Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2022
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LONDON & OXFORD CAPITAL MARKETS LIMITED
COMPANY INFORMATION
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LONDON & OXFORD CAPITAL MARKETS LIMITED
CONTENTS
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LONDON & OXFORD CAPITAL MARKETS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
The board of directors present the Strategic Report for London and Oxford Capital Markets Limited for the year ending 31st December 2022.
Turnover in the financial year was £3,203,910 (2021 - £5,435,832). 61% of the income was generated from Asset Management fees, 25% from deal arrangement fees and 14% from wealth management fees.
Administrative expenses during the year were £839,721 (2021 - £985,045) Trading income was £141,673 (2021 - £324,265) Interest Receivable for the year was £250,591 (2021 – £112,110) Interest Payable for the year was £273,856 (2021 – £6,912) During the year dividends of £412,000 (2021 - £452,000) were paid.
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LONDON & OXFORD CAPITAL MARKETS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
The company's activities, as outlined above, expose it to various financial, operational and system, compliance, and reputation risks. Each principal risk and how this is assessed and managed are outlined below. The company's capital requirements are calculated in accordance with the FCA regulations. The company's capital is monitored regularly in light of any potential changes within the business.
The company's activities expose it to various financial risks, including market risk, credit risk and liquidity risk. For market risk, the firm propriety trading balances are monitored daily and subject to limits approved by the Board. As of 31 December 2022, the limit of proprietary trading position is set at £250,000. Credit risk reflects the risk of default where a client or counterparty cannot meet their obligations as they fall due. The company has a procedure to minimise credit risk, including monitoring client position concentration, high-risk client scoring and running a range of scenarios to identify potential credit issues. Liquidity risk is the risk that the company, although solvent, either do not have sufficient financial resources available to meet its obligations as they fall due or can only secure such resources at a high cost. The company has a liquidity risk management framework that enables it to identify, measure, manage and monitor its sources of liquidity risk on an ongoing basis. The framework defines the amount types and distribution of liquidity resources that it considers adequate to cover the nature and level of the liquidity risk to which it is or might be exposed; and the risk that the firm cannot meet its liabilities as they fall due. The framework has been drafted in accordance with FCA rules and guidance. Operational and systems risk is the risk that derives from possible deficiencies relating to the company's information technology and system control, as well as the risks of human error and natural disasters. The company's systems are evaluated, maintained, and upgraded continuously.
The company's operations are also closely dependent on information technology, and any damage or failure of the systems would place the company at significant risk. The company has recovery programmes and backup systems for its core operations. The company also proactively improves and renews the system to ensure no failures or damages occur.
Reputation risk is the risk of loss of reputation arising from the negative publicity relating to the company's operations (whether justified or unjustified) that may result in a reduction of its clientele, reduction in revenue and legal claims against the company. The risk is mitigated by effectively managing information technology, compliance, and regulatory risks. A comprehensive business contingency and disaster recovery plan have been prepared with recovery procedures and actions to be followed in the case of damage to any vital part of the company's structure.
The Company’s key financial and other performance indicators during the year were as follows:
> Revenue of £3,203,910 (2021: £5,435,832). > Operating margin of 3.31% (2021: 31.52%) > Operating profit of £106,185 (2021: £1,713,437)
Number of Properties under management 18 (2021 16)
Value of Properties under management £386.78m (2021 £357.18m)
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LONDON & OXFORD CAPITAL MARKETS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
Section 172 Statement
Section 172 of the Companies Act 2006 requires a Director of a company to act in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole. In doing this, section 172 requires a Director to have regard, among other matters, to • the likely consequences of any decision in the long term; • the interests of the company’s employees; • the need to foster the company’s business relationships with suppliers, customers and others; • the impact of the company’s operations on the community and the environment; • the desirability of the company to maintain a reputation for high standards of business conduct; and • the need to act fairly with members of the company. The Directors of the Company acknowledge their duty to promote the success of the company for the benefit of shareholders as a whole, having regard to a number of broader matters, including the likely consequences of decisions for the long term, the need to act fairly between members of the company, and the company’s broader relationship including the regulator, the financial institutions it cooperates with. This ensures that any engagement with the company’s stakeholders is considered adequate and will contribute sustainably to the company’s long-term strategy. The means of communication with the stakeholders include but are not limited to regular meetings, communication, and disclosures through the company’s official website. The Board is always alert in identifying and resolving any issues that might arise with customers, employees or any other stakeholder and receives regular updates from management to ensure that these issues will not negatively impact the company. Sustainability in real estate There are many things the company introduced to promote sustainability. For all commercial properties the company manages, we ensure that all electricity procured is done from renewable sources. We are also working through a programme of replacing all communal lighting with LED lighting. We closely monitor all buildings to ensure plants and equipment run as efficiently. At one building, we have recently introduced a water monitoring system that monitors water usage half-hourly. This has created a saving of £1000's, and we plan to introduce it elsewhere in the portfolio. At another building, we have introduced a Demand Side Response system which essentially shuts down the plant for short periods to reduce the demand on the grid, and thereby we receive a compensation payment for doing so, along with reducing the amount of power used.
This report was approved by the board on 28 September 2023 and signed on its behalf.
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LONDON & OXFORD CAPITAL MARKETS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
The directors present their report and the financial statements for the year ended 31 December 2022.
