The directors present the strategic report for the year ended 31 December 2024.

Strategic management

Credo was founded on two core, guiding principles: firstly, putting clients’ interests ahead of everything else, with the belief that if this was always done, the business would have a good chance of becoming successful, and secondly, ensuring that employees were treated as being a “part of the family”, as any company is only as good as its people.

Nearly twenty-five years later Credo still operates with both of these as core, guiding principles, with the result that today the business has a well-established culture which ensures that clients’ interests are prioritised in the first instance, and that employees are treated as individuals with equal opportunities to progress within the company.

Two significant consequences of this culture are that Credo has established strong personal relationships with a large number of clients, whilst maintaining many of the good employees over the years, and hence the company has a stable long-term workforce today, many of whom have spent more than ten years with the company. We believe that this creates a virtuous circle as clients and staff alike get to know each other over the years, thereby further enhancing the company’s ability to better serve client needs.

These principles have been major drivers in creating and preserving value for the company.

In October 2024, Credo embarked on a new chapter as it merged with Anchor Group (Proprietary) Limited (“Anchor”). Anchor is a privately owned wealth management and asset management business that was founded in South Africa in 2008. Anchor provides its services to predominantly South African resident clients. This strategic merger will effectively double the size of the respective businesses from an assets perspective and marks a significant step in Credo’s ongoing commitment to provide clients with the best possible investment opportunities and services.

In addition to the above, Credo remains committed to serving both Private and Financial Intermediary clients in our two core markets, namely the United Kingdom and South Africa. Credo’s management will continue to ensure that investment in the business enhances the offerings to both these client segments and markets. A successful strategy in this regard will ultimately benefit shareholders as well.

Business environment

In last year’s report, mention was made of a benign interest rate scenario based on an environment of relatively subdued inflation. This continued for much of 2024, and the US Federal Reserve (“Fed”) cut interest rates no fewer than three times over the course of the year as a result. Towards the end of the year, the Fed’s language did however start to change, leading to expectations that further cuts would likely be fewer and smaller going forward.

After digesting this new reality, international equity prices proved to be resilient once again, largely based on sound company fundamentals such as expanding margins and improving outlooks. Prices of US shares led the way once more, with the S&P 500 adding some 23% over the course of the year – significantly ahead of consensus forecasts 12 months earlier.

There were at least two reasons for this. First, the continued dominance of the so-called “Magnificent Seven” companies which we also referenced in last year’s report (Microsoft, Apple, Amazon, Alphabet, Meta, Nvidia and Tesla – all US based technology plays, responding in different ways to the structural shift towards artificial intelligence which appears to gather more and more momentum); this group in aggregate now account for nearly 30% of the broader US stock market. Secondly, the market appeared to react favourably to the re-election of Donald Trump as President (at least up until the end of the first quarter of the 2025 calendar year), given that the policies he espoused were seen to be generally positive for US Inc.

Based on the above, Credo’s assets under administration approached all-time highs towards the end of 2024, which clearly had a positive impact on both management and platform fees earned over the course of the year. The diversified nature of the company’s business model and revenue streams further played a role in overall earnings which remained strong.

More recently, equity markets have undergone a downward correction in response to sweeping tariffs on global trade announced by the Trump administration. At the time of writing, it is impossible to speculate exactly how things will play out, with the US and other countries effectively trading blows on a daily basis in what appears to be a process of high-stakes negotiation. Odds of a global recession in the coming months have also gone up as a result.

Whilst the directors take note of these increased risks, they remain confident that the prospects for the business remain sound, even if the overall level of profitability may be somewhat impacted by a more uncertain global environment in the short and medium term.

Business performance and position

With the company’s assets under administration approaching all-time highs towards the end of the year, Credo’s revenue of £30,192,301 reflects an increase of 16% versus the prior year figure.

Average assets under administration increased over the past 12 months from £4.5bn to £5bn and gross margins across the company’s business continue to improve compared to the prior year.

The increase in administrative expenses reflects the continued investment made by the company in staff to service and continue to grow the business, along with additional data costs being incurred during the year that are key to our business activities.

Overall, the directors are satisfied with the operating performance of the business for the year ending 31 December 2024.

