Company Registration No. 04886425 (England and Wales)
Inshore Independent Financial Advisers Limited
Annual report and financial statements
for the year ended 31 October 2024
Inshore Independent Financial Advisers Limited
Company information
Directors
Darryl Charlwood
Mark Rawlings
Hayden Robinson
(Appointed 23 July 2024)
Company number
04886425
Registered office
AFH House
Buntsford Drive
Stoke Heath
Bromsgrove
Worcestershire
B60 4JE
Independent auditor
Saffery LLP
71 Queen Victoria Street
London
EC4V 4BE
Inshore Independent Financial Advisers Limited
Contents
Page
Directors' report
1 - 2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Statement of financial position
8
Statement of changes in equity
9
Notes to the financial statements
10 - 21
Inshore Independent Financial Advisers Limited
Directors' report
For the year ended 31 October 2024
1

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

Principal activities

The principal activity of the company continued to be that of a financial intermediary. The company is no longer authorised or registered with the FCA since 12 July 2024.

Results and dividends

The results for the year are set out on page 7.

No ordinary or redeemable dividends were paid. The directors do not recommend payment of a final dividend.

Directors

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

Darryl Charlwood
Mark Rawlings
Hayden Robinson
(Appointed 23 July 2024)
Auditor

A resolution proposing that Saffery LLP be reappointed as auditor of the Company will be put to the members at the Annual General Meeting.

Strategic report

As permitted by section 414B of the Companies Act 2006, the Company is entitled to the small companies' exemption in relation to preparing the strategic report for the financial period.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Economic environment

As at the time of signing the accounts, UK markets have continued to grow, despite sticky inflation in the UK. Interest rates remain elevated with the BoE base rate at 4.25% as at the June 2025 MPC meeting. There may be further rates cuts in the year, although underlying UK GDP growth appears to have remained weak, and the labour market has continued to loosen, leading to clearer signs that a margin of slack has opened up over time. Consumer uncertainty is driving an increase in savings over consumption which may drive opportunities for new business. Further, there remains uncertainty over future Inheritance Tax and Pension rules ahead of the autumn Budget. We expect that this may drive demand for financial planning services, especially around tax and estate planning, as our target market seek to mitigate their increasing tax burden exposure through ethical tax planning.

Inshore Independent Financial Advisers Limited
Directors' report (continued)
For the year ended 31 October 2024
2
Environmental and safety considerations

Commitment to safety is an important consideration. The number of accidents is a performance indicator reported on to group every month. Any accidents at the workplace are recorded, fully investigated and corrective action instigated at the earliest opportunity. Active communication and training campaigns are implemented and information is shared with the group. The company is fully involved in the group's Industrial Management System which aims to reduce both the incidence and the impact of accidents.

Qualifying third party indemnity provisions

The directors confirm that no qualifying third party indemnity provision in favour of any of the directors of the company, as defined by s236 of the Companies Act 2006, either by the company or by any other party, was in force at the time of signing of this report, and that no such provision had been in force at any time in the financial period.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
Hayden Robinson
Director
18 September 2025
Inshore Independent Financial Advisers Limited
Directors' responsibilities statement
For the year ended 31 October 2024
3

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Inshore Independent Financial Advisers Limited
Independent auditor's report
To the members of Inshore Independent Financial Advisers Limited
4
Opinion

We have audited the financial statements of Inshore Independent Financial Advisers Limited (the 'company') for the year ended 31 October 2024 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity 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 101 Reduced Disclosure Framework (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 October 2024 and of its loss for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice including FRS 101; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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

Emphasis of matter

We draw attention to note 1.2 of the financial statements which describes how the Directors intend to liquidate the company over the going concern period, and as such the Directors do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern as described in note 1.2. Our opinion is not modified in respect of this matter.

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.

Opinions 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 directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the directors' report has been prepared in accordance with applicable legal requirements.

Inshore Independent Financial Advisers Limited
Independent auditor's report (continued)
To the members of Inshore Independent Financial Advisers Limited
5
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 identifie d material misstatements in the directors' r eport.

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 remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit; or

- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report and from the requirement to prepare a strategic report.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The 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 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 company by discussions with directors and by updating our understanding of the sector in which the company operates.

