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REGISTERED NUMBER: 08421482 (England and Wales)















GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

FOR

ICM INVESTMENT MANAGEMENT LIMITED

ICM INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 08421482)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 7

Consolidated Statement of Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 16


ICM INVESTMENT MANAGEMENT LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2023







DIRECTORS: S J Pope
C D O Jillings





SECRETARY: ICM Administration Limited





REGISTERED OFFICE: Ridge Court
The Ridge
Epsom
Surrey
KT18 7EP





REGISTERED NUMBER: 08421482 (England and Wales)





AUDITORS: Lewis Brownlee (Chichester) Limited
Chartered Accountants
Statutory Auditors
Appledram Barns
Birdham Road
Chichester
West Sussex
PO20 7EQ

ICM INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 08421482)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2023


The directors present their strategic report of the company and the group for the year ended 30 June 2023.

REVIEW OF BUSINESS
The period to 30 June 2023 has been challenging as a result of the ongoing war in Ukraine, the interest rate environment and the friction between the United States and China and the ensuing economic fallout. This has seen rising social tensions and heightened volatility in global markets. The group reported a pre-tax loss of £1,887k.

During the year ICM Investment Management Limited ('ICMIM') issued 1 ordinary share of £1 at a premium of £1,199,999 to ensure that the minimum regulatory capital requirements were met. Key performance indicators are linked to the capital requirements. See further details below.

The group seeks to maintain long term profitability by retaining its existing client base. Despite the difficulties presented by the current economic instability, the directors believe the group is well placed to continue to operate in the current economic environment and will continue to pursue a strategy of providing services to the financial services industry as currently permitted under its registration with the Financial Conduct Authority ('FCA').

PRINCIPAL RISKS AND UNCERTAINTIES
The directors endeavour to create and sustain commercial advantage by providing a consistently high level of service to clients coupled with prudent management and a sound business model for the group.

The directors operate a system of constant review over strategic, operational, financial and compliance risks for ICMIM. They focus on the factors that could limit or prevent the achievement of group objectives and actively consider and develop strategies to mitigate exposure and build resilience and sustainability. The challenging market conditions for its clients are the principal risk of the group. There is also the risk that the group is dependent on a small key group of employees, which creates an element of key person risk.

FINANCIAL INSTRUMENTS
The group has no overdraft facility. The group has not entered into any hedging arrangements in respect of risks relating to trade debtors or accrued income as its invoicing arrangements are made in sterling. The group is currently reliant on two major clients and therefore has a cashflow and liquidity risk, which may be affected by a reduced assets under management (AUM) as a result of the downturn in the markets. The group is currently satisfied with its clients' financial performance and the directors do not think there is any risk in continued reliance.

REGULATORY CAPITAL
ICMIM is incorporated in the UK and is authorised and regulated by the FCA and is categorised as a Collective Portfolio Management Investment Firm ('CPMI') for regulatory purposes. ICMIM is subject to minimum regulatory capital requirements and is categorised as a CPMI that is an external Alternative Investment Fund Manager ('AIFM') by the FCA for capital purposes. In addition, ICMIM is a SNI firm under the new Investment Firms Prudential Regime ("IFPR") and as such has to meet the new associated prudential rules that apply within MIFIDPRU.

The Alternative Investment Fund Managers Directive ('AIFMD') of the European Union establish a regulatory capital framework across Europe governing the amount and nature of capital investment firms must maintain. In the United Kingdom, the AIFMD has been retained by the FCA in its regulations through the Interim Prudential sourcebook for Investment Businesses ('IPRU-INV') and the Prudential Sourcebook for Banks, Building Societies and Investment Firms ('BIPRU') no longer applies.

MIFIDPRU/IPRU-INV - Capital Requirement
A CPMI firm is required to comply with the applicable requirements of the MIFIDPRU sourcebook in parallel with its requirements under IPRU-INV sourcebook. This means that a capital instrument may be used to meet either or both sets of requirements provided it meets the conditions set out in the relevant sourcebook.








