Company Registration No. 04949726 (England and Wales)
St Johns Asset Management Limited
Annual report and financial statements
for the year ended 31 October 2025
St Johns Asset Management Limited
Company information
Directors
Alan Hudson
Alexis Larvin
Hayden Robinson
Company number
04949726
Registered office
AFH House
Buntsford Drive
Stoke Heath
Bromsgrove
Worcestershire
B60 4JE
Auditor
Saffery LLP
71 Queen Victoria Street
London
EC4V 4BE
St Johns Asset Management Limited
Contents
Page
Directors' report
1 - 2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Statement of financial position
8
Statement of changes in equity
9
Notes to the financial statements
10 - 19
St Johns Asset Management Limited
Directors' report
For the year ended 31 October 2025
1

The directors present their annual report and financial statements for the year ended 31 October 25.

Principal activities

The company's principal activity is to provide financial planning led investment management services of the highest quality to clients who value a long-term relationship, based on mutual trust and respect.

Results and dividends

The results for the year are set out on page 7.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

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

Alan Hudson
Alexis Larvin
Hayden Robinson
Qualifying third party indemnity provisions

The directors confirm that no qualifying third party indemnity provision in favour of any of the directors of the company, as defined by s236 of the Companies Act 2006, either by the company or by any other party, was in force at the time of signing of this report, and that no such provision had been in force at any time in the financial year.

Supplier payment policy

The company's current policy concerning the payment of trade creditors is to follow the CBI's Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1DU).

The company's current policy concerning the payment of trade creditors is to:

- settle the terms of payment with suppliers when agreeing the terms of each transaction;

- ensure that suppliers are made aware of the terms of payment by inclusion of the relevant terms in contracts; and

- pay in accordance with the company's contractual and other legal obligations.

Auditor

In accordance with the company's articles, a resolution proposing that Saffery LLP be reappointed as auditor of the company will be put at a General Meeting.

Strategic report

As permitted by section Part 15 of the Companies Act 2006, the company is entitled to the small companies' exemption in relation to presenting a strategic report for the financial period.

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.

St Johns Asset Management Limited
Directors' report (continued)
For the year ended 31 October 2025
2
Economic Environment

The story for 2025 has been mixed. We have seen strong performance in equities, particularly in the US, where the S&P touched all-time highs in late October 2025 and performed well through the year. Much of this has been driven by strong performance in the tech sector, in AI focussed businesses in particular. There are fears of an AI Bubble, although much of the recent growth has been less by AI enthusiasm and more by expectations of resilient US economic growth and further Fed rate cuts.

However, the picture in the UK has been less positive, with sticky inflation, flatlining GDP growth and growing unemployment. These are underlined by taxation and regulatory policy from the UK government that is increasingly inimical to growth, the private sector and individual wealth. In the face of above target inflation, the Bank of England Monetary Policy Committee has been cautious in its rate setting policy, with rates dropping more slowly than anticipated, dropping to 4% from August 2025. (A further 0.25% cut in rates, taking the rate to 3.75%, came into effect mid-December 2025). While government taxation and regulatory policy are expected to be inflationary, driving up costs for business, flatlining GDP or even a recession may encourage faster rate cuts. We expect rates to drop to 3.50% or even 3.25% during 2026.

While economic headwinds may impact the amount of free capital available to our target clients, we believe that organic growth initiatives and the need for ethical tax planning will continue to drive new business. In a period of uncertainty and changing taxation rules, for example pensions, salary sacrifice and IHT, advice around ethical tax planning will be key to help clients manage and mitigate their tax burden exposure.

On behalf of the board
Hayden Robinson
Director
18 February 2026
St Johns Asset Management Limited
Directors' responsibilities statement
For the year ended 31 October 2025
3

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

St Johns Asset Management Limited
Independent auditor's report
To the members of St Johns Asset Management Limited
4
Opinion

We have audited the financial statements of St Johns Asset Management Limited (the 'company') for the year ended 31 October 2025 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity 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 101 Reduced Disclosure Framework (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 October 2025 and of its profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice including FRS 101; and

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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 the audit:

- the information given in the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the directors' report has been prepared in accordance with applicable legal requirements.

St Johns Asset Management Limited
Independent auditor's report
To the members of St Johns Asset Management Limited (continued)
5
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 directors' r eport.

