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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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LONDON & OXFORD CAPITAL MARKETS LIMITED
COMPANY INFORMATION
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LONDON & OXFORD CAPITAL MARKETS LIMITED
CONTENTS
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LONDON & OXFORD CAPITAL MARKETS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
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.
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.
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.
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LONDON & OXFORD CAPITAL MARKETS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
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)
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.
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LONDON & OXFORD CAPITAL MARKETS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
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.
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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.
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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.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
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 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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.
The directors who served during the year were:
Refer to Strategic Report on Page 1-3.
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LONDON & OXFORD CAPITAL MARKETS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
There have been no significant events affecting the Company since the year end.
The auditors, Xeinadin Audit Limited, will 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.
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LONDON & OXFORD CAPITAL MARKETS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LONDON & OXFORD CAPITAL MARKETS LIMITED
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 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).
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.
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.
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LONDON & OXFORD CAPITAL MARKETS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LONDON & OXFORD CAPITAL MARKETS LIMITED (CONTINUED)
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.
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.
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.
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LONDON & OXFORD CAPITAL MARKETS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LONDON & OXFORD CAPITAL MARKETS LIMITED (CONTINUED)
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.
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LONDON & OXFORD CAPITAL MARKETS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LONDON & OXFORD CAPITAL MARKETS LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an 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.
for and on behalf of
Chartered Accountants
Statutory Auditor
8th Floor
Becket House
36 Old Jewry
EC2R 8DD
29 May 2025
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LONDON & OXFORD CAPITAL MARKETS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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LONDON & OXFORD CAPITAL MARKETS LIMITED
REGISTERED NUMBER: 02816999
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
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LONDON & OXFORD CAPITAL MARKETS LIMITED
REGISTERED NUMBER: 02816999
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 18 to 33 form part of these financial statements.
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LONDON & OXFORD CAPITAL MARKETS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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LONDON & OXFORD CAPITAL MARKETS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
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LONDON & OXFORD CAPITAL MARKETS LIMITED
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LONDON & OXFORD CAPITAL MARKETS LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024
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LONDON & OXFORD CAPITAL MARKETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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
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:
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.
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.
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LONDON & OXFORD CAPITAL MARKETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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LONDON & OXFORD CAPITAL MARKETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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:
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.
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LONDON & OXFORD CAPITAL MARKETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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LONDON & OXFORD CAPITAL MARKETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The estimation of the useful lives of fixed assets for calculating depreciation.
Analysis of turnover by country of destination:
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LONDON & OXFORD CAPITAL MARKETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 23
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LONDON & OXFORD CAPITAL MARKETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 24
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LONDON & OXFORD CAPITAL MARKETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 25
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LONDON & OXFORD CAPITAL MARKETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 26
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LONDON & OXFORD CAPITAL MARKETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
13.Taxation (continued)
There were no factors that may affect future tax charges.
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LONDON & OXFORD CAPITAL MARKETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 28
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LONDON & OXFORD CAPITAL MARKETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 29
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LONDON & OXFORD CAPITAL MARKETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 30
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LONDON & OXFORD CAPITAL MARKETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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.
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LONDON & OXFORD CAPITAL MARKETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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.
Capital redemption reserve
Profit and loss account
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.
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LONDON & OXFORD CAPITAL MARKETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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.
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