ACCOUNTS - Final Accounts
ACCOUNTS - Final Accounts
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Registered number: SC182721
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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BALMORAL ASSET MANAGEMENT LIMITED
COMPANY INFORMATION
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BALMORAL ASSET MANAGEMENT LIMITED
CONTENTS
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BALMORAL ASSET MANAGEMENT LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
The directors present the Strategic Report of Balmoral Asset Management Limited (“the Company”) for the year ended 31 December 2021.
The principal activity during the year were investment management and financial planning.
The directors are pleased to report successful results during the year despite the Covid-19 pandemic affecting all businesses during 2021. Turnover for the Company has increased by 24.7% from £6.12m to £7.63m, while operating profits increased from £2.12m to £2.50m. In addition, the Company’s assets under management grew by £130m to £850m
From an operational perspective, at the start of the financial year, the Company continued to operate a flexible approach to working through the pandemic and adjusted its approach in light of prevailing infection rates. As part of the move to a flexible model, the Company plans to dispose of its surplus/unoccupied office accommodation, whilst the Company's principal office accommodation was substantially refurbished, commencing and completing in 2021. This has allowed the Company to repurpose its office space, making this more conducive for its employees. During the year, the Company carried out a strategic review of its financial services platform with, the specialist consultants, The Lang Cat Limited, concluding that, the Company’s current platform provider was “best in class”. In August 2021, as part of the Company’s long term objectives, the Company was granted discretionary investment permissions from the FCA.
The directors continually monitor the key risks that face the Company. As with other businesses in the financial services market, some of the key risks that the Company face are the general economic climate, stock market volatility and competitor pressure. The Covid-19 pandemic ultimately had an impact on all of these areas, however, the Company has a strong board of directors who continually monitor these risks and ensure that controls are in place to manage these.
The directors provide the following statement pursuant to the Companies Act 2006 (as amended by Companies (Miscellaneous Reporting) Regulations 2018) (the "Act") to describe how they have acted in accordance with their duty under section 172 of the Act to promote the success of the Company for the benefit of its members as a whole, and in so doing, how they have had regard to those factors set out in section 172(1)(a) to (f) of the Act during the financial year. In doing this, section 172 requires a director to have regard, among other matters, to:
a. The likely consequences of any decision in the long term b. The interests of the Company’s employees c. The need to foster the Company’s business relationships with suppliers, customers and others d. The impact of the Company’s operations on the community and the environment e. The desirability of the Company maintaining a reputation for high standards of business conduct, and f. The need to act fairly as between members of the Company The directors consider the matters set out above in their decision-making process, through the Company's business strategy, culture, governance framework, management information flows and stakeholder engagement processes.
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BALMORAL ASSET MANAGEMENT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
The interests of the Company's employees The Company's employees are a critical component of the business and fundamental to its continued success. The Company has noted the importance of attracting, retaining and motivating employees and gathers regular feedback from employees on pay and benefits, management communication, Company values, workplace environment, personal development and progression, amongst other factors. The need to foster the Company's business relationships with suppliers, customers and others The directors recognise that the success of delivering the Company's strategy requires strong mutually beneficial relationships with suppliers and customers. The Company follows a rigorous process to supplier selection and the ongoing monitoring of these engagements to ensure that service levels, operational effectiveness and relevant risks are appropriately managed. As the Company is regulated by the Financial Conduct authority ("FCA"), it is important that an open and transparent relationship is maintained with the regulator in order to ensure a reputation for high standards of business conduct and compliance with all relevant regulations. The Company engages with all required reporting to the FCA and the directors maintain regular dialogue and discussion of regulatory developments. The Risk and Compliance functions within the Company provide ongoing consideration and assessment of relevant processes and policies to ensure compliance with the relevant regulations. There is also comprehensive reporting to the Board and Risk Committees. Our clients are central to our business and ongoing engagement with them is of critical importance. Through a thorough understanding of our clients, the Company provides investment services and solutions that assist clients with achieving their current and future financial objectives. These services and solutions are delivered with a client-centric focus that aims to provide a seamless and value-added client experience. The impact of the Company's operations on the community and the environment In conducting business with honesty and integrity, the Company and its employees must demonstrate respect for people and the planet. The directors and all employees are expected to consider the short-and long-term impacts to the environment and the community when they make business decisions. In all Company related activities, the directors and employees need to uphold the Company’s reputation as a socially responsible firm. The desirability of the Company maintaining a reputation for high standards of business conduct The Company supports and upholds a set of core values and principles. All employees are expected to understand these values and principles and continuously demonstrate the uncompromising integrity that is the foundation of our business. The Company carries on permitted activities as permitted by the FCA and therefore operates in a highly regulated environment. The consequence of non-compliance can be severe, and it is therefore a business imperative that the Company and its employees conduct business in a manner that is consistent with Company's principles and the laws and regulations applicable to it. As noted elsewhere in this statement, the directors maintain an open and transparent relationship with the FCA as the importance of such a relationship is paramount. It is of further importance to our clients that the Company maintains a healthy relationship with the regulator while ensuring compliance with the relevant laws and regulations. The directors are acutely aware of the reputational damage that may follow from non-compliance, and the further impact this may have on current and prospective clients through the degradation of trust and confidence. The Company has a well-established and robust governance framework that the directors are responsible for the compliance thereto.
