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Registered number: 04940982









ALTUS INVESTMENT MANAGEMENT LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
ALTUS INVESTMENT MANAGEMENT LIMITED
 
 
COMPANY INFORMATION


Directors
J A Bruce 
N Smith 
J E Trower 
A P Trower 
I M Twisleton 
D A R Hammond (resigned 29 February 2024)
P A Thompson (resigned 29 February 2024)




Company secretary
J E Trower



Registered number
04940982



Registered office
35 Grosvenor Street

London

W1K 4QX




Independent auditors
Adler Shine LLP
Chartered Accountants & Statutory Auditor

Aston House

Cornwall Avenue

London

N3 1LF





 
ALTUS INVESTMENT MANAGEMENT LIMITED
 

CONTENTS



Page
Strategic report
 
1 - 2
Directors' report
 
3 - 4
Independent auditors' report
 
5 - 8
Statement of comprehensive income
 
9
Balance sheet
 
10
Statement of changes in equity
 
11
Statement of cash flows
 
12
Notes to the financial statements
 
13 - 25


 
ALTUS INVESTMENT MANAGEMENT LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The directors present the strategic report and financial statements for the year ended 31 December 2023.
The principal activity of the company continued to be that of the provision of investment management and advisory services.

Business review
 
The company navigated 2023 successfully with the company’s broad range of investment activities being underpinned by a robust and stable operating environment. The company’s financial performance has been satisfactory, primarily due to the success of our investment management activities with performance fees, derived from generating positive returns for clients. 2023 was a more profitable, and overall more positive year than 2022 for the company.

Principal risks and uncertainties
 
The FCA require us to undertake an annual Internal Capital Adequacy Assessment Process (ICAAP). This involves management allocating adequate capital reserves after reviewing and identifying risks to the business. We have identified the following risks:
Market Risk
The company does not trade its own balance sheet aggressively but does make some investments which are mostly UK sort dated gilt and therefore have little direct risk to the market though volatility in financial markets may impact underlying client portfolios. 
Currency Risk
Exchange rate volatility could impact earnings though this risk is mitigated through currency hedging transactions where appropriate.
Liquidity Risk
We are mindful to hold sufficient liquid resources to cover any short term imbalances in cash flow.
General Risk
The Directors are responsible for the day to day oversight of the operations of the business and believe that robust systems and controls are in place to identify and mitigate additional risks should they occur.  There are some key client dependency risks and some key staff member dependency risks which the directors have taken steps to address risks. 

Financial key performance indicators
 
The main indicator of the health of the investment business is growth in assets under management, both discretionary and advisory. The performance of the underlying portfolios is the main focus of the business which ultimately will drive growth in AUM and future revenues.

Other key performance indicators
 
The key non-financial performance indicators, which support the objective of increasing AUM, are client retention rates, client satisfaction and staff satisfaction.

Page 1

 
ALTUS INVESTMENT MANAGEMENT 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 directors are aware of their duty under section 172 of the Companies Act 2006 to act in a way which they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members, and in doing so have regard to (inter alia):  
• the likely consequence of any decision in the long term;
• the interests of the company’s employees;
• the need to foster the company’s business relationships with suppliers, clients and other stakeholders;
• the impact of the company’s operations on the community and the environment;
• the desirability of the company maintaining a reputation for high standards of business conduct, and
• the need to act fairly as between members of the company (the “Section 172 (1) Matters”).


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



................................................
J E Trower
Director

Date: 24 April 2024

Page 2

 
ALTUS INVESTMENT MANAGEMENT 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.

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.

Results and dividends

The profit for the year, after taxation, amounted to £663,750 (2022 - £786,840).

Directors

The directors who served during the year were:

J A Bruce 
N Smith 
J E Trower 
A P Trower 
I M Twisleton 
D A R Hammond (resigned 29 February 2024)
P A Thompson (resigned 29 February 2024)

Future developments

The Company is in the process of setting up a new subsidiary in Dubai. 

Page 3

 
ALTUS INVESTMENT MANAGEMENT LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

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.

