Company Registration No. SC615681 (Scotland)
AMATI GLOBAL HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
AMATI GLOBAL HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Dr P Jourdan
Ms A Clark
Mr D Stevenson
Secretary
Ms A Clark
Company number
SC615681
Registered office
8 Coates Crescent
Edinburgh
United Kingdom
EH3 7AL
Auditor
Johnston Carmichael LLP
7-11 Melville Street
Edinburgh
EH3 7PE
AMATI GLOBAL HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 6
Directors' responsibilities statement
7
Independent auditor's report
8 - 11
Group statement of comprehensive income
12
Group balance sheet
13
Company balance sheet
14
Group statement of changes in equity
15
Company statement of changes in equity
16
Group statement of cash flows
17
Notes to the financial statements
18 - 30
AMATI GLOBAL HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present the strategic report for Amati Global Holdings Limited ("the Company") and its subsidiary (together "the Group") for the year ended 31 December 2023.

Review of the business

The principal activity of the Group continued to be that of the provision of investment management services. The subsidiary, Amati Global Investors Limited (“AGI”), is authorised and regulated by the Financial Conduct Authority (FCA).

The Group continues to have a strong balance sheet with net assets of £4,813,318 (2022: £4,948,976).

The year to 31 December 2023 saw a decline in funds under management (“FUM”) from £986m to £731m. This decline was due to the knock on impacts on financial markets of significant events around the world such as war in Palestine, the ongoing war in Ukraine, high energy prices, inflation and increased interest rates. Additional issues facing the United Kingdom such as an upcoming UK general election with a likely change of government and cost of living impacts particularly affect UK companies where some of our funds have significant investments.

Principal risks and uncertainties

The Directors consider that the biggest risks to the Group are operational and business risks. These include: major falls in the UK stock market leading to contraction of our assets under management; poor investment performance or poor client servicing leading to outflows; failing to maintain compliance with all applicable regulations; loss of an investment management mandate; Amati AIM VCT failing to maintain its VCT status; and operational errors. The Group makes use of external consultants for monitoring and maintaining compliance with the UK legislation applicable to fund management businesses and the VCT legislation as it applies to Amati AIM VCT. The Group maintains a level of capital to protect against scenarios that would lead to reduced performance and future income flows.

Future developments

It is the directors’ intention to grow the funds while maximising investment performance and consider opportunities as and when they arise.

Key performance indicators

In addition to monitoring funds under management which saw a 26% decrease in 2023, and the investment performance of all of our funds which is published monthly on our website, the Group monitors profit and its capital resources against its regulatory minimum requirement. Profit before tax decreased in 2023 by 36% from the previous year. The Group is comfortable that it continues to maintain a significant buffer to its minimum capital requirement.

Charitable donations

The AGI shareholders’ agreement sets aside 10% of profit after tax to be paid to UK registered charities. During the year payments that totalled £275,932 (2022: £366,749) were paid to 137 charities.

AMATI GLOBAL HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Section 172 statement - Directors duty to promote the success of the Group

The Directors have a duty to promote the success of the Group for the benefit of Shareholders as a whole and to describe how they have performed this duty having regard to matters set out in section 172(1) of the Companies Act 2006.

 

AGI holds board meetings four times per annum. Its remuneration committee meets once per annum and its operational management team meets monthly. Shareholder representation is strong at all these meetings and the ongoing performance and future direction of the business is at the heart of discussions. Additionally, staff wellbeing and practical matters regarding the operational aspects of the business are considered and issues addressed.

Amati Global Holdings shareholders are employees or family members of employees, of AGI. Meetings take place as frequently as required, but at least once per annum, to discuss performance and future direction.

 

AGI's business relies completely on its staff so the calibre of employees and their wellbeing is extremely important. A performance appraisal process is in place to encourage conversation and the raising of concerns, and to consider training and support requirements. Meetings of all staff take place weekly and there are all employee events from time to time to foster team spirit and to celebrate success.

 

AGI puts a great deal of effort into communications with investors in, and interested parties to, its funds. Factsheets are prepared and issued monthly and regular communication events such as seminars, webinars and podcasts are run.