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BALMORAL ASSET MANAGEMENT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
The need to act fairly between different members of the Company The Company is wholly owned by its directors and there are no external shareholders or investors. The directors and shareholders hold the same strategic objectives and interact on a regular basis providing updates on the operations and performance of the Company.
This report was approved by the board on 25 April 2022 and signed on its behalf.
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BALMORAL ASSET MANAGEMENT LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
The directors present their report and the financial statements for the year ended 31 December 2021.
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 £2,127,682 (2020 - £1,741,892).
Particulars of dividends paid are detailed in the notes to the accounts.
The directors who served during the year were:
The markets remain strong and the directors consider the business to be in a strong financial position for the future.
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BALMORAL ASSET MANAGEMENT LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
There have been no significant events affecting the Company since the year end.
Consilium Audit Limited was appointed as auditor to the Company and in accordance with section 485 of the Companies Act 2006.
The Auditor, Consilium Audit Limited, is deemed to be reappointed under section 487 (2) of the Companies Act 2006.
This report was approved by the board on
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BALMORAL ASSET MANAGEMENT LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BALMORAL ASSET MANAGEMENT LIMITED
We have audited the financial statements of Balmoral Asset Management Limited (the 'Company') for the year ended 31 December 2021, 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.
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
∙the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
∙the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
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BALMORAL ASSET MANAGEMENT LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BALMORAL ASSET MANAGEMENT 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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BALMORAL ASSET MANAGEMENT LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BALMORAL ASSET MANAGEMENT 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:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
∙We ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations.
∙We identified the laws and regulations applicable to the company through discussions with directors and management and from our knowledge of the regulatory environment relevant to the company.
∙We assessed the extent of compliance with laws and regulations through making enquiries of management, inspecting legal correspondence and reviewing regulatory correspondence with the FCA.
∙We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management as to where they considered there was susceptibility to fraud and their knowledge of actual, suspected and alleged fraud.
∙To address the risk of fraud through management bias and override of controls, we tested journal entries to identify unusual transactions, we assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias and we investigated the rationale behind significant or unusual transactions.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
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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BALMORAL ASSET MANAGEMENT LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BALMORAL ASSET MANAGEMENT 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
169 West George Street
G2 2LB
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BALMORAL ASSET MANAGEMENT LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2021
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BALMORAL ASSET MANAGEMENT LIMITED
REGISTERED NUMBER: SC182721
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2021
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 29 form part of these financial statements.
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BALMORAL ASSET MANAGEMENT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2020
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BALMORAL ASSET MANAGEMENT LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2021
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BALMORAL ASSET MANAGEMENT LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2021
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BALMORAL ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Balmoral Asset Management Limited is a private company, limited by shares and incorporated in Scotland, registration number SC182721. The registered office address is 18 Rutland Square, Edinburgh, EH1 2BB.
The financial statements are presented in Sterling which is the functional currency of the Company and rounded to the nearest £.
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:
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure. Coronavirus Job Retention Scheme (CJRS) which is recognised when receivable.
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BALMORAL ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.Accounting policies (continued)
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BALMORAL ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.Accounting policies (continued)
Goodwill
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
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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BALMORAL ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.Accounting policies (continued)
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
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BALMORAL ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
The whole of the turnover is attributable to investment management and financial planning.
Analysis of turnover by country of destination:
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BALMORAL ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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BALMORAL ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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BALMORAL ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
There is an increase in the UK corporation tax rate from 19% to 25% (effective from 1 April 2023) which was enacted on 11 March 2021. The 19% rate will continue to apply for companies with profits up to £50,000.
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BALMORAL ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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BALMORAL ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
The Company's freehold properties were valued in December 2018 by Graham & Sibbald, Chartered Surveyors, on an open market basis. Based on the directors’ knowledge, they believe the values included within the financial statements represent an open market value at 31 December 2021.
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BALMORAL ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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BALMORAL ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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BALMORAL ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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BALMORAL ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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BALMORAL ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Revaluation reserve
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 £245,613 (2020 - £173,640). Contributions totaling £62,069 (2020 - £NIL) were payable to the fund at the reporting date and are included in other creditors.
The Company was under the control of Mr S MacDonald throughout the current year and previous year.
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