Laws and regulations of direct significance in the context of the company include The Companies Act 2006, UK Tax legislation.

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 financial statement disclosures. We reviewed the 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 company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

Inshore Independent Financial Advisers Limited
Independent auditor's report (continued)
To the members of Inshore Independent Financial Advisers Limited
6

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 was regulated by the FCA until 12 July 2024. We discussed the company's authorisation and permitted activities with the SMF16 and obtained evidence of this from the FCA register. We obtained additional evidence about compliance by discussing any breaches with the SMF16 and SMF17 and reviewing correspondence with the FCA.

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.

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 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Jamie Cassell (Senior Statutory Auditor)
For and on behalf of Saffery LLP
19 September 2025
Statutory Auditors
71 Queen Victoria Street
London
EC4V 4BE
Inshore Independent Financial Advisers Limited
Statement of comprehensive income
For the year ended 31 October 2024
7
2024
2023
Notes
£
£
Revenue
4
-
902,832
Cost of sales
-
0
(204,217)
Gross profit
-
698,615
Administrative expenses
(17,495)
(121,792)
Operating (loss)/profit
5
(17,495)
576,823
Investment income
7
-
424
(Loss)/profit before taxation
(17,495)
577,247
Tax on (loss)/profit
8
448
(2,647)
(Loss)/profit and total comprehensive income for the financial year
(17,047)
574,600

Inshore Independent Financial Advisers Limited
Statement of financial position
As at 31 October 2024
8
2024
2023
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
9
-
0
10,417
Current assets
Trade and other receivables
10
1,601,498
1,529,505
Cash and cash equivalents
3,532
79,282
1,605,030
1,608,787
Current liabilities
Trade and other payables
11
26,063
9,249
Taxation and social security
303
-
0
Lease liabilities
12
-
0
10,417
26,366
19,666
Net current assets
1,578,664
1,589,121
Total assets less current liabilities
1,578,664
1,599,538
Provisions for liabilities
Deferred tax liabilities
13
-
0
(3,827)
Net assets
1,578,664
1,595,711
Equity
Called up share capital
14
10,100
10,100
Retained earnings
1,568,564
1,585,611
Total equity
1,578,664
1,595,711

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 18 September 2025 and are signed on its behalf by:
Hayden Robinson
Director
Company registration number 04886425 (England and Wales)
Inshore Independent Financial Advisers Limited
Statement of changes in equity
For the year ended 31 October 2024
9
Share capital
Retained earnings
Total
£
£
£
Balance at 1 November 2022
10,100
1,011,011
1,021,111
Year ended 31 October 2023:
Profit and total comprehensive income
-
574,600
574,600
Balance at 31 October 2023
10,100
1,585,611
1,595,711
Year ended 31 October 2024:
Loss and total comprehensive income
-
(17,047)
(17,047)
Balance at 31 October 2024
10,100
1,568,564
1,578,664
Inshore Independent Financial Advisers Limited
Notes to the financial statements
For the year ended 31 October 2024
10
1
Accounting policies
Company information

Inshore Independent Financial Advisers Limited is a private company limited by shares incorporated in England and Wales. The registered office is AFH House, Buntsford Drive, Stoke Heath, Bromsgrove, Worcestershire, B60 4JE. The principal activity of the company continued to be that of a financial intermediary.

1.1
Accounting convention

The financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101) and in accordance with applicable accounting standards.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

As permitted by FRS 101, the company has taken advantage of the following disclosure exemptions from the requirements of IFRS:

- The requirement of IFRS 7 'Financial Instruments Disclosures' relating to the disclosure of financial instruments and the nature and extent of risks arising from such instruments;

- The requirement of IFRS 13 'Fair Value Measurement' paragraph 91 to 99 relating to the fair value measurement disclosure of financial assets and financial liabilities that are measure at fair value;

- The requirements of IAS 8 'Accounting Policies, Changes in Accounting Estimates and Errors' paragraph 30 and 31 relating to the disclosure of standards, amendments and interpretations in issue but not yet effective;

- The requirement of IAS 1 'Presentation of Financial Statements' paragraphs 134 to 136 relating to the disclosure of capital management policies and objectives;

- The requirements of IAS 7 'Statement of Cash Flows' and IAS 1 'Presentation of Financial Statements' paragraph 10(d); 111 relating to the presentation of a Cash Flow Statement;

- The requirements of IAS 24 'Related Party Disclosures' relating to the disclosure of key management personnel compensation and relating to the disclosure of related party transactions entered into between the company and other wholly-owned subsidiaries of the group.

