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Registered number: 05171393














BEDROCK ASSET MANAGEMENT (UK) LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED  31 DECEMBER 2023

 
BEDROCK ASSET MANAGEMENT (UK) LTD
 
 
COMPANY INFORMATION


Directors
A L Arazi 
M Ephrati 
D P Joory 
R Mizrahi 




Registered number
05171393



Registered office
33 Glasshouse Street

London

W1B 5DG




Independent auditors
Sopher + Co LLP
Chartered Accountants & Statutory Auditors

5 Elstree Gate

Elstree Way

Borehamwood

Hertfordshire

WD6 1JD





 
BEDROCK ASSET MANAGEMENT (UK) LTD
 

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
Statement of Cash Flows
 
12
Notes to the Financial Statements
 
13 - 25


 
BEDROCK ASSET MANAGEMENT (UK) LTD
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
Bedrock Asset Management (UK) Limited is a wealth management firm, providing investment management services and solutions. The Company is authorised and regulated by the Financial Conduct Authority (FCA).

Business review
 
The Company provides investment management services to a number of funds for which it receives portfolio management fees.
In the current year, the Company reported a profit before tax of £342,154 (2022 - £267,510). The results and the financial position of the Company at the period end were considered satisfactory by the Directors. The Directors expect growth in the foreseeable future. The Directors also consider the Company's revenues to be stable and operating expenses to be under control.

Principal risks and uncertainties
 
Market risk
Market risk remains the most important, as adverse market conditions will undermine the funds' performance and possibly result in the withdrawal of funds by investors. This in turn will impact the Company's revenues. This risk is mitigated by analysing investment risks and then carefully diversifying investments. 
Financial instruments
The Company's principal financial instruments comprise of; bank balances, trade debtors and trade creditors. All bank balances are held with HSBC and UBS banks which have AAA credit ratings. The Company only engages with credit worthy customers and suppliers. 
Currency exposure
The Company is exposed to FX risk as it carries out majority of its trade in foreign currencies. This is being managed by the use of foreign exchange contracts.
Regulatory risk
The regulatory risk facing the Company is minimal as the Company has employed external regulatory consultants to periodically review its regulatory compliance and provide regulatory advice where necessary.
Remuneration code
In accordance with the rules of the Financial Conduct Authority, the Company has made available information on its Remuneration Code. This information is available on request of the Company.

Financial key performance indicators
 
The Directors consider the level of fee income to be the key performance indicator for the Company.
Given the straightforward nature of the business, the Company's Directors are of the opinion that analysis using any other KPIs is not necessary for an understanding of the development, performace or position of the business. Management, performance and advisory fees increased to £10,620,096 from £8,850,829 in 2023.

Page 1

 
BEDROCK ASSET MANAGEMENT (UK) LTD
 

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 the Company consider that they 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 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 31 December 2023.
Consideration of long-term consequences are an inherent part of the Company's decision-making processes. As a privately-owned Company, the board considers that the interests of the Company and its Shareholder are aligned in seeking sustainable value creation over the longer term through it's operations, promoting long term strategic decision-making. These factors also drive a continuing focus on the maintenance of durable relationships with Stakeholders, built on the Company's reputation with Clients and Suppliers.
The Company is regulated by the Financial Conduct Authority in the conduct of it's advisory services and must do so in good faith and with due diligence.
The Company operates in a sector characterised by long term relationships with Stakeholders. Maintaining a reputation for high standards of business conduct is vital and the Company expects all members of the supply chain to always act with integrity, acting openly, honestly and ethically. The Company has zero tolerance to fraud and consistently maintains effective oversight and scrutiny processes, executed with independence and impartiality. Integrity is underpinned with policies in relation to bribery and corruption, data protection, equality, diversity and inclusion, modern slavery, fraud and whistleblowing, each of which is reinforced through appropriate measures.


This report was approved by the board on 24 April 2024 and signed on its behalf.



R Mizrahi
Director

Page 2

 
BEDROCK ASSET MANAGEMENT (UK) LTD
 
 
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

The Directors who served during the year were:

A L Arazi 
M Ephrati 
D P Joory 
R Mizrahi 

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.

Dividends

The profit for the year, after taxation, amounted to £249,591 (2022 - 227,596).
The Directors do not recommend payment of a dividend. 

Future developments

There are no plans which will significantly change the activities and risks of the Company.

Engagement with employees

The Company has continued throughout the year to provide Employees with relevant information and to seek their views on matters of common concern. Priority is given to ensuring that Employees are aware of all significant matters affecting the Company's performance and of any significant organisational changes.