AGI places great importance in its ongoing relationship with the Authorised Corporate Director of the WS Amati UK Listed Smaller Companies fund, the Board of Amati AIM VCT, and the other parties who provide support in many different ways to the running of the funds it manages.

 

The Board is committed to maintaining high standards of corporate governance in relation to business conduct. It monitors and expects good standards of companies in which AGI funds invest. Environmental, social and governmental considerations are part of the investment management decision making process and the managers take seriously their voting in investee companies.

 

As well as understanding the importance of being a good corporate citizen AGI has a core value of sharing its profitability within the community. The AGI shareholders' agreement specifies that 10% of profits after tax are donated to UK registered charities to support charitable work in the UK and abroad.

 

Members of the Group are encouraged to contribute ideas and thoughts as to future strategy. The Board believes that consistent delivery of investor expectations in terms of returns and client servicing is the best way to grow funds under management and that new opportunities provide a platform for step change to the business, which benefits all and ensures the long term success of the business.

AMATI GLOBAL HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

On behalf of the board

Dr P Jourdan
Director
4 April 2024
AMATI GLOBAL HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -

The directors present their annual report and financial statements for the Group for the year ended 31 December 2023.

Principal activities

The principal activity of the company and group continued to be that of the provision of investment management services. The company's subsidiary, AGI, is authorised and regulated by the Financial Conduct Authority (FCA).

Results and dividends

The results for the year are set out on page 12.

Ordinary dividends were paid amounting to £770,000 (2022: £1,530,000).

 

Dividends paid outwith the group to the minority shareholder of AGI were £980,000 (2022: £1,470,000).

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Dr P Jourdan
Ms A Clark
Mr D Stevenson
Future developments

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

Auditor

In accordance with the company's articles, a resolution proposing that Johnston Carmichael LLP be reappointed as auditor of the group will be put forward at a General Meeting.

Environmental, Social and Governance considerations

The Group recognises that managing investments on behalf of clients necessarily involves taking into account a wide set of non-financial factors in seeking to maximise long-term returns for investors. The analysis of these factors will sometimes involve making complex ethical judgements and forming views about how legal frameworks are likely to evolve. The Group aims to be well-informed in making any such judgements and to be transparent about the positions it takes.

Industry practice in this area has been evolving rapidly and the group has been an active participant in seeking to define and strengthen its principles accordingly, whilst engaging in the wider industry discussion. This has involved integrating Environmental, Social and Governance (“ESG”) considerations (to which we also add Human Rights as a separate category) more explicitly into the investment managers’ decision-making process, and also signing up to major external bodies who are leading influencers in the formation of industry best practice.

Our engagements with investee companies are based on relationships with them. The results of these engagements are not necessarily measurable. Our interactions are led by fund managers and are focused on aspects we believe will make companies better investments, always encouraging company managers to set high standards for their businesses. We almost always engage directly with the company itself and our views are rarely mediated by a broker and never by an institutional proxy voting adviser.

AMATI GLOBAL HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -

Streamline Energy and Carbon Reporting (“SECR”)

AGI is a signatory to the UN-supported Principles for Responsible Investment (PRI), which works to support its international network of signatories in incorporating ESG factors into their investment and ownership decisions. The PRI acts in the long-term interests of its signatories, of the financial markets and economies in which they operate, and ultimately of the environment and society as a whole. AGI completed the 2023 PRI assessment and successfully retained its PRI signatory status having been awarded a 5-star rating in the category 'Direct - Listed Equity - Active Fundamental' which is the category specific to AGI's investment activities and is a measure of the incorporation of Environmental, Social and Governance factors into the investment process. AGI also achieved 4 out of 5 stars for the 'Public Governance and Strategy' and 'Confidence Building Measures' modules. Our full PRI Transparency Report 2023 is on our website https://www.amatiglobal.com/our-values .

2023
2022
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
- Gas combustion
58,458
53,745
- Electricity purchased
10,167
10,603
68,625
64,348
2023
2022
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
10.69
9.81
- Fuel consumed for owned transport
-
-
10.69
9.81
Scope 2 - indirect emissions
- Electricity purchased
2.08
2.05
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the group
-
-
Total gross emissions
12.77
11.86
Intensity ratio
Tonnes CO2e per full-time employee
0.67
0.66
Quantification and reporting methodology

The group has followed the 2019 HM Government Environmental Reporting Guidelines. The group has also used the GHG Reporting Protocol – Corporate Standard and have used the 2023 UK Government’s Conversion Factors for Company Reporting.

