REG - Fiske PLC - Final Results, Annual Report and Notice of AGM
20/10/2025 07:00
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RNS Number : 9233D Fiske PLC 20 October 2025
20 October 2025
FISKE PLC
("Fiske" or the "Company" or the "Group")
Final Results, Posting of Annual Report and Notice of AGM
Fiske (AIM:FKE (AIM%3AFKE) ) sets out below its announcement of final audited
results for the year ended 30 June 2025.
Highlights
Year to 30 June 2025 Year to 30 June 2024
£'000 £'000
Total Revenue 7,930 7,421
Profit on ordinary activities before taxation 1,477 942
Profit per ordinary share 11.4p 6.9p
James Harrison, CEO, commenting on the results said:
"We are pleased to report a steady increase in our revenues to £7.9m for the
full year to 30 June 2025 (June 2024: £7.4m). Revenue increases across the
board were driven by several factors including a steady stream of new client
wins, higher asset prices, increased levels of trading, improving service mix
(more clients opting for advisory and discretionary services) and an increase
in interest income. Our operating profits were heavily impacted in the second
half of the year by the compliance driven costs referred to in our interim
statement."
Our Annual General Meeting will be held on Thursday 13 November 2025 at
12.30pm at our offices at 100 Wood Street, London EC2V 7AN.
Copies of the 2025 Report and Accounts, including the Notice of AGM and Proxy
Voting form will be posted to shareholders shortly and in accordance with rule
26 of the AIM Rules for Companies, this information is also available under
the Investor Relations section of the Company's website, www.fiskeplc.com
(http://www.fiskeplc.com) .
The Board has resolved to recommend a final dividend of 0.825p per share for
the year to 30 June 2025 (2024: 0.75p). If approved by shareholders at our
Annual General Meeting in November, then when added to the interim dividend of
0.275p per share paid to shareholders in April 2025 the total dividend for the
year to 30 June 2025 will be 1.1p per share (2024: 1.0p), an increase of 10%.
The final dividend will be payable on 14 November 2025 to shareholders on the
register on 31 October 2025. The shares will be marked ex-dividend on 30
October 2025.
The information contained within this announcement is deemed to constitute
inside information as stipulated under the Market Abuse Regulations (EU) No.
596/2014. Upon the publication of this announcement, this inside information
is now considered to be in the public domain.
For further information, please contact:
Fiske PLC
James Harrison (CEO) Tel: +44 (0) 20 7448 4700
100 Wood Street
London
EC2V 7AN
Grant Thornton UK LLP (Nominated Adviser) Tel: +44 (0) 20 7383 5100
Samantha Harrison / Harrison Clarke / Elliot Peters
Chairman's and Chief Executive's Report
Trading and revenues
We are pleased to report a steady increase in our revenues to £7.9m for the
full year to 30 June 2025 (June 2024: £7.4m). Revenue increases across the
board were driven by several factors including a steady stream of new client
wins, higher asset prices, increased levels of trading, improving service mix
(more clients opting for advisory and discretionary services) and an increase
in interest income. Our operating profits were heavily impacted in the second
half of the year by the compliance driven costs referred to in our interim
statement.
Assets under Management & Administration
Our total client assets under management and administration were £880m as at
30 June 2025 (June 2024: £878m). Of the total client assets 70% are now fee
paying and either managed on a discretionary or advisory managed basis.
Costs
Costs have risen by 11% to £7.6m in the year to June 2025. This increase
principally relates to increased compliance costs that we have absorbed as we
work to improve our compliance related systems and controls following an
assessment of our overall compliance framework.
Outturn
Profit on ordinary activities after taxation was £1.35m for the year to June
2025 (June 2024: £821k), an increase of 64% over the year. The cashflow for
the year was particularly strong at £1.9m following the receipt of two
dividends from our holding in Euroclear during the period.
Net assets
Our shareholder's funds now amount to some £11.4m (2024: £9.8m) which is an
increase of 17% over the year. Within this we hold some £6.8m (2024: £4.9m)
of cash which is an increase of 38% over the year. Our net asset value has
risen to 97p per share (2024: 82p).
Earnings per share
Earnings per share for the year to 30 June 2025 were 11.4p which represents an
increase of 65% over the 6.9p for the year to 30 June 2024.