Page 3

 
BEDROCK ASSET MANAGEMENT (UK) LTD
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Engagement with suppliers, customers and others

The Company does not confirm to any code or standard regarding payment practice. However, it is the Company's policy to settle the terms of payment with suppliers when business is agreed, to ensure that Suppliers are made aware of them and to pay invoices in accordance with these terms.

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 auditorsSopher + Co LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 24 April 2024 and signed on its behalf.
 





R Mizrahi
Director

Page 4

 
BEDROCK ASSET MANAGEMENT (UK) LTD
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BEDROCK ASSET MANAGEMENT (UK) LTD
 

Opinion


We have audited the financial statements of Bedrock Asset Management (UK) Ltd (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting 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

 
BEDROCK ASSET MANAGEMENT (UK) LTD
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BEDROCK ASSET MANAGEMENT (UK) LTD (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

 
BEDROCK ASSET MANAGEMENT (UK) LTD
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BEDROCK ASSET MANAGEMENT (UK) LTD (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 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 and health and safety legislation;
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 judgements 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; and
enquiring of management as to actual and potential litigation and claims.


 
Page 7

 
BEDROCK ASSET MANAGEMENT (UK) LTD
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BEDROCK ASSET MANAGEMENT (UK) LTD (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.





Sean Brennan FCCA (Senior Statutory Auditor)
  
for and on behalf of
Sopher + Co LLP
 
Chartered Accountants
Statutory Auditors
  
5 Elstree Gate
Elstree Way
Borehamwood
Hertfordshire
WD6 1JD

24 April 2024
Page 8

 
BEDROCK ASSET MANAGEMENT (UK) LTD
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
10,620,096
8,850,829

Cost of sales
  
(2,043,221)
(2,882,129)

Gross profit
  
8,576,875
5,968,700

Administrative expenses
  
(8,800,641)
(6,215,684)

Other operating income
 5 
581,794
552,801

Other operating charges
  
4,751
(18,069)

Operating profit
 6 
362,779
287,748

Interest receivable and similar income
 10 
-
1

Interest payable and similar expenses
 11 
(20,625)
(20,239)

Profit before tax
  
342,154
267,510

Tax on profit
 12 
(92,563)
(39,914)

Profit for the financial year
  
249,591
227,596

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

 
BEDROCK ASSET MANAGEMENT (UK) LTD
REGISTERED NUMBER:05171393

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible fixed assets
  
254,846
289,406

Current assets
  

Debtors: amounts falling due within one year
 14 
8,297,278
7,925,951

Cash at bank and in hand
  
388,747
423,067

  
8,686,025
8,349,018

Current liabilities
  

Creditors: amounts falling due within one year
 15 
(6,687,585)
(6,643,033)

Net current assets
  
 
 
1,998,440
 
 
1,705,985

Total assets less current liabilities
  
2,253,286
1,995,391

Creditors: amounts falling due after more than one year
 16 
(485,323)
(477,019)

Provisions for liabilities
  

Deferred tax
  
(41,011)
(41,011)

Net assets
  
1,726,952
1,477,361


Capital and reserves
  

Called up share capital 
 18 
700,000
700,000

Profit and loss account
 19 
1,026,952
777,361

  
1,726,952
1,477,361


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 April 2024.




R Mizrahi
Director

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

Page 10

 
BEDROCK ASSET MANAGEMENT (UK) LTD
 

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 2023
700,000
777,361
1,477,361



Profit for the year
-
249,591
249,591


At 31 December 2023
700,000
1,026,952
1,726,952



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2022
700,000
549,765
1,249,765



Profit for the year
-
227,596
227,596


At 31 December 2022
700,000
777,361
1,477,361


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

Page 11

 
BEDROCK ASSET MANAGEMENT (UK) LTD
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
249,591
227,596

Adjustments for:

Depreciation of tangible assets
135,734
146,074

Interest paid
20,625
20,239

Interest received
-
(1)

Taxation charge
92,563
39,914

(Increase) in debtors
(299,120)
(117,835)

(Increase) in amounts owed by groups
(72,714)
(1,534,125)

Decrease in amounts owed by participating ints
506
-

Increase in creditors
34,974
125,182

Increase in amounts owed to groups
17,884
1,182,096

Corporation tax (paid)
(92,563)
(59,028)

Net cash generated from operating activities

87,480
30,112


Cash flows from investing activities

Purchase of tangible fixed assets
(101,175)
(94,625)

Interest received
-
1

Net cash from investing activities

(101,175)
(94,624)

