Caseware UK (AP4) 2022.0.179 2022.0.179 2023-06-302023-06-302022-07-014false4falseNo description of principal activityfalseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 07884729 2022-07-01 2023-06-30 07884729 2021-07-01 2022-06-30 07884729 2023-06-30 07884729 2022-06-30 07884729 2021-07-01 07884729 1 2022-07-01 2023-06-30 07884729 1 2021-07-01 2022-06-30 07884729 d:Director1 2022-07-01 2023-06-30 07884729 d:Director2 2022-07-01 2023-06-30 07884729 d:RegisteredOffice 2022-07-01 2023-06-30 07884729 d:Agent1 2022-07-01 2023-06-30 07884729 d:Agent2 2022-07-01 2023-06-30 07884729 d:Agent3 2022-07-01 2023-06-30 07884729 e:MotorVehicles 2022-07-01 2023-06-30 07884729 e:MotorVehicles 2023-06-30 07884729 e:MotorVehicles 2022-06-30 07884729 e:MotorVehicles e:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 07884729 e:OfficeEquipment 2022-07-01 2023-06-30 07884729 e:OfficeEquipment 2023-06-30 07884729 e:OfficeEquipment 2022-06-30 07884729 e:OfficeEquipment e:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 07884729 e:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 07884729 e:CurrentFinancialInstruments 2023-06-30 07884729 e:CurrentFinancialInstruments 2022-06-30 07884729 e:CurrentFinancialInstruments e:WithinOneYear 2023-06-30 07884729 e:CurrentFinancialInstruments e:WithinOneYear 2022-06-30 07884729 e:UKTax 2022-07-01 2023-06-30 07884729 e:UKTax 2021-07-01 2022-06-30 07884729 e:ShareCapital 2022-07-01 2023-06-30 07884729 e:ShareCapital 2023-06-30 07884729 e:ShareCapital 2021-07-01 2022-06-30 07884729 e:ShareCapital 2022-06-30 07884729 e:ShareCapital 2021-07-01 07884729 e:RetainedEarningsAccumulatedLosses 2022-07-01 2023-06-30 07884729 e:RetainedEarningsAccumulatedLosses 2023-06-30 07884729 e:RetainedEarningsAccumulatedLosses 2021-07-01 2022-06-30 07884729 e:RetainedEarningsAccumulatedLosses 2022-06-30 07884729 e:RetainedEarningsAccumulatedLosses 2021-07-01 07884729 d:OrdinaryShareClass1 2022-07-01 2023-06-30 07884729 d:OrdinaryShareClass1 2023-06-30 07884729 d:OrdinaryShareClass1 2022-06-30 07884729 d:FRS102 2022-07-01 2023-06-30 07884729 d:Audited 2022-07-01 2023-06-30 07884729 d:FullAccounts 2022-07-01 2023-06-30 07884729 d:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 07884729 e:WithinOneYear 2023-06-30 07884729 e:WithinOneYear 2022-06-30 07884729 e:BetweenOneFiveYears 2023-06-30 07884729 e:BetweenOneFiveYears 2022-06-30 07884729 e:MoreThanFiveYears 2023-06-30 07884729 e:MoreThanFiveYears 2022-06-30 07884729 e:AcceleratedTaxDepreciationDeferredTax 2023-06-30 07884729 e:AcceleratedTaxDepreciationDeferredTax 2022-06-30 07884729 e:TaxLossesCarry-forwardsDeferredTax 2023-06-30 07884729 e:TaxLossesCarry-forwardsDeferredTax 2022-06-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 07884729









ATLANTICOMNIUM (UK) LIMITED









ANNUAL REPORT AND AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

 
ATLANTICOMNIUM (UK) LIMITED
 
 
COMPANY INFORMATION


Directors
J A Smouha 
G Ferrari 




Registered number
07884729



Registered office
c/o Business Consultancy Services
Windsor House
Station Court

Station Road

Great Shelford
Cambridge

Cambridgeshire

CB22 5NE




Auditor
MHA

6th Floor

2 London Wall Place


London


EC2Y 5AU




Banker
HSBC Bank Plc
69 Pall Mall



London


SW1Y 5EY



















 
ATLANTICOMNIUM (UK) LIMITED
 

CONTENTS



Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Statement of financial position
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 22


 
ATLANTICOMNIUM (UK) LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2023

The directors present the Strategic report for Atlanticomnium (UK) Limited (the "Company") for the year ended 30 June 2023.

Principal Activity
 
The principal activity of the Company during the year ended 30 June 2023 was that of an adviser and arranger. The Company is regulated and authorised by the Financial Conduct Authority as an advisor and arranger.