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 directors' 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 directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the company by discussions with directors and by updating our understanding of the sector in which the company operates.

Laws and regulations of direct significance in the context of the company include The Companies Act 2006, UK Tax legislation and The Financial Services and Markets Act 2000, on which The Financial Conduct Authority (FCA) Handbook is based.

Audit response to risks identified

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

St Johns Asset Management Limited
Independent auditor's report
To the members of St Johns Asset Management Limited (continued)
6

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

The company is regulated by the FCA. We discussed the company's authorisation and permitted activities with the SMF16 and obtained evidence of this from the FCA register. We obtained additional evidence about compliance by discussing any breaches with the SMF16 and SMF17 and reviewing correspondence with the FCA.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, 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.

Jamie Cassell (Senior Statutory Auditor)
For and on behalf of Saffery LLP
18 February 2026
Statutory Auditors
71 Queen Victoria Street
London
EC4V 4BE
St Johns Asset Management Limited
Statement of comprehensive income
For the year ended 31 October 2025
7
2025
2024
as restated
Notes
£
£
Revenue
4
5,504,197
4,549,106
Cost of sales
(1,340,414)
(1,305,849)
Gross profit
4,163,783
3,243,257
Administrative expenses
(517,378)
(544,072)
Operating profit
5
3,646,405
2,699,185
Investment income
9
2,906
9,257
Profit before taxation
3,649,311
2,708,442
Tax on profit
10
-
0
-
0
Profit and total comprehensive income for the financial year
3,649,311
2,708,442

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

St Johns Asset Management Limited
Statement of financial position
As at 31 October 2025
8
2025
2024
as restated
Notes
£
£
£
£
Non-current assets
Intangible assets
11
161,458
173,958
Current assets
Trade and other receivables
12
14,562,685
11,611,173
Cash and cash equivalents
290,380
221,538
14,853,065
11,832,711
Current liabilities
13
(332,788)
(974,245)
Net current assets
14,520,277
10,858,466
Net assets
14,681,735
11,032,424
Equity
Called up share capital
15
110,000
110,000
Retained earnings
14,571,735
10,922,424
Total equity
14,681,735
11,032,424
The financial statements were approved by the board of directors and authorised for issue on 18 February 2026 and are signed on its behalf by:
Hayden Robinson
Director
Company registration number 04949726 (England and Wales)
St Johns Asset Management Limited
Statement of changes in equity
For the year ended 31 October 2025
9
Share capital
Retained earnings
Total
£
£
£
As restated for the period ended 31 October 2024:
Balance at 1 November 2023
110,000
7,974,300
8,084,300
Effect of change in revenue recognition
-
239,682
239,682
As restated
110,000
8,213,982
8,323,982
Year ended 31 October 2024:
Profit and total comprehensive income
-
2,708,442
2,708,442
Balance at 31 October 2024
110,000
10,922,424
11,032,424
Year ended 31 October 2025:
Profit and total comprehensive income
-
3,649,311
3,649,311
Balance at 31 October 2025
110,000
14,571,735
14,681,735
St Johns Asset Management Limited
Notes to the financial statements
For the year ended 31 October 2025
10
1
Accounting policies
Company information

St Johns Asset Management Limited is a private company limited by shares incorporated in England and Wales. The registered office is AFH House, Buntsford Drive, Stoke Heath, Bromsgrove, Worcestershire, B60 4JE. The company's principal activity is to provide financial planning led investment management services of the highest quality to clients who value a long term relationship, based on mutual trust and respect.

1.1
Accounting convention

The financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101) and in accordance with applicable accounting standards.

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

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the following exemptions in preparing these financial statements, as permitted by FRS101 paragraph 8.

- The requirement of IFRS 7 'Financial Instruments Disclosures' relating to the disclosure of financial instruments and the nature and extent of risks arising from such instruments;

- The requirement of IFRS 13 'Fair Value Measurement' paragraph 91 to 99 relating to the fair value measurement disclosure of financial assets and financial liabilities that are measure at fair value;

- The requirements of IAS 8 'Accounting Policies, Changes in Accounting Estimates and Errors' paragraph 30 and 31 relating to the disclosure of standards, amendments and interpretations in issue but not yet effective;

- The requirement of IAS 1 'Presentation of Financial Statements' paragraphs 134 to 136 relating to the disclosure of capital management policies and objectives;

- The requirements of IAS 7 'Statement of Cash Flows' and IAS I 'Presentation of Financial Statements' paragraph 10(d); 111 relating to the presentation of a Cash Flow Statement;

- The requirements of IAS 24 'Related Party Disclosures' relating to the disclosure of key management personnel compensation and relating to the disclosure of related party transactions entered into between the company and other wholly owned subsidiaries of the group.