Intensity measurement

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per person employed, the recommended ratio for the sector.

Measures taken to improve energy efficiency

AGI has a target of net zero greenhouse gas Scope 1 and 2 emissions for its operational business by 2030, whilst looking for actions that can be taken to limit areas of Scope 3 emissions too. AGI has established a working group to consider how it achieves decarbonisation through a mixture of reduced consumption and offsetting, assuming that genuine offsetting becomes possible over the next few years in the form of carbon capture and sequestration.

AMATI GLOBAL HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Going Concern

The directors have no reason to believe that a material uncertainty exists that may cast significant doubt on the ability of the company to continue as a going concern.

 

On the basis of their assessment of the company's financial position, the directors have a reasonable expectation that the company will be able to continue in operational existence for a period of at least 12 months from the date of approval of the financial statements.

On behalf of the board
Dr P Jourdan
Director
4 April 2024
AMATI GLOBAL HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

AMATI GLOBAL HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF AMATI GLOBAL HOLDINGS LIMITED
- 8 -
Opinion

We have audited the financial statements of Amati Global Holdings Limited (the 'parent company') and its subsidiary (the 'group') for the year ended 31 December 2023 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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:

 

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor 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 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.

AMATI GLOBAL HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF AMATI GLOBAL HOLDINGS LIMITED
- 9 -

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

 

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and 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:

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement set out on page 7, 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 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 company or to cease operations, or have no realistic alternative but to do so.

Auditor responsibilities for the audit of the financial statements

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

 

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

Extent to which the audit is considered capable of detecting irregularities, including fraud

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.

 

We assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations by considering their experience, past performance and support available.

 

All engagement team members were briefed on relevant identified laws and regulations and potential fraud risks at the planning stage of the audit. Engagement team members were reminded to remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

AMATI GLOBAL HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF AMATI GLOBAL HOLDINGS LIMITED
- 10 -

Extent to which the audit is considered capable of detecting irregularities, including fraud (continued)

We obtained an understanding of the legal and regulatory frameworks that are applicable to the company, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The most relevant frameworks we identified include:

 

 

We gained an understanding of how the group and parent company are complying with these laws and regulations by making enquiries of management. We corroborated these enquiries through our review of submitted returns, external inspections, relevant correspondence with regulatory bodies and board meeting minutes.

We assessed the susceptibility of the company’s financial statements to material misstatement, including how fraud might occur, by meeting with management to understand where it was considered there was susceptibility to fraud. This evaluation also considered how management were remunerated and whether this provided an incentive for fraudulent activity. We considered the overall control environment and how management oversee the implementation and operation of controls. In areas of the financial statements where the risks were considered to be higher, we performed procedures to address each identified risk. We identified a heightened fraud risk in relation to:

 

In addition to the above, the following procedures were performed to provide reasonable assurance that the financial statements were free of material fraud or error:

Our audit procedures were designed to respond to the risk of material misstatements in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve intentional concealment, forgery, collusion, omission or misrepresentation. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