As permitted by FRS 101, the company has taken advantage of the disclosure exemptions available under that standard in relation to share based payments, financial instruments, capital management, presentation of a cash flow statement, presentation of comparative information in respect of certain assets, standards not yet effective, impairment of assets, business combinations, discontinued operations and related party transactions

Where required, equivalent disclosures are given in the group accounts of AFH Financial Group Limited. The group accounts of AFH Financial Group Limited are available to the public and can be obtained as set out in note 15.

1.2
Going concern

Following the transfer of the trade and client banks of the company to other group entities as part of the true wider group acquisition integration strategy, the directors intend to liquidate the company in the next twelve months. The company will continue to receive support from its parent undertakings to ensure an orderly wind down. As required by UK GAAP, the directors have prepared the financial statements of the company on the basis that it is no longer a going concern. No material adjustments arose as a result of ceasing to apply the going concern basis.

Inshore Independent Financial Advisers Limited
Notes to the financial statements (continued)
For the year ended 31 October 2024
1
Accounting policies (continued)
11
1.3
Revenue

Revenue is recognised in line with the requirements of IFRS 15 as contractual performance obligations are satisfied. Revenue is measured at the fair value of the consideration received adjusted for clawbacks, allowance for impairment, discounts, rebates, and other sales taxes or duty.

Initial fee income

Fees are recognised as earned at the point when financial advice is provided.

Ongoing fee and investment management income

Fees are recognised as gross earned as and when fees from the management of investments are earned.

1.4
Property, plant and equipment

Property, plant and equipment 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:

Leasehold land and buildings
2 to 3 years over the life of the lease

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.

1.5
Impairment of tangible and intangible assets

At each reporting date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Cash and cash equivalents

Cash and cash equivalents 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.

Inshore Independent Financial Advisers Limited
Notes to the financial statements (continued)
For the year ended 31 October 2024
1
Accounting policies (continued)
12
1.7
Financial assets

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.

Financial assets at fair value through profit or loss

When any of the above-mentioned conditions for classification of financial assets is not met, a financial asset is classified as measured at fair value through profit or loss. Financial assets measured at fair value through profit or loss are recognized initially at fair value and any transaction costs are recognised in profit or loss when incurred. A gain or loss on a financial asset measured at fair value through profit or loss is recognised in profit or loss, and is included within finance income or finance costs in the statement of income for the reporting period in which it arises.

Financial assets held at amortised cost

Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.

Impairment of financial assets

Financial assets carried at amortised cost and FVOCI are assessed for indicators of impairment at each reporting end date.

The expected credit losses associated with these assets are estimated on a forward-looking basis. A broad range of information is considered when assessing credit risk and measuring expected credit losses, including past events, current conditions, and reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

1.8
Financial liabilities

The company recogni s es financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.

Other financial liabilities

Other financial liabilities, including borrowings, t rade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

Inshore Independent Financial Advisers Limited
Notes to the financial statements (continued)
For the year ended 31 October 2024
1
Accounting policies (continued)
13
Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

1.9
Equity instruments

Share capital represents the nominal value of shares that have been issued.

Retained earnings include all current and prior period retained profits.

Dividend distributions to the Company's shareholders are recognised in the accounting period in which the dividends are declared and paid, or if earlier, in the accounting period when the dividend is approved by the Company's shareholders at the Annual General Meeting.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to 'other comprehensive income', in which case the deferred tax is also dealt with in 'other comprehensive 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.

1.11
Leases

At inception, the company assesses whether a contract is, or contains, a lease within the scope of IFRS 16. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where a tangible asset is acquired through a lease, the company recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are included within property, plant and equipment, apart from those that meet the definition of investment property.

