|
Registered number:
FOR THE YEAR ENDED 31 MARCH 2025
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
COMPANY INFORMATION
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
CONTENTS
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The Company is a Financial Conduct Authority ("FCA") authorised and regulated UK company providing financial advice and investment management services. The company has an ambitious plan to grow the business, by recruiting new financial advisors in the UK and in its Dubai branch. The Directors present their report and the financial statements for the year ended 31 March 2025.
The Company made a pre-tax loss of £442,246 compared to a loss of £36,068 (as restated) in 2024 and had net assets of £1,465,512 at the balance sheet date (2024: Net assets of £1,907,758, as restated).
The Directors consider this to be a satisfactory outcome for the year given the Company's focus on establishing a global wealth management platform with licences across a number of jurisdictions. The Directors restructured the business during the year The Company is in the process of changing its custodian internationally which will provide a much wider global distribution network, whilst developing new ‘front end tools’. The Directors consider the Company is well placed to take advantage of changes in the global financial services industry. The Company is a Financial Conduct Authority ("FCA") authorised and regulated UK company providing financial advice and investment management services. The company has an ambitious plan to grow the business, by recruiting new financial advisors in the UK and in its Dubai branch.
As required under MIFIDPRU sourcebook 8.3 rule - “Governance Arrangements”, being classified as “SNI”, the Firm can apply the proportionality rules relating to the Prudential disclosures. Hence, the Firm does not have to disclose the following disclosures:
∙MIFIDPRU 8.2 rule - “Risk management objectives and policies”
∙MIFIDPRU 8.3 rule - “Governance arrangements”
∙MIFIDPRU 8.4 rule - “Own funds”
∙MIFIDPRU 8.5 rule - “Own funds requirements”
The Directors have undergone a thorough analysis of the risks inherent in the Company’s activities. The analysis identified the likelihood of the event occurring as well as the magnitude of the impact on the Company should the event occur. The Directors considered the level of control exercised by the Company to manage the risk that the event occurs, as well as identifying the persons to manage the risk and those persons to supervise and monitor the risk. The main risk that the Directors identified was from the disintermediation of the Financial Services industry and its increasingly global nature, given historically much of the client business has been intermediated by professional advisers. The Directors consider that the Company’s size and the ability to react rapidly to changing market and industry conditions marks a considerable strength as well as presenting opportunities. The Company also minimises this risk whenever possible through diversification and broadening of its service proposition. To this end, the Company has developed more ‘direct-to-client’ services, and developed platforms for new client types, such as a securitisation platform, which will move the Company towards a multi-distribution channel business. .
Page 1
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
The company's risk management policy reflects the FCA requirement that we must manage a number of different categories of risk. These include, where applicable: credit, market, business, operational, insurance, liquidity and group risk. In respect of this disclosure it is the first four of these risks that are relevant and further information is provided on these risks below. The company has undertaken a review of its risk management policies and has set them out in the ICARA and risk register as appropriate.
Remuneration policy This report sets out remuneration related disclosures for Aria Private Clients Limited “ARIA” is authorised and regulated by the Financial Conduct Authority. As a result Aria is required to comply with the FCA's MIFIDPRU Remuneration Code at SYSC 19G. This document provides details of this remuneration policy. Approach to Remuneration The board of Aria Private Clients considers remuneration matters at its meeting post the year end. The company's remuneration policy aims to remunerate staff members at fixed competitive market rates for the roles they perform. Any variable remuneration is based on performance of duties carried out during the year and the overall performance of the company in line with the current economic climate. The Firm does not remunerate asset managers or traders in a manner directly linked to fund performance. The objectives of its financial incentives Aria’s objectives in providing financial incentives have two main goals. Firstly, to increase team motivation and secondly to boost the company's performance. The challenges and objectives of incentive are as important for the company as they are for its staff and are set in such a manner as to align staff and corporate incentives. Aria has in previous years made cash bonus payments based on a combination of the overall profitability of the company (to ensure that any payments are sustainable) and the attainment of personal objectives. The Firm does not offer volume/investment performance-based incentives. Remuneration committee Due to the size of the Company, Aria is not required to set up a remuneration committee. The Chairman and CEO in consultation with the Compliance Officer shall implement the provisions of this remuneration policy on behalf of the Board. They shall ensure that the Policy is:
∙Operating as intended, specifically that all agreed incentives and remuneration pay-outs are appropriate and that the risk profile, long-term objectives of the Company are adequately reflected.
