Company registration number 11231740 (England and Wales)
WOBURN ASSET MANAGEMENT LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
WOBURN ASSET MANAGEMENT LIMITED
COMPANY INFORMATION
Director
John Edmondson
Secretary
Zome Secretaries Limited
Company number
11231740
Registered office
5th Floor
111 Charterhouse Street
London
EC1M 6AW
Accountants
Zome Accountants Limited
5th Floor
111 Charterhouse Street
London
EC1M 6AW
Auditor
Fisher, Sassoon & Marks
43-45 Dorset Street
Marylebone
London
W1U 7NA
WOBURN ASSET MANAGEMENT LIMITED
CONTENTS
Page
Strategic report
1 - 2
Director's report
3
Director's responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 22
WOBURN ASSET MANAGEMENT LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2025
- 1 -

The director presents the strategic report for the year ended 30 June 2025.

Review of the business

The results of the year and the financial position at the y ear e nd were considered satisfactory by the director who hope to continue increasing both turnover and profits respectively.

Principal risks and uncertainties

As a service provider the director considers that the key financial risk exposures faced by the company relate to credit risk and the need to maintain sufficient liquidity to satisfy regulatory capital requirements and working capital needs. The company's financial risk management objectives are to minimise the key financial risks through having clearly defined terms of business with counter parties and stringent credit control over transactions with them and regular monitoring of cash flow and management accounts to ensure regulatory capital requirements are not breached and the company maintains adequate working capital.

Development and performance

At the year end, the company had net assets of £200,852 (2024: £137,990).

The company is well placed to achieve its long-term business strategy.

Key performance indicators

The company's key performance indicators are turnover and profitability as disclosed below from the information on page 6 of the financial statements.

The company's key performance indicators are turnover which increased from £314,876 in 2024 to £454,036 this year; and profitability which increased significantly from £166,434 in 2024 to £252,862 for the current year.

Regulatory compliance requirement

In accordance with the rules of the Financial Conduct Authority, the company has published information on its risk management objectives and the policies on its regulatory capital requirements and resources. These disclosures can be reviewed at the registered office.

WOBURN ASSET MANAGEMENT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 2 -
Directors' statement of compliance with duty to promoting the success of the company

The director of the company has acted in a way that he considers, in good faith, would most likely promote the success of the company for the benefit of its shareholders and customers as a whole. In doing so the director has had regard to (amongst other matters):

- The likely consequences of any decisions in the long term - t he Board takes full responsibility for all strategic matters and meets formally on a regular basis.

- The interests of the Company's employees - a s a small company all personnel are viewed as key staff. There exists a clear framework of policies and procedures that accord with the legal requirements around equality and diversity, regulatory responsibilities and employment rights but perhaps more importantly the firm has fostered an atmosphere in which all personnel feel comfortable to speak openly on any matter the feel they need to.

- The need to foster the Company's business relationships with supplier and others - t he Company operates closely with its key suppliers, so they are aligned with its strategic objectives ensuring that all businesses continue to run optimally. The Board operates a risk management framework including Anti-Bribery and Corruption policies. The Board retains a transparent dialogue with regulators, ensuring that they are updated as required. The company receives regular updates on developments in financial services compliance and regulation. Compliance with the rules and regulations ensure the integrity of the financial markets in which Woburn AM operates.

- The desirability of the Company maintaining a reputation for high standards of business conduct - this is demonstrated in how the right culture for a client facing regulated business is fostered. The company does maintain a reputation for high standards of business conduct.

- The need to act fairly between shareholders of the Company - t he company shareholders and board are aligned through a high level of share ownership.

- Community & Environment - the firm takes its broader responsibilities very seriously and operates a work-experience programme for young individuals considering a career in finance. The firm is also committed to sustainability and demonstrates this through various eco-friendly initiatives as well as screening suppliers for their carbon footprint and ESG credentials.

Future developments

The Company’s main aim is to increase assets under management and engage additional clients. Once assets under management increase, the Company will hire additional staff. Additional hires will increase fixed costs, but revenues and profits will increase. The main milestone is to double assets under management in the medium term.