Cash flows from financing activities

Interest paid
(20,625)
(20,239)

Net cash used in financing activities
(20,625)
(20,239)

Net (decrease) in cash and cash equivalents
(34,320)
(84,751)

Cash and cash equivalents at beginning of year
423,067
507,818

Cash and cash equivalents at the end of year
388,747
423,067


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
388,747
423,067

388,747
423,067


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

Page 12

 
BEDROCK ASSET MANAGEMENT (UK) LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Bedrock Asset Management (UK) Limited is a limited company incorporated and domiciled in England & Wales, with it's registered office address at 33 Glasshouse Street, London, W1B 5DG.
The principal activity of the Company is that of investment portfolio management.

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

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 13

 
BEDROCK ASSET MANAGEMENT (UK) LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Turnover

Turnover comprises revenue recognised by the Company in respect of services supplied during the year, exclusive of Value Added Tax.
Fee income represents revenue earned under a wide variety of contracts to provide professional services. Revenue is recognised as earned when, and to the extent that, the firm obtains the right to consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to Clients, including expenses and disbursements but excluding value added tax.
Revenue is generally recognised as contract activity progresses so that, for incomplete contracts, it reflects the partial performance of contractual obligations. For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of work performed. Revenue not billed to Clients is included in debtors and payments on account in excess of the relevant amount of revenue are included in creditors.
Fee income that is contingent on events outside the control of the firm is recognised when the contingent event occurs.

 
2.4

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.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Interest income

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

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 14

 
BEDROCK ASSET MANAGEMENT (UK) LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Company can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
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.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 15

 
BEDROCK ASSET MANAGEMENT (UK) LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

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

Depreciation is provided on the following basis:

Short-term leasehold property
-
Over the lease term
Motor vehicles
-
20% straight line
Fixtures and fittings
-
16% straight line
Office equipment
-
16% straight line
Computer equipment
-
33% 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

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.12

Financial instruments

Basic financial instruments include trade and other debtors, trade and other creditors, cash and bank balances, bank and related party loans.
Trade and other debtors are recognised initially at the transaction price less attributable transaction costs. Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade and other debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of interest.
Cash and cash equivalents comprise cash balances and call deposits.

Page 16

 
BEDROCK ASSET MANAGEMENT (UK) LTD
 
 
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 preparing these financial statements, the Directors have made the following judgements:
a) Determine whether leases entered into by the Company as a lessee are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.
b) Determine whether there are indicators of impairment of the Company's tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset.
In preparing these financial statements, the Directors have considered the following key sources of estimation uncertainty:
a) Tangible assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and estimated disposal values.


4.


Turnover

Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
4,719,992
5,165,714

Rest of Europe
4,236,254
2,201,954

Rest of the world
1,663,850
1,483,161

10,620,096
8,850,829



5.


Other operating income

2023
2022
£
£

Other operating income
(872)
(957)

Net rents receivable
512,764
479,894

Service charge receivable
69,902
73,864

581,794
552,801


Page 17

 
BEDROCK ASSET MANAGEMENT (UK) LTD
 
 
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
1,293,970
183,974

Other operating lease rentals
525,027
488,113

(768,943)
304,139


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 and their associates for the audit of the Company's financial statements
18,150
18,150

Fees payable to the Company's auditors and their associates in connection with the Company's pension scheme(s) in respect of:

Taxation compliance services
5,960
1,450

All non-audit services not included above
5,600
4,030

8.


Employees

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


2023
2022
£
£

Wages and salaries
4,547,136
3,204,023

Social security costs
526,347
434,814

Cost of defined contribution scheme
73,711
50,312

5,147,194
3,689,149


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


        2023
        2022
            No.
            No.







Staff
33
25



Directors
4
4

37
29

Page 18

 
BEDROCK ASSET MANAGEMENT (UK) LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
1,616,374
1,673,517

Company contributions to defined contribution pension schemes
17,999
14,000

1,634,373
1,687,517


The highest paid Director received remuneration of £1,346,374 (2022 - £1,408,512).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid Director amounted to £7,999 (2022 - £4,000).

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


10.


Interest receivable

2023
2022
£
£


Other interest receivable
-
1


11.