Euroclear
Euroclear's adjusted earnings per share increased by 5% to €367 for the year
to 31 December 2024 with a commensurate increase in its dividend. The timing
of the dividends paid by Euroclear is such that we received two dividends in
this financial year contributing £0.97m to our pre-tax profits.
As in previous years there were several private transactions in Euroclear
shares during our financial year and these have helped us to update the
appropriate carrying value of our holding in our financial statements to
£5.9m (2024: £5.4m). This holding continues to represent a significant store
of value on our balance sheet.
Dividend
The Board has resolved to recommend a final dividend of 0.825p per share for
the year to 30 June 2025 (2024: 0.75p). If approved by shareholders at our
Annual General Meeting in November then when added to the interim dividend of
0.275p per share paid to shareholders in April 2025 the total dividend for the
year to 30 June 2025 will be 1.1p per share (2024: 1.0p), an increase of 10%.
The final dividend will be payable on 14 November 2025 to shareholders on the
register on 31 October 2025. The shares will be marked ex-dividend on 30
October 2025.
Staff
We would like to thank all members of our dedicated staff for their continued
commitment and hard work. As a company we have continued to evolve, adapt and
improve our operations throughout the year.
Strategy
Our strategy for providing wealth management services includes continuous
improvement in our use of technology. During the past year we have invested
significant time and effort into upgrading our client data as we adopt a new
CRM software system. This new software, which is due to be fully operational
this autumn, will allow us to further improve our client servicing
capabilities whilst at the same time driving more efficiencies within our
operations.
Succession planning remains a key consideration for our recruitment strategy,
both for Investment Managers and for our Support and Operations teams.
Consumer Duty & VREQ
Despite our very best efforts to anticipate and implement the requirements of
the Consumer Duty as we believed was appropriate for our business, the FCA's
data led strategy, in the form of its new annual Wealth sector questionnaire,
led them to require the Company to commission a Section 166 report. This was
duly completed towards the end of our financial year and resulted in the need
to implement several improvements in the compliance related systems and
controls which we use to monitor, oversee and manage our investment management
business.
As a result of the report the FCA has steered us to enter into Voluntary
Requirements whilst we deliver this upgrade in systems and controls. Details
of the requirements can be found in the Company's RNS announcement of 24
September 2025. We have already developed a comprehensive plan to deliver
these enhancements for our business and are well advanced in implementing
these upgrades. We anticipate the majority of this work will be completed
within the next six months.
Markets
After the sharp falls in response to President Trump's "Liberation Day"
address in the first quarter of 2025, world equity markets have rebounded
strongly, and most markets now trade at or near all-time highs. Once again,
the mega size US technology stocks were in the vanguard of the recovery since
April, however, it has been more broadly based both geographically and across
other sectors.
Geopolitical events have not improved over the year and continue to be a cause
for concern. President Trump's efforts to broker a peace deal between Russia
and Ukraine have been unsuccessful and if anything has emboldened President
Putin to provoke further the resolve of Ukraine's Western allies.
President Trump's unpredictable approach to politics and policymaking has made
estimating the likely impact of imposing tariffs on its trading partners,
cutting government spending and extending tax reductions difficult to
forecast. However, recent leading economic indicators would suggest growth
rates appear to be trending lower. There is also now more political pressure
on the Federal Reserve Board to reduce interest rates at a time when other
central banks are holding steady.
While US exceptionalism and investors fear of missing out has driven the US
equity market higher the brunt of the uncertainties arising from the current
economic policies have been borne by a very weak US dollar, down nearly 10%
against sterling this year. It is also no surprise that the price of gold, a
traditional currency hedge, has been breaking record highs.
On the domestic front, there is little evidence that the growth mandate
promised prior to the Labour Party's landslide election victory is
deliverable. On the contrary, higher minimum wages and increases to employer's
national insurance costs have hit smaller businesses hard. While the
Chancellor tries to stick to her fiscal rules, backtracking on reducing
welfare state costs and winter fuel allowance payments has only exacerbated
the cost of financing an ever-increasing public sector borrowing requirement.
Tax increases in the November budget look inevitable. Meanwhile, yields on
long-dated Government Bonds have risen to multi-decade highs as Gilt investors
demand a higher return for the likely risks being taken.
