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Registered number: 02730015 A J BUCKLEY ASSET MANAGEMENT LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 TWP ACCOUNTING LLP Chartered Accountants & Statutory Auditors The Old Rectory Church Street Weybridge Surrey KT13 8DE
A J BUCKLEY ASSET MANAGEMENT LIMITED COMPANY INFORMATION
Director | Paul George Willans
Registered number | 02730015
Registered office | The Old Rectory
| Church Street
| Weybridge
| Surrey
| KT13 8DE
Independent auditor | TWP Accounting LLP
| Chartered Accountants & Statutory Auditors
| The Old Rectory
| Church Street
| Weybridge
| Surrey
| KT13 8DE
A J BUCKLEY ASSET MANAGEMENT LIMITED CONTENTS
| Page
Strategic Report | 1 - 2
Director's Report | 3 - 4
Independent Auditor's Report | 5 - 8
Statement of Comprehensive Income | 9
Balance Sheet | 10
Statement of Changes in Equity | 11
Statement of Cash Flows | 12 - 13
Analysis of Net Debt | 13
Notes to the Financial Statements | 14 - 22
A J BUCKLEY ASSET MANAGEMENT LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 30 JUNE 2025
Introduction
The directors present their strategic report for the year ended 30 June 2025.
Business review
A J Buckley Asset Management Limited continues to operate as a regulated wealth management firm, offering objective investment management and financial planning services to individuals and trustees in the UK and internationally. The company’s business model is centred on long-term, contractual client relationships, with financial planning services provided exclusively to UK-resident clients. The company derives income from: ∙Initial and ongoing discretionary investment management fees; ∙Advisory investment recommendations and implementation fees; ∙Financial planning consultancy services. During the year, the company generated turnover of £327,462 (2024: £352,291), with a 4% rise in ongoing management fees. Despite a reduction in total income year-on-year, the company returned to profitability, reporting a profit after tax of £7,807 (2024: loss of £25,776). This reflects the benefits of internal restructuring and cost control measures.
Principal risks and uncertainties
The company remains exposed to external risks including: ∙Regulatory changes; ∙Macroeconomic factors (e.g. inflation, interest rates); ∙Geopolitical instability (e.g. Ukraine conflict, Middle East tensions and US tariffs). Nonetheless, sufficient financial support is in place to ensure the business remains a going concern. The company is focused on growing turnover through continued marketing and business development initiatives.
Development and performance
The UK wealth management market remains competitive and continues to face regulatory and economic pressures. However, the company’s strategic investments in technology, marketing, and operational efficiency have begun to yield results. Key developments include: ∙A return to profitability, with a net profit of £7,807 (2024: loss of £25,776); ∙A 15.4% reduction in administrative expenses, down to £320,493 (2024: £378,696); ∙A stable cash position of £140,205 at year-end (2024: £140,783); ∙Net assets increased to £152,122 (2024: £144,315), reflecting improved financial resilience. The company is now well-positioned to capitalise on its strengthened operational base and growing pipeline of new business. Page 1
A J BUCKLEY ASSET MANAGEMENT LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025
Financial key performance indicators
The company monitors the following KPIs to assess financial performance:
. |
|  | 2025 | 2024 | 2023 | 2022
|  | £ | £ | £ | £
| Inital investment management fees | 8,333 | 55,551 | 4,449 | 2,314
| Ongoing investment management fees | 300,477 | 287,829 | 309,964 | 360,402
| Advisory fees | 10,599 | 500 | - | -
| Execution-only fees | 7 | 276 | 818 | 1,053
| Legacy commisions | 8,046 | 8,095 | 7,805 | 8,913
| Accruals | - | - | - | -
| Client disbursements | - | 40 | - | -
|  | 327,462 | 352,291 | 323,036 | 372,682
| Despite a 7.1% decrease in turnover compared to 2024, the company achieved a £33,583 improvement in net profit, driven by cost reductions and operational efficiencies. The company enters the new financial year with a strong and growing pipeline of new business. This is expected to contribute positively to both assets under management and recurring income streams, reinforcing the company’s long-term revenue model. Management remains confident that the strategic investments made in recent years will continue to support sustainable growth, operational resilience, and improved profitability.
This report was approved by the board on 13 October 2025 and signed on its behalf.
................................................ Paul George Willans Director
Page 2
A J BUCKLEY ASSET MANAGEMENT LIMITED DIRECTOR'S REPORT FOR THE YEAR ENDED 30 JUNE 2025 The director presents his report and the financial statements for the year ended 30 June 2025.