∙Compliant with the this Policy and the FCA rules pertaining to remuneration provisions.
If there is a significant increase in the size of the organisation in its nature, scope and activities, the license holder shall establish a Remuneration Committee which shall be constituted in such a way as to enable it to exercise competent and independent judgement on remuneration policies and practices and the incentives created for managing risk, capital and liquidity.
Remuneration practises Aria has a pay for performance culture and flexible individual incentives are an important part of its performance culture. All employees are incentivised in a similar way and are rewarded according to personal performance and Aria’s success. The Company may introduce bonus schemes and/ or executive incentive schemes (e.g., Long Term Incentive Plans). Details of any such schemes will need to be included in the Remuneration Policy including, but not limited to: the scheme’s purpose, intended participants, intended participants and the number of people currently participating in the scheme, performance measures and (in case of an executive scheme) the length of the scheme’s performance period and whether a new performance period starts each year, overlapping the previous performance period; or whether the performance periods run end to end. .
Page 2
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Performance objectives
The variable compensation pool may be adjusted based on the Remuneration Committee’s assessment of a range of financial and non-financial considerations, including risk and compliance. Individual bonuses are determined based on a number of factors relating to the individual’s role and performance. This includes a balanced assessment of financial and non-financial factors, including:
∙Risk, compliance and conduct behaviour.
∙Metrics specific to the relevant business unit (e.g. sales performance for sales staff, investment performance and other factors such as profitability, assets managed and net sales for investment staff) and other specific departmental and corporate performance objectives and strategic goals.
∙Assessment of how the above performance is achieved in terms of risk and repeatability.
∙Performance in accordance with Aria’s values and wider contribution to Aria and its growth strategy.
∙People related objectives, for example succession planning, personal development and achievement of goals set out in the appraisal process.
The board sets firm targets for the year including performance against strategic objectives and metrics. Financial objectives in terms of financial performance are also set and broken down by business unit in the budget. Being a small firm Aria does not set specific individual financial targets that are separate from business units.
Categories of staff eligible to receive variable remuneration The Company may introduce bonus schemes and/ or executive incentive schemes (e.g., Long Term Incentive Plans). Details of any such schemes will need to be included in the Remuneration Policy including, but not limited to: the scheme’s purpose, intended participants, intended participants and the number of people currently participating in the scheme, performance measures and (in case of an executive scheme) the length of the scheme’s performance period and whether a new performance period starts each year, overlapping the previous performance period; or whether the performance periods run end to end. The company has identified that it has 8 eligible participants during 2025, being the directors and senior personnel whose role could impact the risk portfolio of the company. Components of remuneration Aria utilises base salary and benefits for fixed remuneration and cash bonuses as variable remuneration. Base salaries are generally reviewed annually. Base salary levels are set considering the individual’s skills, the size and scope of their role, and the market rate for the role at comparator companies. Benefits provided include pension contributions and certain insurance benefits such as private medical insurance. The same range and level of benefits is available to all UK employees regardless of seniority. The annual bonus rewards individual and corporate performance and the achievement of strategic and personal objectives. The variable compensation pool is based on Aria’s profits, ensuring that any bonuses are affordable. The variable compensation pool may be adjusted based on the Remuneration Committee’s assessment of a range of financial and non-financial considerations, including risk and compliance. Individual bonuses are determined based on a number of factors relating to the individual’s role and performance. Quantitative disclosures 1. Fixed Remuneration For the year ended 31 March 2025 the total aggregate Code Staff remuneration was £395,149. The total aggregate non-code staff remuneration was £236,215. 2. Variable Remuneration For the year ended 31 March 2025 Aria awarded variable remuneration either to Code Staff of £19,527. The total aggregate non-code staff remuneration was zero.
Page 3
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Given the straightforward nature of the business, the directors are of the opinion that analysis using KPIs is not necessary for an understanding of the development, performance and position of the business.
The company identifies its primary stakeholders as their clients, staff, shareholders and regulators. During the year the company has directly engaged with all primary stakeholders through a variety of methods. Elsewhere in the strategic report the company has considered the actions of the company with regard to the identified primary stakeholders during the year.
The Directors of ARIA Private Clients Limited consider that they have fulfilled their individual and collective duty under section 172(1) of the Companies Act 2006 to act in the way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of the shareholders as a whole.