- The requirements of IFRS 15 'Revenue from Contracts with Customers' relating to the disclosure of significant judgements made in application of the standard, revenue recognised from contracts with customers, disaggregation of revenue categories, significant changes to contract balances and information about performance obligations and transaction prices.

For the disclosures exemptions listed in the points above, the equivalent disclosures are included in the consolidated financial statements of the group, AFH Financial Group Limited into which the company is consolidated.

1.2
Going concern

The directors have considered the company’s anticipated business activities, its cash flows and capital position for a period of 12 months from the date of these accounts. They believe that even in the event of falling markets and without further growth the group can continue to trade profitably and maintain sufficient facilities to cover its short and long-term liabilities. This assessment has been stress tested for lower than anticipated revenues. Therefore, the directors are satisfied that the company has adequate resources for the foreseeable future and for this reason continue to adopt the Going Concern basis in preparing the financial information. The company will receive financial support from its ultimate parent, Cortina TopCo Limited.true

St Johns Asset Management Limited
Notes to the financial statements (continued)
For the year ended 31 October 2025
1
Accounting policies (continued)
11
1.3
Revenue

Revenue is recognised in line with the requirements of IFRS 15 as contractual performance obligations are satisfied, as noted below by revenue stream. Revenue is measured at the fair value of the consideration received adjusted for clawbacks, allowance for impairment, discounts, rebates, and other sales taxes or duty.

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

Investment management

Revenue is recognised as gross earned for the trades and value of FUM held within the month.

Interest income

Revenue is recognised as interest accrues (using the effective interest method that is the rate that exactly discounts estimated future cash receipts through the expected life of the financial instrument to the net carrying amount of the financial asset).

1.4
Intangible assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Where the contractual considerations for the intangible asset varies to the amount paid in the future period, the difference is written off through the profit and loss account.

The depreciable amount of an intangible asset with a finite useful life is allocated on a systematic basis over its useful life. Amortisation begins when the asset is available for use i.e when it is in the location and condition necessary for it to be capable of operating in the manner intended by management.

The amortisation period and the amortisation method for intangible assets with a finite useful life is reviewed at least each financial year-end. If the expected useful life of the asset is different from previous estimates. the amortisation period is changed accordingly.

At the year-end, the following estimated useful lives of intangible assets were as follows:

- Acquired client portfolios - 20 years from the month of acquisition unless otherwise impaired

1.5
Impairment of tangible and intangible assets

At each reporting end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and demand deposits, together with other short term, highly liquid investments that are readily convertible into known amounts of cash and are subject to an insignificant risk of changes in value.

St Johns Asset Management Limited
Notes to the financial statements (continued)
For the year ended 31 October 2025
1
Accounting policies (continued)
12
1.7
Financial assets

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.

Financial assets are recognised on the statement of financial position when, and only when, the Company becomes a party to the contractual provisions of the instrument.

Financial assets are initially recognised at fair value plus directly attributable transaction costs. Financial assets carried at amortised cost are classified as loans and receivables and comprise trade and other receivables and cash and cash equivalents. Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market.

After initial recognition, loans and receivables are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

If there is objective evidence that there is an impairment loss on loans and receivables, the amount of the loss is measured as the difference between the asset's carrying amount and the present value of estimated future cash flows discounted at the financial asset's original effective interest rate (i.e. the effective interest rate computed at initial recognition). The carrying amount of the asset is reduced either directly or through use of an allowance account.

A financial asset is derecognised when the contractual rights to the cash flows from the financial asset expire, or when the financial asset and all substantial risks and reward are transferred.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

1.8
Financial liabilities

Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

The company recogni s es financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.

These financial liabilities include trade and other payables and interest-bearing loans and borrowings.

Financial liabilities are initially recognised at fair value adjusted for any directly attributable transaction costs.