ICM INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 08421482)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2023

Own Funds/Capital Resources Requirements:
Higher of:
A) GBP 75,000 (MIFIDPRU 4.4) EUR125,000 (IPRU-INV); OR
B) Fixed Overhead Requirement (MIFIDPRU 4.5); OR
C) IPRU-INV 11: OR
D) ICARA

MIFIDPRU 11 - Disclosure
Capital Requirement Calculation (as at 30.06.2023):

Fixed Overhead Requirement
June 2023 Management Report - 12 months to June 2023
£   
Operating Expenses 831,334
Other Expenses (Depreciation and Donations) 33,020
Salaries & Related Costs 4,213,982
5,078,336 Total Opex
@ 25% Total Capital required 1,269,584

IPRU-INV - Pillar 1 Capital Requirement
Capital Requirement Calculation (as at 30.06.2023):

£    £   

Base Capital of EUR125,000 107,259 A
(converted using ECB rate for 30.06.2023 = 1.1654)

Funds under management requirement:
UIL 303,766,000
UEM 542,748,000
PHCBF = n/a as UCITS -
PHDBF 12,295,108
Less EUR250 million (214,518,620 )
Less value of assets invested by UIL into UEMT (40,640,628 )
SUBTOTAL TO USE FOR CALCULATION 603,649,860
0.02% of relevant funds exceeding EUR250 million 120,730 120,730 B

Calculation of (A) + (B) 227,989 A+B
Fixed Overheads (i.e. 25% of annual amount) 1,269,584 C

Higher of (A) + (B) or Fixed Overheads (C) 1,269,584
Plus: Additional own funds (PII) @ 0.01% relevant funds 67,749
Total Capital required 1,337,333

The higher of the two calculations is £1,337,333 which shall be applied to ICMIM regulatory calculation requirements and is also in line with AIFMD requirements.

ICARA Capital Requirement
ICARA capital should be calculated to include any additional capital to be maintained against any risks that are not adequately covered under the requirement under MIFIDPRU and IPRU-INV. For ICMIM the ICARA Capital requirement is considered to be nil on the basis that capital calculated under MIFIDPRU and IPRU-INV is deemed to be sufficient.




ICM INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 08421482)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2023


ON BEHALF OF THE BOARD:





S J Pope - Director


19 October 2023

ICM INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 08421482)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 JUNE 2023


The directors present their report with the financial statements of the company and the group for the year ended 30 June 2023.

PRINCIPAL ACTIVITY
The principal activity of the company is acting as the Alternative Investment Fund Manager regulated by the FCA providing investment management services to Utilico Emerging Markets Trust plc and UIL Limited. The company is also appointed sub-investment manager to the Pentagon High Conviction Bond Fund, an open-ended investment company incorporated in Ireland.

The sole activity of ICMCR is to carry out investment research and provide investment research and support services within the global capital markets to ICM Limited ('ICM'). The company charges ICM for all its operational costs plus a 7.5% markup. ICM is an international Fund Manager and Corporate Finance Adviser headquartered in Bermuda.

DIVIDENDS
The total distribution of dividends for the year ended 30 June 2023 was £Nil (2022: £Nil).

DIRECTORS
The directors shown below have held office during the whole of the period from 1 July 2022 to the date of this report.

S J Pope
C D O Jillings

DISCLOSURE IN THE STRATEGIC REPORT
The group has chosen in accordance with s.414C(11) Companies Act 2006 to set out in the group'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.

DIRECTORS' RESPONSIBILITIES STATEMENT
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting 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 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;
- 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 and the group'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.

ICM INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 08421482)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 JUNE 2023


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ON BEHALF OF THE BOARD:





S J Pope - Director


19 October 2023

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ICM INVESTMENT MANAGEMENT LIMITED


Opinion
We have audited the financial statements of ICM Investment Management Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2023 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Financial Statements, 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).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 30 June 2023 and of the group's 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'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 group's and the parent 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.

