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Manchester Global Management (UK) Limited
























Annual report and financial statements      



For the year ended 31 December 2021



Registered number: 12552463

 
Manchester Global Management (UK) Limited


Company Information


Directors
Drew Besser 
Christopher Parkinson 




Registered number
12552463



Registered office
9 Pembridge Road

London

W11 3JY




Independent auditor
Buzzacott LLP

130 Wood Street

London

EC2V 6DL





 
Manchester Global Management (UK) Limited


Contents



Page
Directors' report
 
1 - 2
Strategic report
 
3 - 4
Independent auditor's report
 
5 - 8
Statement of comprehensive income
 
9
Statement of financial position
 
10
Statement of changes in equity
 
11
Statement of cash flows
 
12
Notes to the financial statements
 
13 - 21


 
Manchester Global Management (UK) Limited

 
Directors' report
For the year ended 31 December 2021

The directors present their report and the financial statements of Manchester Global Management (UK) Limited ('the company') for the year ended 31 December 2021.

Principal activity

The principal activity of the company is to provide investment management services.

Results and dividends

The loss for the year, after taxation, amounted to £721,088 (2020 -loss £161,941).

The directors did not recommend payment of a dividend during the year.

Directors

The directors who served during the year were:

Drew Besser 
Christopher Parkinson 

Directors' responsibilities statement

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 judgements 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 2006They 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.

Page 1

 
Manchester Global Management (UK) Limited
 
Directors' report (continued)
For the year ended 31 December 2021

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Strategic report

The company has chosen in accordance with s.414C(11) Companies Act 2006 to set out in the company's strategic report
information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports)
Regulations 2008 to be contained in the directors' report. It has done so in respect of future developments, engagement
with employees, suppliers, customers and others.

This report was approved by the board on 27 April 2022 and signed on its behalf.
 





Christopher Parkinson
Director

Page 2

 
Manchester Global Management (UK) Limited


Strategic report
For the year ended 31 December 2021

Introduction
 
The directors present the strategic report of the company for the year ended 31 December 2021.

Business review
 
The directors are satisfied with the results for the year and expect growth in the future performance of the company.
The company has not been materially impacted by the uncertainty of Brexit and the current COVID-19 pandemic. The
directors are committed to achieving strong returns and growth going forward.

Principal risks and uncertainties
 
Foreign currency risk
The company’s revenue and some of its expenses are denominated in currencies other than sterling (it’s reporting currency)
Credit risk
This risk relates to the exposure to the Funds for non-payment of management fee and incentive allocation and counterparty exposure relating to the firm’s bank balances and any other debtors
Liquidity risk
The company ensures that there is sufficient cash available to fund outgoing operations. 
Regulatory risk
The company is regulated by the Financial Conduct Authority, and is therefore exposed to regulatory risk. However, regulatory risk is closely managed on an ongoing basis. In this regard, the company has retained a firm of compliance professionals to provide guidance, assistance, and consultancy advice.

Financial key performance indicators
 
Given the nature of the business, the directors are of the opinion that analysis using KPIs is not necessary for an
understanding of the development, performance or position of the business.

Going concern
 
The company continues to be loss making in the year, reporting a loss of £721,088 for the year ended 31 December 2021. Despite this, the company remains in a net asset position of £262,638 as at the year end, with a cash balance of £478,992. 
Drew Besser provides the company with financial support by way of equity finance and holds the majority of Ordinary share capital in the company. The company is therefore reliant on the support of Mr Besser to be able to pay its debts as they fall due.
Mr Besser has confirmed that he will continue to provide sufficient financial support to enable the company to meet its past and future financial obligations and commitments as and when they fall due for the foreseeable future, for a period of at least 12 months from the date of approval of the company's financial statements for the year ended 31 December 2021.
In reviewing the going concern status of the company, the directors have also considered the impact of the current
COVID-19 pandemic on the company's operations, with a particular focus on its effect on the company's suppliers,
directors, and employees. The directors do not consider this to be cause for material uncertainty in respect of the
company’s ability to continue as a going concern. 

 
Page 3

 
Manchester Global Management (UK) Limited


Strategic report (continued)
For the year ended 31 December 2021

Going concern (continued)
The company has adapted well, successfully employing contingency plans, and the directors consider that the company has sufficient financial resources to continue for the foreseeable future, despite the crisis.Although the directors are confident that the company has sufficient cash as at the reporting date, and post year end, to meet its debts as they fall due, should the company require additional capital contributions the directors have no doubts that can be raised. Since the reporting date, the company has obtained additional capital contributions from Mr Besser. The directors therefore do not consider there to be a material uncertainty in relation to going concern.