Future Development
 
The directors do not forsee any significant changes in the nature of the Company's activities going forward.

Results and Dividends
 
The profit for the year ended 30 June 2023 after taxation, was £79,407 (2022: £46,609). The directors do not recommend payment of a dividend in respect of the year ended 30 June 2023 (2022: £Nil).  The increase in profitability is due to the decrease in revenue during 30 June 2023 being more than offset by the decrease in expenses.

Key Performance Indicators ("KPIs")
 
The KPIs of the Company relate to the the level of advisory and arranger fees earned and the level of expenses.

Principal risk and Uncertainties
 
The key business risk and uncertainties affecting the business relate to the identification and successful pursuit of opportunities to provide advising and arranging services. 
The Company is exposed to price risk due to its holding in GAM Star Credit Opportunities Fund. The value of this holding is monitored by the Directors on a regular basis.
The Company is not exposed to any other significant market risk (interest or foreign exchange risk), credit or liquidity risks.

Page 1

 
ATLANTICOMNIUM (UK) LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023

Directors' statement of compliance with duty to promote the success of the Company
 
Section 172 of the Companies Act 2006 requires those charged with governance to act in the manner they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its stakeholders. As part of their deliberations and decision making process, the directors have taken into account the following:
- The likely consequences of any decision in the long term;
- The interests of the Company’s employees;
- The need to foster the Company’s business relationships with suppliers, customers and others;
- The impact of the Company’s operations on the community and the environment;
- The desirability of the Company maintaining a reputation for high standards of business conduct; and
- The need to act fairly between members of the Company.
The directors have considered stakeholders to include those who work for and with them, invest with them, regulate them, and live in the societies they serve. Careful consideration has been given to the factors set out above in discharging their duties under Section 172. It is recognised that building strong relationships with stakeholders will help to deliver the Company’s business objectives. The directors are committed to effective and fair engagement with all stakeholders. Depending on the nature of the issue in question, the relevance of each stakeholder group may differ and, as such, as part of engagement with stakeholders, the relative interests and priorities of each group are considered. It is acknowledged however that not every decision made will necessarily result in a positive outcome for all stakeholders.


This report was approved by.



................................................
J A Smouha
Director

Date: 12 October 2023

Page 2

 
ATLANTICOMNIUM (UK) LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2023

The directors present their annual report and the audited financial statements of Atlanticomnium (UK) Limited (the "Company")  for the year ended 30 June 2023.

Directors

The directors who served during the year ended 30 June 2023 and up to the date of approval of this report was:

J A Smouha 
G Ferrari 

Going concern

The Directors have undertaken an assessment of the ability of the Company to continue as a going concern for the next 12 months from the date of approval of these financial statements. This assessment includes the impact of the Russia/Ukraine conflict. The Directors consider that the contract the Company has with Atlanticomnium SA will continue to provide the Company with sufficient revenue and liquid resources so that the Company can cover its costs, pay its liabilities and meet its regulatory capital requirement for the next 12 months from the date of approval of these financial statements.
The Directors have assessed the going concern status of the Company and concluded that there are no material uncertainties that may cast significant doubt about the Company’s ability to continue as a going concern. Accordingly, the financial statements are prepared on the going concern basis.

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.

Auditor

Following a rebranding exercise on 15 May 2023 the trading name of the Company's independent auditor changed from MHA MacIntyre Hudson to MHA. The auditor, MHAwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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





................................................
J A Smouha
Director

Date: 12 October 2023

Page 3

 
ATLANTICOMNIUM (UK) LIMITED
 
 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2023

The directors are responsible for preparing the Strategic report, the Director's report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare  for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:

select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable 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 4

 
ATLANTICOMNIUM (UK) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ATLANTICOMNIUM (UK) LIMITED
 

Opinion


We have audited the financial statements of Atlanticomnium (UK) Limited (the 'Company') for the year ended 30 June 2023, 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 30 June 2023 and of its profit 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 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.


Page 5

 
ATLANTICOMNIUM (UK) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ATLANTICOMNIUM (UK) LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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.


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; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime


Page 6

 
ATLANTICOMNIUM (UK) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ATLANTICOMNIUM (UK) LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 4, 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.


