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Aranci Advisors Ltd.























          Annual report and financial statements


For the year ended 31 December 2023



Registered number: 11580482



 
Aranci Advisors Ltd.
 
Company Information



Directors
Francisco Felix Rodriguez 
Aaron Cohen 




Company secretary
Alexander Tsai-Yen Morley



Registered number
11580482



Registered office
18-19 Albemarle Street

London

United Kingdom

W1S 4HR




Independent auditors
Haysmacintyre LLP

10 Queen Street Place

London

EC4R 1AG





 
Aranci Advisors Ltd.
 
Contents

Page
Strategic Report
 
1 - 2
Directors' Report
 
3 - 4
Independent Auditors' Report
 
5 - 7
Statement of Comprehensive Income
 
8
Statement of Financial Position
 
9 - 10
Statement of Changes in Equity
 
11
Statement of Cash Flows
 
12
Notes to the Financial Statements
 
13 - 31

 
Aranci Advisors Ltd.
 
Strategic Report
For the year ended 31 December 2023

Introduction
 
The Directors present their strategic report and audited financial statements for Aranci Advisors Ltd. ("the Company") for the year ended 31 December 2023.

Prinicipal activity

The Company's principal activity is the provision of investment management, non-discretionary advisory and operational consulting services. The Company is authorised and regulated by the Financial Conduct Authority ("FCA").

Business review
 
For the year under review, the Company had investment management agreements with the Galaxy Opportunities Fund (“Galaxy”), the Insparo Emerging Markets Credit Fund (“EMC”) and two separately managed accounts. It also provided limited non-discretionary advisory and operations consulting services to one client. The investment management agreement with EMC was terminated on 31 May 2023 with Management co-ordinating the wind-down of that fund which was completed in February 2024.

Financial key performance indicators
 
The Directors realise the importance of KPIs in the management of business, and are continually monitoring the development, performance and position of the business. The KPIs are:

Turnover - £2,202,533 (2022 - £2,161,673).
Profit before tax - £15,081 (2022 - profit of £260,456).

Principal risks and uncertainties
 
The Company's turnover is a function of the amount of assets under management and the performance of those assets, as well as other fees as specified in the investment management and consulting agreements, which include fixed fees. The principal risk facing the business is concentration risk of client assets.

Directors' statement of compliance with duty to promote the success of the Company
 
Section 172 ("s.172") of the Companies Act 2006 requires a director of an entity to act in the way he or she considers, in good faith, would be most likely to promote the success of the entity for the benefit of its members as a whole. As part  of the entity's deliberations and decision making process, the directors also consider the following:

(i) likely consequences of any decision in the long term;
(ii) the interests of the entity's employees;
(iii) the need to foster the entity's business relationships with suppliers, customers and others;
(iv) the impact of the entity's operations on the community and the environment;
(v) the desirability of the entity maintaining a reputation for high standards of business conduct; and
(vi) the need to act fairly between members of the Company

The Directors consider stakeholders of the Company to be, amongst others, its employees, customers, suppliers, communities, and shareholders as well as its regulators. During 2023, the Directors gave careful consideration to the factors set out above in discharging their duties under s.172. The directors recognise that building strong relationships with the stakeholders will help deliver the Company's strategy in line with its long-term values. The Directors are committed to effective engagement with all of the stakeholders. Depending on the nature of the issue in question, the relevance of each stakeholder group may differ and, as such, as part of the Company's engagement with stakeholders, the Directors seeks to understand the relative interests and priorities of each group and to have regard to these, as appropriate, in their decision making. The Directors also ensure that all stakeholder interests are considered in the day   to day management and operations of the Company.

 
Page 1

 
Aranci Advisors Ltd.
 
Strategic Report (continued)
For the year ended 31 December 2023

As a result, the Directors believe they have demonstrated compliance with their legal duty under s.172 of the Companies Act 2006.

Interest rates and foreign exchange risk

Throughout 2023 the UK base rate set by the Bank of England has steadily increased in a response to rising inflation in  the UK. Although global economic environment has faced uncertainty, significantly influenced by the Russian invasion     of Ukraine, these events have led to notable fluctuations in exchange rates between major foreign currencies, affecting markets worldwide. The Company does not directly conduct business with entities in Russia, and as such is not impacted.