Opinions 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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ICM INVESTMENT MANAGEMENT LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company 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 five, 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 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors 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.

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:

- the engagement partner 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 group through discussions with directors and other
management, and from our commercial knowledge and experience of the sector;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial
statements or the operations of the group including legislation such as the Companies Act 2006 , taxation legislation
and the Financial Conduct Authority;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of
management and inspecting legal correspondence, where applicable; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to
instances of non-compliance throughout the audit.

We assessed the susceptibility of the group'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, their knowledge of
actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ICM INVESTMENT MANAGEMENT LIMITED

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates set out in the
accounting policies were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC, relevant regulators and the group's legal advisors, where applicable.

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 Report of the Auditors.

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 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 a Report of the Auditors 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.




Sam Ede BFP FCA FCCA (Senior Statutory Auditor)
for and on behalf of Lewis Brownlee (Chichester) Limited
Chartered Accountants
Statutory Auditors
Appledram Barns
Birdham Road
Chichester
West Sussex
PO20 7EQ

20 October 2023

ICM INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 08421482)

CONSOLIDATED
STATEMENT OF COMPREHENSIVE
INCOME
FOR THE YEAR ENDED 30 JUNE 2023

Year Ended Period
30/6/23 1/1/21 to 30/6/22
Notes £ £ £ £

TURNOVER 3 3,955,548 8,518,979

Administrative expenses 6,378,453 7,671,676
OPERATING (LOSS)/PROFIT 5 (2,422,905 ) 847,303

Income from fixed asset investments 2,347 1,761
Interest receivable and similar income 48,577 97,765
50,924 99,526
(2,371,981 ) 946,829
Gain/loss on revaluation of investments 123,238 (3,521 )
(LOSS)/PROFIT BEFORE TAXATION (2,248,743 ) 943,308

Tax on (loss)/profit 6 (362,038 ) 196,044
(LOSS)/PROFIT FOR THE FINANCIAL
YEAR

(1,886,705

)

747,264

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

(1,886,705

)

747,264

Profit attributable to:
Owners of the parent (1,886,705 ) 747,264

Total comprehensive income attributable to:
Owners of the parent - -

ICM INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 08421482)

CONSOLIDATED BALANCE SHEET
30 JUNE 2023

2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible assets 8 217,142 275,047
Tangible assets 9 146,719 193,015
Investments 10 237,087 113,849
600,948 581,911

CURRENT ASSETS
Debtors 11 2,237,731 2,614,732
Cash at bank 503,582 384,819
2,741,313 2,999,551
CREDITORS
Amounts falling due within one year 12 1,455,807 993,774
NET CURRENT ASSETS 1,285,506 2,005,777
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,886,454

2,587,688

PROVISIONS FOR LIABILITIES 15 - 14,529
NET ASSETS 1,886,454 2,573,159

CAPITAL AND RESERVES
Called up share capital 16 943,983 943,982
Share premium 17 1,308,572 108,573
Non- distributable reserves 17 84,065 -
Retained earnings 17 (450,166 ) 1,520,604
SHAREHOLDERS' FUNDS 1,886,454 2,573,159

The financial statements were approved by the Board of Directors and authorised for issue on 19 October 2023 and were signed on its behalf by:





S J Pope - Director


ICM INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 08421482)

COMPANY BALANCE SHEET
30 JUNE 2023

2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible assets 8 - -
Tangible assets 9 75,200 90,037
Investments 10 345,661 222,423
420,861 312,460

CURRENT ASSETS
Debtors 11 2,201,220 2,596,180
Cash at bank 404,548 310,366
2,605,768 2,906,546
CREDITORS
Amounts falling due within one year 12 579,977 641,504
NET CURRENT ASSETS 2,025,791 2,265,042
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,446,652