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 an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:



A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


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 Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





David King (Senior statutory auditor)
  
for and on behalf of
MHA
 
6th Floor
2 London Wall Place
London
EC2Y 5AU

12 October 2023
Page 7

 
ATLANTICOMNIUM (UK) LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2023

2023
2022
Note
£
£

  

Turnover
 4 
1,050,000
1,320,000

Administrative expenses
 5 
(944,847)
(1,248,592)

Operating profit
 7 
105,153
71,408

Income receivable from fixed assets investments
  
4,549
3,986

Movement in unrealised loss on financial assets measured at fair
value through profit and loss
 12 
(8,210)
(18,381)

Profit on ordinary activities before taxation
  
101,492
57,013

Tax on profit on ordinary activities
 9 
(22,085)
(10,404)

Total comprehensive income for the financial year
  
79,407
46,609

All amounts relate to continuing operations.
There were no other items of comprehensive income for the years ended 30 June 2023 or 30 June 2022 other than those included in the statement of comprehensive income shown above.

The notes on pages 12 to 22 form part of these financial statements.

Page 8

 
ATLANTICOMNIUM (UK) LIMITED
REGISTERED NUMBER: 07884729

STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 11 
16,007
23,297

Investments
  
95,514
103,724

  
111,521
127,021

Current assets
  

Debtors: amounts falling due within one year
 13 
17,919
29,390

Cash at bank and in hand
  
679,773
672,115

  
697,692
701,505

Creditors: amounts falling due within one year
 14 
(85,137)
(183,857)

Net current assets
  
 
 
612,555
 
 
517,648

Total assets less current liabilities
  
724,076
644,669

  

Net assets
  
724,076
644,669


Capital and reserves
  

Called up share capital 
 16 
185,000
185,000

Profit and loss account
  
539,076
459,669

  
724,076
644,669




The financial statements were approved and authorised for issue by the board and were signed on its behalf on 12 October 2023.




................................................
J A Smouha
Director

The notes on pages 12 to 22 form part of these financial statements.

Page 9

 
ATLANTICOMNIUM (UK) LIMITED
 

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


Called up share capital
Retained earnings
Total equity

£
£
£

At 1 July 2022
185,000
459,669
644,669


Comprehensive income for the year

Profit for the year
-
79,407
79,407
Total comprehensive income for the year
-
79,407
79,407


At 30 June 2023
185,000
539,076
724,076



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2022


Called up share capital
Retained earnings
Total equity

£
£
£

At 1 July 2021
185,000
413,060
598,060


Comprehensive income for the year

Profit for the year
-
46,609
46,609
Total comprehensive income for the year
-
46,609
46,609


At 30 June 2022
185,000
459,669
644,669


The notes on pages 12 to 22 form part of these financial statements.

Page 10

 
ATLANTICOMNIUM (UK) LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
79,407
46,609

Adjustments for:

Depreciation of tangible assets
8,130
10,090

Dividends received
(4,549)
(3,986)

Decrease/(increase) in debtors
14,202
(13,872)

(Decrease)/increase in creditors
(108,578)
68

Movement in unrealised loss on financial assets measured at fair
value through profit and loss
8,210
18,381

Tax on profit on ordinary activities
22,085
10,404

Corporation tax paid
(14,958)
(13,491)

Net cash generated from operating activities

3,949
54,203


Cash flows from investing activities

Purchase of tangible fixed assets
(840)
(4,678)

Dividends received
4,549
3,986

Net cash from investing activities

3,709
(692)


Net increase in cash and cash equivalents
7,658
53,511

Cash and cash equivalents at 1 July
672,115
618,604

Cash and cash equivalents at 30 June
679,773
672,115


Cash and cash equivalents at 30 June comprise:

Cash at bank
679,773
672,115

679,773
672,115


The notes on pages 12 to 22 form part of these financial statements.

Page 11

 
ATLANTICOMNIUM (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1.


General information

Atlanticomnium (UK) Limited (“the Company”) is a limited company incorporated in the United Kingdom. The address of its registered office is c/o Business Consultancy Services, Windsor House, Station Court, Station Road, Great Shelford, Cambridge, CB22 5NE and the address of it place of business is 8 Finsbury Circus, London, EC2M 7GB.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared on the going concern basis, under the historical cost convention as modified by the recognition of certain financial assets and liabilities at fair value, and in accordance with United Kingdom accounting standards, incorporating Financial Reporting Standard 102 (“FRS 102”), the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland, and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company’s accounting policies which is set out in note 3.
The following principal accounting policies have been applied:

 
2.2

Going concern

The Directors have undertaken an assessment of the ability of the Company to continue as a going concern for the next 12 months from the date of approval of these financial statements. This assessment includes the impact of the Russia/Ukraine conflict. The Directors consider that the contract the Company has with Atlanticomnium SA will continue to provide the Company with sufficient revenue and liquid resources so that the Company can cover its costs, pay its liabilities and meet its regulatory capital requirement for the next 12 months from the date of approval of these financial statements.
The Directors have assessed the going concern status of the Company and concluded that there are no material uncertainties that may cast significant doubt about the Company’s ability to continue as a going concern. Accordingly, the financial statements are prepared on the going concern basis.

