The directors present their report and financial statements for the year ended 31 October 2016.
The principal activity of the Group continued to be that of independent financial advisers and discretionary investment managers.
Results and dividends
The consolidated statement of comprehensive income for the year is set out here.
The amount that the directors recommend should be paid out by way of dividends has been disclosed in the Strategic Report.
The Group continues to seek high quality IFA and related financial sector businesses of all sizes that will embrace the AFH culture of providing exceptional value to our growing client base while providing attractive returns to our shareholders.
The Group continues to invest in its digital footprint to improve the service to both clients and AFH advisers whilst enabling greater efficiency in its administration. This digitalisation of both the advice and investment service is also expected to open new market channels to future clients who embrace digital and mobile technology.
The following directors have held office since 1 November 2015:
Mr A Hudson
Mr J Wheatley
Mr P Wright
Mrs S Lewis
Mr M Chambers
Mr A Broad
Mrs A Larvin
Creditor payment policy
The Group’s current policy concerning the payment of trade creditors is to:
- settle the terms of payment with suppliers when agreeing the terms of each transaction;
- ensure that suppliers are made aware of the terms of payment by inclusion of the relevant terms in contracts; and
- pay in accordance with the company’s contractual and other legal obligations.
On average, trade creditors at the year end represented 62 (2015 – 63) days’ purchases.
Matters covered in the Strategic Report and Financial Statements
As permitted by paragraph 1A of schedule 7 to the Large and Medium Sized Companies and Groups (Accounts and Reports) Regulations 2008 certain matters which are required to be disclosed in the Directors Report have been omitted as they are included in the Strategic Report and in notes 20 and 22 of the Financial Statements.
A resolution proposing that Mazars LLP be reappointed as auditors of the Company will be put to the members at the Annual General Meeting.
Statement of directors’ responsibilities
The directors are responsible for preparing the Strategic Report and 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 International Financial Reporting Standards and applicable law. 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 Group and of the profit or loss of the Group for that period. In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable International Financial Reporting 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 group 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 the group and 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities
Statement of disclosure to auditors
So far as the directors are aware, there is no relevant audit information of which the group’s auditors are unaware. Additionally, the directors have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the group’s auditors are aware of that information.
On behalf of the board
27 January 2017