Post balance sheet events

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

Auditors

The auditorsAdler Shine LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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





................................................
J E Trower
Director

Date: 24 April 2024

Page 4

 
ALTUS INVESTMENT MANAGEMENT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALTUS INVESTMENT MANAGEMENT LIMITED
 

Opinion


We have audited the financial statements of Altus Investment Management Limited (the 'company') for the year ended 31 December 2023, which comprise the statement of comprehensive income, the balance sheet, the statement of cash flows, the statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the company's affairs as at 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

 
ALTUS INVESTMENT MANAGEMENT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALTUS INVESTMENT MANAGEMENT LIMITED (CONTINUED)


Other information


The other information comprises the information included in the annual report other than the financial statements and  our auditors' report thereon.  The directors are responsible for the other information contained within the annual 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.


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

 
ALTUS INVESTMENT MANAGEMENT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALTUS INVESTMENT MANAGEMENT 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:

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. 
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we have:
• considered the nature of the industry and sectors, control environment and business performance;
• made enquires of management about their own identification and assessment of the risk of irregularities; 
• performed audit work over the risk of management override of controls, including testing of journal entries
 and other adjustments for appropriateness, and reviewing accounting estimates for bias;
• undertaken appropriate sample based testing of bank transactions;
• identified and evaluated compliance with relevant laws and regulations and made enquiries of any
 instances of non-compliance;
• discussed matters among the audit engagement team regarding how and where fraud might occur in the
 financial statements and potential indicators of fraud.
Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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.


Page 7

 
ALTUS INVESTMENT MANAGEMENT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALTUS INVESTMENT MANAGEMENT LIMITED (CONTINUED)


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.



Christopher Taylor FCA (Senior Statutory Auditor)
for and on behalf of
Adler Shine LLP
Chartered Accountants
Statutory Auditor
Aston House
Cornwall Avenue
London
N3 1LF

 
Date: 
24 April 2024
Page 8

 
ALTUS INVESTMENT MANAGEMENT LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
3,951,752
5,628,871

Gross profit
  
3,951,752
5,628,871

Administrative expenses
  
(3,124,530)
(4,639,238)

Operating profit
 5 
827,222
989,633

Interest receivable and similar income
 9 
2,994
-

Other finance income
  
69,193
-

Profit before tax
  
899,409
989,633

Tax on profit
 10 
(235,659)
(202,793)

Profit for the financial year
  
663,750
786,840

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

The notes on pages 13 to 25 form part of these financial statements.

Page 9

 
ALTUS INVESTMENT MANAGEMENT LIMITED
REGISTERED NUMBER: 04940982

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 12 
-
10,348

Investments
 13 
2
2

  
2
10,350

Current assets
  

Debtors: amounts falling due after more than one year
 14 
66,665
66,665

Debtors: amounts falling due within one year
 14 
1,958,320
3,593,607

Cash at bank and in hand
 15 
2,586,487
2,254,390

  
4,611,472
5,914,662

Creditors: amounts falling due within one year
 16 
(1,023,677)
(2,800,965)

Net current assets
  
 
 
3,587,795
 
 
3,113,697

Total assets less current liabilities
  
3,587,797
3,124,047

  

Net assets
  
3,587,797
3,124,047


Capital and reserves
  

Called up share capital 
 18 
200,000
200,000

Profit and loss account
 19 
3,387,797
2,924,047

  
3,587,797
3,124,047


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
J E Trower
Director

Date: 24 April 2024

The notes on pages 13 to 25 form part of these financial statements.

Page 10

 
ALTUS INVESTMENT MANAGEMENT LIMITED
 

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


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
200,000
2,187,207
2,387,207



Profit for the year
-
786,840
786,840

Dividends: Equity capital
-
(50,000)
(50,000)



At 1 January 2023
200,000
2,924,047
3,124,047



Profit for the year
-
663,750
663,750

Dividends: Equity capital
-
(200,000)
(200,000)


At 31 December 2023
200,000
3,387,797
3,587,797


The notes on pages 13 to 25 form part of these financial statements.