In addition, Credo has a strong balance sheet, evidenced by £9,669,150 (2023: £8,903,585) of net current assets, which should support the company in weathering any potential business and market uncertainties.

Credit risk

Included in receivables is £5,297,509 (2023: £4,716,177) which relates to accrued income. This consists mainly of trading commission, platform fees and asset management fees due to the company. A significant proportion of the trade debtors were recovered post year end.

The directors are of the opinion that the company has no significant credit risk.    

Liquidity risk            

The company’s cash and cash equivalents as at 31 December 2024 totalled £2,806,940 (2023: £3,959,042). Given this balance and the company’s high cash conversion within its operating business, the directors foresee no liquidity issues for the coming financial year nor any issues which would lead them to believe that there are any going concern problems with the company.

Market risk

The directors' view on market risk has been commented on above.

Section 172 of the Companies Act 2006 requires the directors to take into consideration the interests of stakeholders in their decision-making and this statement should be read in conjunction with the Strategic Report in its entirety.

The directors continue to have regard to the interests of the Company's employees and other stakeholders including the impact of its activities on the community and the environment in which it operates, when making decisions. The directors act in good faith and fairly between the Company's members and consider the steps that are most likely to promote the success of the Company in the long term, for its members. The directors continue to strive to maintain the Company's reputation for high standards of business conduct.

The Company has long-established channels of communication within the organisation where employees can put forward their views and ideas. The Company was able to quickly respond to the Covid pandemic by ensuring all staff could work effectively and safely from home. We continue to embrace diversity within our business and create an environment where staff have the opportunity to develop and progress. Our principal stakeholders including our shareholders, staff and suppliers are engaged on a regular basis.

Capital and reserves

The company's total equity as at 31 December 2024 totalled £9,678,610 (2023: £8,874,169) which is sufficient to meet the capital requirements as required by the Financial Conduct Authority.    

On behalf of the board

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

The principal activity of the company is the provision of wealth management services to Private clients, as well as wealth platform and investment solutions to Financial Intermediary clients.

The results for the year are set out on page 10.

Ordinary dividends were paid amounting to £4,375,000 (2023: £8,300,000).

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

The auditor, Gerald Edelman LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

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;

• 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 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 company's Public disclosure can be found on the company's website (www.credogroup.com).

Having reviewed the company's financial forecast and expected future cash flows, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the going concern basis has been adopted in preparing the financial statements for the year ended 31 December 2024.

We have audited the financial statements of Credo Capital 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 changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

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

Opinions on other matters prescribed by the Companies Act 2006

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

• the information given in the Strategic Report and the Directors' Report for the financial period 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 and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

• adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

• the financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of directors' remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit.

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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.

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 extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Our audit procedures were primarily directed towards testing the accounting systems in operation upon which we have based our assessment of the financial statements for the year ended 31 December 2024.

We planned our audit so that we have a reasonable expectation of detecting material misstatements in the financial statements resulting from irregularities, fraud or non-compliance with law or regulations.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

• The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations.

• Enquiring of management of whether they are aware of any non-compliance with laws and regulations.

• Enquiring of management whether they have knowledge of any actual, suspected or alleged fraud.

• Enquiring of management their internal controls established to mitigate risk related to fraud or non-compliance with laws and regulations.

• Discussions amongst the engagement team on how and where fraud might occur in the financial statements and any potential indicators of fraud. As part of this discussion, we identified potential for fraud in the following areas; posting of unusual journals.

• Obtaining understanding of the legal and regulatory framework the company operates in focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations. The key laws and regulations we considered in this context included UK Companies Act 2006, tax legislation, data protection, anti-bribery, employment, health and safety, money laundering act and FCA regulation.

To address the risk of fraud through management bias and override of controls, we:

• Performed analytical procedures to identify any unusual or unexpected relationships.

• Audited the risk of management override of controls, including through testing journal entries for appropriateness.

• Assessed whether judgements and assumptions made in determining the accounting estimates set out in note 2 were indicative of potential bias; and

• Investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non compliance with laws and regulations, we designed procedures which included, but are not limited to:

• Agreeing financial statements disclosures to underlying supporting documentation.

• Reviewing minutes of meetings of those charged with governance.

• Enquiring of management as to actual and potential litigation claims.