On behalf of the board

John Edmondson
Director
1 October 2025
WOBURN ASSET MANAGEMENT LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 JUNE 2025
- 3 -

The director presents his annual report and financial statements for the year ended 30 June 2025.

Principal activities

The principal activity of the company continued to be that of the provision of investment management services to professional clients.

Results and dividends

Ordinary dividends were paid amounting to £190,000.

Director

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

John Edmondson
Financial instruments
Liquidity risk

The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.

Foreign currency risk

The company’s principal foreign currency exposures arise from trading with overseas companies. Company policy permits but does not demand that these exposures may be hedged in order to fix the cost in sterling.

Regulatory risk

The company's main business activity is regulated by FCA and the company provides its services strictly according to current UK legislation, but there is always the risk of a changing regulatory landscape which can affect the company's business. The company aims to be very flexible and react immediately in case of any significant changes in legislation and other regulatory issues, in order to adapt quickly to new business environments.

Post reporting date events

There are no post balance sheet events to report.

Auditor

The auditor, Fisher, Sassoon & Marks, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

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.

On behalf of the board
John Edmondson
Director
1 October 2025
WOBURN ASSET MANAGEMENT LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2025
- 4 -

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

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is 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 director is 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. He is 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.

WOBURN ASSET MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WOBURN ASSET MANAGEMENT LIMITED
- 5 -
Opinion

We have audited the financial statements of Woburn Asset Management Limited (the 'company') for the year ended 30 June 2025 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, 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 30 June 2025 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 director's 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 director 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 director is 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 director's r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the director's report have been prepared in accordance with applicable legal requirements.

WOBURN ASSET MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WOBURN ASSET MANAGEMENT LIMITED
- 6 -
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 strategic report and the director's r eport.

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 director's remuneration specified by law are not made; or

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

Responsibilities of director

As explained more fully in the director's r esponsibilities s tatement, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has 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.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- 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;

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the financial services sector;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Financial Conduct Authority (FCA), Companies Act 2006, taxation legislation, data protection, anti-bribery, anti-money-laundering, and employment;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and

- understanding the design of the company’s remuneration policies.

WOBURN ASSET MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WOBURN ASSET MANAGEMENT LIMITED
- 7 -

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

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates as 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 were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC, relevant regulators including the FCA and reviewing the company’s compliance monitoring procedures and findings.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment 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.

Jonathan Marks (Senior Statutory Auditor)
For and on behalf of Fisher, Sassoon & Marks
1 October 2025
Chartered Accountants
Statutory Auditor
43-45 Dorset Street
Marylebone
London
W1U 7NA
WOBURN ASSET MANAGEMENT LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2025
- 8 -
Year
Period
ended
ended
30 June
30 June
2025
2024
Notes
£
£
Turnover
3
454,036
314,876
Administrative expenses
(122,127)
(76,514)
Operating profit
4
331,909
238,362
Interest receivable and similar income
7
700
965
Net fair value (loss)/gain on investments
8
9,101
(16,389)
Profit before taxation
341,710
222,938
Tax on profit
9
(88,848)
(56,504)
Profit for the financial year
252,862
166,434

The profit and loss account has been prepared on the basis that all operations are continuing operations.

