for the Period Ended 31 December 2023
Directors report | |
Profit and loss | |
Balance sheet | |
Additional notes | |
Balance sheet notes |
Directors' report period ended
The directors present their report with the financial statements of the company for the period ended 31 December 2023
Principal activities of the company
Political and charitable donations
Additional information
Business reviewDetails on the Company’s performance and activities during 2023, are included in the Strategic Report on pages 2 through 4. During 2023, the Company created and staffed a subsidiary in Singapore to increase its distribution capabilities to the Asia - Pacific region. As discussed on page 16 of the financial statement notes, under Accounting Policies, the costs associated with the subsidiary are not consolidated with the Company’s financial results.Going ConcernThe board has a more than reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future, including the next twelve months from the date of the audited financial statements, and thus we continue to adopt the going concern basis of accounting in preparing the annual financial statements. This expectation is supported by:AUM and the performance of the funds. At year end 31 December 2023, the Company had £433M ($538M) in AUM however, is projecting £1.2B ($1.5B) by year ending 31 December 2024. The Company is projecting to be profitable in 2024 as the sub-advisory and support fees charged by Alger affiliates FAM, WBC and Fred Alger & Company, LLC (FAC) have been reduced as of 1 January 2024. In addition, the Company expects to see greater sales in Europe and mostly Asia Pacific due to the infrastructure now in place.Cash flows that will enable the Company to meet liabilities as they fall due. At 31 December 2023, the Company had approximately £2.0M in Cash. The Company has a low level of fixed costs which include salaries for employees, rent, accounting and other fees. As mentioned above, the reduction in support fees charged by affiliates will provide for greater liquidity. Accordingly, the Company does not foresee an issue with meeting its liabilities as they become due for the near future.Adequate regulatory capital. At 31 December 2023, the Company had approximately £1M in Total Equity. Per the Company’s Own Funds calculation at 31 December 2023 of £0.2M, the Company has a surplus of approximately £0.8M of excess equity. The Company anticipates a return to profitability in and that fixed costs, i.e., headcount, compensation, occupancy and certain professional fees will remain relatively flat throughout the year.Management’s commitment to AML. The Ultimate Parent, AAI, considers the Company as a strategic entity and will utilize the substantial resources within AAI to ensure and enhance the Company’s viability, growth, and success as a going concern for the foreseeable future. They have provided a letter of support to this effect.DividendsThe Company’s board did not approve any dividends during the year nor are there any plans to propose any dividends. No dividends were paid in 2023, or in 2022.Disclosure of information to AuditorThe Directors who held office at the date of approval of this Directors’ Report confirm that, so far as each is aware, there is no relevant audit information of which the Company’s Auditor is unaware and each director has taken all the steps that ought to have been taken as a director, including making appropriate enquiries of fellow directors and of the Company’s Auditor for that purpose, in order to be aware of any information needed by the Company’s Auditor in connection with preparing its report and to establish that Company’s Auditor is aware of that information.AuditorDeloitte LLP has been appointed as Auditor and pursuant to Section 487 of the Companies Act 2006.
Directors
The directors shown below have held office during the whole of the period from
1 January 2023 to 31 December 2023
Secretary
The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006
This report was approved by the board of directors on
And signed on behalf of the board by:
Name:
Status: Secretary
for the Period Ended
2023 | 2022 | |
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| £ | £ |
Turnover: | | |
Cost of sales: | ( | ( |
Gross profit(or loss): | | |
Distribution costs: | ( | ( |
Administrative expenses: | ( | ( |
Other operating income: | | |
Operating profit(or loss): | ( | ( |
Profit(or loss) before tax: | ( | ( |
Tax: | | |
Profit(or loss) for the financial year: | ( | ( |
As at
Notes | 2023 | 2022 | |
---|---|---|---|
| £ | £ | |
Called up share capital not paid: | | | |
Fixed assets | |||
Intangible assets: | | | |
Tangible assets: | | | |
Investments: | 3 | | |
Total fixed assets: | | | |
Current assets | |||
Debtors: | 4 | | |
Cash at bank and in hand: | | | |
Investments: | | | |
Total current assets: | | | |
Net current assets (liabilities): | | | |
Total assets less current liabilities: | | | |
Creditors: amounts falling due after more than one year: | 5 | ( | ( |
Total net assets (liabilities): | | | |
Capital and reserves | |||
Called up share capital: | | | |
Share premium account: | | | |
Profit and loss account: | | | |
Total Shareholders' funds: | | |
The notes form part of these financial statements
This report was approved by the board of directors on
and signed on behalf of the board by:
Name:
Status: Director
The notes form part of these financial statements
for the Period Ended 31 December 2023
Basis of measurement and preparation
Turnover policy
Other accounting policies
for the Period Ended 31 December 2023
2023 | 2022 | |
---|---|---|
Average number of employees during the period | | |
for the Period Ended 31 December 2023
The Company's Investments in subsidiary at the Balance Sheet date includes the following:Alger Management (Singapore) PTE. LTD.Registered Office: 1 Robison Road, #17-00, AIA Tower, Singapore, 048542Nature of business: Investment funds distributionClass of shares: Ordinary, 100 shares at $1 (£0.76), holding 100%
for the Period Ended 31 December 2023
2023 | 2022 | |
---|---|---|
£ | £ | |
Trade debtors | | |
Other debtors | | |
Total | | |
Debtors due after more than one year: | | |
for the Period Ended 31 December 2023
2023 | 2022 | |
---|---|---|
£ | £ | |
Bank loans and overdrafts | | |
Amounts due under finance leases and hire purchase contracts | | |
Other creditors | | |
Total | | |