The Company has not entered into any interest bearing financial instruments in the year and as such has minimal exposure to the impact of the changing interest rates. The Company's foreign exchange risk arises with respect to its debtors, investment management fees receivable, creditors and cash balances held in currencies other than GBP which are monitored on a regular basis and reported to senior management.


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



Aaron Cohen
Director

Date: 23 April 2024

Page 2

 
Aranci Advisors 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:

Francisco Felix Rodriguez 
Aaron Cohen 

Results and dividends

The profit for the year after taxation, amounted to £11,529 (2022 - £208,061).

The Directors did not recommend payment of a dividend during the year (2022 - nil).

Directors' responsibilities statement

The Directors are responsible for preparing the Strategic Report, 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 they have elected to prepare the financial statements in accordance with International Financial Reporting Standards (IFRS) as adopted by the UK.

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 the financial statements, the Directors are required to:

select suitable accounting policies and then apply them consistently;

make judgments and estimates that are reasonable and prudent;

state whether they have been prepared in accordance with IFRS as adopted by the UK, subject to any material departures disclosed and explained in the financial statements;

assess the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and

use the going concern basis of accounting unless they either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Company and to prevent and detect fraud and other irregularities.

Future developments

The Directors are content with the results for the year and anticipate continued growth which is dependent on market conditions and business performance.

Page 3

 
Aranci Advisors Ltd.
 
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 year end events

In the opinion of the Directors, there have been no significant events affecting the Company since the year end.

Auditors

Under section 487(2) of the Companies Act 2006, Haysmacintyre 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 and signed on its behalf.
 


Aaron Cohen
Director

Date: 23 April 2024
Page 4

 
 
Independent Auditors' Report to the Members of Aranci Advisors Ltd.
For the year ended 31 December 2023


Opinion


We have audited the financial statements of Aranci Advisors Ltd. for the year ended 31 December 2023 which comprise the Statement of Profit or Lossthe Statement of Financial Positionthe Statement of Cash Flowsthe Statement of Changes in Equity and the related notes, including a summary of significant accounting policies set out on pages 13 - 16. The financial reporting framework that has been applied in their preparation is applicable law and International Financial Reporting Standards (IFRSs) as adopted by the United Kingdom.

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 IFRSs as adopted by the United Kingdom; 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.

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 auditor’s 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 statements, 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 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. 

Page 5

 
 
Independent Auditors' Report to the Members of Aranci Advisors Ltd. (continued)
For the year ended 31 December 2023


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 on page 35, 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.

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:

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud.

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to regulatory requirements for the investment advisory business and FCA regulations, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, FCA regulations, income tax, payroll tax and sales tax.
Page 6

 
 
Independent Auditors' Report to the Members of Aranci Advisors Ltd. (continued)
For the year ended 31 December 2023


We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting inappropriate journal entries to revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included:
inspecting correspondence with regulators and tax authorities; 
discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
evaluating management’s controls designed to prevent and detect irregularities;
identifying and testing journals, in particular journal entries, which had a significant impact on profit and journal postings with unusual descriptions; and
challenging assumptions and judgements made by management in their critical accounting estimates

Because of 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.

Use of our report

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an 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.




 
 
Bernadette King (Senior Statutory Auditor)
for and on behalf of Haysmacintyre LLP, Statutory Auditors
 
10 Queen Street Place
London

EC4R 1AG

23 April 2024
Page 7

 
Aranci Advisors Ltd.
 
Statement of Comprehensive Income
For the year ended 31 December 2023


2023
2022
Note
£
£

  

Revenue
 6 
2,202,533
2,161,673

  

Other operating income
 9 
27,132
28,951

Administrative expenses
  
(2,213,886)
(1,926,069)

Operating profit
  
15,779
264,555

  

Finance income
  
1,771
39

Finance expense
  
(2,469)
(4,138)

Profit before tax
  
15,081
260,456

  

Tax expense
 14 
(3,552)
(52,395)

Profit for the financial year
  
11,529
208,061

All results in the current period derive from continuing operations and are attributable to the equity holders.

No separate statement of comprehensive income has been presented as no such gains or losses arose in the current or previous period.

The notes on pages 13 to 31 form part of these financial statements.

