Registration number:
Ormonde Advisory Ltd
for the Year Ended 31 December 2024
Ormonde Advisory Ltd
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Statement of Cash Flows |
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Notes to the Financial Statements |
Ormonde Advisory Ltd
Company Information
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Directors |
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Registered office |
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Auditors |
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Ormonde Advisory Ltd
Strategic Report for the Year Ended 31 December 2024
The directors present their strategic report for the year ended 31 December 2024.
Principal activity
The principal activity of Ormonde Advisory Ltd ("the Company") is that of an independent advisory and fund management business regulated by the FCA.
Fair review of the business
The Company acts as manager of the Ormonde Multi-Asset Fund (“Fund”) which is domiciled in Ireland and regulated by the CBI, and also provides investment advice to family offices and wealth managers. During the year, the Company created and became the manager of the Ormonde USD Liquidity Fund, which remains dormant as at 31 December 2024.
The results of the entity for the period, as set out on pages 12 to 14, show a loss on ordinary activities before interest and tax of £120,315 (2023 -£595,914). Closing net assets are £435,833 (2023 - £556,148). These results reflect reduced management fee income arising from the Fund over 2024 as the Fund (which is in termination) liquidated its investments and returned assets to investors, and limited advisory fee income from investment advisory clients. The Company’s turnover of £254,576 (2023 - £324,514) arose roughly even from fees charged for its investment advisory services, and fund management fees.
The Company’s cost of sales relates mainly to staff costs. Two senior staff members resigned from the Company during the period, assisting the Company’s efforts to manage costs. The other material cost was administrative costs relating to professional advice and support.
The shareholders' funds of the entity total £2,044,778 (2023 - £2,044,778). During the period, the Company did not issue any additional ordinary share capital but continues to have sufficient capital to fund its operations and to meet the Company’s regulatory capital requirements.
The Company provides services to clients in the UK, several with connections in Europe and provides sub-advisory services to its affiliate, Ormonde USA LLC. The Company’s investment advisory services are provided to family offices or wealth managers advising wealthy clients, and prevailing economic conditions generally have little impact on the level of demand from these clients for advice regarding the management of their capital and investments. However, macro-economic headwinds across the markets in which the Company operates, together with global geopolitical uncertainties and volatile public markets, have hampered the Company’s efforts to attract new advisory clients.
The UK business environment, in which the Company operates, experienced slightly improved conditions in 2024 compared to 2023, with inflation returning to low single-digit levels but growth in the UK economy as a whole remained muted, at around 1%. The resounding success of the Labour party in the general election in July removed some uncertainty regarding the direction of central government policy. The Company provides services as a fund manager and to family offices, such that general economic conditions usually have little or no impact on the level of demand from these clients.
The Company provides services to several clients with connections in Europe and provides sub-advisory services to its affiliate, Ormonde USA LLC, and therefore has some indirect exposure to the business environment in Europe and the USA. Whilst the EU markets position was similar to the UK, the US experienced slightly faster growth than the UK in 2024, primarily from falling inflation and falling central bank interest rates. Raising stock market valuations driven by stocks with exposure to Artificial Intelligence was also a material feature in the USA in 2024.
The Company’s strategy is to develop fund-based solutions which provide investors access to diversified pools of investments and to deliver bespoke investment advice to family offices.
Ormonde Advisory Ltd
Strategic Report for the Year Ended 31 December 2024
The Company's key financial and other performance indicators during the year were as follows:
|
Financial KPIs |
Unit |
2024 |
2023 |
|
Turnover |
£ |
254,576 |
324,514 |
|
Cost of sales |
£ |
357,367 |
915,123 |
|
Loss |
£ |
(102,791) |
(595,110) |
|
Net assets |
£ |
435,833 |
556,148 |
The material changes from last year’s KPIs are discussed in the results for 2024 above.
Principal risks and uncertainties
The principal risks to the Company are financial and regulatory.
