicators
 
Due to the Company’s transition away from regulated and operational real estate activities, there are no ongoing operational performance indicators considered central to the business beyond financial metrics during this wind-down phase.

Page 2

 
LONDON & OXFORD CAPITAL MARKETS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Directors' statement of compliance with duty to promote the success of the Company
 
Section 172 Statement
Section 172 of the Companies Act 2006 requires Directors 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. In doing so, they must have regard to various matters including long-term consequences of decisions, the interests of employees, relationships with stakeholders, and the Company’s impact on the environment.
During 2024, the Directors acted in alignment with these responsibilities while executing a significant strategic transition. The decision to wind down regulated activities was taken with a view to safeguarding long-term shareholder value and ensuring regulatory compliance.
Stakeholder engagement was central to the Board’s actions. Clients were kept informed throughout the wind-down process, and where possible, assets were returned or transferred responsibly. Employees were supported through the transition, with appropriate measures taken to ensure compliance with employment regulations.
The Directors also prioritised maintaining high standards of business conduct, particularly in fulfilling regulatory obligations under the VREQ. By transitioning to a non-regulated business model, the Company aims to sustain its commercial viability in a more focused structure while meeting its fiduciary duties to shareholders and regulators.
Sustainability and Environmental Responsibility 
The Company has historically implemented sustainability measures across its operations, including energy efficiency improvements and environmental monitoring at the properties it managed. These initiatives reflected the Company’s commitment to responsible business practices.
As the Company winds down its operational activities and transitions into an investment holding structure in 2025, it will no longer directly manage properties or undertake activities with significant environmental impact. While sustainability will not be a central operational concern going forward, the Company remains mindful of environmental and social considerations and intends to incorporate them where relevant in future investment and governance decisions. The Board remains committed to upholding responsible investment principles.

Future Development
The Company’s strategic priority for 2025 is to complete the wind-down of all regulated activities in accordance with its obligations under the FCA-imposed Voluntary Requirement (VREQ). This includes finalising the return of client assets and applying for the cancellation of the Company’s Part 4A permissions.
 
Following deauthorisation, the Company will no longer carry out any activities requiring FCA authorisation. It will continue as a non-regulated investment holding company, focused on maintaining and managing its financial assets. Income may be generated through interest-bearing instruments or internal financing arrangements, depending on the Company's evolving portfolio structure.
 
The Board does not anticipate pursuing new commercial operations in the short term. The post-wind-down structure is intended to preserve shareholder value, ensure capital efficiency, and allow for the ongoing management of existing assets and obligations following the cessation of regulated activity.
 
Throughout this transition, the Company remains committed to operating with a high standard of governance and oversight, maintaining adequate liquidity and capital to meet its obligations, and acting in the best interest of its shareholders.

Page 3

 
LONDON & OXFORD CAPITAL MARKETS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024


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



................................................
Mr C Yingsaeree
Director
Date: 29 May 2025

Page 4

 
LONDON & OXFORD CAPITAL MARKETS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

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.

Principal activity

The principal activity of the company continued to be the provision of corporate finance and investment advisory services. The company focuses on providing independent advice and expertise to clients both large and small in the private and public sectors.

Results and dividends

The loss for the year, after taxation, amounted to £157,651 (2023 - profit £156,399).

The Company has paid a dividend amounting to £454,033 for the financial year.

Directors

The directors who served during the year were:

Ms S Wang 
Mr C Yingsaeree 
Mr D Tudor-Williams (resigned 19 September 2024)

Engagement with suppliers, customers and others

Refer to Strategic Report on Page 1-3.

Page 5

 
LONDON & OXFORD CAPITAL MARKETS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Disclosure of information to auditors

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 auditors are 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 auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsXeinadin Audit Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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





................................................
Mr C Yingsaeree
Director

Date: 29 May 2025

Page 6

 
LONDON & OXFORD CAPITAL MARKETS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LONDON & OXFORD CAPITAL MARKETS LIMITED
 

Opinion


We have audited the financial statements of London & Oxford Capital Markets Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, 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 December 2024 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 7

 
LONDON & OXFORD CAPITAL MARKETS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LONDON & OXFORD CAPITAL MARKETS LIMITED (CONTINUED)


Other information


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


We have nothing to report in this regard.