AMATI GLOBAL HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF AMATI GLOBAL HOLDINGS LIMITED
- 11 -

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

Bryan Shepka (Senior Statutory Auditor)
For and on behalf of Johnston Carmichael LLP
4 April 2024
Chartered Accountants
Statutory Auditor
7-11 Melville Street
Edinburgh
EH3 7PE
AMATI GLOBAL HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
2023
2022
Notes
£
£
Turnover
3
8,931,049
11,268,640
Cost of sales
(1,230,604)
(1,485,945)
Gross profit
7,700,445
9,782,695
Administrative expenses
(5,763,828)
(6,539,029)
Operating profit
4
1,936,617
3,243,666
Interest receivable and similar income
8
141,978
24,278
Change in fair value of investments
12
(5,452)
(48,565)
Profit before taxation
2,073,143
3,219,379
Tax on profit
9
(458,801)
(619,889)
Profit and total comprehensive income for the financial year year
1,614,342
2,599,490
Profit for the financial year is attributable to:
- Owners of the parent company
821,256
1,325,737
- Non-controlling interests
793,086
1,273,753
1,614,342
2,599,490
Total comprehensive income for the year is attributable to:
- Owners of the parent company
821,256
1,325,737
- Non-controlling interests
793,086
1,273,753
1,614,342
2,599,490
The notes on pages 18 to 30 form an integral part of the financial statements.
AMATI GLOBAL HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 13 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
11
32,772
45,007
Investments
12
857,762
611,259
890,534
656,266
Current assets
Debtors
14
930,218
1,327,468
Cash at bank and in hand
4,274,480
4,979,772
5,204,698
6,307,240
Creditors: amounts falling due within one year
15
(1,281,914)
(2,014,530)
Net current assets
3,922,784
4,292,710
Net assets
4,813,318
4,948,976
Capital and reserves
Called up share capital
17
100,000
100,000
Share premium account
18
3,861,754
3,861,754
Merger reserve
18
(3,696,772)
(3,696,772)
Profit and loss reserves
18
2,355,720
2,304,464
Equity attributable to owners of the parent company
2,620,702
2,569,446
Non-controlling interests
2,192,616
2,379,530
4,813,318
4,948,976
The notes on pages 18 to 30 form an integral part of the financial statements.
The financial statements were approved by the board of directors and authorised for issue on
4 April 2024
04 April 2024
and are signed on its behalf by:
Dr P Jourdan
Director
AMATI GLOBAL HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 14 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
12
4,711,753
4,711,753
Current assets
Debtors
14
3,689
4,294
Cash at bank and in hand
346,189
98,163
349,878
102,457
Creditors: amounts falling due within one year
15
(11,287)
(9,666)
Net current assets
338,591
92,791
Total assets less current liabilities
5,050,344
4,804,544
Capital and reserves
Called up share capital
17
100,000
100,000
Share premium account
18
3,861,754
3,861,754
Profit and loss reserves
18
1,088,590
842,790
Total equity
5,050,344
4,804,544

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £1,015,800 (2022 - £1,529,994 profit).

The notes on pages 18 to 30 form an integral part of the financial statements.
The financial statements were approved by the board of directors and authorised for issue on
4 April 2024
04 April 2024
and are signed on its behalf by:
Dr P Jourdan
Director
Company Registration No. SC615681
AMATI GLOBAL HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
Share capital
Share premium account
Merger reserve
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
£
Balance at 1 January 2022
100,000
3,861,754
(3,696,772)
2,508,727
2,773,709
2,575,777
5,349,486
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
-
1,325,737
1,325,737
1,273,753
2,599,490
Dividends
10
-
-
-
(1,530,000)
(1,530,000)
(1,470,000)
(3,000,000)
Balance at 31 December 2022
100,000
3,861,754
(3,696,772)
2,304,464
2,569,446
2,379,530
4,948,976
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
-
821,256
821,256
793,086
1,614,342
Dividends
10
-
-
-
(770,000)
(770,000)
(980,000)
(1,750,000)
Balance at 31 December 2023
100,000
3,861,754
(3,696,772)
2,355,720
2,620,702
2,192,616
4,813,318
The notes on pages 18 to 30 form an integral part of the financial statements.
AMATI GLOBAL HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance as at 1 January 2022
100,000
3,861,754
842,796
4,804,550
Total comprehensive income for the year
-
-
1,529,994
1,529,994
Dividends
10
-
-
(1,530,000)
(1,530,000)
Balance at 31 December 2022
100,000
3,861,754
842,790
4,804,544
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
1,015,800
1,015,800
Dividends
10
-
-
(770,000)
(770,000)
Balance at 31 December 2023
100,000
3,861,754
1,088,590
5,050,344
The notes on pages 18 to 30 form an integral part of the financial statements.
AMATI GLOBAL HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
21
1,699,002
3,456,200
Income taxes paid
(529,889)
(653,974)
Net cash inflow from operating activities
1,169,113
2,802,226
Investing activities
Purchase of tangible fixed assets
(14,428)
(33,771)
Purchase of fixed asset investments
(275,626)
(290,379)
Proceeds on disposal of fixed asset investments
23,671
42,201
Interest received
139,865
22,162
Dividends received
2,113
2,116
Net cash used in investing activities
(124,405)
(257,671)
Financing activities
Dividends paid
(770,000)
(1,530,000)
Dividends paid to non-controlling interests
(980,000)
(1,470,000)
Net cash used in financing activities
(1,750,000)
(3,000,000)
Net decrease in cash and cash equivalents
(705,292)
(455,445)
Cash and cash equivalents at beginning of year
4,979,772
5,435,217
Cash and cash equivalents at end of year
4,274,480
4,979,772
The notes on pages 18 to 30 form an integral part of the financial statements.
AMATI GLOBAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 18 -
1
Accounting policies
Company information