The Company operates in the regulated financial services sector and faces the risk of breaching regulation, legal or ethical standards and consequential regulatory sanctions and reputational damage. These risks are addressed through a framework of policies, procedures and internal controls. All policies are subject to Board approval and ongoing review by management, risk management and internal audit. Compliance with regulation, legal and ethical standards is a high priority for the compliance team.
The Company also faces financial risks, primarily as a result of diminishing revenues arising from its core historic business line of managing the Fund, and developing replacement business lines of advice to family offices and management of other funds, with the risk that it will not be successful in developing these new sources of revenue. The Board is responsible for satisfying itself that a proper internal control framework exists to manage financial risks and that controls operate effectively.
During the latter part of 2024, and into 2025, there has been a significant improvement in the Company's financial position as a result of the implementation of a successful cost reduction programme, as well as improved revenue prospects from several new and previously unidentified sources. As a result the financial statements are to be prepared on a going concern basis.
Ormonde Advisory Ltd
Strategic Report for the Year Ended 31 December 2024
Section 172(1) statement
Section 172 of the Companies Act 2006 requires directors to take into consideration the interests of stakeholders in their decision making when fulfilling their duty to promote the success of each company for the benefit of its members.
The directors of the Company (the Board) continues to have regard to the interests of Ormonde Advisory Limited's (the “Company”) employees and other stakeholders, including the impact of its activities on the community and the environment and the Company’s reputation, when making decisions. Acting in good faith and fairly between shareholders, the Board considers what is most likely to promote the success of the Company for its shareholders in the long term. This statement describes how the Board has considered and engaged with stakeholders and how the Board has discharged this duty.
The Board regularly conducts reviews of its principal stakeholders and how the Company engages with them, both through information reported to the Board and direct engagement. The principal stakeholders the Board considers are relevant in complying with their s.172 obligations are employees, shareholders, customers, suppliers and community.
Engagement
The Board develops strategies needed for the Company to create value for stakeholders. Given the relatively small size of the Company, the Board members work directly with our team, customers and suppliers to implement and monitor progress. Certain matters or issues may have more (or less) relevance to some stakeholders than others. The Board seeks to consider the needs and priorities of each stakeholder group when discussing issues and making decisions.
Long term decision making
The Company prepares an annual budget approved by the Board and a three-year forecast. Performance against budget is monitored monthly. Decision-making prioritises client interests over profiteering. All but one of the directors is a shareholder in the Company, further ensuring alignment of long-term interests.
Employees
The Company continues to work to maintain and improve the frequency and rigour of its engagement with its team. The Company held quarterly team offsite conferences when it had a larger team but, with the team size further reducing over 2024, this remains unnecessary. The Company does maintain weekly all-team meetings to provide regular updates on strategic and operational matters. The Company is committed to being an equal opportunities employer and has a full suite of policies in place to support this and avoid discrimination.
Ormonde Advisory Ltd
Strategic Report for the Year Ended 31 December 2024
Shareholders
The Company is majority-owned by the CEO, with remaining shares held by one other director, providing high levels of shareholder involvement and engagement. The directors interact weekly and often daily.
Clients
The Board continues to develop and evolve the key commercial strategies which the Company adopts by launching and promoting products and services which have wide and enduring appeal to customers, to secure enduring and diversified revenue streams for the Company in the long-term interests of shareholders. During the year, the Board engaged closely with shareholders and employees in developing several fund-based opportunities.
The Company is regulated in the United Kingdom and coordinates with its affiliate, Ormonde USA LLC which is regulated in the United States of America, to operate a robust compliance management programme to ensure its business is conducted with integrity, protecting its reputation and fulfilling the duties it owes to its customers.
Suppliers
The Company works closely with its suppliers to ensure its products remain relevant for its markets. The Company has collaborated with its suppliers regarding the possible creation and launch of several proposed fund structures.
Community and Engagement
Over the course of 2024, the Company’s client and investor base continued to evolve, reducing the interaction with institutional clients and early stage growth companies. The Company took the decision to suspend its adoption of the UN supported Principles of Responsible Investment as an investment adviser and membership of the BVCA until these programmes became relevant again to the Company’s investor base.