Principal activity
The principal activity of the company during the year was investment advice. This has been carried out in the United Kingdom, services being provided to residents, expatriates and foreign nationals. The company is permitted to hold client monies.
Results and dividends
The profit for the year, after taxation, amounted to £7,807 (2024 - loss £25,776).
Director
The director who served during the year was:
Paul George Willans
Director's responsibilities statement
The director is responsible for preparing the Strategic Report, the Director's 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; ∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The 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 to enable him 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.
Disclosure of information to auditor
The director at the time when this Director's Report is approved has confirmed that: ∙so far as is aware, there is no relevant audit information of which the Company's auditor is unaware, and ∙ has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information. Page 3
A J BUCKLEY ASSET MANAGEMENT LIMITED DIRECTOR'S REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025
Post balance sheet events
There have been no significant events affecting the Company since the year end.
Auditor
The auditor, TWP Accounting LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board on 13 October 2025 and signed on its behalf.
................................................ Paul George Willans Director
Page 4
A J BUCKLEY ASSET MANAGEMENT LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF A J BUCKLEY ASSET MANAGEMENT LIMITED
Opinion
We have audited the financial statements of A J BUCKLEY ASSET MANAGEMENT LIMITED (the 'Company') for the year ended 30 June 2025, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). 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 United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
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. Page 5
A J BUCKLEY ASSET MANAGEMENT LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF A J BUCKLEY ASSET MANAGEMENT LIMITED (CONTINUED)
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Strategic Report and the Director's Report 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.
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 identified material misstatements in the Strategic Report or the Director's 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: ∙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 directors
As explained more fully in the Director's Responsibilities Statement set out on page 3, 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 have no realistic alternative but to do so. Page 6
A J BUCKLEY ASSET MANAGEMENT LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF A J BUCKLEY ASSET MANAGEMENT LIMITED (CONTINUED)
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: ∙Obtain an understanding of the policies and procedures management have in place to detect and prevent fraud and non-compliance with laws and regulations ∙Enquire of management any cases of actual or suspected fraud and non-compliance with laws and regulations. ∙Enquire of management and those charged with governance around actual and potential litigation and claims. ∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. ∙Assess the key risk areas within the financial statements which are susceptible to fraud or error and design our audit approach thereon ∙Perform substantive tests on a sample of transactions throughout the financial statements to ensure that no material errors have been identified ∙Perform cut off tests on a sample of transactions to ensure expenditure have been accounted for in the correct period ∙Review of after year end information to ensure expenditure have been accounted for in the correct period. ∙Perform analytical review procedures to identify any irregularities and investigation thereon ∙Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's 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. Page 7
A J BUCKLEY ASSET MANAGEMENT LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF A J BUCKLEY ASSET MANAGEMENT LIMITED (CONTINUED) Paul Hawksley ACA MAAT CTA (Senior Statutory Auditor) for and on behalf of TWP Accounting LLP Chartered Accountants & Statutory Auditors The Old Rectory Church Street Weybridge Surrey KT13 8DE 15 October 2025 Page 8
A J BUCKLEY ASSET MANAGEMENT LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 327,462 | 352,291
Gross profit |  | 327,462 | 352,291
Administrative expenses |  | (319,933) | (378,696)
Other operating income |  | - | 8
Operating profit/(loss) | 5 | 7,529 | (26,397)
Amounts written off investments |  | 264 | 867
Interest receivable and similar income | 9 | 574 | 14
Interest payable and similar expenses |  | (560) | (1,146)
Profit/(loss) before tax |  | 7,807 | (26,662)
Tax on profit/(loss) | 10 | - | 886
Profit/(loss) for the financial year |  | 7,807 | (25,776)
There was no other comprehensive income for 2025 (2024:£NIL).
The notes on pages 14 to 22 form part of these financial statements.
Page 9
A J BUCKLEY ASSET MANAGEMENT LIMITED REGISTERED NUMBER: 02730015 BALANCE SHEET AS AT 30 JUNE 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 11 |  | 5,670 |  | 6,188
|  |  | 5,670 |  | 6,188
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 12 | 38,039 |  | 37,810 |
Current asset investments | 13 | 2,608 |  | 2,344 |
Cash at bank and in hand | 14 | 140,205 |  | 140,783 |
|  | 180,852 |  | 180,937 |
Creditors: amounts falling due within one year | 15 | (34,400) |  | (42,810) |
Net current assets |  |  | 146,452 |  | 138,127
Total assets less current liabilities |  |  | 152,122 |  | 144,315
Net assets |  |  | 152,122 |  | 144,315
Capital and reserves |  |  |  |  |
Called up share capital | 16 |  | 8,286 |  | 8,286
Share premium account | 17 |  | 53,482 |  | 53,482
Profit and loss account | 17 |  | 90,354 |  | 82,547
|  |  | 152,122 |  | 144,315
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 13 October 2025.