Page 11

 
ALTUS INVESTMENT MANAGEMENT LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
663,750
786,840

Adjustments for:

Depreciation of tangible assets
10,348
11,216

Interest received
(2,994)
-

Taxation charge
235,659
202,793

Decrease in debtors
1,635,287
293,584

(Decrease) in creditors
(1,810,525)
(959,168)

Increase in amounts owed to groups
-
1

Corporation tax (paid)
(202,422)
(96,545)

Net cash generated from operating activities

529,103
238,721


Cash flows from investing activities

Purchase of fixed asset investments
-
(1)

Interest received
2,994
-

Net cash from investing activities

2,994
(1)

Cash flows from financing activities

Dividends paid
(200,000)
(50,000)

Net cash used in financing activities
(200,000)
(50,000)

Net increase in cash and cash equivalents
332,097
188,720

Cash and cash equivalents at beginning of year
2,254,390
2,065,670

Cash and cash equivalents at the end of year
2,586,487
2,254,390


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
2,586,487
2,254,390


The notes on pages 13 to 25 form part of these financial statements.

Page 12

 
ALTUS INVESTMENT MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Altus Investment Management Limited is a private company limited by shares and registered in England and Wales. Its registered office address and principal place of business is 35 Grosvenor Street, London, W1K 4QX. The principal activity of the company is that of an investment management and family office. 
The financial statements are presented in Sterling (£), rounded to the nearest £1.

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 exempt from the requirement to prepare consolidated financial statements as all of its subsidiaries are required to be excluded from consolidation by section 402 of the Companies Act 2006.

 
2.3

Going concern

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

 
2.4

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

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

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

Page 13

 
ALTUS INVESTMENT MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Revenue represents amounts receivable for investment management services provided. Fees are based on assets under management. A margin is also charged on fund performance and foreign exchange transactions.

 
2.6

Operating leases: the company as lessee

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

 
2.7

Interest income

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

 
2.8

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Page 14

 
ALTUS INVESTMENT MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

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 balance sheet date in the countries where the company operates and generates income.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
25%
straight line
Office equipment
-
25%
straight line

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

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

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.

Page 15

 
ALTUS INVESTMENT MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Investments in non-derivative instruments that are equity to the issuer are measured:
at fair value with changes recognised in the statement of comprehensive income if the shares are publicly traded or their fair value can otherwise be measured reliably;
at cost less impairment for all other investments.

Financial assets that are measured at cost and amortised 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 statement of comprehensive income.

  
2.16

Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 16

 
ALTUS INVESTMENT MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgments, 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, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. 


4.


Turnover

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


2023
2022
£
£

Investment management services
3,951,752
5,628,871

3,951,752
5,628,871


All turnover arose within the United Kingdom.


5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Depreciation of tangible fixed assets
10,348
11,216

Exchange differences
(39,636)
(87,629)

Other operating lease rentals
69,982
90,958

Defined contribution pension schemes
11,934
9,318

Auditors remuneration
17,500
16,250


6.


Auditors' remuneration

2023
2022
£
£

Fees payable to the company's auditors and their associates for the audit of the company's financial statements
17,500
16,250

Page 17

 
ALTUS INVESTMENT MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Employees

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


2023
2022
£
£

Wages and salaries
1,904,924
3,552,460

Social security costs
262,273
453,001

Cost of defined contribution scheme
11,934
9,318

2,179,131
4,014,779


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


        2023
        2022
            No.
            No.







Investment management and family office
12
12


8.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
782,937
2,537,813

782,937
2,537,813


The highest paid director received remuneration of £250,000 (2022 - £958,467).

The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £NIL (2022 - £NIL).

The value of the company's contributions paid to a defined benefit pension scheme in respect of the highest paid director amounted to £NIL (2022 - £NIL).

The total accrued pension provision of the highest paid director at 31 December 2023 amounted to £NIL (2022 - £NIL).

The amount of the accrued lump sum in respect of the highest paid director at 31 December 2023 amounted to £NIL (2022 - £NIL).