Page 8

 
Aranci Advisors Ltd. - Registered number:  11580482
 
Statement of Financial Position
As at 31 December 2023


2023
2022
Note
£
£

Assets

Non-current assets
  

Property, plant and equipment
 15 
84,715
162,803

Trade and other receivables
 16 
64,735
64,735

  
149,450
227,538

Current assets
  

Trade and other receivables
 16 
159,152
387,701

Cash and cash equivalents
 25 
922,534
682,189

  
1,081,686
1,069,890

Total assets

  

1,231,136
1,297,428

Liabilities

Non-current liabilities
  

Loans and borrowings
 18 
-
71,143

Deferred tax liability
 14 
1,200
4,079

  
1,200
75,222

Current liabilities
  

Trade and other liabilities
 17 
625,930
617,027

Loans and borrowings
 18 
71,143
83,845

  
697,073
700,872

Total liabilities
  
698,273
776,094

Net assets
  
532,863
521,334


Issued capital and reserves
 20 

Share capital
 19 
200
200

Share premium reserve
 20 
361,900
361,900

Retained earnings
  
170,763
159,234

TOTAL EQUITY
  
532,863
521,334

Page 9

 
Aranci Advisors Ltd. - Registered number:  11580482
 
Statement of Financial Position (continued)
As at 31 December 2023


The financial statements on pages 8 to 31 were approved and authorised for issue by the board of Directors and were signed on its behalf by:



Aaron Cohen
Director

Date: 23 April 2024

The notes on pages 13 to 31 form part of these financial statements.

Page 10

 
Aranci Advisors Ltd.
 
Statement of Changes in Equity
For the year ended 31 December 2023


Share capital
Share premium
Retained earnings
Total equity


£
£
£
£

At 1 January 2022
200
361,900
(48,827)
313,273

Comprehensive income for the year
-
-
208,061
208,061

Total comprehensive income for the year
-
-
208,061
208,061

At 31 December 2022
200
361,900
159,234
521,334

At 1 January 2023
200
361,900
159,234
521,334

Comprehensive income for the year
-
-
11,529
11,529

Total comprehensive income for the year
-
-
11,529
11,529

At 31 December 2023
200
361,900
170,763
532,863

The notes on pages 13 to 31 form part of these financial statements.

Page 11

 
Aranci Advisors Ltd.
 
Statement of Cash Flows
For the year ended 31 December 2023


2023
2022
Note
£
£

Cash flows from operating activities
  

Profit for the year
  
11,529
208,061

Adjustments for
  

Depreciation of property, plant and equipment
 15 
78,742
84,205

Finance income
  
(1,771)
(39)

Finance expense
  
2,469
4,138

Income tax paid
  
(50,192)
-

Income tax expense
 14 
3,552
52,395

  
44,329
348,760

Movements in working capital:
  

Decrease/(increase) in trade and other receivables
  
228,549
(125,920)

Increase/(decrease) in trade and other payables
  
52,663
(67,272)

Cash generated from operations

  
325,541
155,568

Cash flows from investing activities
  

Purchases of property, plant and equipment
  
(654)
(3,223)

Interest received
  
1,771
39

Net cash from/(used in) investing activities

  
1,117
(3,184)

Cash flows from financing activities
  

Interest paid on convertible loan notes
  
(2,469)
(4,138)

Payment of lease liabilities
  
(83,844)
(81,076)

Net cash used in financing activities
  
(86,313)
(85,214)

Net increase in cash and cash equivalents
  
240,345
67,170

Cash and cash equivalents at the beginning of year
  
682,189
615,019

Cash and cash equivalents at the end of the year
 25 
922,534
682,189

The notes on pages 13 to 31 form part of these financial statements.

Page 12

 
Aranci Advisors Ltd.
 
Notes to the Financial Statements
For the year ended 31 December 2023


1.Significant accounting policies


1.1

Going concern

No material uncertainties that may cast significant doubt about the ability of the Company to continue as a going concern have been identified by the Directors. 

The Directors anticipate profits in future years and have prepared forecasts which include cashflows for twelve months from the date of approval of these financial statements which support this.  The financial statements have therefore been prepared on a going concern basis.

 
1.2

Revenue

Revenue is measured based on the consideration specified in a contract with a customer and excludes amounts collected on behalf of third parties. The Company recognises revenue when it transfers control over a product or service to a customer.

The Company does not expect to have any contracts where the period between the transfer of the promised services to the customer and payment by the customer exceeds one year. As a consequence, the Company does not adjust any of the transaction prices for the time value of money.

  
1.3

Leasing

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases.


