Notes to the Company financial statements For the year ended 30 June 2024
41. Investment in subsidiaries continued
43. Financial assets at amortised cost
2024 £’000
2023 £’000
Brooks Macdonald Group plc has guaranteed the liabilities of the following subsidiaries in order that they qualify for the exemption from audit under Section 479A of the Companies Act 2006 in respect of the year ended 30 June 2024: • Adroit Financial Planning Limited • Braemar Group Limited • Brooks Macdonald Financial Consulting Limited • Brooks Macdonald Funds Limited
–
At 1 July Additions
– – – – –
29,978
197
Implied interest income
(212)
Contractual coupons received
At 30 June
29,963
• Brooks Macdonald Nominees Limited • Cornelian Asset Managers Group Limited • Cornelian Asset Managers Limited • Cornelian Asset Managers Nominees Limited • Integrity Wealth (Holdings) Limited • Integrity Wealth Bidco Limited • Integrity Wealth Solutions Limited • Levitas Investment Management Services Limited • Secure Nominees Limited
During the year ended 30 June 2024, the Company invested £29,978,000 in UK Government Investment Loan and Treasury Stock (“Gilts”). The Gilts carry coupon rates ranging from 1.5%- 4.5% per annum and have maturity dates ranging from 2026-28.
44. Trade and other receivables
2024 £’000
2023 £’000
162
Amounts owed by subsidiary undertakings
322
18 80
Other receivables
–
Prepayments and accrued income Total trade and other receivables
32
As a condition of the exemption, the Company has guaranteed the year-end liabilities of the relevant subsidiaries until they are settled in full. The liabilities of the subsidiaries at 30 June 2024 were £662,000. 42. Financial assets at fair value through other comprehensive income 2024 £’000 2023 £’000 At beginning of year 500 500 Net changes in fair value – – At end of year 500 500 At 30 June 2024, the Company held an investment of 500,000 redeemable £1 preference shares in an unlisted company incorporated in the UK. The preference shares carry an entitlement to a fixed preferential dividend at a rate of 4% per annum. Unlisted preference shares are classified as financial assets at fair value through other comprehensive income.
260
354
Amounts owed by subsidiary companies are unsecured, interest-free and repayable on demand.
168 Brooks Macdonald Group plc Annual Report and Accounts 2024
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