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Registered number: 04007950














IAM INVEST LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

 
IAM INVEST LIMITED
 
 
COMPANY INFORMATION


Directors
E Arbib 
D Baron 
M Segall 




Registered number
04007950



Registered office
4 Hill Street

London

W1J 5NE




Independent auditors
Sopher + Co LLP
Chartered Accountants & Statutory Auditors

5 Elstree Gate

Elstree Way

Borehamwood

Hertfordshire

WD6 1JD




Bankers
Barclays Bank Plc
Business Banking Larger Business

Floor 28, 1 Churchill Place

Canary Wharf

London

E14 5HP





 
IAM INVEST LIMITED
 

CONTENTS



Page
Strategic report
 
1 - 2
Directors' report
 
3 - 4
Independent auditors' report
 
5 - 8
Statement of comprehensive income
 
9
Statement of financial position
 
10
Statement of changes in equity
 
11
Notes to the financial statements
 
12 - 20


 
IAM INVEST LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The directors present the strategic report for the year ended 31 December 2023.
The principal activity of IAM Invest Limited (the "Company") is the provision of investment management and investment advisory services. The Company specialises in the provision of services in alternative investment strategies, with a focus on real estate, renewable energy, and the hedge fund market. There have not been any significant changes in the nature of principal activities during the year. The Company continues to manage two investment vehicles with a total of four sub-funds, based in Luxembourg.

Business review
 
The Company is authorised and regulated by the Financial Conduct Authority (''FCA'').
The Company’s performance year over year increased 13% in terms of turnover and 6% in terms of profit before tax, following the launch of its third-generation real estate fund during July which is now in it its initial fund raising period. The second-generation real estate fund had a stable year and completed its final acquisition early 2023 and is now fully committed. 
The Company further manages both sub-funds of its first-generation Luxembourg vehicle which continued to make further distributions to its shareholders during the year and early 2024. The Company and group continue to actively manage their cost base in line with the level of assets under management.

Principal risks and uncertainties
 
The principal risk attached to the management of real estate and hedge funds is investment risk, being the poor performance of the underlying assets and funds, either absolutely or relative to their peer group. This could result in a decrease in both management and performance fees received by the Company, and an increase in redemptions by investors leading to a decrease in assets under management with similar effect. This risk is partially mitigated due to the nature and structure of the real estate funds and partially by the use of a robust and highly developed investment process which is implemented by skilled and experienced staff and the operation of a separate risk management function independent of the investment function which both ensures the investment team’s adherence to the internal procedures as well as monitoring the portfolios against a range of predetermined criteria using sophisticated risk management techniques.


Financial key performance indicators

The following table summarises the key performance indicators used by the directors to assess the performance of the Company as of the dates and periods indicated.

2023
2022
Change
£
£
%
Turnover
1,427,245
1,259,222
13%
Profit for the year before tax
450,829
423,549
6%
Total capital resources, net of deductions
3,536,655
3,525,826
0%

Page 1

 
IAM INVEST LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Directors' statement of compliance with duty to promote the success of the company
 
The board of directors of IAM Invest Limited considers that the directors have acted in the way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members and the group as a whole (having regard to the stakeholders and matters set out in S172(1)(a-f) of the Act) in the decisions taken during the financial year ended on 31 December 2023.
 
The performance of the ICE II compartment of the IAM Capital Fund was stable during 2023, due to the fund incurring a significant amount of Capex expenses on its portfolio assets, with the asset valuation reports lagging in reflecting the upside into the NAV, continuing from a good 2022. The Company considers the size of its team in-line with the assets under management and keeps the level of costs under strict review. The board of directors will closely monitor any ongoing development so that it can act quickly and decisively with the aim to take advantage of any new opportunities arising.
The Company and the group operate a policy of equal opportunities in recruitment, promotion and training for all their employees. The Company believes that all individuals should be treated fairly, with respect and that they are appropriately valued for their contribution to the organisation.
As board of directors we aim to act responsibly and fairly in how the Company engages with suppliers, service providers and in an open and cooperative way with its regulatory body, the FCA.
The impact of the Company’s operations on the community and environment is minimal due to the nature of its business. The ESG policy of the Company is published on its website.
The Company has implemented compliance policies to satisfy the senior management & certification regime and provided training to all the staff to ensure they understand their obligation to act with integrity, due skill, care and diligence as well as paying due regard to the interests of customers and the requirement to treat them fairly. The board of directors believes it is of utmost importance to behave responsibly, to operate with high standards of business conduct and lead by example.
The Company is owned 100% by one entity however it takes into consideration all group members when conducting its activities.