The directors are responsible for preparing the Strategic Report, the Directors' 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 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 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 for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £236,358 (2021 - £1,731,648).
The Company has paid a dividend amounting to £412,000 for the financial year.
The directors who served during the year were:
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LONDON & OXFORD CAPITAL MARKETS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
In keeping with the ongoing changes in the financial world, we are excited to announce our newly created Capital Markets Desk.
This new Desk will focus on meeting the needs of real estate project sponsors and fund managers by supporting them in raising capital, managing investor relations, and giving strategic advice for capital-raising strategies. Moreover, it will offer more investment options for existing and prospective clients, providing a more varied and complete investment platform to suit their needs. Launching the new Capital Markets Desk marks a new chapter in our Company's growth. We see it as a sign of our ability to adapt, our readiness to grow, and a reaffirmation of our commitment to providing excellent services that meet clients' changing needs.
Refer to Strategic Report on Page 1-3.
There have been no significant events affecting the Company since the year end.
The auditors, Xeinadin Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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LONDON & OXFORD CAPITAL MARKETS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LONDON & OXFORD CAPITAL MARKETS LIMITED
We have audited the financial statements of London & Oxford Capital Markets Limited (the 'Company') for the year ended 31 December 2022, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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LONDON & OXFORD CAPITAL MARKETS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LONDON & OXFORD CAPITAL MARKETS LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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LONDON & OXFORD CAPITAL MARKETS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LONDON & OXFORD CAPITAL MARKETS LIMITED (CONTINUED)
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:
- Enquiry of management and those charged with governance around actual and potential litigation and claims; - Enquiry of management and those charged with governance to identify any instances of non-compliance with laws and regulations; - Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. Owing to the inherent limitations of an audit there is unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. In addition as with any audit there remained a higher risk of nondetection of irregularities as these may involve collusion, forgery, intentional omissions, misrepresentation or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
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.
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LONDON & OXFORD CAPITAL MARKETS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LONDON & OXFORD CAPITAL MARKETS LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditor
8th Floor
Becket House
36 Old Jewry
EC2R 8DD
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LONDON & OXFORD CAPITAL MARKETS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2022
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LONDON & OXFORD CAPITAL MARKETS LIMITED
REGISTERED NUMBER: 02816999
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022
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LONDON & OXFORD CAPITAL MARKETS LIMITED
REGISTERED NUMBER: 02816999
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2022
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 17 to 30 form part of these financial statements.
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LONDON & OXFORD CAPITAL MARKETS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
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LONDON & OXFORD CAPITAL MARKETS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2022
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LONDON & OXFORD CAPITAL MARKETS LIMITED
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
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LONDON & OXFORD CAPITAL MARKETS LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2022
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LONDON & OXFORD CAPITAL MARKETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
London and Oxford Capital Markets Limited, is a private company limited by shares incorporated in England and Wales. The address of the registered company is 4 Moorgate, London, EC2R 6DA.
The principal activity of the company continued to be the provision of corporate finance and investment advisory services. The company focuses on providing independent advice and expertise to clients both large and small in the private and public sectors.
2.Accounting policies
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The following principal accounting policies have been applied:
Turnover represents the amounts receivable from trading in securities and the provision of financial and advisory services to customers during the year, net of value added tax, to the extent that they are non-refundable. Any contingent fees associated with such transactions have not been recognised where significant doubt exists as to their realisation. Turnover arises in the United Kingdom.
Functional and presentation currency
Transactions and balances
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LONDON & OXFORD CAPITAL MARKETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
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LONDON & OXFORD CAPITAL MARKETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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LONDON & OXFORD CAPITAL MARKETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
Analysis of turnover by country of destination:
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LONDON & OXFORD CAPITAL MARKETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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LONDON & OXFORD CAPITAL MARKETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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LONDON & OXFORD CAPITAL MARKETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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LONDON & OXFORD CAPITAL MARKETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
11.Taxation (continued)
The rate of corporation tax has been increased from 19% to 25% with effect from 1 April 2023. Deferred
tax assets and liabilities have therefore been remeasured at 25%.
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LONDON & OXFORD CAPITAL MARKETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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LONDON & OXFORD CAPITAL MARKETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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LONDON & OXFORD CAPITAL MARKETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Included in other creditors above are amounts of £9,017,389 (2021: £10,709,130) which relate to monies held on behalf of the clients in accordance with the Financial Conduct Authority (FCA) Client Assets Sourcebook and £3.3 million which represents 4.5% Fixed rate Corporate Bonds repayable in June 2023.
Other creditors include 4.5% Fixed Rate Corporate Bonds repayable in June 2023.
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LONDON & OXFORD CAPITAL MARKETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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LONDON & OXFORD CAPITAL MARKETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
The shares entitle the holders to a fixed preferential dividend at the rate of 5% per annum.
The 'A' preference shares shall be redeemed at any time after the fifth anniversary of the date of issue of the relevant 'A' preference share at the issue price at the option of either the company or the holder on not less than 30 days prior written notice.
Capital redemption reserve
Profit and loss account
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £34,898 (2021: £30,453). Contributions totalling £9,607 (2021: £Nil) were payable to the fund at the reporting date and are included in creditors.
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LONDON & OXFORD CAPITAL MARKETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
At the balance sheet date, London and Oxford Capital Markets Limited was under control of WSJ Global Limited by virtue of the shareholding in the company.
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