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 5, 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 8

 
LONDON & OXFORD CAPITAL MARKETS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LONDON & OXFORD CAPITAL MARKETS LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' 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:

Enquiry of management and those charged with governance around actual and potential litigation and claims;
Enquiry of management and those charged with governance to identify any instances of non-compliance with laws and regulations;
Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.

The potential effect of these laws and regulations on the financial statements varies considerably.
Firstly, the Company is subject to laws and regulations that directly affect the financial statements including FCA compliance, financial reporting legislation (including related companies legislation), distributable profits legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
Secondly, the Company is subject to many other laws and regulations where the consequence of non compliance could have a material effect on amounts or disclosures in the financial statements, for instance the imposition of fines or litigation or the loss of the Company's license to operate. We identified the following areas as those most likely to have such an effect: health and safety including data protection laws and employment law compliance for recognising the nature of the Company's activities. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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 Auditors' Report.


Page 9

 
LONDON & OXFORD CAPITAL MARKETS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LONDON & OXFORD CAPITAL MARKETS 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 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 Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Ian Palmer FCA (Senior Statutory Auditor)
  
for and on behalf of
Xeinadin Audit Limited
 
Chartered Accountants
Statutory Auditor
  
8th Floor
Becket House
36 Old Jewry
London
EC2R 8DD

29 May 2025
Page 10

 
LONDON & OXFORD CAPITAL MARKETS LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£
£

  

Turnover
 4 
9,090,176
3,205,761

Cost of sales
  
(4,422,633)
(2,332,856)

Gross profit
  
4,667,543
872,905

Administrative expenses
  
(1,922,565)
(970,108)

Exceptional administrative expenses
  
(608,055)
-

Other operating income
 5 
-
161,697

Operating profit
 6 
2,136,923
64,494

Investment income
  
126,002
86,442

Amounts written off investments
  
(2,500,000)
(37,839)

Interest receivable and similar income
 11 
83,415
264,553

Interest payable and similar expenses
 12 
(4,512)
(91,786)

Other finance income
  
-
(40,293)

(Loss)/profit before tax
  
(158,172)
245,571

Tax on (loss)/profit
 13 
521
(89,172)

(Loss)/profit for the financial year
  
(157,651)
156,399

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 18 to 33 form part of these financial statements.

Page 11

 
LONDON & OXFORD CAPITAL MARKETS LIMITED
REGISTERED NUMBER: 02816999

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 16 
14,441
23,734

Investments
 17 
17,662
2,517,662

  
32,103
2,541,396

Current assets
  

Fixed assets held for sale
  
10,000
10,000

Debtors: amounts falling due after more than one year
 18 
3,584,659
6,754,980

Debtors: amounts falling due within one year
 18 
11,044,007
10,051,663

Current asset investments
 19 
1,161,240
161,240

Cash at bank and in hand
 20 
5,974,808
13,151,839

  
21,774,714
30,129,722

Creditors: amounts falling due within one year
 21 
(9,832,086)
(20,084,703)

Net current assets
  
 
 
11,942,628
 
 
10,045,019

Total assets less current liabilities
  
11,974,731
12,586,415

  

Net assets
  
11,974,731
12,586,415

Page 12

 
LONDON & OXFORD CAPITAL MARKETS LIMITED
REGISTERED NUMBER: 02816999
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024

2024
2023
£
£

Capital and reserves
  

Called up share capital 
 22 
10,150,000
10,150,000

Capital redemption reserve
 23 
150,000
150,000

Profit and loss account
 23 
1,674,731
2,286,415

  
11,974,731
12,586,415


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



................................................
Mr C Yingsaeree
Director

Date: 29 May 2025

The notes on pages 18 to 33 form part of these financial statements.

Page 13

 
LONDON & OXFORD CAPITAL MARKETS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£


At 1 January 2023
10,150,000
150,000
2,642,016
12,942,016


Comprehensive income for the year

Profit for the year
-
-
156,399
156,399
Total comprehensive income for the year
-
-
156,399
156,399


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(512,000)
(512,000)


Total transactions with owners
-
-
(512,000)
(512,000)



At 1 January 2024
10,150,000
150,000
2,286,415
12,586,415


Comprehensive income for the year

Loss for the year
-
-
(157,651)
(157,651)
Total comprehensive income for the year
-
-
(157,651)
(157,651)


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(454,033)
(454,033)


Total transactions with owners
-
-
(454,033)
(454,033)


At 31 December 2024
10,150,000
150,000
1,674,731
11,974,731


The notes on pages 18 to 33 form part of these financial statements.