Amati Global Holdings Limited (“the company”) is a private limited company domiciled and incorporated in Scotland. The registered office is 8 Coates Crescent, Edinburgh, United Kingdom, EH3 7AL.

 

The company was incorporated on 7 December 2018 with share capital of £1 and was acquired by Amati Global Partners LLP on 15 January 2019. The company was dormant until 13 June 2019, when the holding of 51% of Amati Global Investors Limited held by Amati Global Partners LLP was transferred to the company and its share capital was increased to £100,000. On 13 June 2019 the members of the LLP became shareholders in the company and the company became the ultimate parent undertaking of Amati Global Investors Limited.

 

As the above constitutes a group reconstruction and merger accounting has been applied, these group accounts are prepared on the basis that the group has always existed in its current form.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102 and has taken advantage of the exemption available from the requirement to present a company only cash flow statement and related notes and disclosures.

1.2
Basis of consolidation

The consolidated financial information contained within these financial statements includes the results, cash flows and financial position of the Company and its subsidiary for the year to 31 December 2023.

 

Non-controlling interests in the results and equity of the subsidiary are shown separately in the consolidated statement of comprehensive income, consolidated balance sheet and consolidated statement of changes in equity respectively.

 

Non-controlling interests are measured at their proportionate share of their identifiable net assets.

 

Total comprehensive income is attributable to non-controlling interests even if the non-controlling interest has a negative balance.

 

All intercompany transactions, balances, income and expenses between Group entities are eliminated upon consolidation.

1.3
Going concern

These financial statements have been prepared on a going concern basis.

 

Whilst there can be no absolute certainty, having considered the current results of the company and the group, including plausible downside scenarios impacting revenues, expenses and financial resilience, and the current liquidity and net assets of the company and the group, the directors are satisfied that it remains a reasonable assumption that the company and group should have sufficient resources to meet its working capital requirements for at least 12 months from the date of approval of these financial statements. Accordingly, the financial statements have been prepared on a going concern basis.

AMATI GLOBAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -
1.4
Turnover and other income

Turnover is derived primarily from business transacted in the UK and is recognised as follows:

 

i. Management fees (non-performance related) are recognised as the services are provided and measured at the fair value of the consideration received or receivable.

ii. Service fees (non-performance) related are recognised as the services are provided and measured at the fair value of the consideration received or receivable.

iii. All other fee income is recognised as the services are provided based on the fair value of the consideration received or receivable.

 

Interest income is recognised in the statement of comprehensive income as it accrues using the effective interest method.

1.5
Tangible fixed assets

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
33% straight line
Office equipment
20% straight line

The carrying values of the tangible fixed assets are reviewed at each reporting date or when events or changes in circumstances indicate the carrying values may not be recoverable.

1.6
Investments

Investments in quoted equity instruments and open-ended investment funds are measured at fair value. Changes in fair value are recognised in the statement of comprehensive income. Fair value is based on quoted market prices and published prices which are readily available.

 

Investments in subsidiary undertakings are stated at cost less impairment.

1.7
Cash at bank and in hand

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less and bank overdrafts.