................................................ Paul George Willans
Director
The notes on pages 14 to 22 form part of these financial statements. Page 10

|  | A J BUCKLEY ASSET MANAGEMENT LIMITED |
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2025
|  | Called up share capital | Share premium account | Profit and loss account | Total equity
|  | £ | £ | £ | £
| At 1 July 2023 | 8,286 | 53,482 | 108,323 | 170,091
| Loss for the year | - | - | (25,776) | (25,776)
| At 1 July 2024 | 8,286 | 53,482 | 82,547 | 144,315
| Profit for the year | - | - | 7,807 | 7,807
| At 30 June 2025 | 8,286 | 53,482 | 90,354 | 152,122
| The notes on pages 14 to 22 form part of these financial statements.
Page 11

A J BUCKLEY ASSET MANAGEMENT LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit/(loss) for the financial year | 7,807 | (25,776)
Adjustments for: |  |
Depreciation of tangible assets | 1,418 | 1,506
Interest paid | - | 1,146
Interest received | (574) | (14)
Taxation charge | - | (886)
Decrease in debtors | 6,508 | 19
(Decrease)/increase in creditors | (17,400) | 1,338
Corporation tax received | 1,725 | 886
Net cash generated from operating activities | (516) | (21,781)
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (900) | (908)
Gain of listed investments | 264 | 867
Interest received | 574 | 14
Net cash from investing activities | (62) | (27)
Page 12
A J BUCKLEY ASSET MANAGEMENT LIMITED STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025
|  | 2025 | 2024
|  | £ | £
Cash flows from financing activities |  |
Repayment of loans | - | (94,805)
Interest paid | - | (1,146)
Net cash used in financing activities | - | (95,951)
Net (decrease) in cash and cash equivalents | (578) | (117,759)
Cash and cash equivalents at beginning of year | 140,783 | 258,542
Cash and cash equivalents at the end of year | 140,205 | 140,783
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 140,205 | 140,783
| 140,205 | 140,783
ANALYSIS OF NET DEBT FOR THE YEAR ENDED 30 JUNE 2025
|  | At 1 July 2024 | Cash flows | At 30 June 2025
|  | £ | £ | £
Cash at bank and in hand | 140,783 | (578) | 140,205
| 140,783 | (578) | 140,205
The notes on pages 14 to 22 form part of these financial statements.
Page 13
A J BUCKLEY ASSET MANAGEMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
1. | General information
A J Buckley Asset Management Limited is incorporated in England and Wales and limited by shares. The address of the registered office is given in the company information on page of these financial statements. The place of business is East Street, Alresford, Hampshire, SO24 9EE. The principal activity of the company during the year was investment advice. This has been carried out in the United Kingdom, services being provided to residents, expatriates and foreign nationals. The company is permitted to hold client monies. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3). The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £. The following principal accounting policies have been applied:
| 2.2 | Going concern
During the year, the company made profit before tax of £7,807 and at the balance sheet date, the company had shareholders’ funds of £152,122. In recent periods, the company has experienced notable growth in new business following sustained internal investment and the development of a dedicated wealth management proposition. As a result, assets under management have increased, and the organisation’s overall financial position has stabilised. The director has presented cash flow forecasts which indicate that, owing to a combination of rising turnover and reduced expenditure, the company’s cash flow position is showing marked improvement. These forecasts further demonstrate that the company will be able to meet its liabilities as they become due over the next twelve months. On the basis of these positive developments and forecasts, the company continues to prepare its annual financial statements using the going concern basis of accounting.
| 2.3 | Revenue
Turnover comprises revenue recognised by the company in respect of discretionary investment services supplied to clients during the year, with fees met from client asset balances held on the Novia, Praemium and Credo international platform facility. Initial fees, commissions and ongoing advice fees are recognised on fulfilment of any financial planning advisory, initial or transactional services performance obligations. The performance obligations are satisfied over time. Services invoiced in later periods that relate to services supplied during the year are accrued and included within debtors. Page 14
A J BUCKLEY ASSET MANAGEMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.4 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.5 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
| 2.6 | Taxation
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
| 2.7 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis. Depreciation is provided on the following basis:
|  |  |  | Equipment | - | 20% | reducing balance
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. Page 15
A J BUCKLEY ASSET MANAGEMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.8 | Valuation of investments
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
| 2.9 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.10 | Cash
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.
