Registered number:
FOR THE YEAR ENDED 30 JUNE 2023
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ATLANTICOMNIUM (UK) LIMITED
COMPANY INFORMATION
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ATLANTICOMNIUM (UK) LIMITED
CONTENTS
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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.
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.
The directors do not forsee any significant changes in the nature of the Company's activities going forward.
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.
The KPIs of the Company relate to the the level of advisory and arranger fees earned and the level of expenses.
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.
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ATLANTICOMNIUM (UK) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
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.
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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.
The directors who served during the year ended 30 June 2023 and up to the date of approval of this report was:
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.
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, MHA, will 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.
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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 2006. They 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.
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ATLANTICOMNIUM (UK) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ATLANTICOMNIUM (UK) LIMITED
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 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).
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.
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.
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ATLANTICOMNIUM (UK) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ATLANTICOMNIUM (UK) LIMITED (CONTINUED)
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 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.
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.
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.
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ATLANTICOMNIUM (UK) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ATLANTICOMNIUM (UK) LIMITED (CONTINUED)
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.
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 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.
for and on behalf of
6th Floor
2 London Wall Place
EC2Y 5AU
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ATLANTICOMNIUM (UK) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2023
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ATLANTICOMNIUM (UK) LIMITED
REGISTERED NUMBER: 07884729
STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 12 to 22 form part of these financial statements.
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ATLANTICOMNIUM (UK) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2022
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ATLANTICOMNIUM (UK) LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2023
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ATLANTICOMNIUM (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
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
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:
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.
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ATLANTICOMNIUM (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
2.Accounting policies (continued)
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.
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.
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.
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ATLANTICOMNIUM (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
2.Accounting policies (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.
Functional and presentation currency
Transactions and balances
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ATLANTICOMNIUM (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
2.Accounting policies (continued)
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.
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ATLANTICOMNIUM (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
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.
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.
Administration expenses include staff costs, premises costs, travel and entertainment, professional fees and foreign exchange losses.
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ATLANTICOMNIUM (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
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ATLANTICOMNIUM (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
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ATLANTICOMNIUM (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
9.Taxation (continued)
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ATLANTICOMNIUM (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
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ATLANTICOMNIUM (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
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ATLANTICOMNIUM (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
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.
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