The Company as a lessee

The Company assesses whether a contract is or contains a lease, at inception of a contract. The Company recognises a right-of-use asset and a corresponding lease liability with respect to all lease agreements in which it  is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low-value assets. For these leases, the Company recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Company uses its incremental borrowing rate. Generally, the Company uses its incremental borrowing rate    as the discount rate.

Lease payments included in the measurement of the lease liability comprise:

fixed lease payments (including in-substance fixed payments), less any lease incentives;


The lease liability is included in the 'Loans and borrowings' line in the Statement of Financial Position.

The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made.

The Company remeasures the lease liability (and makes a corresponding adjustment to the related right-of-use asset) whenever:

the lease term has changed or there is a change in the assessment of exercise of a purchase option, in which case the lease liability is remeasured by discounting the revised discount rate.

Page 13

 
Aranci Advisors Ltd.
 
Notes to the Financial Statements
For the year ended 31 December 2023


1.Significant accounting policies (continued)


1.3
Leasing (continued)


 The Company as a lessee (continued)

the lease payments change due to changes in an index or rate or a change in expected payment under a guaranteed residual value, in which cases the lease liability is remeasured by discounting the revised lease payments using the initial discount rate (unless the lease payments change is due to a change in a floating interest rate, in which case a revised discount rate is used).

a lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate.

The Company did not make any such adjustments during the periods presented.

The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses.

Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Company expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease.

The right-of-use assets are included in the 'Property, Plant and Equipment' and 'Investment Property' lines, as applicable, in the Statement of Financial Position.

The Company applies IAS 36 to determine whether a right-of-use asset is impaired and accounts for any identified impairment loss as described in Note 1.7.

As a practical expedient, IFRS 16 permits a lessee not to separate non-lease components, and instead account for any lease and associated non-lease components as a single arrangement. The Company has used this practical expedient.


1.4

Borrowing costs

Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.

Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation.

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

Page 14

 
Aranci Advisors Ltd.
 
Notes to the Financial Statements
For the year ended 31 December 2023


1.Significant accounting policies (continued)

  
1.5

Employee benefits


(i) Retirement benefit costs and termination benefits

Payments to defined contribution retirement benefit plans are recognised as an expense when employees have
rendered service entitling them to the contributions.

A liability for a termination benefit is recognised at the earlier of when the entity can no longer withdraw the
offer of the termination benefit and when the entity recognises any related restructuring costs.


(ii) Short-term employee benefits

A liability is recognised for benefits accruing to employees in respect of wages and salaries, annual leave and sick leave in the period the related service is rendered at the undiscounted amount of the benefits expected to be paid in exchange for that service.

Liabilities recognised in respect of short-term employee benefits are measured at the undiscounted amount of the benefits expected to be paid in exchange for the related service.


 
1.6

Taxation

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because it excludes items of income or expense that are taxable or deductible in other periods and it further excludes items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates applicable for that period.

Deferred tax is recognised on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax basis used in the computation of taxable profit and is accounted for using the Statement of Financial Position liability method.

Deferred tax liabilities are generally recognised for all taxable temporary differences, and deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised.

Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit.

Deferred tax liabilities are recognised for taxable temporary differences associated with investments in subsidiaries and associates, and interests in joint ventures, except where the Company is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future.

The carrying amount of deferred tax assets is reviewed at each Statement of Financial Position date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the Statement of Financial Position date. 
 
Page 15

 
Aranci Advisors Ltd.
 
Notes to the Financial Statements
For the year ended 31 December 2023


1.Significant accounting policies (continued)


1.6
Taxation (continued)


The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Company expects, at the Statement of Financial Position date, to recover or to settle the carrying amount of its assets and liabilities.

Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Company intends to settle its current tax assets and liabilities on a net basis.

Current and deferred tax are recognised as an expense or income in profit or loss, except when they relate to items credited or debited directly to equity or other comprehensive income, in which case the tax is also recognised directly in equity or other comprehensive income, as appropriate.

 
1.7

Property, plant and equipment

Items of property, plant and equipment are measured at cost less accumulated depreciation and any accumulated impairment losses.

If significant parts of an item of property, plant and equipment have different useful lives, then they are accounted for as separate items (major components) of property, plant and equipment. Any gain or loss on disposal of an item of property, plant and equipment is recognised in profit or loss. Subsequent expenditure is capitalised only if it is probable that the future economic benefits associated with the expenditure will flow to the Company.