This report was approved by the board on 19 April 2024 and signed on its behalf.



E Arbib
Director

Page 2

 
IAM INVEST LIMITED
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

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

Results and dividends

The profit for the year, after taxation, amounted to £450,829 (2022 - £423,549).

A dividend of £440,000 was paid in the year (2022 - £425,000).

Directors

The directors who served during the year were:

E Arbib 
D Baron 
M Segall 

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' 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 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 directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

 In preparing these financial statements, the directors are 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 UK 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.

Future developments

The Company continues to focus on ensuring the long term stability of the Company’s operations and growing its assets under management and advisory mandates, with the main focus on increasing the commitments to its third-generation real estate fund.

Qualifying third party indemnity provisions

Qualifying third party indemnity provisions for the benefit of the directors were in force during the year under review and remain in force at the date of approval of the director's report and financial statements.

Page 3

 
IAM INVEST LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Remuneration disclosure

Details of the Company's unaudited Remuneration disclosures, required under the Financial Conduct Authority's Senior Management Arrangements, System and Controls Sourcebook ("SYSC"), will be published on our website.

Disclosure of information to auditors

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 auditors are 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 auditors are aware of that information.

Subsequent events

There have been no significant events affecting the company since the year end.

Auditors

Under section 487(2) of the Companies Act 2006Sopher + Co LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board on 19 April 2024 and signed on its behalf.
 





E Arbib
Director

Page 4

 
IAM INVEST LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF IAM INVEST LIMITED
 

Opinion


We have audited the financial statements of IAM Invest Limited (the 'company') for the year ended 31 December 2023, which comprise the Statement of comprehensive income, the Statement of financial position, 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 31 December 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

 
IAM INVEST LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF IAM INVEST LIMITED (CONTINUED)

Other information


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


In connection with our audit of the financial statementsour 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 3, 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.


Page 6

 
IAM INVEST LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF IAM INVEST LIMITED (CONTINUED)

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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; 
we identified the laws and regulations applicable to the Company through discussions with directors and other management, and from our commercial knowledge and experience of the financial services sector; 
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental, health and safety legislation and FCA regulations;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and 
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. 

We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: 
 
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; 
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and 
understanding the design of the Company’s remuneration policies. 

To address the risk of fraud through management bias and override of controls, we: 
 
performed analytical procedures to identify any unusual or unexpected relationships; 
tested journal entries to identify unusual transactions; 
assessed whether judgments and assumptions made in determining the accounting estimates were indicative of potential bias; and 
investigated the rationale behind significant or unusual transactions. 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: 
 
agreeing financial statement disclosures to underlying supporting documentation; 
reading the minutes of meetings of those charged with governance; 
enquiring of management as to actual and potential litigation and claims; and 
reviewing correspondence with HMRC, relevant regulators and the Company’s legal advisors. 

 
Page 7

 
IAM INVEST LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF IAM INVEST LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements (continued)
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. 
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.


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.





Martyn Atkinson FCA (Senior statutory auditor)
  
for and on behalf of
Sopher + Co LLP
 
Chartered Accountants
Statutory Auditors
  
5 Elstree Gate
Elstree Way
Borehamwood
Hertfordshire
WD6 1JD

19 April 2024
Page 8

 
IAM INVEST LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
1,427,245
1,259,222

Cost of sales
  
(283,412)
(249,193)

Gross profit
  
1,143,833
1,010,029

Administrative expenses
  
(700,330)
(586,480)

Interest receivable and similar income
  
7,326
-

Profit before tax
  
450,829
423,549

Tax on profit
 10 
-
-

Profit for the financial year
  
450,829
423,549

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 12 to 20 form part of these financial statements.