Directors' statement of compliance with duty to promote the success of the Company
 
The directors have acted, both individually and together, in a way that they consider in good faith would be the most
likely to promote the success of the company. The directors continue to have regard to the interests of the company’s
employee, suppliers and investors, including the impact of its activities on the company’s reputation when making
decisions.
Engagement with employees
The company follows best employment practice and provides employment opportunities to all genders, abilities and nationalities, adhering to current laws and regulations.
Engagement with suppliers, customers and others
The company outsources many of its non-core functions and most suppliers have had a relationship with the company for a considerable period of time. The company follows best business practice and reviews its existing suppliers on a regular basis.


This report was approved by the board on 27 April 2022 and signed on its behalf.



Christopher Parkinson
Director

Page 4

 
 
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Independent auditor's report to the members of Manchester Global Management (UK) Limited
For the year ended 31 December 2021

Opinion


We have audited the financial statements of Manchester Global Management (UK) 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 policiesThe 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).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2021 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


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 Auditor's 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.


Conclusions relating to going concern


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.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and  our Auditor's 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.


Page 5

 
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Independent auditor's report to the members of Manchester Global Management (UK) Limited (continued)
For the year ended 31 December 2021

Opinion on other matters prescribed by the Companies Act 2006
 

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.


Matters on which we are required to report by exception
 

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.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
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Independent auditor's report to the members of Manchester Global Management (UK) Limited (continued)
For the year ended 31 December 2021

Auditor's responsibilities for the audit of the financial statements
 

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 Auditor's 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:

How the audit was considered capable of detecting irregularities including fraud
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:
 
the Senior Statutory Auditor ensured that the engagement team collectively had the appropriate competence,
capabilities and skills to identify or recognise non-compliance with applicable laws and regulations, including
knowledge specific to auditing regulated investment advisory firms;
we made enquiries of management as to where they considered there was susceptibility to fraud, and their
knowledge of actual, suspected and alleged fraud;
we identified the laws and regulations that could reasonably be expected to have a material effect on the financial
statements of the company through discussions with members and other management at the planning stage, and from our knowledge and experience of regulated investment advisory firms;
the audit team held a discussion to identify any particular areas that were considered to be susceptible to
misstatement, including with respect to fraud and non-compliance with laws and regulations;
we considered the impact of COVID-19 on the company and its internal controls;
we focused our planned audit work on specific laws and regulations which we considered may have a direct material
effect on the financial statements or the operations of the company including the Companies Act 2006, The Financial
Services and Markets Act 2000, employment legislation, and taxation legislation; and
we considered the impact of Brexit on the company and the laws and regulations above.

We assessed the extent of compliance with the laws and regulations identified above through:
 
making enquiries of management;
inspecting legal expenditure throughout the year for any potential litigation or claims;
considering the internal controls in place that are designed to mitigate risks of fraud and non-compliance with laws
and regulations.

To address the risk of fraud through management bias and override of controls, we:
 
determined the susceptibility of the company to management override of controls by checking the implementation of controls and enquiring of individuals involved in the financial reporting process, taking into account the impact of
COVID-19 on controls during the year;
reviewed journal entries throughout the year to identify unusual transactions, particularly in relation to expenditure;
performed analytical procedures to identify any large, unusual or unexpected transactions and investigated any large
variances from the prior period;
reviewed accounting estimates and evaluated where judgements or decisions made by management indicated bias
on the part of the company’s management; and
carried out substantive testing to check the occurrence and cut-off of expenditure.
Page 7

 
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Independent auditor's report to the members of Manchester Global Management (UK) Limited (continued)
For the year ended 31 December 2021


In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which
included:
 
agreeing financial statement disclosures to underlying supporting documentation; and
enquiring of management as to actual and potential litigation and claims.

There are inherent limitations in our audit procedures described above. Irregularities that result from fraud might be
inherently more difficult to detect than irregularities that result from error as they may involve deliberate concealment or
collusion. Auditing standards also limit the audit procedures required to identify non-compliance with laws and
regulations to enquiry of the members and other management and the inspection of regulatory and legal
correspondence, if any.


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 Auditor's report.


Other matters 
 

In the previous accounting period the directors of the company took advantage of audit exemption under s477 of the Companies Act. Therefore the prior period financial statements were not subject to audit.


Use of our 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 2006Our 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 Auditor's 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.





Katherine White (Senior statutory auditor)
for and on behalf of
Buzzacott LLP
Statutory Auditor
130 Wood Street
London
EC2V 6DL

27 April 2022
Page 8

 
Manchester Global Management (UK) Limited


Statement of comprehensive income
For the year ended 31 December 2021

Period from 9 April 2020 to
31 December
31 December 2021
2020 (unaudited)
Note
£
£

  

Revenue
 4 
241,276
-

Gross profit
  
241,276
-

Administrative expenses
  
(1,059,568)
(161,941)

Other operating income
  
97,204
-

Operating loss
 6 
(721,088)
(161,941)

Loss for the financial year
  
(721,088)
(161,941)

All amounts relate to continuing operations.
There was no other comprehensive income for 2021 (2020:£nil).