Page 14

 
LONDON & OXFORD CAPITAL MARKETS LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£
£

Cash flows from operating activities

(Loss)/profit for the financial year
(157,651)
156,399

Adjustments for:

Depreciation of tangible assets
12,237
24,413

Impairments of fixed assets
-
37,839

Interest paid
4,512
91,786

Interest received
(209,417)
(350,995)

Taxation charge
(521)
89,172

Decrease in debtors
2,204,492
4,587,040

(Decrease) in creditors
(7,135,070)
(1,522,381)

Corporation tax (paid)
(103,540)
(7,449)

Investment written off
2,500,000
-

Net cash generated from operating activities

(2,884,958)
3,105,824


Cash flows from investing activities

Purchase of tangible fixed assets
(2,945)
(8,248)

Purchase of short-term listed investments
(1,000,000)
(39,640)

Interest received
83,415
264,553

Income from investments
126,002
86,442

Net cash from investing activities

(793,528)
303,107

Cash flows from financing activities

Repayment of other loans
-
(1,807,990)

Shares treated as debt - issued
(3,040,000)
-

Dividends paid
(454,033)
(512,000)

Interest paid
(4,512)
(91,786)

Net cash used in financing activities
(3,498,545)
(2,411,776)

Net (decrease)/increase in cash and cash equivalents
(7,177,031)
997,155

Cash and cash equivalents at beginning of year
13,151,839
12,154,684

Cash and cash equivalents at the end of year
5,974,808
13,151,839


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
5,974,808
13,151,839

5,974,808
13,151,839

Page 15

 
LONDON & OXFORD CAPITAL MARKETS LIMITED
 

The notes on pages 18 to 33 form part of these financial statements.

Page 16

 
LONDON & OXFORD CAPITAL MARKETS LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024




At 1 January 2024
Cash flows
At 31 December 2024
£

£

£

Cash at bank and in hand

13,151,839

(7,177,031)

5,974,808

Debt due within 1 year

(8,240,000)

3,040,000

(5,200,000)


4,911,839
(4,137,031)
774,808

The notes on pages 18 to 33 form part of these financial statements.

Page 17

 
LONDON & OXFORD CAPITAL MARKETS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

London and Oxford Capital Markets Limited, is a private company limited by shares incorporated in England and Wales. The address of the registered company is 4 Moorgate, London, EC2R 6DA.
The principal activity of the company continued to be the provision of corporate finance and investment advisory services. The company focuses on providing independent advice and expertise to clients both large and small in the private and public sectors.

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 amounts in the financial statements have been rounded to the nearest pound.

The following principal accounting policies have been applied:

  
2.2

Revenue

Turnover represents the amounts receivable from trading in securities and the provision of financial and advisory services to customers during the year, net of value added tax, to the extent that they are non-refundable. Any contingent fees associated with such transactions have not been recognised where significant doubt exists as to their realisation. Turnover arises in the United Kingdom.

 
2.3

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

The Company  is a wholly owned subsidiary of WSJ Global Limited and the results of the company  are included in the consolidated financial statements of WSJ Global Limited which are available from 4 Moorgate, 5th Floor, London, United Kingdom, EC2R 6DA.

Page 18

 
LONDON & OXFORD CAPITAL MARKETS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

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.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.5

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.

 
2.6

Interest income

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

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 19

 
LONDON & OXFORD CAPITAL MARKETS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.9

Taxation

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 reporting date in the countries where the Company operates and generates income.

 
2.10

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.11

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
on cost
Fixtures and fittings
-
25%
on cost
Computer equipment
-
25%
on cost

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.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

Page 20

 
LONDON & OXFORD CAPITAL MARKETS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.13

Debtors

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

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.15

Creditors

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

Page 21

 
LONDON & OXFORD CAPITAL MARKETS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.16

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

 
2.17

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

Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these juedgements and estimates have been made include:
The estimation of the useful lives of fixed assets for calculating depreciation.


4.


Turnover

Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
9,090,176
3,205,761

9,090,176
3,205,761


Page 22

 
LONDON & OXFORD CAPITAL MARKETS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


Other operating income

2024
2023
£
£

Other operating income
-
161,697

-
161,697



6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Exchange differences
(5,803)
5,162

Other operating lease rentals
137,207
208,083


7.