This has been achieved through strong systemic controls; investment in our staff through training and incentives; and a focus on high standards of customer service. Shareholders have had representation at Board level and the Board is committed to a strategy that will drive long term value for the equity holders in the business.
This report was approved by the board and signed on its behalf.
Page 4
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The directors present their report and the financial statements for the year ended 31 March 2025.
The directors who served during the year were:
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are 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 directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The loss for the year, after taxation, amounted to £442,246 (2024 - loss £36,068).
No dividends were paid in the year (2024: £NIL).
Page 5
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
The directors have at the time of approving the financial statements a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company has prepared forecasts for the next twelve months to consider both the going concern of the company and regulatory capital requirements. Based on these forecasts the company remains a going concern and meets its regulatory requirements as they fall due.
The company has been working closely with its affiliated MIFID2 entity in Europe which will accelerate assets under management in the coming months. In conjunction with its affiliated entity in Europe the company has worked on developing a European platform proposition which will allow further distribution of company’s products and services, opening new distribution channels and European markets. This proposition is projected to deliver MifID2 investment platform for advisory firms, pension trustees and individual clients with access to international markets. There is a great potential for an investment platform in the European markets and the firm is considering a stronger engagement in the Irish market especially.
With the new distribution channels, Model Portfolio Service (MPS) is expected to grow as well. The proposition continues to broaden with the addition of mortgage advice for expats looking to secure UK property. By offering mortgage and protection advice the firm supports a holistic financial planning to retail clients.
There have been no significant events affecting the Company since the year end.
The auditors, Warrener Stewart, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
Page 6
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ARIA PRIVATE CLIENTS LIMITED (FORMERLY ABSOLUTE RETURN INVESTMENT ADVISERS (ARIA) LIMITED)
We have audited the financial statements of ARIA Private Clients Limited (Formerly Absolute Return Investment Advisers (ARIA) Limited) (the 'Company') for the year ended 31 March 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).
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 Auditors' 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.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Page 7
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ARIA PRIVATE CLIENTS LIMITED (FORMERLY ABSOLUTE RETURN INVESTMENT ADVISERS (ARIA) LIMITED) (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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 Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Our assessment of the susceptibility of the entity's financial statements is considered to be low. We reached this conclusion after consideration of the control environment, the regulated nature of the client's activities and the limited opportunity for individuals to become involved in irregular transactions or activities. The audit team was fully briefed on the nature of the entity and its operating anvironment. Specific areas subjected to review were journals, related party transactions and compliance with the company's regulatory requirements.
Page 8
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ARIA PRIVATE CLIENTS LIMITED (FORMERLY ABSOLUTE RETURN INVESTMENT ADVISERS (ARIA) LIMITED) (CONTINUED)
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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 Auditors' 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 Auditors' 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.
for and on behalf of
Harwood House
43 Harwood Road
SW6 4QP
Date:
Page 9
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
Page 10
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
BALANCE SHEET
AS AT 31 MARCH 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 14 to 22 form part of these financial statements.
Page 11
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
Page 12
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
Page 13
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
The principal activity of the Company is the provision of investment advisory services.
2.Accounting policies
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 following principal accounting policies have been applied:
Functional and presentation currency
Transactions and balances
Page 14
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Page 15
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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 16
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Management considers the key estimates and judgements made in the financial statements to be related to: A. Valuation of the shares, securities and other assets held by the Company's investment funds which determine the Company's management and performance fees receivable. B. The timing of commissions and fees receivable from the Company's investment funds. C. The company has also included commissions receivable by the Company which are payable to the firm's introducers as income and associated costs during the year. Under these agreements the Company considers it is acting as principal with an agent to pay the introducer rather than as the introducers' agent.
Page 17
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Page 18
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Page 19
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Page 20
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
The prior year adjustment arises from the correction of a historic error. In the past, the arrangement between ARIA Dubai and this company had been interpreted as a cost-funding arrangement rather than a revenue-generating service contract. Therefore amouts received were treated as a creditor.
IIt has subsequently been determined that the substance of the arrangement was in fact, the provision of services. This decision being arrived at in view of the counterparty treating all sums advanced as an expense.
Therefore the financial statements have been adjusted to reflect the amounts received as income. The effect of the prior year adjustment is:
Page 21
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
The Company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the Company to the scheme and amounted to £12,049 (2024: £10,455).
Contributions totalling £5,573 (2024: £5,480) were payable to the scheme at the end of the year and are included in Other creditors.
Page 22
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||