| 2.11 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
In the application of company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. The estimates and underlying assumptions are reviewed on an ongoing basis. Page 16
A J BUCKLEY ASSET MANAGEMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Discretionary investment services | 327,462 | 352,291
|  | 327,462 | 352,291
Analysis of turnover by country of destination:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| United Kingdom | 98,732 | 107,633
| Africa | 228,730 | 244,658
|  | 327,462 | 352,291
5. | Operating profit/(loss)
| The operating profit/(loss) is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other operating lease rentals | 7,500 | 5,800
6. | Auditor's remuneration
| During the year, the Company obtained the following services from the Company's auditor and its associates:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Auditor's remuneration | 8,975 | 8,600
Page 17
A J BUCKLEY ASSET MANAGEMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
7. | Employees
| Staff costs, including director's remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 178,859 | 224,602
| Social security costs | 16,928 | 23,398
| Cost of defined contribution scheme | 17,994 | 22,423
|  | 213,781 | 270,423
| The average monthly number of employees, including the director, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Average number of employees | 2 | 2
8. | Director's remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Director's emoluments | 115,703 | 150,090
| Company contributions to defined contribution pension schemes | 11,649 | 14,895
|  | 127,352 | 164,985
| During the year retirement benefits were accruing to no directors (2024 - NIL) in respect of defined contribution pension schemes.
9. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 574 | 14
|  | 574 | 14
Page 18
A J BUCKLEY ASSET MANAGEMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
10. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Adjustments in respect of previous periods | - | (886)
| Total current tax | - | (886)
| Deferred tax |  |
| Total deferred tax | - | -
| Taxation on profit/(loss) on ordinary activities | - | (886)
| Factors affecting tax charge for the year
| The tax assessed for the year is lower than (2024 - lower than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit/(loss) on ordinary activities before tax | 7,807 | (26,662)
| Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | (1,952) | (6,666)
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | - | 114
| Rebates from HMRC | - | (886)
| Unrelieved tax losses carried forward | 1,952 | 6,552
| Total tax charge for the year | - | (886)
| Factors that may affect future tax charges
There were no factors that may affect future tax charges. Page 19
A J BUCKLEY ASSET MANAGEMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
11. | Tangible fixed assets
|  | Equipment
|  | £
| Cost or valuation |
| At 1 July 2024 | 16,644
| Additions | 900
| At 30 June 2025 | 17,544
| Depreciation |
| At 1 July 2024 | 10,456
| Charge for the year on owned assets | 1,418
| At 30 June 2025 | 11,874
| Net book value |
| At 30 June 2025 | 5,670
| At 30 June 2024 | 6,188
12. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 511 | 511
| Other debtors | 3,025 | 1,300
| Prepayments and accrued income | 34,503 | 35,999
|  | 38,039 | 37,810
13. | Current asset investments
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Listed investments | 2,608 | 2,344
|  | 2,608 | 2,344
Page 20
A J BUCKLEY ASSET MANAGEMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
14. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 140,205 | 140,783
|  | 140,205 | 140,783
15. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 761 | 1,032
| Other taxation and social security | 6,938 | 12,516
| Other creditors | 7,369 | 11,356
| Accruals and deferred income | 19,332 | 17,906
|  | 34,400 | 42,810
16. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 828,563 (2024 - 828,563) Ordinary shares of £0.01 each | 8,286 | 8,286
17. | Reserves
Share premium account The share premium account represents the premium arising on the issue of shares net of issue costs. Profit and loss account The profit and loss account represents profit net of adjustments. No dividend was declared.
18. | Pension commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £17,994 (2024 - £22,423) Contributions totalling £nil (2024 - £nil) were payable to the fund at the balance sheet date. Page 21
A J BUCKLEY ASSET MANAGEMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
19. | Commitments under operating leases
| At 30 June 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 5,500 | 5,100
| Later than 1 year and not later than 5 years | 6,800 | 11,900
|  | 12,300 | 17,000
20. | Controlling party
P G Willans has ultimate control of the company by virtue of majority shareholding of the company.
Page 22