Approved and authorised by the
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Ormonde Advisory Ltd
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 of the Company
The directors who held office during the year were as follows:
Future developments
Events within the UK economy should not have any impact on the entity due to the nature of the entity and its underlying activities.
There are no plans to alter the main strategy or purpose of the Company.
There are no non-adjustment events after the financial period to disclose.
Directors' liabilities
The directors have the benefit of the indemnity provisions contained in the Company’s Articles of Association (‘Articles’), and the Company has maintained throughout the year directors’ and officers’ liability insurance for the benefit of the Company, the directors and its officers. The Company has entered into qualifying third party indemnity arrangements for the benefit of all its directors in a form and scope which comply with the requirements of the Companies Act 2006 and which were in force throughout the year and remain in force.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the Company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Reappointment of auditors
Grant Thornton has indicated its willingness to act as auditor of the Company.
Approved and authorised by the
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Ormonde Advisory Ltd
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities 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:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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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.
Ormonde Advisory Ltd
Independent Auditor's Report to the Members of Ormonde Advisory Ltd
Opinion
We have audited the financial statements of Ormonde Advisory Limited (“Company”), which comprise the
Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in
Equity and Statement of Cash Flows for the year ended 31 December 2024, and the related notes to the
financial statements, including a summary of significant accounting policies.
The financial reporting framework that has been applied in the preparation of the financial statements is
UK law and FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”
(United Kingdom Generally Accepted Accounting Practice).
In our opinion the Company's financial statements:
• | give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice of the assets, liabilities and financial position of the Company as at 31 December 2024 and of its loss for the year then ended; and |
• | have been properly 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 ‘Responsibilities of
the auditor 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 FRC’s Ethical Standard and the ethical pronouncements
established by Chartered Accountants Ireland, applied as determined to be appropriate in the circumstances
for the entity. 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 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 the date 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.
Ormonde Advisory Ltd
Independent Auditor's Report to the Members of Ormonde Advisory Ltd
Other information
Other information comprises information included in the annual report, other than the financial statements
and our auditor’s report thereon, including the Strategic Report, the Directors’ Report and the Statement
of Directors’ Responsibilities. The directors are responsible for the other information. 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and 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 our 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 and 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:
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
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the financial statements are not in agreement with the accounting records and returns; or |
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certain disclosures of directors’ remuneration specified by law are not made; or |
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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, management is responsible for the
preparation of the financial statements which give a true and fair view in accordance with United Kingdom
Generally Accepted Accounting Practice, FRS 102, and for such internal control as directors determine
necessary to enable the preparation of financial statements 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.
Those charged with governance are responsible for overseeing the Company’s financial reporting process.
Ormonde Advisory Ltd
Independent Auditor's Report to the Members of Ormonde Advisory Ltd
Auditor Responsibilities for the audit of the financial statements
The objectives of an auditor 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 their 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.
A further description of an auditor’s responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
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. Owing to the inherent limitations of an audit, there is an unavoidable risk
that material misstatement in the financial statements may not be detected, even though the audit is properly
planned and performed in accordance with the ISAs (UK). The extent to which our procedures are capable
of detecting irregularities, including fraud is detailed below.
Based on our understanding of the Company and industry, we identified that the principal risks of noncompliance
with laws and regulations related to Data Privacy law, Employment Law and any other policies
or other regulatory, prudential and legislative requirements which are introduced from time to time and are
applicable to the Company and we considered the extent to which non-compliance might have a material
effect on the financial statements. We also considered those laws and regulations that have a direct impact
on the preparation of the financial statements such as the Companies Act 2006 and UK tax legislation. The
Audit engagement partner considered the experience and expertise of the engagement team to ensure that
the team had appropriate competence and capabilities to identify or recognise non-compliance with the
laws and regulation. We evaluated management’s incentives and opportunities for fraudulent manipulation
of the financial statements (including the risk of override of controls) and determined that the principal
risks were related to posting inappropriate journal entries to manipulate financial performance and
management bias through judgements and assumptions in significant accounting estimates, in particular in
relation to significant one-off or unusual transactions. We apply professional scepticism through the audit
to consider potential deliberate omission or concealment of significant transactions, or
incomplete/inaccurate disclosures in the financial statements.