Interest payable and similar expenses

2023
2022
£
£


Other loan interest payable
20,625
20,239
Page 19

 
BEDROCK ASSET MANAGEMENT (UK) LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
93,653
60,014

Adjustments in respect of previous periods
(1,090)
(987)

Total current tax
92,563
59,027

Deferred tax


Origination and reversal of timing differences
-
(28,956)

Changes to tax rates
-
9,843


Taxation on profit on ordinary activities
92,563
39,914

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 23.52% (2022 - 19%). The differences are explained below:

As restated
2023
2022
£
£


Profit on ordinary activities before tax
342,154
267,510


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
80,476
50,827


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
6,566
5,828

Capital allowances for year in excess of depreciation
6,611
-

Adjustments to tax charge in respect of prior periods
(1,090)
(987)

Change in tax rates
-
9,843

Deferred tax not previously recognised
-
(24,288)

Depreciation on non-qualifying assets
-
4,085

Super deduction claimed
-
(5,394)

Total tax charge for the year
92,563
39,914


Factors that may affect future tax charges

There were no factors that may affect future tax charges. 
As of 1st April 2023, the main rate of corporation tax increased to 25% from the previous rate of 19%. As the year ended 31st December 2023 overlaps the changes in the two main rates, the tax charge has been calculated on a pro-rata basis. In future year, the main tax rate that will be considered is 25%.

Page 20

 
BEDROCK ASSET MANAGEMENT (UK) LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Tangible fixed assets





Short-term leasehold property
Motor vehicles
Fixtures and fittings
Office equipment
Computer equipment

£
£
£
£
£



Cost or valuation


At 1 January 2023
484,390
49,990
101,654
110,713
536,636


Additions
-
-
-
-
101,175



At 31 December 2023

484,390
49,990
101,654
110,713
637,811



Depreciation


At 1 January 2023
348,128
27,519
87,185
106,079
425,066


Charge for the year on owned assets
25,746
9,998
6,741
1,467
91,783



At 31 December 2023

373,874
37,517
93,926
107,546
516,849



Net book value



At 31 December 2023
110,516
12,473
7,728
3,167
120,962



At 31 December 2022
136,262
22,471
14,469
4,634
111,570

Total

£



Cost or valuation


At 1 January 2023
1,283,383


Additions
101,175



At 31 December 2023

1,384,558



Depreciation


At 1 January 2023
993,977


Charge for the year on owned assets
135,735



At 31 December 2023

1,129,712



Net book value



At 31 December 2023
254,846



At 31 December 2022
289,406

Page 21

 
BEDROCK ASSET MANAGEMENT (UK) LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Debtors

2023
2022
£
£


Trade debtors
1,535,832
821,362

Amounts owed by group undertakings
3,478,640
3,405,927

Amounts owed by joint ventures and associated undertakings
-
506

Other debtors
3,337
25,884

Prepayments and accrued income
3,279,469
3,672,272

8,297,278
7,925,951



15.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
203,590
233,635

Amounts owed to group undertakings
3,516,977
3,507,397

Other taxation and social security
494,773
211,739

Other creditors
100
3,812

Accruals and deferred income
2,472,145
2,686,450

6,687,585
6,643,033



16.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Amounts owed to group undertakings
485,323
477,019


Amounts owed to group undertakings consist of long term loans received from the ultimate parent company. Interest is payable at the rate of 3% per annum.


17.


Deferred taxation




2023


£






At beginning of year
(41,011)



At end of year
(41,011)

Page 22

 
BEDROCK ASSET MANAGEMENT (UK) LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
17.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(41,011)
(41,011)

Page 23

 
BEDROCK ASSET MANAGEMENT (UK) LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

18.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



700,000 (2022 - 700,000) Ordinary shares of £1 each
700,000
700,000



19.


Reserves

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.


20.


Pension commitments

The Company operates a defined contributions 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 £73,711 (2022 - 50,312).


21.


Commitments under operating leases

Lessee


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
574,229
563,394

Later than 1 year and not later than 5 years
1,626,982
2,159,677

2,201,211
2,723,071

Lessor
At 31 December 2023 the Company had future minimum lease income due under non-cancellable opearting leases for each of the following periods:

2023
2022

£
£


Not later than 1 year
347,408
340,853

Later than 1 year and not later than 5 years
984,323
1,306,605

1,331,731
1,647,458

Page 24

 
BEDROCK ASSET MANAGEMENT (UK) LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

22.


Related party transactions

During the year the Company made sales totalling £3,465,130 (2022 - £2,823,909) and purchases totalling £1,249,585 (2022 - £1,915,148) to entities under common control. 
At the Statement of Financial Position the Company was owed £190,258 (2022 - owed £467,332) to entities under common control.


23.


Controlling party

The parent and ultimate controlling party is Bedrock Holdings S.A., a Company incorporated in Switzerland.
 
Page 25