2,577,502

PROVISIONS FOR LIABILITIES 15 - 14,529
NET ASSETS 2,446,652 2,562,973

CAPITAL AND RESERVES
Called up share capital 16 943,983 943,982
Share premium 17 1,308,572 108,573
Non- distributable reserves 17 84,065 -
Retained earnings 17 110,032 1,510,418
SHAREHOLDERS' FUNDS 2,446,652 2,562,973

Company's (loss)/profit for the financial year (1,316,321 ) 737,078

The financial statements were approved by the Board of Directors and authorised for issue on 20 October 2023 and were signed on its behalf by:





S J Pope - Director


ICM INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 08421482)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023

Called up Non-
share Retained Share distributable Total
capital earnings premium reserves equity
£ £ £ £ £

Balance at 1 January 2021 943,981 773,340 - - 1,717,321

Changes in equity
Issue of share capital 1 - 108,573 - 108,574
Total comprehensive income - 747,264 - - 747,264
Balance at 30 June 2022 943,982 1,520,604 108,573 - 2,573,159

Changes in equity
Issue of share capital 1 - 1,199,999 - 1,200,000
Total comprehensive income - (1,970,770 ) - 84,065 (1,886,705 )
Balance at 30 June 2023 943,983 (450,166 ) 1,308,572 84,065 1,886,454

ICM INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 08421482)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023

Called up Non-
share Retained Share distributable Total
capital earnings premium reserves equity
£ £ £ £ £

Balance at 1 January 2021 943,981 773,340 - - 1,717,321

Changes in equity
Issue of share capital 1 - 108,573 - 108,574
Total comprehensive income - 737,078 - - 737,078
Balance at 30 June 2022 943,982 1,510,418 108,573 - 2,562,973

Changes in equity
Issue of share capital 1 - 1,199,999 - 1,200,000
Total comprehensive income - (1,400,386 ) - 84,065 (1,316,321 )
Balance at 30 June 2023 943,983 110,032 1,308,572 84,065 2,446,652

ICM INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 08421482)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2023

Period
1/1/21
Year Ended to
30/6/23 30/6/22
Notes £ £
Cash flows from operating activities
Cash generated from operations 20 (884,371 ) 63,716
Tax paid (234,479 ) 55,888
Net cash from operating activities (1,118,850 ) 119,604

Cash flows from investing activities
Purchase of tangible fixed assets (13,311 ) (34,689 )
Interest received 48,577 97,765
Dividends received 2,347 1,761
Net cash from investing activities 37,613 64,837

Cash flows from financing activities
Share issue 1,200,000 -
Net cash from financing activities 1,200,000 -

Increase in cash and cash equivalents 118,763 184,441
Cash and cash equivalents at beginning
of year

21

384,819

200,378

Cash and cash equivalents at end of year 21 503,582 384,819

ICM INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 08421482)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023


1. STATUTORY INFORMATION

ICM Investment Management Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 08421482 and the registered office address is Ridgecourt, The Ridge, Epsom, Surrey, KT18 7EP.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The financial statements are presented in Sterling, which is also a functional currency of the company.

The functional currency of ICMCR is Euros. The results of ICMCR have been converted into Sterling on consolidation.

Extended period
The prior period financial statements were prepared for an 18 month period, therefore prior period balances are not directly comparable.

Basis of consolidation
The group financial statements consolidate the financial statements of ICM Investment Management Limited and its subsidiary undertakings drawn up to the balance sheet date.

Subsidiaries are consolidated from the date of their acquisition, being the date on which ICM Investment Management Limited obtains control, and continue to be consolidated until the date that such control ceases. Control comprises the power to govern the financial and operating policies of the subsidiary so as to obtain benefit from its activities.