The notes on pages 13 to 21 form part of these financial statements.

Page 9

 
Manchester Global Management (UK) Limited - Registered number: 12552463

Statement of financial position
As at 31 December 2021

2021
2020 (unaudited)
Note
£
£

Fixed assets
  

Tangible assets
 10 
11,333
14,995

  
11,333
14,995

Current assets
  

Debtors
 11 
113,304
32,482

Cash at bank and in hand
 12 
478,992
49,952

  
592,296
82,434

Creditors: amounts falling due within one year
 13 
(329,658)
(259,369)

Net current assets/(liabilities)
  
 
 
262,638
 
 
(176,935)

Total assets less current liabilities
  
273,971
(161,940)

  

Net assets/(liabilities)
  
273,971
(161,940)


Capital and reserves
  

Called up share capital 
  
1,157,000
1

Profit and loss account
  
(883,029)
(161,941)

  
273,971
(161,940)


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 April 2022.




Christopher Parkinson
Director

Page 10

 
Manchester Global Management (UK) Limited


Statement of changes in equity
For the year ended 31 December 2021


Called up share capital
Profit and loss account
Total equity

£
£
£


At 9 April 2020
-
-
-


Comprehensive income for the period

Loss for the period
-
(161,941)
(161,941)
Total comprehensive income for the period
-
(161,941)
(161,941)

Shares issued during the period
1
-
1


Total transactions with owners
1
-
1



At 1 January 2021
1
(161,941)
(161,940)


Comprehensive income for the year

Loss for the year
-
(721,088)
(721,088)
Total comprehensive income for the year
-
(721,088)
(721,088)

Shares issued during the year
1,156,999
-
1,156,999


Total transactions with owners
1,156,999
-
1,156,999


At 31 December 2021
1,157,000
(883,029)
273,971


The notes on pages 13 to 21 form part of these financial statements.

Page 11

 
Manchester Global Management (UK) Limited


Statement of cash flows
For the year ended 31 December 2021

2021
2020 (unaudited)
£
£

Cash flows from operating activities

Loss for the financial year
(721,088)
(161,941)

Adjustments for:

Depreciation of tangible assets
5,667
1,984

(Increase) in debtors
(80,822)
(32,482)

Increase in creditors
70,289
259,369

Net cash generated from operating activities

(725,954)
66,930


Cash flows from investing activities

Purchase of tangible fixed assets
(2,005)
(16,979)

Net cash from investing activities

(2,005)
(16,979)

Cash flows from financing activities

Issue of ordinary shares
1,156,999
1

Net cash used in financing activities
1,156,999
1

Net increase in cash and cash equivalents
429,040
49,952

Cash and cash equivalents at beginning of year
49,952
-

Cash and cash equivalents at the end of year
478,992
49,952


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
478,992
49,952

478,992
49,952


The notes on pages 13 to 21 form part of these financial statements.

Page 12

 
Manchester Global Management (UK) Limited

 
Notes to the financial statements
For the year ended 31 December 2021

1.


General information

Manchester Global Management (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office and principal place of business is 9 Pembridge Road, London, W11 3JY. The registered number of the company is 12552463. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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 judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
 
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
 
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.
 

  
2.3

Other income

Other income relates to amounts drawn from the Research Payment Account (see note 11) for research
expenses incurred during the year which are recharged to the the fund.

 
2.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 13

 
Manchester Global Management (UK) Limited

Notes to the financial statements
For the year ended 31 December 2021

2.Accounting policies (continued)

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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:

Fixtures and fittings
-
5 years
Computer equipment
-
3 years

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.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The directors do not consider there to be any significant judgements in applying the company's accounting policies
or key sources of estimation uncertainty. 

Page 14

 
Manchester Global Management (UK) Limited

 
Notes to the financial statements
For the year ended 31 December 2021

4.


Revenue

An analysis of revenue by class of business is as follows:


31 December
Period from 9 April 2020 to
31 December
2021
2020 (unaudited)
£
£

Management fees
241,276
-

241,276
-


All revenue arose within the United Kingdom.


5.


Other operating income

31 December
Period from 9 April 2020 to
31 December
2021
2020
£
£

Research income
97,204
-

97,204
-



6.


Operating loss

The operating loss is stated after charging:

31 December
Period from 9 April 2020 to
31 December
2021
2020 (unaudited)
£
£

Exchange differences
174
(854)

Other operating lease rentals
63,916
8,248

Depreciation
5,667
-

Page 15

 
Manchester Global Management (UK) Limited

 
Notes to the financial statements
For the year ended 31 December 2021

7.