After initial recognition, financial liabilities are measured at amortised cost using the effective interest method, with interest-related charges recognised as an expense in finance costs. Discounting is omitted where the effect of discounting is immaterial.

Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

St Johns Asset Management Limited
Notes to the financial statements (continued)
For the year ended 31 October 2025
1
Accounting policies (continued)
13
1.9
Equity instruments

Share capital represents the nominal value of shares that have been issued.

Retained earnings include all current and prior period retained profits.

Dividend distributions to the Company's shareholders are recognised in the accounting period in which the dividends are declared and paid, or if earlier, in the accounting period when the dividend is approved by the Company's shareholders at the Annual General Meeting.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

Current income tax assets and/or liabilities comprise obligations to, or claims from, fiscal authorities relating to the current or prior reporting periods, that are unpaid/due at the reporting date. Current tax is payable on taxable profits, which may differ from profit or loss in the financial statements. Calculation of current tax is based on the tax rates and tax laws that have been enacted or substantively enacted at the reporting period.

Deferred tax

Deferred taxes are calculated using the liability method on temporary differences between the carrying amounts of assets and liabilities and their tax bases.

A deferred tax asset is recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which the deductible temporary differences can be utilised, unless the deferred tax asset arises from the initial recognition of an asset or liability in a transaction that is not a business combination and at the time of the transaction, affects neither accounting profit nor taxable profit (tax loss). However, for deductible temporary differences associated with investments in subsidiaries a deferred tax asset is recognised when the temporary difference will reverse in the foreseeable future and taxable profits will be available against which the temporary differences can be utilised.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled, based on tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting period.

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 inventories or non-current assets.

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

A termination benefit liability is recognised at the earlier of when the entity can no longer withdraw the offer of the termination benefit and when the entity recognises any related restructuring costs.

1.12
Retirement benefits

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

St Johns Asset Management Limited
Notes to the financial statements (continued)
For the year ended 31 October 2025
14
2
Adoption of new and revised standards and changes in accounting policies

During the financial year, the company has adopted the following new IFRSs (including amendments thereto) and IFRIC interpretations, that became effective for the first time.

Standard
Effective date, annual period beginning on or after
Lease Liability in a Sale and Leaseback (Amendments to IFRS 16)
1 January 2024
Classification of Liabilities as Current or Non-Current, Non-current Liabilities with Covenants: amendments to IAS 1
1 January 2024
Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7)
1 January 2024

Their adoption has not had any material impact on the disclosures or amounts reported in the financial statements.

Standards which are in issue but not yet effective

At the date of authorisation of these financial statements, the following standards and interpretations relevant to the company and which have not been applied in these financial statements, were in issue but were not yet effective.

Standard
Effective date, annual period beginning on or after
Lack of Exchangeability (Amendments to IAS 21)
1 January 2025
Annual Improvements to IFRS Accounting Standards – Volume 11
1 January 2026
Classification and Measurement of Financial Instruments (Amendments to IFRS 7 and IFRS 9)
1 January 2026
Contracts Referencing Nature-dependent Electricity (Amendments to IFRS 9 and IFRS 7)
1 January 2026

The directors are evaluating the impact that these standards will have on the financial statements of the company.

At the date of authorisation of these financial statements, the following standards and interpretations relevant to the company and which have not been applied in these financial statements, have not been endorsed for use in the UK and will not be adopted until such time as endorsement is confirmed.

St Johns Asset Management Limited
Notes to the financial statements (continued)
For the year ended 31 October 2025
2
Adoption of new and revised standards and changes in accounting policies (continued)
15
Standard
Effective date, annual period beginning on or after
IFRS 18 – Presentation and Disclosure in Financial Statements
1 January 2027
IFRS 19 – Subsidiaries without Public Accountability: Disclosures
1 January 2027
The directors are evaluating the impact that these standards will have on the financial statements.
3
Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Key sources of estimation uncertainty
Recognition of accrued fee income

Management estimation is required to determine the amount of accrued revenue that can be recognised, fees are recognised as earned at the point when financial advice is provided and when fees from the management of investments are earned. Management updated its estimate of revenue during the year, as a result of improved methodology being available. The effect of the change was immaterial and has been recognised prospectively.

Impairment of intercompany receivables and non-financial assets

In assessing impairment, management estimates the recoverable amount of each asset or cash-generating units based on expected future cash flows and where applicable, using an interest rate to discount them. Estimation uncertainty relates to the assumptions about future operating results and the determination of a suitable discount rate.

