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Registered number: 09277789
ROXBURY ASSET MANAGEMENT LIMITED
STRATEGIC REPORT, REPORT OF THE DIRECTOR AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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ROXBURY ASSET MANAGEMENT LIMITED
COMPANY INFORMATION
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Chartered accountant & statutory auditor
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ROXBURY ASSET MANAGEMENT LIMITED
CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Independent Auditors' Report
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Statement of Changes in Equity
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Notes to the Financial Statements
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ROXBURY ASSET MANAGEMENT LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The director presents his strategic report for the year ended 31 December 2025
Principal Activities and Business review
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Roxbury Asset Management Limited ("Roxbury", the "Company" or the "Firm") was incorporated late in 2014 and its' first employees joined the company in the first quarter of 2015. As at year end 2025, there was one Director and two employees. The company is an FCA regulated investment manager.
The Firm launched a flagship fund in September 2015 with capital contributed by the leading shareholders of Roxbury and several external institutional investors. Separate accounts managed by Roxbury were subsequently established. However, decisions were made in Q4 2021 and Q1 2022 to liquidate the various funds and return capital to investors due to indifferent investment performance.
The firm retains meaningful liquid and capital resources and a modest expense base. It is considered a going concern and maintains its FCA registration while the CEO diligently examines new business opportunities in European markets. The CEO and Director in late 2022 acquired all remaining shares of the firm held by former and existing employees to provide maximum business flexibility going forward.
In February 2023 a contract (the “Contract”) was signed between the Company as Investment Manager and Investment Advisor and Stephen Zinser, under which the Company will provide investment management and advisory services to Mr. Zinser. The Firm effectively also acts as Mr. Zinser's family office. An Investment Analyst was hired by Roxbury in February 2023 to assist in the provision of these services. In 2024, the Contract was amended such that Mr. Zinser provided renumeration to the Firm for the services provided under the Contract. Going forward, it is more likely that Mr. Zinser will commit to provide capital and liquidity as and when needed by the Firm rather than an explicit annual sum.
Operating losses in the period under review were about £578k (2024: £389k). The movement in the loss is mainly due to foreign exchange loss in the amount of £102k and reversal of management fees income related to year ended 2024 in the amount of £50k. The Company has sufficient cash at bank to meet its capital adequacy requirements to bolster future operations.
How the Directors perform their duties under Section 172(1) of the Companies Act
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The principal factor affecting Roxbury's employees and its stakeholders is the failure to generate meaningful revenues which could put the future of the company at risk. Even though Roxbury has faced challenges, the Company has been backed by the CEO and shareholder which has ensured that all financial obligations have been met as they fell due. All Roxbury's service providers have been carefully selected and many have been with the Firm since inception. As a result, alongside the Director and employees, they understand the challenges the business has faced and have a desire to see it grow and prosper. However, in the medium term it is important to emphasize that the Firm has meaningful capital and liquidity resources on which to meet any financial or other obligations.
The Director understands that decisions made regarding the Firm will affect all employees, so employees are kept informed of developments. This collaborative environment is easier to achieve in a small company.
Roxbury believes that Environmental, Social and Governance ("ESG") issues can have a material impact on financial performance and the communities in which Roxbury operates. The Firm is cognizant of the UN's Principles for Responsible Investment ("PRI"), a voluntary framework which promotes the integration of ESG considerations into the investment management process to better manage risk and generate sustainable long-term returns. The firm is a signatory to the PRI and maintains a comprehensive ESG policy. This policy is reviewed regularly by the Director and is available on the company website.
Financial Instruments
The principal financial instruments of the Company are bank balances, trade payables and accruals. The main purpose is to raise funds for the Firm's operations.
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ROXBURY ASSET MANAGEMENT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Foreign Currency Risk
The Firm can earn revenue in a variety of currencies, historically Euros and US Dollars. Hence it is exposed to exchange rate fluctuations of those foreign currencies viz a viz its principal expense base which is Pounds Sterling. However, this exposure is offset by a portion of the Firm's costs being denominated in US Dollars. The Company does not anticipate entering foreign exchange hedging arrangement.
Credit Risk
The Firm's maximum exposure to credit risk in relation to financial assets arises from its' bank balances and other debtors. Credit risk on liquid funds is limited because the counterparties are banks with high credit ratings assigned by international credit rating agencies. The Company has adopted a policy of only dealing with creditworthy counterparties and undertaking due diligence where necessary to mitigate the risk of financial loss.
Liquidity and Cashflow Risk
The Company's policy on liquidity risk is to ensure that significant cash is available to fund on-going operations. The Firm has no external borrowing facilities but has historically been reliant on shareholder support. The Company manages its liquidity and cash flow risk by reviewing cash flow forecasts on a regular basis to identify any liquidity or capital shortfalls.