 
2.3

Revenue

Revenue is recognised on an accruals basis to the extent that it is probable that future 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 discounts, rebates, value added tax and other sales taxes.

 
2.4

Expenses

Expenses incurred are recognised in the Statement of comprehensive income on an accruals basis.

Page 12

 
ATLANTICOMNIUM (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

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.


Motor vehicles
-
25% Reducing balance
Office equipment
-
Over 3 years on a straight line basis

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

Financial instruments

Financial assets
The Company’s financial assets comprise basic financial instruments, being accrued income, other recievables and investments, and cash at bank.
Cash is represented by deposits with financial institutions repayable without penalty on notice of no more than 24 hours.
Accrued income and other receivables are measured initially at transaction price and thereafter at the undiscounted amount of cash or other consideration expected to be received, which is net of any impairment. Any impairment loss is recognised in the Statement of comprehensive income.
Financial assets are derecognised when contractual rights to the cash flows from the financial asset expire or are settled, or when substantially all the risks and rewards of ownership have been transferred.
Fixed asset investments
Fixed asset investments represent the Company’s investment in the GAM Star Credit Opportunities Fund and the GAM Star Credit Opportunities QI Fund. These investments are recognised initially at the transaction price and subsequently measured at fair value through profit and loss.
Impairment
An impairment loss is measured as the difference between an asset’s carrying amount and best estimate, of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

 
Page 13

 
ATLANTICOMNIUM (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)


2.6
Financial instruments (continued)

Financial liabilities
The Company’s financial liabilities comprise basic financial liabilities, being trade creditors, accruals and amounts due to related parties. These are initially recognised at transaction price and thereafter at the amount of cash or other consideration expected to be paid.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Offsetting
Financial assets and liabilities are offset and the net amounts presented in the Statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.7

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 14

 
ATLANTICOMNIUM (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.8

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.9

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.10

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.

 
2.11

Taxation

Provision for corporation tax is made in the Statement of comprehensive income on taxable income less allowable expenses and is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of financial position date, except that:
• the recognition of deferred tax assets is limited to the extent that it is probable that they will be        recovered against the reversal of deferred tax liabilities or other future taxable profits; and
• any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date and is calculated using those rates that are likely to be in place when the timing difference reverses.

Page 15

 
ATLANTICOMNIUM (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the date of the Statement of financial position and the amounts reported for revenues and expenses during the year.
Critical judgements in applying the entity’s accounting policies 
The Company has not been required to apply any critical judgements in preparing the financial statements.
Critical accounting estimates and assumptions
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amount of the assets and liabilities within the next financial year are addressed below.
Impairment of debtors
The Company makes an estimate of the recoverable value of debtors. When assessing impairment of debtors, management considers factors including the current credit rating of the debtor if available, the ageing profile of the debtors and historical experience. Note 13 contains details of the net carrying amount of the debtors and any associated impairment provision.
Useful economic lives of non-financial assets
The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 11 for the carrying amount of the tangible fixed assets, and note 2.5 for the useful economic lives for each class of assets.


4.


Turnover

Turnover, which is stated net of value added tax, represents the amounts derived from services provided in the United Kingdom. During the year ended 30 June 2023, turnover of £1,050,000 (2022: £1,320,000) arose from services provided to clients in Switzerland.


5.


Administrative expenses

Administration expenses include staff costs, premises costs, travel and entertainment, professional fees and foreign exchange losses.

Page 16

 
ATLANTICOMNIUM (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

6.


Employees

Total staff costs, including director's remuneration during the year ended 30 June 2023 were as follows:


2023
2022
£
£



Wages and salaries
616,192
914,619

Social security costs
85,927
128,150

Pension costs and other benefits
24,478
25,843


726,597
1,068,612






The average monthly number of employees, including the directors, during the year ended 30 June 2023 was as follows:


        2023
        2022
            No.
            No.







Directors
2
2



Administration
2
2

4
4


7.


Operating profit

The operating profit is stated after charging/(crediting):

2023
2022
£
£

Depreciation of tangible fixed assets
8,130
10,090

Auditor's remuneration - audit services
7,500
6,750

Operating lease rentals - land and buildings
49,086
25,944

Foreign exchange gains
(24)
-

Page 17

 
ATLANTICOMNIUM (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

8.