Going concern
The financial statements are prepared on a going concern basis under the historical cost convention and in accordance with FRS 102 and applicable law. The directors have considered the overall business plan of the group and the availability of financial support from its ultimate parent company and are therefore confident that the group has adequate resources to continue in operational existence for the foreseeable future. The subsidiary company is dependent on the financial support from its ultimate parent company to enable it to continue as a going concern and to meet its day-to-day obligations as they fall due. ICM Limited has confirmed that it will provide such financial assistance and has the financial capacity to do so. Accordingly, the directors have prepared the financial statements on a going concern basis.

Revenue recognition
Turnover represents amounts chargeable in respect of the sale of services to customers, and the fair value of the right to consideration in exchange for the performance of its contractual obligations.

The revenue is recognised in the period to which the service provided relates.

Performance fees are recognised once the fees have been agreed and become payable.

Dividend income is recognised when the right to receive payment is established.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2022, is being amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

ICM INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 08421482)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Valuation of investments
Investments in listed company shares, which have been classified as fixed asset investments, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

Share capital and distributions to equity holders
Ordinary shares are classified as equity. Dividends and other distributions to the company's shareholders are recognised as a liability in the financial statements in the period in which the dividends and other distributions are approved by the shareholders. These amounts are recognised in the statement of changes in equity.

ICM INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 08421482)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
The financial instruments recognised in the accounts are considered to be basic financial instruments in accordance with FRS 102 section 11. The debtor and creditor balances due in less than 1 year are measured at amortised cost. The fixed asset investments are measured at fair value through profit and loss. The fair value is determined by the quoted market price from the stock exchange where the investments are traded.

Employee benefits
Short-term employee benefits are recognised as an expense in the period in which they are incurred.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

3. TURNOVER

The turnover and loss (2022 - profit) before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

Period
1/1/21
Year Ended to
30/6/23 30/6/22
£ £
Regular service fees 3,955,548 5,645,535
Performance fees - 2,873,444
3,955,548 8,518,979

An analysis of turnover by geographical market is given below:

Period
1/1/21
Year Ended to
30/6/23 30/6/22
£ £
United Kingdom 2,942,751 7,189,613
Ireland 634,491 886,114
Bermuda 378,306 443,252
3,955,548 8,518,979

4. EMPLOYEES AND DIRECTORS
Period
1/1/21
Year Ended to
30/6/23 30/6/22
£ £
Wages and salaries 4,614,013 5,423,123
Social security costs 448,812 689,106
Other pension costs 177,436 278,572
5,240,261 6,390,801

ICM INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 08421482)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023


4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
Period
1/1/21
Year Ended to
30/6/23 30/6/22

Directors 2 2
Administration and support 20 13
Analysts 9 8
31 23

The average number of employees by undertakings that were proportionately consolidated during the year was 7 (2022 - 1 ) .

Key management includes the directors and members of senior management of the group. The total compensation paid or payable to key management for employee services is £1,258,795 (2022: £2,067,773).

Period
1/1/21
Year Ended to
30/6/23 30/6/22
£ £
Directors' remuneration 698,664 1,308,149
Directors' pension contributions to money purchase schemes - 21,625

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes - 1

Information regarding the highest paid director is as follows:
Period
1/1/21
Year Ended to
30/6/23 30/6/22
£ £
Emoluments etc 428,613 995,350

Included in the total directors' remuneration above are benefits in kind of £9,689 (2022: £10,375).

ICM INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 08421482)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023


5. OPERATING (LOSS)/PROFIT

The operating loss (2022 - operating profit) is stated after charging:

Period
1/1/21
Year Ended to
30/6/23 30/6/22
£ £
Other operating leases 133,463 190,660
Depreciation - owned assets 57,110 49,785
Loss on disposal of fixed assets 2,497 5,908
Goodwill amortisation 57,905 14,476
Auditors' remuneration 20,000 12,465
Auditors' remuneration for non audit work 11,391 12,659
All other services 5,400 -
Foreign exchange differences 9,378 11,446

6. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the loss for the year was as follows:
Period
1/1/21
Year Ended to
30/6/23 30/6/22
£ £
Current tax:
UK corporation tax (129,724 ) 193,447
Adjustment to tax charge in prior periods 2,935 383
Total current tax (126,789 ) 193,830

Deferred tax (235,249 ) 2,214
Tax on (loss)/profit (362,038 ) 196,044

UK corporation tax has been charged at 25 % (2022 - 19 %).