WOBURN ASSET MANAGEMENT LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2025
- 9 -
Year
Period
ended
ended
2025
2024
£
£
Profit for the year
252,862
166,434
Other comprehensive income
-
-
Total comprehensive income for the year
252,862
166,434
WOBURN ASSET MANAGEMENT LIMITED
BALANCE SHEET
AS AT 30 JUNE 2025
30 June 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
11
9,262
1,809
Investments
12
7,420
10,420
16,682
12,229
Current assets
Debtors
14
179,950
35,849
Investments
15
29,531
-
0
Cash at bank and in hand
91,393
174,526
300,874
210,375
Creditors: amounts falling due within one year
16
(116,704)
(84,614)
Net current assets
184,170
125,761
Net assets
200,852
137,990
Capital and reserves
Called up share capital
17
55,100
55,100
Profit and loss reserves
145,752
82,890
Total equity
200,852
137,990
The financial statements were approved and signed by the director and authorised for issue on 1 October 2025
John Edmondson
Director
Company registration number 11231740 (England and Wales)
WOBURN ASSET MANAGEMENT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2025
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 September 2023
55,100
31,456
86,556
Period ended 30 June 2024:
Profit and total comprehensive income
-
166,434
166,434
Dividends
10
-
(115,000)
(115,000)
Balance at 30 June 2024
55,100
82,890
137,990
Year ended 30 June 2025:
Profit and total comprehensive income
-
252,862
252,862
Dividends
10
-
(190,000)
(190,000)
Balance at 30 June 2025
55,100
145,752
200,852
WOBURN ASSET MANAGEMENT LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2025
- 12 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
20
192,115
223,786
Income taxes (paid)/refunded
(57,676)
5,688
Net cash inflow from operating activities
134,439
229,474
Investing activities
Purchase of tangible fixed assets
(7,842)
(1,885)
Proceeds on disposal of tangible fixed assets
-
0
395
Purchase of investments
(15,671)
-
0
Proceeds on disposal of investments
(4,759)
5,328
Interest received
-
0
132
Other income received from investments
700
833
Net cash (used in)/generated from investing activities
(27,572)
4,803
Financing activities
Dividends paid
(190,000)
(115,000)
Net cash used in financing activities
(190,000)
(115,000)
Net (decrease)/increase in cash and cash equivalents
(83,133)
119,277
Cash and cash equivalents at beginning of year
174,526
55,250
Cash and cash equivalents at end of year
91,393
174,526
WOBURN ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
- 13 -
1
Accounting policies
Company information

Woburn Asset Management Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5th Floor, 111 Charterhouse Street, London, EC1M 6AW.

1.1
Accounting convention

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 a mounts 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.

1.2
Going concern

A true t the time of approving the financial statements, t he director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover comprises revenue recognised by the company in respect of commissions receivable during the year from the provision of investment service activities. Turnover is recognised when the services have been provided and the right to receive payment is established. Turnover is shown net of VAT and other sales related taxes.

1.4
Tangible fixed assets

Tangible fixed assets 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:

Fixtures, fittings and equipment
Over 3 years

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 credited or charged to profit or loss.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

WOBURN ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 14 -

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

Investments in unlisted company shares, which have been classified as fixed asset investments as the company intends to hold them on a continuing basis, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

Investments in listed company shares, which have been classified as current asset investments, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

1.6
Impairment of fixed assets

At each reporting period end 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.

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.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and 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. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

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 balance sheet 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.

WOBURN ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 15 -
Basic financial assets

Basic financial assets, which include debtors 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.

Classification of financial liabilities

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

Basic financial liabilities, including creditors, 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 paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Equity instruments

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.

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 profit and loss account 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.

WOBURN ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 16 -
Deferred tax

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 profit and loss account, 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.

1.11
Employee benefits

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 fixed 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.

1.12
Foreign exchange

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.

2
Judgements and key sources of estimation uncertainty

Judgements and key sources of estimation uncertainty In the application of the company’s accounting policies, the director is 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.

The director does not consider there to be any critical judgements or key sources of estimation uncertainty involved in the preparation of the company's financial statements.

3
Turnover and other revenue

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

2025
2024
£
£
Turnover analysed by class of business
Commission receivable
454,036
314,876
WOBURN ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
3
Turnover and other revenue
(Continued)
- 17 -
2025
2024
£
£
Turnover analysed by geographical market
Non-UK
454,036
314,876
2025
2024
£
£
Other revenue
Interest income
-
132
4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Auditors' remuneration - audit related services
10,200
10,200
Depreciation of owned tangible fixed assets
389
575
Profit on disposal of tangible fixed assets
-
(395)
5
Employees