Depreciation is provided on all other items of property, plant and equipment so as to write off their carrying value over their expected useful economic lives. It is provided at the following range:

Long-term leasehold property

5
years
Fixtures and fittings
3
-
5
years
Computer equipment
2
-
3
years


1.8

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and demand deposits, together with other short-term, highly liquid investments maturing within 90 days from the date of acquisition that are readily convertible into known amounts of cash and which are subject to an insignificant risk of changes in value.

 
1.9

Financial instruments

Financial assets and financial liabilities are recognised when an entity becomes a party to the contractual provisions of the instruments.

Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in profit or loss.

Page 16

 
Aranci Advisors Ltd.
 
Notes to the Financial Statements
For the year ended 31 December 2023


2.


Reporting entity

Aranci Advisors Ltd. is a limited company incorporated in England and Wales. The Company's registered office and principal place of business is at 18-19 Albemarle Street, London, United Kingdom, W1S 4HR. The Company's principal activity is the provision of investment management services.


3.


Basis of preparation

The financial statements have been prepared in accordance with International Financial Reporting Standards, International Accounting Standards and Interpretations as adopted by the UK (collectively IFRSs). They were authorised for issue by the Company's board of directors on 23 April 2024.

Details of the Company's accounting policies, including changes during the year, are included in note 1.

In preparing these financial statements, management has made judgments, estimates and assumptions that affect the application of the Company accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively.

The areas where judgments and estimates have been made in preparing the financial statements and their effects are disclosed in note 5.


3.1 Basis of measurement

The financial statements have been prepared on the historical cost basis except for the following items, which are measured on an alternative basis on each reporting date.


3.2 Changes in accounting policies

i) New standards, interpretations and amendments effective from 1 January 2023

Heading 1

The Company has applied the following standards and amendments for the first time for its annual reporting period commencing 1 January 2023:

    • IFRS 17 Insurance Contracts

    • Definition of Accounting Estimates – amendments to IAS 8

    • International Tax Reform – Pillar Two Model Rules – amendments to IAS 12

The Company also elected to adopt the following amendments early.

   • Amendments to IAS 1 – Classification of Liabilities as Current or Non-current and Amendments to IAS 1 –Non-
      current Liabilities with Covenants.                   

The amendments listed above did not have any impact on the amounts recognised in prior periods and are not expected to significantly affect the current or future periods.

Page 17

 
Aranci Advisors Ltd.
 
Notes to the Financial Statements
For the year ended 31 December 2023


3.Basis of preparation (continued)

ii) 

New standards, interpretations and amendments not yet effective

Certain amendments to accounting standards have been published that are not mandatory for 31 December 2023 reporting periods and have not been early adopted by the group. These amendments are not expected to have a material impact on the Company in the current or future reporting periods and on foreseeable future transactions.


4.


Functional and presentation currency

These financial statements are presented in pound sterling, which is the Company's functional currency. All amounts have been rounded to the nearest pound, unless otherwise indicated.


5.


Accounting estimates and judgments

The preparation of financial instruments in conformity with IFRS requires the use of certain critical accounting estimates and judgements. In the process of applying the company's accounting policies, management has not made any critical accounting estimates but did make the following critical accounting judgements:

IFRS 16 Discount Rate
IFRS 16 requires the use of discount rate that represents the interest rate implicit in the lease or the lessee's incremental borrowing rate. Management have used the latter and have made a judgement as to what this should be. The rate was determined in accordance with the method as outlined in the standard and used judgements in determining the risk-free rate that would best apply to the Company, the rate at which this needed to be adjusted to factor in the Company's credit risk, as this was not readily available. This was further adjusted by lease specific factors as judged by Management. These included property gains based on the location of the rented premises.


6.


Revenue


The following is an analysis of the Company's revenue for the year from continuing operations:


2023
2022
£
£


Management fees
372,378
485,739

Advisory fees
955,696
951,706

Consulting fees
874,459
724,228

2,202,533
2,161,673

Page 18

 
Aranci Advisors Ltd.
 
Notes to the Financial Statements
For the year ended 31 December 2023


7.


Operating profit

The operating profit is stated after charging/(crediting):


2023
2022
£
£


Auditors remuneration
12,650
11,500

Foreign exchange
27,228
(5,575)

Finance expense
2,469
4,138

Depreciation
78,742
84,205


8.