ICM INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 08421482)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023


6. TAXATION - continued

Reconciliation of total tax (credit)/charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

Period
1/1/21
Year Ended to
30/6/23 30/6/22
£ £
(Loss)/profit before tax (2,248,743 ) 943,308
(Loss)/profit multiplied by the standard rate of corporation tax in the UK of 25
% (2022 - 19 %)

(562,186

)

179,229

Effects of:
Expenses not deductible for tax purposes 32,148 19,174
Income not taxable for tax purposes (587 ) (335 )
Adjustments to tax charge in respect of previous periods 2,935 383
Impact of change in corporation tax rate 40,966 1,993
Group relief - (2,935 )
Permanent impact of super deduction (179 ) (198 )
Loss on revaluation of fixed assets - 669
Impact of change in deferred tax recognition (3,255 ) -
Impact of non-UK profits/losses charged at a different corporation tax rate 64,068 -
Impact of deferred tax not recognised on non-UK profits/losses 64,068 -
Impact on consolidation (16 ) (1,936 )
Total tax (credit)/charge (362,038 ) 196,044

The subsidiary company has £700,986 (2022: £221,277) of losses to carry forward against future profit for which a deferred tax asset has not been recognised.

7. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


ICM INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 08421482)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023


8. INTANGIBLE FIXED ASSETS

Group
Goodwill
£
COST
At 1 July 2022
and 30 June 2023 289,523
AMORTISATION
At 1 July 2022 14,476
Amortisation for year 57,905
At 30 June 2023 72,381
NET BOOK VALUE
At 30 June 2023 217,142
At 30 June 2022 275,047

On 1 April 2022 the group acquired 100% of the shares in ICM Capital Research Limited at a cost of £108,574, paid by issuing one £1 share in the group at a premium of £108,573. On acquisition the group acquired assets of £240,483 owned by ICM Capital Research Limited and liabilities of £421,432 due from ICM Capital Research Limited resulting in goodwill of £289,523.

9. TANGIBLE FIXED ASSETS

Group
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£ £ £ £ £
COST
At 1 July 2022 1,776 33,742 236,516 65,504 337,538
Additions - 178 - 13,133 13,311
Disposals - - - (5,783 ) (5,783 )
At 30 June 2023 1,776 33,920 236,516 72,854 345,066
DEPRECIATION
At 1 July 2022 798 13,315 112,694 17,716 144,523
Charge for year 244 5,151 37,984 13,731 57,110
Eliminated on disposal - - - (3,286 ) (3,286 )
At 30 June 2023 1,042 18,466 150,678 28,161 198,347
NET BOOK VALUE
At 30 June 2023 734 15,454 85,838 44,693 146,719
At 30 June 2022 978 20,427 123,822 47,788 193,015

ICM INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 08421482)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023


9. TANGIBLE FIXED ASSETS - continued

Company
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£ £ £ £ £
COST
At 1 July 2022 1,776 33,742 114,557 56,321 206,396
Additions - 178 - 11,271 11,449
Disposals - - - (5,783 ) (5,783 )
At 30 June 2023 1,776 33,920 114,557 61,809 212,062
DEPRECIATION
At 1 July 2022 798 13,315 85,843 16,403 116,359
Charge for year 244 5,151 7,179 11,215 23,789
Eliminated on disposal - - - (3,286 ) (3,286 )
At 30 June 2023 1,042 18,466 93,022 24,332 136,862
NET BOOK VALUE
At 30 June 2023 734 15,454 21,535 37,477 75,200
At 30 June 2022 978 20,427 28,714 39,918 90,037