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

2025
2024
Number
Number
1
1
6
Director's remuneration
2025
2024
£
£
Remuneration for qualifying services
9,100
9,100
7
Interest receivable and similar income
2025
2024
£
£
Interest income
Other interest income
-
0
132
Income from fixed asset investments
Income from other fixed asset investments
700
833
Total income
700
965
WOBURN ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 18 -
8
Net fair value (loss)/gain on investments
2025
2024
£
£
Change in value of financial assets held at fair value through profit or loss
9,101
6,170
Gain/(loss) on disposal of investments
-
(22,559)
9,101
(16,389)
9
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
88,848
57,676
Deferred tax
Origination and reversal of timing differences
-
0
(1,172)
Total tax charge
88,848
56,504

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:

2025
2024
£
£
Profit before taxation
341,710
222,938
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
85,428
55,735
Tax effect of expenses that are not deductible in determining taxable profit
3,420
769
Taxation charge for the year
88,848
56,504
10
Dividends
2025
2024
£
£
Interim paid
190,000
115,000
WOBURN ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 19 -
11
Tangible fixed assets
Fixtures, fittings and equipment
£
Cost
At 1 July 2024
8,889
Additions
7,842
At 30 June 2025
16,731
Depreciation and impairment
At 1 July 2024
7,080
Depreciation charged in the year
389
At 30 June 2025
7,469
Carrying amount
At 30 June 2025
9,262
At 30 June 2024
1,809
12
Fixed asset investments
2025
2024
£
£
Unlisted investments recorded at cost less impairment
7,420
10,420
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 July 2024 & 30 June 2025
10,420
Impairment
At 1 July 2024
-
Impairment losses
3,000
At 30 June 2025
3,000
Carrying amount
At 30 June 2025
7,420
At 30 June 2024
10,420
WOBURN ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 20 -
13
Financial instruments
2025
2024
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
179,950
35,849
Equity instruments measured at cost less impairment
7,000
10,000
Instruments measured at fair value through profit or loss
29,531
-
Carrying amount of financial liabilities
Measured at amortised cost
27,857
26,938
14
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
176,000
32,599
Other debtors
3,950
3,250
179,950
35,849
15
Current asset investments
2025
2024
£
£
Listed investments recorded at fair value throught profit or loss
29,531
-
0
Movements in current asset investments
Investments
£
Cost or valuation
At 1 July 2024
-
Additions
20,430
Valuation changes
9,101
At 30 June 2025
29,531
Carrying amount
At 30 June 2025
29,531
At 30 June 2024
-

As at the year end the fair value of listed investments was £29,531 (£2024: £nil).

WOBURN ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 21 -
16
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
3,870
252
Corporation tax
88,848
57,676
Other creditors
12,286
14,986
Accruals and deferred income
11,700
11,700
116,704
84,614
17
Share capital
2025
2024
£
£
Ordinary share capital
Issued and fully paid
55,000 ordinary shares of £1 each
55,000
55,000
100 ordinary A shares of £1 each
100
100
55,100
55,100

The ordinary A shares are entitled to dividend payments or any other distribution at the option of the director. They do not carry voting rights.

18
Related party transactions

Dividends totalling £190,000 (2024: £115,000) were paid in the year, of which £142,500 (2024: £86,250) was paid to the company's director and £47,500 (2024: £28,750) to the other shareholder.

19
Ultimate controlling party

The ultimate controlling party is J Edmondson, the director of the company.

WOBURN ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 22 -
20
Cash generated from operations
2025
2024
£
£
Profit for the year after tax
252,862
166,434
Adjustments for:
Taxation charged
88,848
56,504
Investment income
(700)
(965)
Gain on disposal of tangible fixed assets
-
(395)
Depreciation and impairment of tangible fixed assets
389
575
Net loss/(gain) on investments
(6,101)
16,389
Movements in working capital:
Increase in debtors
(144,101)
(26,092)
Increase in creditors
918
11,336
Cash generated from operations
192,115
223,786
21
Analysis of changes in net funds
1 July 2024
Cash flows
30 June 2025
£
£
£
Cash at bank and in hand
174,526
(83,133)
91,393
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