Registered number:
FOR THE YEAR ENDED 30 JUNE 2023
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DURA CAPITAL LIMITED
COMPANY INFORMATION
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DURA CAPITAL LIMITED
CONTENTS
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DURA CAPITAL LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2023
The directors present their Strategic Report for Dura Capital Limited (the "Company") for the year ended 30 June
2023
The Company was incorporated on 18 May 2017. The Company is a retail product manufacturer and distribution
business and was sold in October 2021 to Zak de Mariveles. The directors believe there is a significant opportunity to develop the market with innovative products and a streamlined digital product offering. Having signed distribution agreements with a significant numbers of investment banks and having signed up it’s first Appointed Representative the Company is well placed to increase it’s market share.
Appointed Representative appointment
The Companies strategic goal is to broaden the range of products offered by partnering with distribution firms who specialise in UK IFA distribution of structured products.
During the period the Company developed and implemented its Appointed Representative business line and appointed its first distribution partner Arcus Partners (AR) Ltd. This has resulted in additional and diversified sales volumes and revenue for the Company. Interest Rate Environment The interest rate environment saw an appetite for more deposit based defined propositions which has shown good growth in sales numbers as the year has progressed. The Company will continue to offer investment based and deposit based products to cater for the differing needs of consumers.
The directors use a number of key performance measures to monitor and manage performance within the
business. The key performance indicator used is turnover. The directors monitor this key performance indicator on a regular basis throughout the year to ensure the Company's strategy is achieved.
Other key performance indicators
The directors also use a number of non-financial performance indicators including the number of complaints,
terms of business signed, number of bank relationships and market share.
The directors assessment of section 172(1) matters are as follows:
Long Term Considerations
All major decisions that could impact the long-term outlook of the business are taken with reference to the Board
(which contains the Company's shareholders) and are considered within the overall risk management process of the business. The Board is continuously monitoring the future of the business and is responsible for examining all strategic options with a commitment to servicing our clients.
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DURA CAPITAL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
The interest of the Company's employees are aligned with the interest of the Board. Staff are paid competitive
market rates to the broader market.
Business Relationships with Suppliers, Customers and Others
The Company's relationships with its customers is important and has always been a strength. The business
operates in relatively specialist sector of the investment markets, so client communication is regular, detailed and two-way. A similar situation exists with suppliers, both in terms of the Company's business and professional operations
The Company, given its area of operation and structure, has little effect on the enviroment and limited impact on the community
High Standards of Business Conduct
The Company has been built on operating at the very highest standards, as is evident by its governance
structure and control environment within its specific sector of the market.
The Company is wholly owned by Zak de Mariveles who a member of the Board and instrumental in the strategic
direction and decision making of the company.
Pillar 3 disclosure
Copies of the Company's Pillar 3 disclosures as required by the IFPRU Rules of the FCA Handbook will be
available from the Company's website at http://www.duracapital .co.uk
This report was approved by the board on 23 October 2023 and signed on its behalf.
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DURA CAPITAL LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2023
The directors present their report and the financial statements for the year ended 30 June 2023.
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 £109,371 (2022 - £147,593).
No dividends have been paid on the year (2022: £nil).
The directors who served during the year were:
Consideration of the Company's engagement with suppliers, customers and others is discussed in the "Directors'
Section 172(1) Statement" section of the Stratgeic Report on page 2 of the financial statements.
Enviromental reporting Statement
The Company has not disclosed information in respect of greenhouse gas emissions, energy consumption and
energy efficiency action as its energy consumption in the United Kingdom for the year is 40,000kWh or lower
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DURA CAPITAL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
Following a rebranding exercise on 15 May 2023 the trading name of the company's independent auditor changed from MHA MacIntyre Hudson to MHA. A resolution to reappoint MHA as independent auditor will be proposed at the next Annual General Meeting.
This report was approved by the board on
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DURA CAPITAL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DURA CAPITAL LIMITED
We have audited the financial statements of Dura Capital Limited (the 'Company') for the year ended 30 June 2023, 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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DURA CAPITAL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DURA CAPITAL 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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DURA CAPITAL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DURA CAPITAL 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 entity staff in compliance functions to identify any instances of non-compliance with laws and regulations with particular regard to compliance with the FCA regulations applied to the company including its permission to hold client monies;
∙Performing audit work over the risk of management override of controls, including the testing of journal entries and other adjustments for appropriateness and reviewing accounting estimates for bias;
∙Performing testing of revenue transactions to underlying documentation;
∙Reviewing minutes of meetings of those charged with governance and;
∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
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DURA CAPITAL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DURA CAPITAL LIMITED (CONTINUED)
For and on behalf of MHA, Statutory Auditor
London, United Kindom Date:
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313)
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DURA CAPITAL LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2023
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DURA CAPITAL LIMITED
REGISTERED NUMBER: 10778261
STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 15 to 23 form part of these financial statements.
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DURA CAPITAL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023
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DURA CAPITAL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2022
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DURA CAPITAL LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2023
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DURA CAPITAL LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 JUNE 2023
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DURA CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
Dura Capital Limited is a private limited company, limited by shares, domiciled and incorporated in
England and Wales (registered number 10778261). The registered office address is 6th Floor, 2 London Wall Place, London, EC2Y 5AU. The Company is regulated by the FCA. The financial statements are presented in GBP which is the functional currency of the Company.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
Turnover for promition of structured products is based on a margin when the product is launched to the market. The company has no on-going commitments to service the structured products and revenue is recognised at the point of the individual product launches.
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DURA CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
2.Accounting policies (continued)
Investments in derivative funds are measured at fair value with changes recognised in the Statement of Comprehensive income where the fair value can be measured reliably (see note 15)
The firm has received historic payments to fund expenses incurred in the formation of the Company.
These payments have been recognised as expenses in the Statement of Comprehensive Income. As these amounts were assessed as non-refundable these were not considered to be a long term and were accounted for as a capital contribution reserve. Any cash movements relating to the capital contribution reserve are treated as movements through equity. Client Money Rules ("Cass"). Client money is held in client bank accounts and is segregated from the Company's own funds. Such money and the corresponding liabilities are not reflected in the Company's Statement of Financial Position
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DURA CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
factors, including expectation of future events that are believed to be resonable under the circumstances. In the opinion of the directors, the financial statements do not include any significant estimates or judgements.
Analysis of turnover by country of destination:
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DURA CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
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DURA CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
9.Taxation (continued)
There were no factors that may affect future tax charges.
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DURA CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
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DURA CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
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DURA CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
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DURA CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
Capital contribution reserve
repayment obligation
Profit and loss account
The Company is subject to capital and regulatory resources requirements as a result of its FCA
authorisation.
Key management personnel are those persons having authority and responsibility for planning, controlling
and directing the activities of the Company. The director is considered to be the key management personnel of the Company and details of directors' remuneration is disclosed in note 8.
The controlling party is the director and sole shareholder, Z V De Mariveles.
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