Auditors' remuneration

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


2024
2023
£
£

Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements
10,000
7,500

Fees payable to the Company's auditors and their associates in respect of:

Audit-related assurance services
1,250
1,250

All non-audit services not included above
4,000
2,500

Page 23

 
LONDON & OXFORD CAPITAL MARKETS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

8.


Employees

2024
2023
£
£

Wages and salaries
1,763,453
1,701,064

Social security costs
210,074
202,293

Cost of defined contribution scheme
43,492
39,089

2,017,019
1,942,446


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


        2024
        2023
            No.
            No.







Employees
21
24


9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
391,611
348,783

Company contributions to defined contribution pension schemes
6,956
7,149

398,567
355,932


During the year retirement benefits were accruing to 2 directors (2023 - 3) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £273,444 (2023 - £240,782).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £3,411 (2023 - £4,209).

The total accrued pension provision of the highest paid director at 31 December 2024 amounted to £NIL (2023 - £NIL).

Page 24

 
LONDON & OXFORD CAPITAL MARKETS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

10.


Income from investments

2024
2023
£
£

Income from fixed asset investments
126,002
86,442

126,002
86,442







11.


Interest receivable

2024
2023
£
£


Other interest receivable
83,415
264,553

83,415
264,553


12.


Interest payable and similar expenses

2024
2023
£
£


Other loan interest payable
-
13,091

Other interest payable
4,512
78,695

4,512
91,786

Page 25

 
LONDON & OXFORD CAPITAL MARKETS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

13.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
(521)
89,172


(521)
89,172


Total current tax
(521)
89,172

Deferred tax

Total deferred tax
-
-


(521)
89,172

Factors affecting tax charge for the year

The tax assessed for the year is the same as (2023 - the same as) the standard rate of corporation tax in the UK of 25% (2023 - 23.52%) as set out below:

2024
2023
£
£


(Loss)/profit on ordinary activities before tax
(158,172)
245,571


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%)
(39,543)
57,536

Effects of:


Expenses not deductible for tax purposes
5,472
22,141

Capital allowances for year in excess of depreciation
-
(10)

Adjustments to tax charge in respect of prior periods
(521)
6,301

Exempt ABGH distributions
-
(294)

Remeasurement of deferred tax for changes in tax rates
-
1,250

Movement in deferred tax not recognised
34,071
(21,132)

Adjustments to brought forward values
-
23,380

Total tax charge for the year
(521)
89,172

Page 26

 
LONDON & OXFORD CAPITAL MARKETS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
13.Taxation (continued)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


14.


Dividends

2024
2023
£
£


Dividends - A Preferance shares
454,033
512,000

454,033
512,000


15.


Exceptional items

2024
2023
£
£


Exceptional items - Sagelight loan write off
608,055
-

608,055
-

Page 27

 
LONDON & OXFORD CAPITAL MARKETS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

16.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2024
1,846
15,000
90,953
209,681
317,480


Additions
-
-
-
2,945
2,945



At 31 December 2024

1,846
15,000
90,953
212,626
320,425



Depreciation


At 1 January 2024
1,846
9,688
90,953
191,259
293,746


Charge for the year on owned assets
-
3,750
-
8,488
12,238



At 31 December 2024

1,846
13,438
90,953
199,747
305,984



Net book value



At 31 December 2024
-
1,562
-
12,879
14,441



At 31 December 2023
-
5,312
-
18,422
23,734

Page 28

 
LONDON & OXFORD CAPITAL MARKETS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

17.


Fixed asset investments





Investments in subsidiary companies
Unlisted investments
Other fixed asset investments
Total

£
£
£
£



Cost or valuation


At 1 January 2024
1
17,661
2,500,000
2,517,662



At 31 December 2024

1
17,661
2,500,000
2,517,662



Impairment


Impairment
-
-
2,500,000
2,500,000



At 31 December 2024

-
-
2,500,000
2,500,000



Net book value



At 31 December 2024
1
17,661
-
17,662



At 31 December 2023
1
17,661
2,500,000
2,517,662

The directors have considered the carrying value of other fixed assets investments and consider full impairment is necessary.


Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Tokhouse Limited
4 Moorgate, London, England, EC2R 6DA
Ordinary
100%
London and Oxford Nominees Limited
4 Moorgate, London, England, EC2R 6DA
Ordinary
100%

Page 29

 
LONDON & OXFORD CAPITAL MARKETS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

18.