Inshore Independent Financial Advisers Limited
Notes to the financial statements (continued)
For the year ended 31 October 2024
1
Accounting policies (continued)
14

The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date plus any initial direct costs and an estimate of the cost of obligations to dismantle, remove, refurbish or restore the underlying asset and the site on which it is located, less any lease incentives received.

The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those of other property, plant and equipment. The right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.

The lease liability is initially measured at the present value of the lease payments that are unpaid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the company's incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise fixed payments, variable lease payments that depend on an index or a rate, amounts expected to be payable under a residual value guarantee, and the cost of any options that the company is reasonably certain to exercise, such as the exercise price under a purchase option, lease payments in an optional renewal period, or penalties for early termination of a lease.

The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in: future lease payments arising from a change in an index or rate; the company's estimate of the amount expected to be payable under a residual value guarantee; or the company's assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

The company has elected not to recognise right-of-use assets and lease liabilities for short-term leases of machinery that have a lease term of 12 months or less, or for leases of low-value assets including IT equipment. The payments associated with these leases are recognised in profit or loss on a straight-line basis over the lease term.

Inshore Independent Financial Advisers Limited
Notes to the financial statements (continued)
For the year ended 31 October 2024
15
2
Adoption of new and revised standards and changes in accounting policies

During the financial year, the Group has adopted the following new IFRSs (including amendments thereto) and IFRIC interpretations, that became effective for the first time.

Standard
Effective date, annual period beginning on or after
IFRS 17 - Insurance contracts
1 January 2023
Amendments to IFRS 17 - Insurance Contracts; and Extension of the Temporary Exemption from Apllying IFRS 9 (Amendments to IFRS 4 Insurance Contracts)
1 January 2023
Disclosure of Accounting Policies (Amendments to IAS 1 Presentation of Finanacial Statements and IFRS Practice Statement 2 Making Materiality Judgements)
1 January 2023
Definition of Accounting estimates (Amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors)
1 January 2023
Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12 Income Taxes
1 January 2023
International Tax reform - Pillar Two Model Rules (Amendments to IAS 12)
1 January 2023

Their adoption has not had any material impact on the disclosures or amounts reported in the financial statements.

Standards which are in issue but not yet effective

At the date of authorisation of these financial statements, the following standards and interpretations relevant to the Company and which have not been applied in these financial statements, were in issue but were not yet effective.

Standard
Effective date, annual period beginning on or after
Lease Liability in a Sale and Leaseback (Amendments to IFRS 16)
1 January 2024
Classification of Liabilities as Current or Non-Current, Non-current Liabilities with Covenants: amendments to IAS 1
1 January 2024
Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7)
1 January 2024
Lack of Exchangeability (Amendments to IAS 21)
1 January 2025
Inshore Independent Financial Advisers Limited
Notes to the financial statements (continued)
For the year ended 31 October 2024
2
Adoption of new and revised standards and changes in accounting policies (continued)
16

The directors are evaluating the impact that these standards will have on the financial statements of the Company.

At the date of authorisation of these financial statements, the following standards and interpretations relevant to the Company and which have not been applied in these financial statements, have not been endorsed for use in the UK and will not be adopted until such time as endorsement is confirmed.

Standard
Effective date, annual period beginning on or after
Classification and Measurement of Financial Instruments (Amendments to IFRS 7 and IFRS 9)
1 January 2026
Annual Improvements to IFRS Accounting Standards – Volume 11
1 January 2026
IFRS 18 – Presentation and Disclosure in Financial Statements
1 January 2027
IFRS 19 – Subsidiaries without Public Accountability: Disclosures
1 January 2027
The directors are evaluating the impact that these standards will have on the financial statements.
3
Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’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, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. Management do not believe there to be any critical accounting judgements or key sources of estimation uncertainty applied in the preparation of these financial statements.

4
Revenue
2024
2023
£
£
Revenue analysed by class of business
Financial intermediary
-
902,832
Inshore Independent Financial Advisers Limited
Notes to the financial statements (continued)
For the year ended 31 October 2024
17
5
Operating (loss)/profit

The remuneration of the auditor has been borne by AFH Financial Group Limited.