Auditor's remuneration

31 December
Period from 9 April 2020 to
31 December
2021
2020  (unaudited)
£
£


Fees payable to the Company's auditor and its associates for the audit of the Company's annual financial statements
8,000
-


Fees payable to the Company's auditor and its associates in respect of:


Audit-related assurance services
1,500
-

Other services relating to taxation
11,719
-

All other services
36,454
-

49,673
-

Page 16

 
Manchester Global Management (UK) Limited

 
Notes to the financial statements
For the year ended 31 December 2021

8.


Staff costs and average number of employees

Staff costs, including directors' remuneration, were as follows:


31 December
Period from 9 April 2020 to
31 December
2021
2020  (unaudited)
£
£

Wages and salaries
383,417
67,535

Social security costs
44,021
8,310

Cost of defined contribution scheme
5,000
328

432,438
76,173


The average monthly number of employees, including the directors, during the year was as follows:


     31 December
Period from 9 April 2020 to
      31 December
        2021
 2020  (unaudited)
            No.
            No.







Investment professionals
2
1



Operations
2
1

4
2


9.


Directors' remuneration

31 December
Period from 9 April 2020 to
31 December
2021
2020
£
£

Directors' emoluments
87,500
-

Company contributions to defined contribution pension schemes
985
-

88,485
-


Page 17

 
Manchester Global Management (UK) Limited

 
Notes to the financial statements
For the year ended 31 December 2021

10.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Total

£
£
£



Cost or valuation


At 1 January 2021 (unaudited)
4,737
12,242
16,979


Additions
-
2,005
2,005



At 31 December 2021

4,737
14,247
18,984



Depreciation


At 1 January 2021 (unaudited)
390
1,594
1,984


Charge for the year
1,185
4,482
5,667



At 31 December 2021

1,575
6,076
7,651



Net book value



At 31 December 2021
3,162
8,171
11,333



At 31 December 2020 (unaudited)
4,347
10,648
14,995

Page 18

 
Manchester Global Management (UK) Limited

 
Notes to the financial statements
For the year ended 31 December 2021

11.


Debtors

2021
2020  (unaudited)
£
£


Amounts owed by group undertakings
-
90

Other debtors
10,525
10,525

Prepayments and accrued income
90,507
14,975

Tax recoverable
12,272
6,892

113,304
32,482



12.


Cash and cash equivalents

2021
2020  (unaudited)
£
£

Bank current accounts
478,991
49,952

Restricted cash
1
-

478,992
49,952


Restricted cash relates to funds held in a Research Payment Account, in accordance with MiFID II.


13.


Creditors: Amounts falling due within one year

2021
2020  (unaudited)
£
£

Trade creditors
43,657
38,435

Other creditors
22,685
209,898

Accruals and deferred income
263,316
11,036

329,658
259,369



14.


Share capital

2021
2020  (unaudited)
£
£
Authorised, allotted, called up and fully paid



1,157,000 (2020 -1) Share capital shares of £1.00 each
1,157,000
1


Page 19

 
Manchester Global Management (UK) Limited

 
Notes to the financial statements
For the year ended 31 December 2021

14.Share capital (continued)

During the year, 1,156,999 Ordinary shares were issued at par.


15.


Reserves


Profit and loss account
The profit and loss account includes cumulative profits or losses net of any dividends paid.


16.


Analysis of net debt

An analysis of changes in net debt has not been presented as all of the company’s cash flows relate to movements
in cash, and the company has no items to include in such an analysis.


17.


Pension commitments

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 £5,000. At the year end date £1,026 (2020 -
£nil) remained due to the fund.


18.


Commitments under operating leases

At 31 December 2021 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2021
2020 (unaudited)
£
£


Not later than 1 year
55,011
63,643

55,011
63,643


19.


Related party transactions

During the year, £118,693 (2020: £170,100) was loaned by a director to the company, and expenses totalling £nil (2020: £27,046) were paid for by a director on behalf of the company. In addition to this, £306,999 (2020: £nil) due to a director was converted to Ordinary Share Capital. As at 31 December 2021, £8,839 (2020: 197,145) was due to a director.

Key management personnel
Key management personnel compensation in the year totalled £181,798 (2020: £29,696)

Page 20

 
Manchester Global Management (UK) Limited

 
Notes to the financial statements
For the year ended 31 December 2021

20.


Post balance sheet events

On 1 January 2022 the company issued 1,200 new Ordinary shares at par to B Besser, the spouse of the company's ultimate controlling party, Drew Besser. On 16 February 2022 a further 200,000 new Ordinary shares were issued to the ultimate controlling party at par. The subscriptions were paid for in full by way of cash settlement and resulted in no change to the group structure or the ultimate controlling party.


21.


Controlling party

Drew Besser holds the majority of shares in Manchester Global Management (UK) Limited. Therefore the ultimate controlling party is Drew Besser.

Page 21