Despite all the current uncertainties, over any reasonable time period, equity
investments have produced the most attractive returns for the long-term
investor, and we believe that this will continue to be the case. At the same
time, managing the associated risks of losing permanent capital or controlling
short-term volatility is, as ever, best effected through diversification of a
portfolio's holdings by maintaining a well spread portfolio containing
complementary asset classes.
Outlook
As referred to in our trading statement in September, current trading since
the end of FY25 continues in line with management expectations. We remain
mindful of potentially more volatile market conditions in the coming months
due to the generally uncertain geopolitical environment, and particularly in
the run-up to the UK Autumn Budget Statement in November.
However, we are confident that the growth in revenues delivered in FY25 will
be maintained, whilst budgets for the first half of FY26 incorporate the
operational expenditure required to complete the updating of the Company's
systems and controls. Going forward there may yet be additional compliance
costs, however we believe any such further costs can be readily met by the
Company out of its existing resources.
Annual General Meeting
Shareholders are invited to attend the Annual General Meeting to be held at
our offices at 100 Wood Street, London EC2V 7AN at 12.30 pm on Thursday, 13
November 2025 We would like the opportunity to meet you and for you to meet
the management of the Company in which you are invested.
The Board encourages shareholders to submit their votes via the CREST system.
Shareholders may also submit questions in advance of the AGM to the Company
Secretary via email to info@fiskeplc.com (mailto:info@fiskeplc.com) or by post
to the Company Secretary at the address set out on page 60 of the report.
Consolidated Statement of Total Comprehensive Income
For Year ended 30 June 2025
Notes Year to Year to
30 June 30 June
2025 2024
£'000 £'000
Revenues 2 7,930 7,421
Operating expenses (7,633) (6,864)
Operating profit 297 557
Investment revenue 970 253
Finance income 229 157
Finance costs (19) (25)
Profit on ordinary activities before taxation 1,477 942
Taxation (charge) 3 (127) (121)
Profit on ordinary activities after taxation 1,350 821
Other comprehensive income
Items that may subsequently be reclassified to profit or loss
Movement in unrealised appreciation of investments 528 1,007
Deferred tax on movement in unrealised appreciation of investments (132) (252)
Net other comprehensive income 396 755
Total comprehensive income attributable to equity shareholders 1,746 1,576
Dividends paid (121) (30)
Retained income 1,625 1,546
Profit per ordinary share
Basic 4 11.4p 6.9p
Diluted 4 11.4p 6.9p
All results are from continuing operations.
Consolidated Statement of Financial Position
At 30 June 2025
Notes As at 30 June As at 30 June
2025 2024
£'000 £'000
Non-current Assets
Intangible assets 5 422 583
Right-of-use assets 6 178 63
Other intangible assets 7 - -
Deferred tax asset 3 11 -
Property, plant and equipment 8 35 5
Investments held at Fair Value Through Other Comprehensive Income 9 5,947 5,419
Total non-current assets 6,593 6,070
Current Assets
Trade and other receivables 10 2,347 2,942
Cash and cash equivalents 6,846 4,957
Total current assets 9,193 7,899
Current liabilities
Trade and other payables 11 (2,701) (2,889)
Short-term lease liabilities 12 (76) (72)
Current tax liabilities 3 (138) -
Total current liabilities (2,915) (2,961)
Net current assets 6,278 4,938
Non-current liabilities
Non-current lease liabilities 12 (105) -
Deferred tax liabilities 13 (1,320) (1,188)
Total non-current liabilities (1,425) (1,188)
Net Assets 11,446 9,820
Equity
Share capital 14 2,957 2,957
Share premium 2,085 2,085
Revaluation reserve 4,038 3,642
Retained earnings 2,366 1,136
Shareholders' equity 11,446 9,820
These financial statements were approved by the Board of Directors and
authorised for issue on 17 October 2025.