• Reviewing correspondence with FCA.

The test nature and other inherent limitations of an audit, together with the inherent limitations of any accounting and internal control system, mean that there is an unavoidable risk that even some material misstatements in respect of irregularities may remain undiscovered even though the audit is properly planned and performed in accordance with ISAs (UK). Furthermore, the more removed that laws and regulations are from financial transactions, the less likely that we would become aware of non-compliance.

Our examination should therefore not be relied upon to disclose all such material misstatements or frauds, errors or instances of non-compliance that might exist. The responsibility for safeguarding the assets of the company and for the prevention and detection of fraud, error and non-compliance with law or regulations rests with the directors.

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.

The statement of comprehensive income has been prepared on the basis that all operations are continuing operations.

Credo Capital Limited is a private company limited by shares incorporated in England and Wales. The registered office is 8-12 York Gate, 100 Marylebone Road, London, NW1 5DX.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

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

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The balance sheet shows that the company has net current assets of £9,true669,150 (2023: £8,903,585), net assets of £9,678,610 (2023: £8,874,169) and profit for the year of £5,179,441 (2023: £4,009,309).

The directors have no reason to believe that a material uncertainty exists that may cast significant doubt about the ability of the company to continue as a going concern.

On the basis of their assessment of the company's financial position, the company's directors have an expectation that the company will continue in operational existence for the foreseeable future. As such, the directors continue to adopt the going concern basis in preparing the financial statements.

Turnover represents platform fees, advisory and asset management fees, trading commission and a share of interest on client money held by the company's custodians. The fees and commissions are recognised in the period in which the service is provided. Performance fees are recognised when the fees crystallise.

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:

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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.

Where a reasonable and consistent basis of allocation can be identified, assets are allocated to individual cash-generating units, or otherwise they are allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified.

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.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. 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.

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

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

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

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

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Financial assets, other than held at fair value through profit or loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

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

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

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The tax expense represents the sum of the tax currently payable and deferred 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 liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

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

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

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

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

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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

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

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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

An analysis of the company's revenue is as follows:

All turnover was generated within the United Kingdom.

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

Their aggregate remuneration comprised:

The gains and losses on disposal are recognised on financial assets measured at fair value through profit or loss.

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

Amounts Owed by Group Undertakings

The balance represents intercompany loans amounting to £Nil (2023: £711,007), which are unsecured, interest-free, and repayable on demand.

Prepayments and accrued income

The prepayments amounted to £554,663 (2023: £486,178).

The accrued income amounted to £5,297,509 (2023: £4,716,177) and primarily consists of trading commission, platform fees and asset management fees.

The current asset investments are stated at fair value, being the market value of the investments as at the period end date.

Amounts Owed by Group Undertakings

The company had intercompany loans from a fellow group companies, Credo Wealth Limited and Credo Group (SA) (Proprietary) Limited, amounting to £494,805 (2023: £343,112). The loans are unsecured, interest-free, and repayable on demand.

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

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

The company has taken advantage of the exemption in FRS 102 whereby it has not disclosed transactions and balances with group companies on the grounds that all transactions were undertaken with wholly owned companies within the group.

The company has a possible future obligation that arises from a tax matter linked to a fellow subsidiary company within the wider Credo group.

At this stage, the obligation cannot be measured with sufficient reliability, but should it materialise, it will not have any impact on the ongoing viability of the business.

The company operates a deferred bonus scheme for certain of its employees. The bonuses awarded to eligible employees are calculated with reference to a particular period-end but the payments are deferred over a number of years.

A bonus that is awarded under this scheme will only be paid to the eligible employee if certain criteria are satisfied, including that the employee is still employed by the company at the relevant payment date and is not working out their notice period.

The amounts payable at the end of each period-end, assuming all criteria have been met, are clearly communicated to the relevant employees.

The directors have therefore decided that due to the qualifying criteria outlined in the scheme, the bonuses do not meet the recognition requirements for accrual in the accounts as they constitute contingent liabilities. The total payments in respect of bonuses which are considered to be contingent liabilities as at 31 December 2024 amount to £280,450 (2023: £441,950).

The ultimate parent company is Anchor Group (Proprietary) Limited, a company registered in South Africa.

There is no ultimate controlling party.