The primary responsibility for the prevention and detection of irregularities including fraud rests with those
charged with governance and management. As with any audit, there remains a risk of non-detection or
irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or override
of internal controls.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Ormonde Advisory Ltd
Independent Auditor's Report to the Members of Ormonde Advisory Ltd
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.
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For and on behalf of
Dublin
D02 ED70
Ormonde Advisory Ltd
Profit and Loss Account for the Year Ended 31 December 2024
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Note |
2024 |
2023 |
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|
Turnover |
|
|
|
|
Gross profit |
|
|
|
|
Administrative expenses |
( |
( |
|
|
Operating loss |
(102,791) |
(595,110) |
|
|
Interest payable and similar expenses |
( |
( |
|
|
Loss before tax |
( |
( |
|
|
Loss for the financial year |
( |
( |
The above results were derived from continuing operations.
The Company has no recognised gains or losses for the year other than the results above.
Ormonde Advisory Ltd
Statement of Comprehensive Income for the Year Ended 31 December 2024
|
2024 |
2023 |
|
|
Loss for the year |
( |
( |
|
Total comprehensive income for the year |
( |
( |
Ormonde Advisory Ltd
(Registration number: 12421418)
Balance Sheet as at 31 December 2024
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Note |
2024 |
2023 |
|
|
Fixed assets |
|||
|
Tangible assets |
|
|
|
|
Current assets |
|||
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current assets |
|
|
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
2,044,778 |
2,044,778 |
|
|
Profit and loss account |
(1,608,945) |
(1,488,630) |
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Shareholders' funds |
435,833 |
556,148 |
Approved and authorised by the
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Ormonde Advisory Ltd
Statement of Changes in Equity for the Year Ended 31 December 2024
|
Share capital |
Retained earnings |
Total |
|
|
At 1 January 2024 |
|
( |
|
|
Loss for the year |
- |
( |
( |
|
At 31 December 2024 |
|
( |
|
|
Share capital |
Retained earnings |
Total |
|
|
At 1 January 2023 |
|
( |
|
|
Loss for the year |
- |
( |
( |
|
New share capital subscribed |
|
- |
|
|
At 31 December 2023 |
2,044,778 |
(1,488,630) |
556,148 |
Retained Earnings
The retained earnings represents the cumulative profit and loss net of distributions to shareholders.
Ormonde Advisory Ltd
Statement of Cash Flows for the Year Ended 31 December 2024
|
Note |
2024 |
2023 |
|
|
Cash flows from operating activities |
|||
|
Loss for the year |
( |
( |
|
|
Adjustments to cash flows from non-cash items |
|||
|
Depreciation and amortisation |
|
|
|
|
Profit on disposal of tangible assets |
( |
( |
|
|
( |
( |
||
|
Working capital adjustments |
|||
|
Decrease/(increase) in debtors |
|
( |
|
|
Increase/(decrease) in creditors |
|
( |
|
|
Net cash flow from operating activities |
|
( |
|
|
Cash flows from investing activities |
|||
|
Acquisitions of tangible assets |
- |
( |
|
|
Proceeds from sale of tangible assets |
|
|
|
|
Net cash flows from investing activities |
|
|
|
|
Cash flows from financing activities |
|||
|
Proceeds from issue of ordinary shares, net of issue costs |
- |
|
|
|
Net increase/(decrease) in cash and cash equivalents |
|
( |
|
|
Cash and cash equivalents at 1 January |
|
|
|
|
Cash and cash equivalents at 31 December |
317,550 |
299,196 |
|
The requirement under FRS102 to present a reconciliation of net debt is not applicable to the Company, as it holds no debt.