1.8
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally 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.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

AMATI GLOBAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 20 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the statement of comprehensive income.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Basic financial liabilities, including trade and other payables. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.9
Debtors and creditors
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price including transaction costs. Any losses arising from impairment review at the reporting end date are recognised in the statement of comprehensive income.
1.10
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the statement of comprehensive income because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

AMATI GLOBAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 21 -
Deferred tax

Deferred tax is recognised in respect of all timing differences in the limited company subsidiary, that have originated but not reversed at the statement of financial position date, where transactions or events that result in an obligation to pay more or a right to pay less tax in the future have occurred by the statement of financial position date with certain limited exceptions. Where there is a deferred tax asset, this will only be recognised where there is a reasonable expectation that profits will be made by the company in the future.

 

Deferred tax is calculated on an undiscounted basis at the tax rates that are expected to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws enacted or substantively enacted at the statement of financial position date.

1.12
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 employer's services are received.

1.13
Retirement benefit schemes

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Operating lease commitments

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

Management considers that there are no significant judgements, estimates or assumptions made which would have a material impact on these financial statements.

3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Fund management services
8,232,247
10,524,886
Service fees
77,808
74,014
Other fees
620,994
669,740
8,931,049
11,268,640
AMATI GLOBAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
3
Turnover and other revenue
(Continued)
- 22 -
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
8,931,049
11,268,640
2023
2022
£
£
Other significant revenue
Interest income
139,865
22,162
Dividends received
2,113
2,116
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging:
Depreciation of owned tangible fixed assets
26,663
22,532
Operating lease charges
67,256
64,931
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
4,728
3,950
Audit of the financial statements of the company's subsidiaries
11,043
9,850
15,771
13,800
For other services
Audit-related assurance services
3,000
1,150
Taxation compliance services
6,112
5,750
All other non-audit services
7,828
6,753
16,940
13,653
AMATI GLOBAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Directors
5
5
-
-
Administration and support
23
19
-
-
Total
28
24
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
3,567,850
4,266,057
-
0
-
0
Social security costs
456,317
587,860
-
-
Pension costs
406,656
106,623
-
0
-
0
4,430,823
4,960,540
-
0
-
0
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
1,018,903
1,691,518
Company pension contributions to defined contribution schemes
65,762
10,608
1,084,665
1,702,126
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
432,103
755,623
AMATI GLOBAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
7
Directors' remuneration
(Continued)
- 24 -

During the year two directors accrued retirement benefits under a defined contribution pension scheme (2022: two).

 

Directors are paid through the subsidiary company, Amati Global Investors Limited.

 

Included above is £13,002 (2022: £11,820) in relation to remuneration paid to non-executive directors for services provided to the group.

 

Employer social security costs in respect of directors' remuneration are not included within the above.

8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
139,865
22,162
Other income from investments
Dividends and interest received
2,113
2,116
Total other income
141,978
24,278
Dividends from financial assets measured at fair value through profit or loss
2,113
2,116
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
458,801
619,889
AMATI GLOBAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
9
Taxation
(Continued)
- 25 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
2,073,143
3,219,379
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
487,603
611,682
Tax effect of expenses that are not deductible in determining taxable profit
3,257
4,045
Dividend income
(497)
(402)
Fixed asset differences
29
(1,822)
Deferred tax not recognised
(33,584)
6,386
Remeasurement of deferred tax for changes in tax rates
1,993
-
0
Taxation charge
458,801
619,889
10
Dividends
2023
2022
£
£
Final paid
770,000
1,530,000
11
Tangible fixed assets
Group
Fixtures and fittings
£
Cost
At 1 January 2023
121,842
Additions
14,428
At 31 December 2023
136,270
Depreciation and impairment
At 1 January 2023
76,835
Depreciation charged in the year
26,663
At 31 December 2023
103,498
Carrying amount
At 31 December 2023
32,772
At 31 December 2022
45,007
The company had no tangible fixed assets at 31 December 2023 or 31 December 2022.
AMATI GLOBAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
11
Tangible fixed assets
(Continued)
- 26 -
12
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
4,711,753
4,711,753
Listed investments and open-ended investment fund holdings
857,762
611,259
-
0
-
0
857,762
611,259
4,711,753
4,711,753
Movements in fixed asset investments measured at fair value through profit or loss
Group
Investments
£
At 1 January 2023
611,259
Additions
275,626
Valuation changes
(5,452)
Disposals
(23,671)
At 31 December 2023
857,762
Carrying amount
At 31 December 2023
857,762
At 31 December 2022
611,259
Movements in fixed asset investments
Company
Investment in group undertakings
£
Cost or valuation
At 1 January 2023 and 31 December 2023
4,711,753
Carrying amount
At 31 December 2023
4,711,753
At 31 December 2022
4,711,753
AMATI GLOBAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
13
Subsidiaries