Page 9

 
IAM INVEST LIMITED
REGISTERED NUMBER:04007950

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 11 
783
783

Current assets
  

Debtors: amounts falling due within one year
 12 
3,513,655
3,441,796

Cash at bank and in hand
  
378,686
504,489

  
3,892,341
3,946,285

Current liabilities
  

Creditors: amounts falling due within one year
 13 
(356,469)
(421,242)

Net current assets
  
 
 
3,535,872
 
 
3,525,043

  

Net assets
  
3,536,655
3,525,826


Capital and reserves
  

Called up share capital 
 14 
3,367,778
3,367,778

Other reserves
 15 
53,000
53,000

Profit and loss account
 15 
115,877
105,048

  
3,536,655
3,525,826


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 April 2024.




E Arbib
Director

The notes on pages 12 to 20 form part of these financial statements.

Page 10

 
IAM INVEST LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Other reserves
Profit and loss account
Total equity

£
£
£
£


At 1 January 2022
2,687,778
53,000
106,499
2,847,277



Profit for the year
-
-
423,549
423,549

Dividends paid
-
-
(425,000)
(425,000)



At 1 January 2023
2,687,778
53,000
105,048
2,845,826



Profit for the year
-
-
450,829
450,829

Dividends paid
-
-
(440,000)
(440,000)


At 31 December 2023
2,687,778
53,000
115,877
2,856,655


The notes on pages 12 to 20 form part of these financial statements.

Page 11

 
IAM INVEST LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

IAM Invest Limited is a private limited liability company registered in England and Wales. Its registered office and business address is 4 Hill Street, London W1J 5NE.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK 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 (see note 3).

The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of its immediate parent undertaking established under the law of the UK and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

 
2.3

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d).

This information is included in the consolidated financial statements of iAM Capital Group Ltd  as at 31 December 2023 and these financial statements may be obtained from Companies House.

 
2.4

Turnover

Turnover represents the fair value of consideration received for the provision of investment management and advisory services in the United Kingdom net of value-added tax, rebates and discounts allowed. Turnover is recognised when the amount of revenue can be reliably measured and when it is probable that future economic benefits will flow to the entity.

 
2.5

Foreign currency translation

The financial statements are presented in the British Pound Sterling (£), which is also the functional currency of the Company. Transactions in currencies, other than the functional currency of the Company, are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. All differences are taken to the Statement of Comprehensive Income. Non-monetary items that are measured at historic cost in a foreign currency are not retranslated.

Page 12

 
IAM INVEST LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge 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 reporting 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.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Pensions

The Company contributes to 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 the Statement of Comprehensive Income 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.

 
2.9

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the reporting date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the reporting date.

Page 13

 
IAM INVEST LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and loans to related parties.
Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. The Company does not have debt instruments that are payable or receivable in more than one year.
Financial assets that are measured at cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement.
Cash is represented by cash in hand and deposits with financial institutions.

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. 


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The information required to calculate the management and performance fees to be accrued at the year end is not always available at the date of the approval of the accounts. Management has therefore used their judgment and expertise, including considering market conditions specific to the Asset Under Management, to calculate reasonable estimates of what should be accrued at the year end.
Management use their judgment to determine whether there are indicators of impairment of the Company’s assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the assets.

Page 14

 
IAM INVEST LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Turnover

Turnover is attributable to the Company’s principal activity and primarily comprises of the following:
Management and Performance fees
Management fees are calculated as a percentage of the value of the net assets under management in accordance with the respective fund's offering documents and as a percentage of the capital that has been committed to funds and are recognised in the period in which the services are rendered.
Performance fees are calculated as a percentage of the net appreciation in a fund’s net asset values at the end of a performance period. The length of a performance period varies between funds. Performance fees are recognised when the amount of the fee can be reliably measured, which is normally at the end of the performance period. Where a fund’s performance period covers the reporting date, performance fees have been recognised based on reasonable estimates that consider the particular fund’s performance to the reporting date and where evidence exists that suggests that the current performance will be sustainable to the end of the performance period.
Consultancy fees
Consultancy fees are based on underlying agreements. They are recognised once the service has been provided and economic benefits will flow to the Company.
All sales are recognised net of Value Added Tax where applicable.


An analysis of turnover by class of business is as follows:


2023
2022
£
£

Management fees
1,009,000
785,610

Corporate deal fees
322,938
277,341

Advisory fees
95,307
177,241

Subscription fees
-
19,030

1,427,245
1,259,222


The whole of the turnover is attributable to geographic markets outside the United Kingdom.


5.


Cost of sales

Cost of sales comprises of commissions and distribution fees payable to intermediaries, distributors and other third parties and are charged to the Statement of Comprehensive Income over the period in which the service is provided.

