1.
General Information
Ironmarket Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
08411874
. The registered office is Unit 10 Brindley Court Dalewood Road, Lymedale Business Park, Newcastle-Under-Lyme, ST5 9QA.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
2.2.
Turnover
Turnover relates to the provision of wealth management services and is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
2.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Plant & Machinery |
|
| Motor Vehicles |
|
| Fixtures & Fittings |
|
| Computer Equipment |
|
2.4.
Leasing and Hire Purchase Contracts
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
2.5.
Financial Instruments
2.5.
Financial Instruments - continued
The company has chosen to adopt Sections 11 and 12 of FRS102 in respect of financial instruments.
(i) Financial Assets
Basic financial assets, including trade and other receivables, cash and bank balances and investments are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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.
(ii) Financial liabilities
Basic financial liabilities, including trade and other payables, 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 receipts discounted at a market rate of interest.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
...CONTINUED
Ironmarket Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 May 2025
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if 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.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
2.6.
Taxation
Income 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 profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.7.
Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.8.
Rounding
The company accounts are presented having being rounded to the nearest GBP.
3.
Turnover
Turnover relates to the provision of wealth management services and is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
4.
Other Operating Income
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Other operating income |
|
|
|
| 16,963 | 2,851 | ||
Ironmarket Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 May 2025
5.
Operating Profit
The operating profit is stated after charging:
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Bad debts | 5,327 | 5,910 | |
| Depreciation of tangible fixed assets |
|
|
|
6.
Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Audit Services | |||
| Audit of the company's financial statements |
|
|
|
7.
Staff Costs
Staff costs, including directors' remuneration, were as follows:
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Wages and salaries |
|
|
|
| Social security costs |
|
|
|
| Other pension costs |
|
|
|
|
|
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||
8.
Average Number of Employees
Average number of employees, including directors, during the year was as follows:
| 2025 | 2024 | ||
|---|---|---|---|
| Office and administration |
|
|
|
| Management staff |
|
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|
|
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||
Ironmarket Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 May 2025
9.
Directors' remuneration
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Emoluments |
|
|
|
| Company contributions to money purchase pension schemes |
|
|
|
|
|
|
||
The number of directors to whom retirement benefits were accruing was as follows:
| 2025 | 2024 | ||
|---|---|---|---|
| Money purchase pension schemes |
|
|
|
10.
Interest Payable and Similar Charges
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Bank loans and overdrafts |
|
|
|
| Finance charges payable under finance leases and hire purchase contracts | 14,544 | 11,230 | |
| 29,898 | 25,093 | ||
11.
Tax on Profit
|
The tax charge on the profit for the year was as follows:
|
|||||
| Tax Rate | 2025 | 2024 | |||
|---|---|---|---|---|---|
| 2025 | 2024 | £ | £ | ||
| Current tax | |||||
| UK Corporation Tax | 25.0% | 25.0% |
|
|
|
| Deferred Tax | |||||
| Deferred taxation |
( |
|
|||
| Total tax charge for the period |
|
|
|||
|
The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
|
|||||
| 2025 | 2024 | ||||
| £ | £ | ||||
| Profit before tax | 348,375 | 362,426 | |||
| Tax on profit at 25% (UK standard rate) |
|
|
|||
| Goodwill/depreciation not allowed for tax |
|
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| Expenses not deductible for tax purposes |
|
|
|||
| Capital allowances |
( |
( |
|||
...CONTINUED
Ironmarket Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 May 2025
| Research and Development tax credit |
( |
( |
|||
| Group relief |
( |
( |
|||
| Deferred tax from unrecognised timing difference from a prior period |
( |
|
|||
| Rollover relief on profit on disposal of fixed assets |
( |
|
|||
| Total tax charge for the period | 56,977 | 88,419 | |||
12.
Tangible Assets
| Plant & Machinery | Motor Vehicles | Fixtures & Fittings | Computer Equipment | Total | |
|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | |
| Cost | |||||
| As at 1 June 2024 |
|
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| Additions |
|
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|
|
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| Disposals |
|
( |
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|
( |
| As at 31 May 2025 |
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| Depreciation | |||||
| As at 1 June 2024 |
|
|
|
|
|
| Provided during the period |
|
|
|
|
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| Disposals |
|
( |
|
|
( |
| As at 31 May 2025 |
|
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| Net Book Value | |||||
| As at 31 May 2025 |
|
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| As at 1 June 2024 |
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Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Motor Vehicles |
|
|
|
13.
Debtors
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Trade debtors |
|
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|
| Prepayments and accrued income |
|
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| Other debtors |
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Ironmarket Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 May 2025
14.
Creditors: Amounts Falling Due Within One Year
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Net obligations under finance lease and hire purchase contracts |
|
|
|
| Trade creditors |
|
|
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| Bank loans and overdrafts |
|
|
|
| Other loans |
|
|
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| Corporation tax |
|
|
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| Other taxes and social security |
|
|
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| VAT |
|
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| Other creditors |
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| Accrued expenses |
|
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| Directors' loan accounts |
|
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15.
Creditors: Amounts Falling Due After More Than One Year
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Net obligations under finance lease and hire purchase contracts |
|
|
|
| Bank loans |
|
|
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| Other loans |
|
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|
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16.
Loans
An analysis of the maturity of loans is given below:
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Amounts falling due within one year or on demand: | |||
| Bank loans |
|
|
|
| Other loans |
|
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|
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||
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Amounts falling due between one and five years: | |||
| Bank loans |
|
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| Other loans |
|
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Ironmarket Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 May 2025
17.
Obligations Under Finance Leases and Hire Purchase
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| The future minimum finance lease payments are as follows: | |||
| Not later than one year |
|
|
|
| Later than one year and not later than five years |
|
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18.
Deferred Taxation
The provision for deferred tax is made up as follows:
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Other timing differences | 71,688 | 90,051 | |
19.
Provisions for Liabilities
| Deferred Tax | Total | |
|---|---|---|
| £ | £ | |
| As at 1 June 2024 |
|
90,051 |
| Deferred taxation |
( |
( |
| Balance at 31 May 2025 |
|
71,688 |
21.
Financial Instruments
The company has the following financial instruments:
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Financial assets | |||
| Financial assets that are debt Instruments measured at amortised cost | 493,050 | 447,179 | |
| Financial liabilities | |||
| Financial liabilities measured at amortised cost | 253,583 | 382,073 | |
Ironmarket Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 May 2025
22.
Pension Commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
During the year the charge to profit or loss in respect of defined contribution schemes was £170,747 (2024: £74,427).
23.
Reserves
|
Retained earnings
|
||
|
£
|
||
|
At 1 June 2023
|
275,031
|
|
|
Profit for the year
|
291,398
|
|
|
Dividends
|
(368,320)
|
|
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|
||
|
At 31 May 2024
|
198,109
![image](data:image/svg+xml;utf8,<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 80 5" preserveAspectRatio="none">
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|
24.
Controlling Parties
The company's ultimate controlling party is
Ironmarket Group Holdings Limited
by virtue of their interest in the share capital of the company.