4
Revenue
2025
2024
£
£
Revenue analysed by class of business
Client fees
5,504,197
4,549,106
St Johns Asset Management Limited
Notes to the financial statements (continued)
For the year ended 31 October 2025
16
5
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Amortisation of intangible assets
12,500
12,500

The remuneration of the auditor has been borne by AFH Financial Group Limited.

6
Directors' remuneration

During the years ended 31 October 2025 and 2024, Directors' costs were borne by AFH Financial Group Limited.

7
Dividends

During the period there were no dividends paid to the company's immediate parent (2024: £nil).

8
Employees

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

2025
2024
Number
Number
11
9

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
366,357
226,642
Social security costs
45,166
25,422
Pension costs
37,320
37,651
448,843
289,715
9
Investment income
2025
2024
£
£
Interest income
Interest on bank deposits
2,906
9,257
St Johns Asset Management Limited
Notes to the financial statements (continued)
For the year ended 31 October 2025
17
10
Taxation
2025
2024
£
£
Profit before taxation
3,649,311
2,708,442
Expected tax charge based on a corporation tax rate of 25.00% (2024: 25.00%)
912,328
677,111
Group relief
(912,328)
(677,111)
Taxation charge for the year
-
-
11
Intangible fixed assets
Client Portfolios
£
Cost
At 31 October 2024
250,000
At 31 October 2025
250,000
Amortisation and impairment
At 31 October 2024
76,042
Charge for the year
12,500
At 31 October 2025
88,542
Carrying amount
At 31 October 2025
161,458
At 31 October 2024
173,958
12
Trade and other receivables
2025
2024
£
£
Trade receivables
657,529
556,056
Amounts owed by fellow group undertakings
13,875,853
11,012,379
Other receivables
2,134
15,232
Prepayments and accrued income
27,169
27,506
14,562,685
11,611,173

Trade receivables include a £nil provision for bad debts (2024: £nil).

St Johns Asset Management Limited
Notes to the financial statements (continued)
For the year ended 31 October 2025
18
13
Trade and other payables
2025
2024
£
£
Trade payables
71,793
125,815
Amounts owed to fellow group undertakings
132,057
48,557
Accruals and deferred income
3,571
14,039
Other payables
43,856
62,030
Corporation tax payable
-
15,049
VAT
81,511
708,755
332,788
974,245
14
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
37,320
37,651

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

15
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
110,000
110,000
110,000
110,000
16
Controlling party

The company's immediate parent undertaking is AFH Financial Group Limited, which is incorporated in England and Wales.

The company's ultimate parent undertaking is Corina Topco Limited, which is incorporated in the Cayman Islands, indirectly controlled by funds managed by Flexpoint Ford, LLC, a private equity investment firm incorporated in the United States of America.

Copies of the consolidated financial statements of AFH Financial Group Limited, the smallest group of undertakings that consolidates the company as at 31 October 2025 are filed with Companies House.

The largest group of undertakings that consolidates the company is Cortina Birdco Limited, which is incorporated in the Cayman Islands. Copies of their financial statements can be obtained from AFH House, Buntsford Drive, Stoke Heath, Bromsgrove, Worcestershire, B60 4JE.

St Johns Asset Management Limited
Notes to the financial statements (continued)
For the year ended 31 October 2025
19
17
Prior period adjustment
Reconciliation of changes in equity
1 November
31 October
2023
2024
£
£
Equity as previously reported
8,084,300
10,792,742
Adjustments to prior year
Trade receivables
-
109,847
Trade payables
-
129,835
Equity as adjusted
8,084,300
11,032,424
Analysis of the effect upon equity
Retained earnings
-
239,682
Reconciliation of changes in profit for the previous financial period
2024
£
Profit as previously reported
2,708,442
Notes to reconciliation
Trade receivables

Following a review of the debtor the 2024 position has been updated to reflect the prior year more accurately.

Trade payables

Following a review of prior years creditor position it was found that brought forward position had been overstated and an adjustment has been made to reflect 2024 accurately.

Note it was concluded that each of these restatements impacted upon reported reserves and the receivables and payables balances only. This is on the understanding the applied restatements address overstatement in the receivables and payables positions that pre-date the FY23 reporting period.

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