Directors remuneration

2023
2022
£
£



Directors emoluments
500,000
768,619

Social security costs
71,912
109,232

Other benefits
12,735
12,589

584,647
890,440

The highest paid director received remuneration of £584,647 (2022 - £890,440).


9.


Taxation


2023
2022
£
£

Corporation tax


Current tax charge for the year
24,816
14,958


24,816
14,958


Total current tax
24,816
14,958

Deferred tax


Deferred tax movement
(2,731)
(4,554)

Total deferred tax
(2,731)
(4,554)


Taxation on profit on ordinary activities
22,085
10,404
Page 18

 
ATLANTICOMNIUM (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
 
9.Taxation (continued)


Factors affecting tax charge for the year

The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
101,492
57,013


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25%/19% (2022 - 19%)
20,790
10,832

Effects of:


Super annuation deduction
(39)
(267)

Expenses not deductible for tax purposes
1,826
932

Difference in corporation tax rate to deferred tax rate
(492)
(1,093)

Total tax charge for the year
22,085
10,404


10.


Deferred taxation




2023
2022


£

£






At 1 July
3,573
(981)


Credit for the year
2,731
4,554



At 30 June
6,304
3,573

The deferred taxation (liability)/asset is made up as follows:

2023
2022
£
£


Accelerated capital allowances
1,208
529

Unrealised losses on investments measured at fair value
5,096
3,044

6,304
3,573

Page 19

 
ATLANTICOMNIUM (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

11.


Tangible fixed assets





Motor vehicles
Office equipment
Total

£
£
£



Cost 


At 1 July 2022
68,550
29,232
97,782


Additions
-
840
840



At 30 June 2023

68,550
30,072
98,622



Depreciation


At 1 July 2022
51,831
22,654
74,485


Charge for the year
4,180
3,950
8,130



At 30 June 2023

56,011
26,604
82,615



Net book value



At 30 June 2023
12,539
3,468
16,007



At 30 June 2022
16,719
6,578
23,297




12.


Fixed asset investments

2023
2022
        £
        £

As at 1 July

103,724

122,105

Movement in unrealised gain/loss on financial assets held at fair value through profit or loss

(8,210)

(18,381)

At 30 June

95,514

103,724


On 20 January 2015 the Company purchased 7,944.96 shares in the GAM Star Credit Opportunities Fund (the "Fund") at a cost of £100,000. On 11 May 2016 these shares were converted into 10,636.55 shares in the GAM Star Credit Opportunities QI Fund (the "QI Fund"). The holding represents less than 1% of the total net assets of the Fund or QI Fund. The investment in the Fund or QI Fund is categorised as Level 1, as a price for the shares in the Fund is readily and regularly available and an active market exists.
 

Page 20

 
ATLANTICOMNIUM (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

13.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
1,655
841

Other debtors
6,256
8,338

Prepayments and accrued income
3,704
16,638

Deferred taxation
6,304
3,573

17,919
29,390



14.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
2,437
31,667

Corporation tax
24,816
14,958

Taxation and social security
29,344
111,015

Accruals and deferred income
28,540
26,217

85,137
183,857



15.


Commitments under operating leases

At 30 June 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Payable within 1 year
44,494
44,494

Payable between 2 and 5 years
177,974
177,974

Greater than 5 years
177,974
222,468

400,442
444,936

Page 21

 
ATLANTICOMNIUM (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

16.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



185,000 (2022 - 185,000) Ordinary Shares shares of £1.00 each
185,000
185,000



17.


Related party transactions

Atlanticomnium SA (a company registered in Switzerland) is a related party as the Company is a wholly owned subsdiary of Atlanticomnium SA.
During the year ended 30 June 2023, the Company provided advisory services to Atlanticomnium SA amounting to £1,050,000 (2022: £1,320,000). As at 30 June 2023 the Company was owed £Nil by Atlanticomnium SA (2022: £Nil).
During the year ended 30 June 2023, the Company paid expenses on behalf of Atlanti (UK) Limited amounting to £814 (2022: £841). As at 30 June 2023 the Company was owed £1,655 by Atlanti (UK) Limited (2022: £841).
The key management of the Company are the Directors. Details of the Directors remuneration are disclosed in note 8.


18.


Immediate and ultimate controlling party

The Company is a wholly owned subsidiary of Atlanticomnium SA, which is the Company's immediate and ultimate controlling party. The Company is included in the consolidated financial statements of Atlanticomnium SA.

Page 22