Details of the company's subsidiary at 31 December 2023 are as follows:

Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Amati Global Investors Limited
See below
Investment services
Ordinary
51
-
Amati Global Investors Limited registered office is 8 Coates Crescent, Edinburgh, Scotland, EH3 7AL.
14
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
-
0
49,286
-
0
-
0
Amounts owed by group undertakings
-
-
2,468
4,292
Other debtors
5,105
4,246
1
2
Prepayments and accrued income
925,113
1,273,936
1,220
-
0
930,218
1,327,468
3,689
4,294
15
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Trade creditors
56,553
193,160
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
39
6
Corporation tax payable
43,801
114,889
-
0
-
0
Other taxation and social security
23,467
21,646
-
-
Other creditors
92,399
149,253
-
0
-
0
Accruals and deferred income
1,065,694
1,535,582
11,248
9,660
1,281,914
2,014,530
11,287
9,666
16
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
406,656
117,231

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

 

The group had pension contributions of £Nil (2022: £66,462) outstanding at the reporting date and included within creditors falling due within one year.

AMATI GLOBAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 28 -
17
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100,000
100,000
100,000
100,000

One share with a nominal value of £1 was allotted at par upon the company's incorporation on 7 December 2018. On 13 June 2019, 99,999 shares with a nominal value of £1 were allotted for a total consideration of £3,961,753, as part of a group reconstruction.

18
Reserves
Share premium

Share premium represents the excess consideration received over the par value of shares issued.

Merger reserve

The merger reserve arises on the application of merger accounting when consolidating the company's shareholding in its subsidiary, Amati Global Investors Limited.

Profit and loss reserves

Profit and loss reserves represent accumulated comprehensive income or expenditure for the year and prior periods less dividends paid.

19
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
72,261
66,076
-
-
Between two and five years
260,877
264,304
-
-
333,138
330,380
-
-
AMATI GLOBAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 29 -
20
Related party transactions
Transactions with related parties

During the year Amati Global Holdings Limited charged £2,468 (2022: £8,856) in relation to management charges to its subsidiary Amati Global Investors Limited. The subsidiary was charged £40,000 (2022: £40,000) by its associate company Mattioli Woods plc in relation to management charges.

 

The company received dividends of £1,020,000 (2022: 1,530,000) from Amati Global Investors Limited.

 

The subsidiary rents its office space from Mattioli Woods plc. It was charged £67,256 in rental costs during the year (2022: £64,931).

 

The subsidiary pays a service charge and other charges to Mattioli Woods plc. The service charge is a recharge of costs in relation to the office space. It incurred expenses of £11,135 in service and other charges during the year (2022: £12,976).

 

The subsidiary paid remuneration of £13,002 (2022: £11,820) to two non-executive directors, who are persons connected with Mattioli Woods plc.

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2023
2022
£
£
Group
Entities with control, joint control or significant influence over the group
23,618
39,162

At the year-end the subsidiary company owed Amati Global Holdings £2,468 (2022: £4,292) and £3,333 (2022: £6,666) to Mattioli Woods plc in relation to management charges.

 

The subsidiary company owed Mattioli Woods plc £16,519 in relation to rent at year end (2022: £16,519).

 

The subsidiary company owed Mattioli Woods plc £1,298 in relation to service and other charges (2022: £11,685).

21
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
1,614,342
2,599,490
Adjustments for:
Taxation charged
458,801
619,889
Investment income
(141,978)
(24,278)
Depreciation and impairment of tangible fixed assets
26,663
22,532
Loss on sale of investments
5,452
48,565
Movements in working capital:
Decrease in debtors
397,250
272,284
Decrease in creditors
(661,528)
(82,282)
Cash generated from operations
1,699,002
3,456,200
AMATI GLOBAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 30 -
22
Analysis of changes in net funds - group
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
4,979,772
(705,292)
4,274,480
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