Page 15

 
IAM INVEST LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Exchange differences
38,355
(44,057)


7.


Auditors' remuneration

During the year, the company obtained the following services from the company's auditors and their associates:


2023
2022
£
£



Fees payable to the company's auditors for the audit of the company's financial statements
10,250
10,250

The company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent company.


8.


Employees

Staff costs, including directors' remuneration, were as follows:


2023
2022
£
£

Wages and salaries
417,842
373,589

Social security costs
46,070
43,422

Cost of defined contribution scheme
6,730
6,768

470,642
423,779


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


        2023
        2022
            No.
            No.







Employees
8
8

Page 16

 
IAM INVEST LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
40,000
42,375

Company contributions to defined contribution pension schemes
1,321
1,203

41,321
43,578


During the year retirement benefits were accruing to 1 director (2022 - 1) in respect of defined contribution pension schemes.


10.


Taxation


2023
2022
£
£


Current tax on profits for the year
-
-

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - lower than) the effective rate of corporation tax in the UK of 19% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
450,829
423,549


Profit on ordinary activities multiplied by the effective rate of corporation tax in the UK of 19% (2022 - 19%)
85,658
80,474

Effects of:


Capital allowances for year in excess of depreciation
(107)
(129)

Group relief
(85,551)
(80,345)

Total tax charge for the year
-
-


Factors that may affect future tax charges

From 1 April 2023 the rate of corporation tax will remain at 19% for companies with an annual profit of £50,000 or less, increase to 25% for companies with an annual profit of £250,000 or more, and increase to a marginal rate for companies with profits between £50,000 and £250,000. These thresholds are divided by the number of associated companies.

Page 17

 
IAM INVEST LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Fixed asset investments





Investments in subsidiary companies

£



Cost


At 1 January 2023
783



At 31 December 2023
783





Subsidiary undertaking


The following was a subsidiary undertaking of the company:

Name

Registered office

Class of shares

Holding

Integrated Alternative Investments US LLC
24538 Northern Highway, Suite 200, Southfield, MI19808, Michigan, USA
Ordinary
100%

The aggregate of the share capital and reserves as at 31 December 2023 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)

Integrated Alternative Investments US LLC
2,250
1,250

Page 18

 
IAM INVEST LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Debtors

2023
2022
£
£


Trade debtors
344,855
261,430

Amounts owed by group undertakings
2,981,638
2,386,797

Other debtors
94,810
202,017

Prepayments and accrued income
92,352
591,552

3,513,655
3,441,796



13.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
12,471
9,623

Amounts owed to group undertakings
1,740
740

Accruals and deferred income
342,258
410,879

356,469
421,242



14.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



2,687,778 Ordinary shares of £1 each
2,687,778
2,687,778
680,000 Redeemable preference shares of £1 each
680,000
680,000

3,367,778

3,367,778

The redeemable shares are redeemable upon request at the sole discretion of the Company and rank pari passu in all respects with regards to voting rights and the winding up of the business with the ordinary shares.


Page 19

 
IAM INVEST LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Reserves

Other reserves

Other Reserves represents an undistributable reserve account established in 2006, when its ultimate parent undertaking at the time made a contribution to the Company. The contribution was made without any additional claim over the equity of the Company and there was no right to seek repayment.

Profit and loss account

The profit and loss reserve contains the cumulative balance of retained profit and losses since the company started trading. It is a distributable reserve.


16.


Pension commitments

The Company contributes to a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £6,730 (2022 - £6,768). Contributions payable to the fund by the Company are presented in the consolidated financial statements of the parent company.


17.


Related party transactions

Key management personnel include all directors who together have authority and responsibility for planning, directing and controlling the activities of the company. Compensation to key management personnel consists only of the directors' remuneration as set out in note 9.
During the year the company was charged management fees and commission of £48,008 (2022 - £53,231) by an entity which is connected to one of the directors.
The Company has taken advantage of the exemption under FRS102 33.1A Related Party Disclosures not to disclose transactions entered into with group companies where 100% ownership exists. 


18.


Controlling party

The Company's immediate and ultimate controlling party is iAM Capital Group Limited, a company registered in England and Wales. It's registered office address is 4 Hill Street, London, W1J 5NE.

 
Page 20