6
Employees

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

2024
2023
Number
Number
Total
-
0
-
0
7
Investment income
2024
2023
£
£
Interest income
Interest on bank deposits
-
0
424
Inshore Independent Financial Advisers Limited
Notes to the financial statements (continued)
For the year ended 31 October 2024
18
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
3,379
-
Adjustments in respect of prior periods
-
2,647
Total UK current tax
3,379
2,647
Deferred tax
Origination and reversal of temporary differences
(3,827)
-
0
Total tax charge/(credit)
(448)
2,647

The tax rate used for the reconciliation is the corporation tax rate of 25% (2023: 22.50%) payable by the Company in the UK on taxable profits under UK tax law.

The charge for the year can be reconciled to the (loss)/profit per the income statement as follows:

2024
2023
£
£
(Loss)/profit before taxation
(17,495)
577,247
Expected tax (credit)/charge based on a corporation tax rate of 25.00% (2023: 22.50%)
(4,374)
129,881
Group relief
3,926
(129,881)
Under/(over) provided in prior years
-
2,647
Taxation (credit)/charge for the year
(448)
2,647
Inshore Independent Financial Advisers Limited
Notes to the financial statements (continued)
For the year ended 31 October 2024
19
9
Property, plant and equipment
Leasehold land and buildings
£
Cost
At 1 November 2023
35,417
Disposals
(35,417)
At 31 October 2024
-
0
Accumulated depreciation and impairment
At 1 November 2023
25,000
Eliminated on disposal
(25,000)
At 31 October 2024
-
0
Carrying amount
At 31 October 2024
-
0
At 31 October 2023
10,417

Property, plant and equipment includes right-of-use assets, as follows:

Right-of-use assets
2024
2023
£
£
Net values at the year end
Property
-
10,417
Depreciation charge for the year
Property
-
12,500
10
Trade and other receivables
2024
2023
£
£
Amounts owed by fellow group undertakings
1,581,848
1,503,033
Other receivables
19,650
7,752
Prepayments and accrued income
-
0
18,720
1,601,498
1,529,505

Trade receivables include a £nil provision for bad debts (2023: £nil).

Inshore Independent Financial Advisers Limited
Notes to the financial statements (continued)
For the year ended 31 October 2024
20
11
Trade and other payables
2024
2023
£
£
Trade payables
26,063
1,040
Accruals and deferred income
-
0
8,209
26,063
9,249
12
Lease liabilities
2024
2023
Maturity analysis
£
£
Within one year
-
10,417

Lease liabilities are classified based on the amounts that are expected to be settled within the next 12 months and after more than 12 months from the reporting date, as follows:

2024
2023
£
£
Current liabilities
-
0
10,417
13
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon during the current and prior reporting period.

Tax losses
£
Balance at 1 November 2022
-
0
Deferred tax movements in prior year
Charge/(credit) to profit or loss
3,827
Liability at 1 November 2023
3,827
Deferred tax movements in current year
Charge/(credit) to profit or loss
(3,827)
Liability at 31 October 2024
-
Inshore Independent Financial Advisers Limited
Notes to the financial statements (continued)
For the year ended 31 October 2024
21
14
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
10,000
10,000
10,000
10,000
Redeemable A shares of £1 each
50
50
50
50
Redeemable B shares of £1 each
50
50
50
50
10,100
10,100
10,100
10,100
15
Ultimate controlling party

The Company's immediate parent undertaking is AFH Group Limited, which is incorporated in England and Wales.

The Company's ultimate parent undertaking is Cortina Top c o Limited, which is incorporated in the Cayman Islands, indirectly controlled by funds managed by Flexpoint Ford, LLC, a private equity investment firm incorporated in the United States of America.

Copies of the consolidated financial statements of AFH Financial Group Limited, the smallest group of undertakings that consolidates the Company as at 31 October 202 4 are filed with Companies House.

The largest group of undertakings that consolidates the company is Cortina Bid c o Limited, which is incorporated in the Cayman Islands. Copies of their financial statements can be obtained from AFH House, Buntsford Drive, Stoke Heath, Bromsgrove, Worcestershire, B60 4JE.

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