Consolidated Statement of Changes in Equity
For Year ended 30 June 2025
Share Share premium Revaluation reserve Retained profits Total
capital
£'000 £'000 £'000 £'000 £'000
Balance at 1 July 2023 2,957 2,085 2,887 343 8,272
Profit for the financial year - - - 821 821
Movement in unrealised appreciation of investments - - 1,007 - 1,007
Deferred tax on movement in unrealised appreciation of investments - - (252) - (252)
Total comprehensive income for the year - - 755 821 1,576
Share based payment transactions - - - 2 2
Dividends paid - - - (30) (30)
Total transactions with owners, recognised directly in equity - - - (28) (28)
Balance at 30 June 2024 2,957 2,085 3,642 1,136 9,820
Profit for the financial year - - - 1,350 1,350
Movement in unrealised appreciation of investments - - 528 - 528
Deferred tax on movement in unrealised appreciation of investments - - (132) - (132)
Total comprehensive income for the year - - 396 1,350 1,746
Share based payment transactions - - - 1 1
Dividends paid - - - (121) (121)
Total transactions with owners, recognised directly in equity - - - (120) (120)
2,957 2,085 4,038 2,366 11,446
Balance at 30 June 2025
Consolidated and Company Statement of Cash Flows
For Year ended 30 June 2025
Notes Year to Year to Year to Year to
30 June 30 June 30 June 30 June
2025 2025 2024 2024
Group Company Group Company
£'000 £'000 £'000 £'000
Operating profit 297 202 557 597
Amortisation of customer relationships and goodwill 161 29 416 416
Depreciation of right-of-use assets 108 108 93 93
Depreciation of property, plant and equipment 22 21 11 11
Amortisation of investment in subsidiary - 226 - -
Interest relating to ROU assets (10) (10) (13) (13)
Expenses settled by the issue of shares 1 1 2 2
Decrease / (increase) in receivables 137 (20) 1,863 1,824
Increase in payables 258 312 (1,460) (1,413)
Cash generated from operations 974 869 1,469 1,517
Tax (paid) 11 11 - -
Net cash generated from operating activities 985 880 1,469 1,517
Investing activities
Investment income received 970 1,066 253 253
Interest income received 229 229 157 156
Reduction in capital of subsidiary - 108 - -
Purchases of available-for-sale investments 17 - - (113) (113)
Purchases of property, plant and equipment (52) (52) (1) (1)
Net cash generated from investing activities 1,147 1,351 296 295
Financing activities
Interest paid (9) (8) (12) (12)
Proceeds from issue of ordinary share capital - - - -
Repayment of lease liabilities 20 (113) (113) (99) (99)
Dividends paid (121) (121) (30) (30)
Net cash used in financing activities (243) (242) (141) (141)
Net increase in cash and cash equivalents 1,889 1,989 1,624 1,671
Cash and cash equivalents at beginning of year 4,957 4,857 3,333 3,186
Cash and cash equivalents at end of year 6,846 6,846 4,957 4,857
Notes to the Accounts
For the Year ended 30 June 2025
1. Basis of preparation
The financial statements have been prepared in accordance with UK adopted
international accounting standards and in conformity with the Companies Act
2006 The Consolidated and Company financial statements have been prepared
under the historical cost convention, with the exception of financial
instruments, which are measured at fair value in accordance with IFRS 9
Financial Instruments: recognition and measurement.
The financial information included in this News Release does not constitute
statutory accounts of the Group for the Year ended 30 June 2025 or the Year
ended 30 June 2024 but is derived from those accounts. Statutory accounts for
the Year ended 30 June 2024 have been reported on by the Group's auditor and
delivered to the Registrar of Companies. Statutory accounts for the Year ended
30 June 2025 have been audited and will be delivered to the Registrar of
Companies. The report of the auditors for both years was (i) unqualified and
(ii) did not contain a statement under Section 498 (2) or (3) of the Companies
Act 2006.
Copies of the Annual Report will be sent on 21 October 2025 to shareholders
and will also be available on our website at www.fiskeplc.com
New and revised IFRSs in issue but not yet effective
A number of amendments to existing standards have also been effective for
periods beginning on or after 1 January 2024 but they do not have a material
effect on the Group financial statements. There are a number of standards,
amendments to standards, and interpretations which have been issued by the
IASB that are effective in future accounting periods that the Group has
decided not to adopt early. The following amendments are effective for future
periods:
IFRS/Std Description Issued Effective
IAS 21 Effects of Changes in Foreign Exchange Rates Amendments to guidance on when a currency is considered exchangeable and how August 2023 Annual periods beginning on or after 1 January 2025
to determine the exchange rate when it is not.