Subsequent events
Markets in recent years have been navigating significant technological changes and higher interest rates compared to the period of the Covid pandemic. The geo-political situation also remains challenging. The Director is not aware of any additional material adverse effects to the financial position of the Company, but any financial impact due to financial or geo-political instability cannot be reliably estimated.
This report was approved by the board and signed on its behalf.
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ROXBURY ASSET MANAGEMENT LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The director presents his report and the financial statements for the year ended 31 December 2025.
The principal activity of the company during the year was that of investment management.
The director who served during the year was:
Matters covered in the Strategic Report
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The Company has chosen in accordance with Section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) to set out within the Company's Strategic Report, the information required by Schedule 7 of the Large and Medium Sized Companies and Groups (Accounts and Reports) Regulation 2008. This include information that would have been included in the business review, details of the principal risks and uncertainties and the company's approach to compliance with Section 172(1) of the Companies Act 2006.
Director's responsibilities statement
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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;
∙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.
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ROXBURY ASSET MANAGEMENT LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Disclosure of information to auditors
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The director at the time when this Director's Report is approved has confirmed that:
∙so far as he is aware, there is no relevant audit information of which the Company's auditors are unaware, and
∙he 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 auditors are aware of that information.
Under section 487(2) of the Companies Act 2006, Menzies LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the board and signed on its behalf.
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ROXBURY ASSET MANAGEMENT LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ROXBURY ASSET MANAGEMENT LIMITED
We have audited the of Roxbury Asset Management Limited (the 'Company') for the year ended 31 December 2025, which comprise the Income Statement, 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 :
∙give a true and fair view of the state of the Company's affairs as at 31 December 2025 and of its loss 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.
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 section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the 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
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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.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.
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ROXBURY ASSET MANAGEMENT LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ROXBURY ASSET MANAGEMENT LIMITED (CONTINUED)
Opinion on other matters prescribed by the Companies Act 2006
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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 are prepared is consistent with the ; 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
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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; or
∙the director was not entitled to prepare the in accordance with the small companies regime
Responsibilities of directors
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As explained more fully in the Director's Responsibilities Statement set out on page 3, the director is responsible for the preparation of the 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 that are free from material misstatement, whether due to fraud or error.
In preparing the , the director is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
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ROXBURY ASSET MANAGEMENT LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ROXBURY ASSET MANAGEMENT LIMITED (CONTINUED)
Auditors' responsibilities for the audit of the financial statements
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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:
The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant including:
−The Companies Act 2006;
−Financial Reporting Standard 102;
−UK employment legislation;
−UK Tax legislation;
−General Data Protection Regulations;
−General Prudential Sourcebook (GENPRU); and
−Prudential sourcebook for Banks, Building Societies and Investment Firms (BIPRU).
We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
We understood how the Company is complying with those legal and regulatory frameworks by making inquiries to management and those responsible for legal and compliance procedures.
The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. She did not identify any issues in this area.
We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
−identifying and assessing the design effectiveness of controls management has in place to prevent and
detect fraud;
−understanding how those charged with governance considered and addressed the potential for override of
controls or other inappropriate influence over the financial reporting process; and
−identifying and testing journal entries, in particular any journal entries posted with unusual account
combinations.
As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud would be the use of management override of controls to manipulate results, or to cause the Company to enter into transactions not in its best interests.
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
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ROXBURY ASSET MANAGEMENT LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ROXBURY ASSET MANAGEMENT LIMITED (CONTINUED)
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.
Sarah Hallam FCCA (Senior Statutory Auditor)
for and on behalf of
Menzies LLP
Chartered accountant & statutory auditor
4th Floor
95 Gresham Street
London
EC2V 7AB
14 April 2026
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ROXBURY ASSET MANAGEMENT LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
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Interest receivable and similar income
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Loss for the financial year
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The notes on pages 14 to 22 form part of these financial statements.
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ROXBURY ASSET MANAGEMENT LIMITED
REGISTERED NUMBER: 09277789
BALANCE SHEET
AS AT 31 DECEMBER 2025
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Debtors: amounts falling due after more than one year
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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Capital redemption reserve
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The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 14 April 2026.
The notes on pages 14 to 22 form part of these financial statements.
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ROXBURY ASSET MANAGEMENT LIMITED
REGISTERED NUMBER: 09277789
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2025
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ROXBURY ASSET MANAGEMENT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
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Capital redemption reserve
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The notes on pages 14 to 22 form part of these financial statements.