10. FIXED ASSET INVESTMENTS

Group
Listed
investments
£
COST OR VALUATION
At 1 July 2022 113,849
Revaluations 123,238
At 30 June 2023 237,087
NET BOOK VALUE
At 30 June 2023 237,087
At 30 June 2022 113,849

Cost or valuation at 30 June 2023 is represented by:

Listed
investments
£
Valuation in 2020 (7,630 )
Valuation in 2022 (3,521 )
Valuation in 2023 123,238
Cost 125,000
237,087

ICM INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 08421482)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023


10. FIXED ASSET INVESTMENTS - continued

Company
Shares in
group Listed
undertakings investments Totals
£ £ £
COST OR VALUATION
At 1 July 2022 108,574 113,849 222,423
Revaluations - 123,238 123,238
At 30 June 2023 108,574 237,087 345,661
NET BOOK VALUE
At 30 June 2023 108,574 237,087 345,661
At 30 June 2022 108,574 113,849 222,423

Cost or valuation at 30 June 2023 is represented by:

Shares in
group Listed
undertakings investments Totals
£ £ £
Valuation in 2020 - (7,630 ) (7,630 )
Valuation in 2022 - (3,521 ) (3,521 )
Valuation in 2023 - 123,238 123,238
Cost 108,574 125,000 233,574
108,574 237,087 345,661

The total net gain recognised on investments in listed companies in the period was £125,585 (2022: net loss £1,760) representing dividends received of £2,347 (2022: £1,761) and fair value remeasurement gains of £123,238 (2022: loss of £3,521).

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

ICM Capital Research Limited
Registered office: 15 Baggot Street Upper, Dublin 4, D04 E5V6
Nature of business: Investment research and support services
%
Class of shares: holding
Ordinary 100.00


ICM INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 08421482)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023


11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£ £ £ £
Trade debtors 1,326,113 831,036 1,306,764 817,560
Amounts owed by group undertakings 374,980 1,711,106 374,980 1,711,106
Other debtors 97,526 3,584 82,852 79
Corporation tax 129,724 - 129,724 -
VAT 2,488 1,571 - -
Deferred tax asset 220,721 - 220,721 -
Prepayments and accrued income 86,179 67,435 86,179 67,435
2,237,731 2,614,732 2,201,220 2,596,180

Deferred tax asset
Group Company
2023 2022 2023 2022
£ £ £ £
Deferred tax 220,721 - 220,721 -

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£ £ £ £
Trade creditors 122,334 20,475 119,802 20,144
Amounts owed to group undertakings 826,551 197,616 10,212 121,700
Corporation Tax - 193,447 - 193,447
Foreign tax 679 41,711 - -
Social security and other taxes 36,559 309,987 - 85,033
Other creditors 262,162 86,718 242,441 77,360
Accruals and deferred income 207,522 143,820 207,522 143,820
1,455,807 993,774 579,977 641,504

13. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non-cancellable
operating leases
2023 2022
£ £
Within one year 120,000 120,000
Between one and five years - 120,000
120,000 240,000

ICM INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 08421482)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023


13. LEASING AGREEMENTS - continued

Company
Non-cancellable
operating leases
2023 2022
£ £
Within one year 120,000 120,000
Between one and five years - 120,000
120,000 240,000

14. FINANCIAL INSTRUMENTS

Financial assets

2023 2022
£    £   
Financial assets measured at fair value through profit and loss 237,087 113,849

15. PROVISIONS FOR LIABILITIES

Group Company
2023 2022 2023 2022
£ £ £ £
Deferred tax - 14,529 - 14,529

Group
Deferred tax
£
Balance at 1 July 2022 14,529
Credit to Statement of Comprehensive Income during year (235,250 )
Balance at 30 June 2023 (220,721 )

Company
Deferred tax
£
Balance at 1 July 2022 14,529
Credit to Statement of Comprehensive Income during year (235,250 )
Balance at 30 June 2023 (220,721 )

At the balance sheet date a net deferred tax asset of £220,721 (2022: net provision of £14,529) was recognised relating to a provision of £41,134 (2022: £16,627) for unrealised chargeable gains on investments and capital allowances claimed in advance of depreciation and an asset of £261,855 (2022: £2,098) for taxable losses carried forward and unpaid employer pension contributions.