IFRS 18 Presentation and Disclosure in Introduces defined subtotals (operating profit, profit before financing), April 2024 Annual periods beginning on or after 1 January 2027
mandates Management-defined Performance Measures (MPMs) disclosures with
Financial Statements reconciliations, enhances aggregation/disaggregation, and aligns cash flow
reporting for improved comparability and transparency.
The Group do not expect these amendments to have a significant impact on the
financial statements.
There were no new standards adopted in the current financial year
2. Total revenue and segmental analysis
IFRS 8 requires operating segments to be identified on the basis of internal
reports about components of the Group that are regularly reviewed by
management to allocate resources to the segments and to assess their
performance. Following the acquisition of Fieldings Investment Management
Limited in August 2017, their staff and operations have been integrated into
the management team of Fiske plc. Pursuant to this, the Group continues to
identify a single reportable segment, being UK-based financial intermediation.
Within this single reportable segment, total revenue comprises:
Year to 30 June 2025 Year to 30 June 2024
£'000 £'000
Commission receivable 3,863 3,659
Investment management fees 4,066 3,762
7,929 7,421
Other income 1 -
7,930 7,421
Substantially all revenue in the current period and prior year is generated in
the UK and derives solely from the provision of financial intermediation.
3. Tax
Analysis of tax on ordinary activities:
Year to 30 June 2025 Year to 30 June 2024
Notes £'000 £'000
Current tax
Current year (138) -
(138) -
Deferred tax
Current year 21 11 (121)
Total tax charge to Statement of Comprehensive Income (127) (121)
Factors affecting the tax charge for the year
The deferred tax liability has been calculated using the expected on-going
corporation tax rate of 25% (2024: 25%).
The charge for the year can be reconciled to the profit per the Statement of
Comprehensive Income as follows:
Year to 30 June 2025 Year to 30 June 2024
£'000 £'000
Profit before tax 1,477 942
Charge on profit on ordinary activities at standard rate 369 236
Effect of:
Expenses non-deductible in determining taxable profit 9 104
Non-taxable income (240) (63)
Deferred tax asset (11) (156)
127 121
4. Earnings per share
Basic earnings per share has been calculated by dividing the profit on
ordinary activities after taxation by the weighted average number of shares in
issue during the year. Diluted earnings per share is basic earnings per share
adjusted for the effect of conversion into fully paid shares of the weighted
average number of share options during the year.
Diluted
Year to 30 June 2025 Basic Basic
£'000 £'000
Profit on ordinary activities after taxation 1,350 1,350
Adjustment to reflect impact of dilutive share options - -
Profit 1,350 1,350
Weighted average number of shares (000's) 11,830 11,830
Earnings per share (pence) 11.4 11.4
Diluted
Year to 30 June 2024 Basic Basic
£'000 £'000
Profit on ordinary activities after taxation 821 821
Adjustment to reflect impact of dilutive share options 1
Profit 821 822
Weighted average number of shares (000's) 11,830 11,838
Earnings per share (pence) 6.9 6.9
30 June 2025 30 June 2024
Number of shares (000's):
Weighted average number of shares 11,830 11,830
Dilutive effect of share option scheme - 8
11,830 11,838
5. Intangible assets
Company Group
Customer relationships Customer relationships
Goodwill Total
£'000 £'000 £'000 £'000
Cost
At 1 June 2023 293 1,605 1,311 2,916
Additions - - - -
At 30 June 2024 293 1,605 1,311 2,916
Additions (intercompany) 262 - - -
At 30 June 2025 555 1,605 1,311 2,916
Accumulated amortisation or impairment
At 1 June 2023 (7) (794) (1,123) (1,917)
Charge in year (97) (228) (188) (416)
At 30 June 2024 (104) (1,022) (1,311) (2,333)
Charge in year (29) (161) - (161)
At 30 June 2025 (133) (1,183) (1,311) (2,494)
Net book value 422 - 422
At 30 June 2025 422
At 1 July 2024 189 583 - 583
The amortisation charge arises from a prudent assessment that the intangible
assets have a useful economic life.