Debtors

2024
2023
£
£

Due after more than one year

Other debtors
3,584,659
6,754,980

3,584,659
6,754,980


2024
2023
£
£

Due within one year

Trade debtors
1,861,134
2,584,881

Other debtors
9,093,685
6,742,470

Prepayments and accrued income
89,188
724,312

11,044,007
10,051,663



19.


Current asset investments

2024
2023
£
£

Short term investment
1,161,240
161,240

1,161,240
161,240



20.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
5,974,808
13,151,839

5,974,808
13,151,839


Included within cash at bank and in hand are amounts of £2,433,918 (2023: £10,656,338) which relate to monies held on behalf of the clients in accordance with the Financial Conduct Authority (FCA) Client Assets Sourcebook.

Page 30

 
LONDON & OXFORD CAPITAL MARKETS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

21.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
396,715
50,153

Amounts owed to group undertakings
1
1

Corporation tax
-
77,547

Other creditors
2,482,367
11,089,631

Accruals and deferred income
1,753,003
627,371

Share capital treated as debt
5,200,000
8,240,000

9,832,086
20,084,703


Included in other creditors above are amounts of £2,433,918 (2023: £10,656,338) which relate to monies held on behalf of the clients in accordance with the Financial Conduct Authority (FCA) Client Assets Sourcebook.

Page 31

 
LONDON & OXFORD CAPITAL MARKETS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

22.


Share capital

2024
2023
£
£
Shares classified as equity

Allotted, called up and fully paid



150,000 (2023 - 150,000) Ordinary shares of £1.00 each
150,000
150,000
10,000 (2023 - 10,000) Preference shares of £1,000.00 each
10,000,000
10,000,000

10,150,000

10,150,000

2024
2023
£
£
Shares classified as debt

Allotted, called up and fully paid



520,000 (2023 - 824,000)  'A' Redeemable Preference  shares of £10.00 each
5,200,000
8,240,000


The shares entitled the holders to a fixed preferential dividend at the rate of 5% per annum. 
The 'A' preference shares shall be redeemed at any time after the fifth anniversary of the date of issue of the relevant 'A' preference share at the issue price at the option of either the company or the holder on not less than 30 days prior written notice.
During the year, £304,000 A Redeembale shares were redeemed at par value of £10.00 each.


23.


Reserves

Capital redemption reserve

Capital redemption reserve includes all shares that have been repurchased by the company.

Profit and loss account

Profit and loss includes all current and prior periods retained profit.


24.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £43,492 (2023: £39,088). Contributions totalling £Nil (2023: £Nil) were payable to the fund at the reporting date and are included in creditors.

Page 32

 
LONDON & OXFORD CAPITAL MARKETS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

25.


Commitments under operating leases

At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
181,740
181,740

Later than 1 year and not later than 5 years
636,090
726,960

Later than 5 years
-
84,148

817,830
992,848


26.


Related party transactions

At the year end, following balances were receivable/payable from the related parties-
Included in Debtors due after more than one year -
Cyanstone Investment Fund SCA SICAV RAIF - Common Management £3,500,000 (2023: £3,795,685)
Included in Debtors due within one year -

- Siacon Limited - Common director (Mr. C Yingsaeree)  £2,314,186 (2023: £2,314,186)
Cyanstone Investment Fund SCA SICAV RAIF - Common Managemen £546,206 (2022: £981,100)
Tokenhouse Property Management Ltd Common director (Mr. C Yingsaeree) £1,793 (2023: £3,835)
- Tokhouse Limited - 100% Subsidiary £10,000 (2023: £10,000)
Included in Creditors due within one year -
- Joker Charlie Club 1636 Limited - Common Director (Ms S Wang) £205,301 (2023: £185)
- London and Oxford Nominee Limited - 100% Subsidiary £1 (2023: £1)


27.


Post balance sheet events

The directors have concluded that no material events have occurred since the date of approval of these financial statements that would affect the financial statements of the Company.


28.


Controlling party

At the balance sheet date, London and Oxford Capital Markets Limited was under control of WSJ Global Limited by virtue of the shareholding in the company. The registered address of WSJ Global Limited is 4 Moorgate, 5th Floor, London, United Kingdom, EC2R 6DA.

 
Page 33