ICM INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 08421482)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023


16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
2023 2022
Number: Class: Nominal value: £    £   
943,983 Ordinary £1 943,983 943,982

Ordinary shares have full voting rights and entitlement to dividends and the repayment of capital.
During the year 1 ordinary share of £1 was issued at a premium of £1,199,999.

17. RESERVES

Group
Non-
Retained Share distributable
earnings premium reserves Totals
£ £ £ £

At 1 July 2022 1,520,604 108,573 - 1,629,177
Deficit for the year (1,886,705 ) - - (1,886,705 )
Cash share issue - 1,199,999 - 1,199,999
Transfer unrealised gains (84,065 ) - 84,065 -
At 30 June 2023 (450,166 ) 1,308,572 84,065 942,471

Company
Non-
Retained Share distributable
earnings premium reserves Totals
£ £ £ £

At 1 July 2022 1,510,418 108,573 - 1,618,991
Deficit for the year (1,316,321 ) - - (1,316,321 )
Cash share issue - 1,199,999 - 1,199,999
Transfer unrealised gains (84,065 ) - 84,065 -
At 30 June 2023 110,032 1,308,572 84,065 1,502,669


18. RELATED PARTY DISCLOSURES

The group has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

ICM INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 08421482)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023


18. RELATED PARTY DISCLOSURES - continued

Directors' remuneration and key management personnel compensation are disclosed in note 4.

During the period the company incurred charges of £2,900 (2022: £4,160) from a member of the same group relating to banking and investment custodial services. At the balance sheet date cash at bank included £3,018 (2022: £5,504) held in accounts with the group member.

Turnover of £3,217,897 (2022: £7,623,359) relates to the supply of services to investment funds under common control with the group. At the balance sheet date £1,294,311 (2022: £791,788) was outstanding to the group from the investment funds. The company acts as Alternative Investment Fund Manager to the investment funds.

19. ULTIMATE CONTROLLING PARTY

The company is controlled by its parent company, ICM Limited. ICM Limited is incorporated in Bermuda.

The ultimate controlling party is the board of directors of Somers Isles Private Trust Company Limited, a company registered in Bermuda.

20. RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
Period
1/1/21
Year Ended to
30/6/23 30/6/22
£ £
(Loss)/profit before taxation (2,248,743 ) 943,308
Depreciation charges 115,015 64,260
Loss on disposal of fixed assets 2,497 5,908
(Gain)/loss on revaluation of fixed assets (123,238 ) 3,521
Loans to group undertaking 1,965,061 (608,364 )
Finance income (50,924 ) (99,526 )
(340,332 ) 309,107
Increase in trade and other debtors (608,680 ) (183,148 )
Increase/(decrease) in trade and other creditors 64,641 (62,243 )
Cash generated from operations (884,371 ) 63,716

21. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 June 2023
30/6/23 1/7/22
£ £
Cash and cash equivalents 503,582 384,819
Period ended 30 June 2022
30/6/22 1/1/21
£ £
Cash and cash equivalents 384,819 200,378


ICM INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 08421482)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023


22. ANALYSIS OF CHANGES IN NET FUNDS

At 1/7/22 Cash flow At 30/6/23
£ £ £
Net cash
Cash at bank 384,819 118,763 503,582
384,819 118,763 503,582
Total 384,819 118,763 503,582