Goodwill arising through business combinations is allocated to individual
cash-generating units ('CGUs') being acquired subsidiaries, reflecting the
lowest level at which the Group monitors and test goodwill for impairment
purposes. The CGUs to which goodwill has been attributed relate to long past
acquisitions of Ionian Group Limited and Vor Financial Strategy Limited and
this has now been fully written down.
6. Right-of-use assets
Property
Group and Company £'000
Cost
At 1 June 2023 329
Additions -
Disposals -
At 1 July 2024 329
Additions 223
Disposals -
At 30 June 2025 552
Accumulated amortisation
At 1 June 2023 (173)
Charge for the year (93)
On Disposals -
At 1 July 2024 (266)
Charge for the year (108)
On Disposals -
At 30 June 2025 (374)
Net book value
At 30 June 2025 178
At 1 July 2024 63
The Company occupies office premises at 100 Wood Street on a lease initially
to 21 February 2025 and now extended to 28 February 2027. The Group has used
the following practical expedients when applying IFRS16 to leases previously
classified as operating leases under IAS17.
· Applied a single discount rate to a portfolio of leases with
similar characteristics;
· Excluded initial direct costs from measuring the right-of-use
asset at the date of initial application;
· Used hindsight when determining the lease term if the contract
contains options to extend or terminate the lease.
7. Other intangible assets
Systems
licence
Group and Company £'000
Cost
At 1 June 2023 192
Additions -
At 1 July 2024 192
Additions -
At 30 June 2025 192
Accumulated amortisation
At 1 June 2023 (192)
Charge for the year -
At 1 July 2024 (192)
Charge for the year -
At 30 June 2025 (192)
Net book value
At 30 June 2025 -
At 1 July 2024 -
8. Property, plant and equipment
Office furniture and equipment
Computer equipment
Total
Group and Company £'000 £'000 £'000
Cost
At 1 June 2023 7 112 119
Additions - 1 1
Disposals - - -
At 1 July 2024 7 113 120
Additions - 52 52
Disposals - - -
At 30 June 2025 7 165 172
Accumulated depreciation
At 1 June 2023 (4) (100) (104)
Charge for the year (1) (10) (11)
Disposals - - -
At 1 July 2024 (5) (110) (115)
Charge for the year (1) (21) (22)
Disposals - - -
At 30 June 2025 (6) (131) (137)
Net book value
At 30 June 2025 1 34 35
At 30 June 2024 2 3 5
9. Investments held at Fair Value Through Other Comprehensive Income
2025 2024
Group and Company £'000 £'000
Opening valuation 5,419 4,300
Opening fair value gains on investments held (4,829) (3,823)
Opening cost for the current year 590 477
Additions - 113
Cost at 30 June 2025 590 590
Gains on investments 5,357 4,829
Closing fair value of investments held 5,947 5,419
being:
Unlisted 5,947 5,419
FVTOCI investments carried at fair value 5,947 5,419
Gains on investments in year 2025 2024
Group and Company £'000 £'000
Increase in fair value 528 1,006
Gain on investments 528 1,006
The investments included above are represented by holdings of equity
securities. These shares are not held for trading.
10. Trade and other receivables
2025 2025 2024 2024
Group Company Group Company
Group and Company £'000 £'000 £'000 £'000
Counterparty receivables 1,365 1,365 211 211
Trade (payables) / receivables (447) (447) 1,465 1,465
918 918 1,676 1,676
Amount owed by group undertakings - - - (157)
Other debtors 19 19 19 19
Prepayments and accrued income 1,034 1,034 1,002 1,002
Withholding tax recoverable 376 376 245 245
2,347 2,347 2,942 2,785
Due to the short-term nature of the current receivables, their carrying amount
is considered to be the same as their fair value.
Trade receivables
Included in the Group's trade receivables are debtors with a carrying amount
of £nil (2024: £nil) which are past due at the reporting date for which the
Group has not provided.
Counterparty receivables
Included in the Group's counterparty receivables balance are debtors with a
carrying amount of £1,365,000 (2024: £208,000) which are past due but not
considered impaired.