Ormonde Advisory Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
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General information |
The Company is a private company limited by share capital, registered and incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the 'Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
Judgements and estimates
The preparation of the financial statements in conformity with FRS 102 requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. Although the nature of estimation means that actual outcomes could differ from those estimates, both estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstance. Judgements have been made in relation to the recoverability of debtors and the application of the break up basis. |
Revenue recognition
Turnover comprises the fair value of investment advisory services provided during the period to clients. Turnover is recognised as contract activity progresses and the right to consideration is earned. Fair value reflects the amount expected to be recoverable from clients and is based on services provided and expenses incurred excluding VAT.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Ormonde Advisory Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Disposal of Company assets are recognised at sale value less cost and any subsequent accumulated depreciation.
Depreciation
Depreciation is charged so as to write off the cost of assets, over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
|
Office equipment |
33% straight line |
|
Furniture and fittings |
33% straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Debtors
Trade debtors are amounts due from customers for services performed in the ordinary course of business.
Trade debtors and other debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.
Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors and other creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Ormonde Advisory Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
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Turnover |
The whole of the turnover is attributable to providing investment services to investment funds and investment advisory services. An analysis of turnover by geographical area has not been provided as in the opinion of the directors such disclosures would not be beneficial to the interests of the Company.
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2024 |
2023 |
|
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Rendering of services |
|
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Other gains and losses |
The analysis of the company's other gains and losses for the year is as follows:
|
2024 |
2023 |
|
|
Gain/(loss) on disposal of property, plant and equipment |
|
|
Ormonde Advisory Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Operating loss |
Arrived at after charging/(crediting)
|
2024 |
2023 |
|
|
Depreciation expense |
|
|
|
Operating lease expense - property |
|
|
|
Profit on disposal of property, plant and equipment |
( |
( |
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Interest payable and similar expenses |
|
2024 |
2023 |
|
|
Foreign exchange (gains)/losses |
|
|
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Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2024 |
2023 |
|
|
Wages and salaries |
|
|
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Social security costs |
|
|
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Other short-term employee benefits |
|
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Pension costs, defined contribution scheme |
|
|
|
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The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
|
2024 |
2023 |
|
|
Administration and support |
|
|
|
|
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Ormonde Advisory Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
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Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2024 |
2023 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
176,186 |
302,060 |
In respect of the highest paid director:
|
2024 |
2023 |
|
|
Remuneration |
|
|
|
Company pension contributions |
|
|
|
Auditors' remuneration |
|
2024 |
2023 |
|
|
Audit of the financial statements |
|
|
|
Tangible assets |
|
Furniture, fittings and equipment |
|
|
Cost or valuation |
|
|
At 1 January 2024 |
|
|
At 31 December 2024 |
|
|
Depreciation |
|
|
At 1 January 2024 |
|
|
Charge for the year |
|
|
At 31 December 2024 |
|
|
Carrying amount |
|
|
At 31 December 2024 |
|
|
At 31 December 2023 |
|
Ormonde Advisory Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Debtors |
|
Current |
Note |
2024 |
2023 |
|
Trade Debtors |
|
- |
|
|
Amounts owed by related parties |
|
|
|
|
Other debtors |
|
|
|
|
Prepayments |
|
|
|
|
Accrued income |
|
|
|
|
|
|
|
Creditors |
|
2024 |
2023 |
|
|
Due within one year |
||
|
Trade Creditors |
|
|
|
Outstanding defined contribution pension costs |
- |
|
|
Accrued expenses |
|
|
|
|
|
|
Pension and other schemes |
Defined contribution pension scheme
The Company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £Nil (2023 - £
Ormonde Advisory Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Share capital |
Allotted, called up and fully paid shares
|
2024 |
2023 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
2,044,778 |
|
2,044,778 |
|
Related party transactions |
Summary of transactions with associates
At the balance sheet date, Ormonde Support LLC, a company with part common ownership, owed the Company £52,763 (2023 - NIL).
Summary of transactions with other related parties
|
Parent and ultimate parent undertaking |
These financial statements are available upon request from the Companies House website.
The ultimate controlling party is