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ROXBURY ASSET MANAGEMENT LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
Cash flows from operating activities
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Loss for the financial year
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Depreciation of tangible assets
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(Increase)/decrease in debtors
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Net cash generated from operating activities
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Cash flows from investing activities
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Purchase of tangible fixed assets
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Net cash from investing activities
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Net (decrease) in cash and cash equivalents
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Cash and cash equivalents at beginning of year
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Cash and cash equivalents at the end of year
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Cash and cash equivalents at the end of year comprise:
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The notes on pages 14 to 22 form part of these financial statements.
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ROXBURY ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Roxbury Asset Management Limited is a private company, limited by shares, registered in England and Wales. The address of the registered office is 2 Savile Row, Third Floor, London, W1S 3PA.
2.Accounting policies
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Basis of preparation of financial statements
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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.
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Significant judgements and estimates
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The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the opinion of the director there are no judgements or key sources of estimation uncertainty that affect the preparation of the financial statements.
Turnover is stated net of VAT. Turnover represents fees receivable for investment fund management activities in the year. Turnover is recognised in the period that it occurs.
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Tax is recognised in income statement 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.
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ROXBURY ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to income statement 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.
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Pension costs and other post-retirement benefits
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The company makes payments to a defined contribution pension scheme. Contributions payable to the pension scheme are charged to income statement in the period to which they relate.
The Company has made losses in the current and previous financial year. The Company has sufficient cash at bank to meet its capital adequacy requirements and debts as the fall due.
The financial statements have been prepared on the going concern basis, which assumes that the Company will continue in operational existence for the foreseeable future.
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The turnover and loss before taxation are attributable to the one principal activity of the company.
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An analysis of turnover by class of business is as follows:
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Analysis of turnover by country of destination:
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During the year end 31 December 2025, management fee in the amount of £50,000 related to year ended 31 December 2024 was reversed.
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ROXBURY ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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The average monthly number of employees, including the director, during the year was as follows:
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The operating loss is stated after charging:
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Other operating lease rentals
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Depreciation - owned assets
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During the year, the Company obtained the following services from the Company's auditors:
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Fees payable to the company's auditors for the audit of the company's financial statements
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ROXBURY ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Factors affecting tax charge for the year
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The tax assessed for the year is lower than (2024 - lower than) the standard rate of corporation tax in the UK of 19% (2024 - 19%). The differences are explained below:
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Loss on ordinary activities before tax
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Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2024 - 19%)
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Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
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Capital allowances for year in excess of depreciation
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Increase or decrease in pension fund prepayment leading to an increase (decrease) in tax
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Total tax charge for the year
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ROXBURY ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Due after more than one year
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Prepayments and accrued income
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ROXBURY ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
9.Debtors (continued)
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ROXBURY ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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At 31 December 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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The above is in relation to a dilapidations provision for the lease of its place of business.
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ROXBURY ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Allotted, called up and fully paid
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3,203 (2024 - 3,203) Ordinary Shares shares of £1.00 each
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4,300,000 (2024 - 4,300,000) Preference Shares "A" shares of £1.00 each
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9,158,534 (2024 - 9,158,534) Preference Shares "B" shares of $1.00 each
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Ordinary:
Ordinary shares rank equally for voting purposes, each member shall have one vote per share held. Each share ranks equally for any dividend declared distribution rights on winding up.
Preference:
There are no voting rights attached to the preference shares. On a winding up of the Company the Preference Shares shall rank behind all secured and unsecured liabilities of the Company, save that the Preference Shares shall rank in priority in all circumstances to the ordinary shares in the Company. The Preference shares shall be redeemable at the absolute discretion of the Company provided any Preference Share may only be redeemed if such redemption would not result in the Company being in breach of any minimum capital obligation as determined from time to time by law or by any regulatory authority.
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Share premium account
The share premium account records the amount above the nominal value received for shares sold, less transactions costs.
Capital redemption reserve
Capital redemption reserve records the nominal value of shares repurchased by the company.
Profit and loss account
Retained earnings account records retained earnings and accumulated losses.
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ROXBURY ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Transactions with directors
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At the end of the year there was a balance outstanding from a former Director of £108,490 (2024: £108,490). There is no interest repayable on this loan. The first payment commenced in December 2023 and annual payments will be made until December 2027. No payment was made during the year ended 2025; however, the repayment relating to 2025 has been made in 2026.
During the year, the company paid an amount of £21,031 (2024: £16,994) towards health insurance of Mr S Zinser.
Included within other creditors is an amount of £100,205 (2024: £205) payable to Mr S Zinser. The loan is unsecured, interest free and repayable on demand.
The controlling party is Mr S M Zinser.
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