Ageing of counterparty receivables:
2025 2024
£'000 £'000
0 - 15 days 1,191 142
16 - 30 days 22 60
31 - 60 days - 9
Over 60 days 152 -
1,365 211
11. Trade and other payables
2025 2025 2024 2024
Group Company Group Company
£'000 £'000 £'000 £'000
Counterparty payables 819 819 1,667 1,667
Trade payables 10 10 11 11
829 829 1,678 1,678
Other sundry creditors and accruals 1,872 1,872 1,211 1,157
2,701 2,701 2,889 2,835
Following the introduction of new Consumer Duty standards, the company has
been working with specialist advisers, in conjunction with the FCA, to review
the manner in which the firm delivers outcomes for customers and in
particular, to improve the level of detail in the firm's documentation. The
costs of such works are being absorbed into the firm's operating expenses with
some anticipated costs being included in sundry creditors and accruals.
12. Lease liabilities
2025 2025 2024 2024
Group Company Group Company
£'000 £'000 £'000 £'000
Current 76 76 72 72
Non-current 105 105 - -
181 181 72 72
Maturity analysis:
Not later than one year 76 76 72 72
Later than one year and not later than 5 years 105 105 - -
181 181 72 72
The cash flow impact is summarised as:
2025 2025 2024 2024
Group Company Group Company
£'000 £'000 £'000 £'000
Lease liabilities at beginning of year 72 72 171 171
New lease entered into in year 222 222 - -
Repayment of lease liabilities(†) (113) (113) (99) (99)
Lease liabilities at end of year 181 181 72 72
(†)The lease liability is retired over time by the contrasting interest
expense and lease payments.
13. Deferred taxation
Unrealised
Capital allowances Investment Gains Deferred tax liability
Group and Company £'000 £'000 £'000
At 1 July 2024 (1) 1,189 1,188
Charge for the year - 132 132
At 30 June 2025 (1) 1,321 1,320
Deferred tax assets and liabilities are recognised at a rate which is
substantively enacted at the balance sheet date. The rate to be taken in this
case is 25%, being the anticipated rate of taxation applicable to the Group
and Company in the following year.
14. Called up share capital
2025 2024
No. of shares £'000 No. of shares £'000
Allotted and fully paid:
Ordinary shares of 25p
Opening balance 11, 829,859 2,957 11, 829,859 2,957
Shares issued - - - -
Closing balance 11,829,859 2,957 11,829,859 2,957
Included within the allotted and fully paid share capital were 9,490 ordinary
shares of 25p each (2024: 9,490 ordinary shares of 25p each) held for the
benefit of employees.
As of 30 June 2025, there were no outstanding options to subscribe for
ordinary shares, as all 125,000 options outstanding as of 30 June 2024 with a
weighted average exercise price of 70p expired on 31 December 2024. Ordinary
shares are entitled to all distributions of capital and income.
15. Contingent liabilities
In the ordinary course of business, the Company has given letters of indemnity
in respect of lost certified stock transfers and share certificates. The
contingent liability arising thereon is not probable or reliably measurable
and therefore it is not believed that any material liability will arise under
these indemnities.
In addition, the firm believes that some redress may be appropriate for a
small number of customers where our processes may have resulted in customers
experiencing poorer outcomes than they may have expected. If it is determined
that this has occurred, then suitable compensation will be offered. At this
stage the amount of possible compensation cannot be reliably measured and
accordingly no provision has been made in the financial results for the year
to 30 June 2025.
16. Financial commitments
Lease - classified as an IFRS 16 lease
At 30 June 2025 the Group had outstanding commitments for future minimum lease
payments under non-cancellable operating leases which fall due as follows:
2025 2024
Land and buildings Other Land and buildings Other
£'000 £'000 £'000 £'000
In the next year 119 - 74 -
In the second to fifth years inclusive 79 - - -
Total commitment 198 - 74 -
In September 2021 the Company entered into a lease over our premises at Wood
Street for a period of some 3 years to 21 February 2025 and this has now been
extended to 28 February 2027.
17. Clients' money
At 30 June 2025 amounts held by the Company on behalf of clients in accordance
with the Client Money Rules of the Financial Conduct Authority amounted to
£52,436,614 (2024: £42,002,035). The Company has no beneficial interest in
these amounts and accordingly they are not included in the consolidated
statement of financial position.
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