Page 18

 
ALTUS INVESTMENT MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Interest receivable

2023
2022
£
£


Other interest receivable
2,994
-

2,994
-


10.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
235,009
202,793

Adjustments in respect of previous periods
650
-


235,659
202,793


Total current tax
235,659
202,793

Deferred tax

Total deferred tax
-
-


Taxation on profit on ordinary activities
235,659
202,793
Page 19

 
ALTUS INVESTMENT MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 25% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
899,409
989,633


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2022 - 19%)
211,361
188,030

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
21,022
11,668

Capital allowances for year in excess of depreciation
1,543
2,097

Short-term timing difference leading to an increase (decrease) in taxation
(45)
(23)

Changes in provisions leading to an increase (decrease) in the tax charge
1,778
1,021

Total tax charge for the year
235,659
202,793


Factors that may affect future tax charges

From 1 April 2023, the corporation tax rate increased to 25% for companies with profits over £250,000. 


11.


Dividends

2023
2022
£
£


Interim dividends
200,000
50,000

Page 20

 
ALTUS INVESTMENT MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Tangible fixed assets





Fixtures and fittings
Office equipment
Total

£
£
£



Cost or valuation


At 1 January 2023
23,063
66,785
89,848



At 31 December 2023

23,063
66,785
89,848



Depreciation


At 1 January 2023
23,063
56,437
79,500


Charge for the year on owned assets
-
10,348
10,348



At 31 December 2023

23,063
66,785
89,848



Net book value



At 31 December 2023
-
-
-



At 31 December 2022
-
10,348
10,348


13.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
2



At 31 December 2023
2






Net book value



At 31 December 2023
2



At 31 December 2022
2

Page 21

 
ALTUS INVESTMENT MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

Subsidiary undertakings


The following were subsidiary undertakings of the company:

Name

Registered office

Class of shares

Holding

Altus Nominees Limited
England & Wales
Ordinary
100%
Altus IM Nominees Limited
England & Wales
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 undertakings were as follows:

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

Altus Nominees Limited
1
1

Altus IM Nominees Limited
1
1

Page 22

 
ALTUS INVESTMENT MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Debtors

2023
2022
£
£

Due after more than one year

Other debtors
66,665
66,665


2023
2022
£
£

Trade debtors
25,663
-

Other debtors
415,734
58,543

Prepayments and accrued income
1,516,923
3,535,064

1,958,320
3,593,607



15.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
2,586,487
2,254,390



16.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
19,755
20,746

Amounts owed to group undertakings
2
2

Corporation tax
235,009
201,772

Other taxation and social security
58,056
226,433

Other creditors
18,324
10,629

Accruals and deferred income
692,531
2,341,383

1,023,677
2,800,965


Page 23

 
ALTUS INVESTMENT MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

17.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
2,586,487
2,254,390

Financial assets that are debt instruments measured at amortised cost
1,964,871
3,608,608

4,551,358
5,862,998


Financial liabilities


Financial liabilities measured at amortised cost
(653,989)
(2,290,889)

The company enters into forward foreign currency contracts to manage risks associated with anticipated sales and purchase transactions denominated in foreign currencies.
As at 31 December 2023, the company has 2 (2022 - 1) forward foreign exchange contract, valued at $1,500,000 outstanding. Derivative financial instruments are carried at fair value. The directors consider that there is no material difference between the book value and fair value of the company's financial assets.


Financial assets measured at fair value through profit or loss comprise of cash at bank.


18.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



200,000 (2022 - 200,000) Ordinary shares of £1.00 each
200,000
200,000



19.


Reserves

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses.


20.


Pension commitments

The company operates 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 charged for the year represents contributions payable by the company to the scheme and amount to £11,934 (2022 - £9,318). Contributions totalling £2,926 (2022 - £2,375) were payable to the fund at the balance sheet date and are included in other creditors.

Page 24

 
ALTUS INVESTMENT MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

21.


Commitments under operating leases

At 31 December 2023 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
149,946
126,984

Later than 1 year and not later than 5 years
288,352
396,512

438,298
523,496


22.


Related party transactions

The remuneration of key management personnel, who are directors, is as follows:


2023
2022
£
£

Aggregate compensation
747,917
2,537,813

No guarantees have been given or received.
At the year-end included in other debtors is an amount of £75,000 (2022 - £Nil) owed to the company by the directors. 
During the year, the company declared and paid dividends of £200,000 (2022 - £50,000).  


23.


Controlling party

In the opinion of the directors, there is no ultimate controlling party.

 
Page 25