Administrative expenses

2023
2022
£
£


Auditors' remuneration
12,650
11,500

Admin - difference on foreign exchange
27,228
(5,575)

Staff cost
1,623,952
1,526,212

Other employee welfare expenses
20,929
16,253

Travelling cost
40,499
50,367

Depreciation
78,742
84,205

Other costs

409,886
243,107

2,213,886
1,926,069


9.


Other operating income

2023
2022
£
£


Recharge of office operating costs
-
22,636

Recharge of fund expenses
27,132
6,315

27,132
28,951

Page 19

 
Aranci Advisors Ltd.
 
Notes to the Financial Statements
For the year ended 31 December 2023


10.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2023
2022
£
£

Auditors' remuneration
12,650
11,500

Other assurance services

2,000
2,000

14,650
13,500


11.


Staff costs and average number of employees

2023
2022
£
£

Wages and salaries
1,391,029
1,302,952

Social security costs
189,099
179,210

Defined contribution pension cost
43,824
44,050

1,623,952
1,526,212


The monthly average number of persons, including the Directors, employed by the Company during the year was as follows:


2023
2022
No.
No.

Employees (including Directors)
6
6


12.


Directors' remuneration

2023
2022
£
£


Wages and salaries
417,000
363,000

Social security costs
57,477
51,428

474,477
414,428


Only one Director was remunerated by the Company during the year (2022 - 1).



Page 20

 
Aranci Advisors Ltd.
 
Notes to the Financial Statements
For the year ended 31 December 2023


13.


Finance income and expense

Recognised in profit or loss


2023
2022
£
£
Finance income

Interest on:
- Bank deposits
1,771
39

Total finance income

1,771
39

Finance expense

Interest on lease liabilities
2,469
4,138

Total finance expense
2,469
4,138

Net finance expense recognised in profit or loss
(698)
(4,099)

Page 21

 
Aranci Advisors Ltd.
 
Notes to the Financial Statements
For the year ended 31 December 2023


14.


Tax expense

14.1 Income tax recognised in profit or loss



2023
2022
£
£

Current tax

Current tax on profits for the year
6,942
50,702

Adjustments in respect of prior years
(511)
-

Total current tax
6,431
50,702


Deferred tax expense

Origination and reversal of timing differences
(2,879)
1,226

Recognition of previously unrecognised deferred tax assets
-
467

Total deferred tax
(2,879)
1,693


Total tax
3,552
52,395

The reasons for the difference between the actual tax charge for the year and the standard rate of corporation tax in the United Kingdom applied to profits for the year are as follows:


2023
2022
£
£

Profit for the year
15,081
260,456


Tax using the Company's domestic tax rate of 19% (2022:19%)
2,865
49,487

Expenses not deductible for tax purposes, other than goodwill, amortisation and impairment
1,665
912

Depreciation > Capital Allowances
1,723
2,011

Other timing differences
689
(1,708)

Adjustments to tax charge in respect of prior periods
(511)
-

Deferred tax charged/(credited)
(2,879)
1,693

Total tax expense
3,552
52,395

Changes in tax rates and factors affecting the future tax charges

The UK Government announced in the 2021 budget that from 1 April 2023, the rate of corporation tax in the
United Kingdom would increase from 19% to 25%. Companies with profits of £50,000 or less would continue to be
taxed at 19%, which was a new small profits rate. Where taxable profits were between £50,000 and £250,000, the
higher 25% would apply but with a marginal relief applying as profits increased.

Page 22

 
Aranci Advisors Ltd.
 
Notes to the Financial Statements
For the year ended 31 December 2023


14.Tax expense (continued)

14.2 Current tax assets and liabilities

2023
2022
£
£

Current tax liabilities

Corporation tax payable
6,942
50,702

6,942
50,702

14.3 Deferred tax balances

The following is the analysis of deferred tax assets/(liabilities) presented in the statement of financial position:


2023
2022
£
£


Deferred tax liabilities
(1,200)
(4,079)

(1,200)
(4,079)




Opening balance
Recognised in profit or loss
Closing balance
        £
        £
        £
2023
Fixed asset timing differences

(4,752)

2,864

(1,888)

Short term timing differences

673

15

688



(4,079)


2,879


(1,200)


Page 23

 
Aranci Advisors Ltd.
 
Notes to the Financial Statements
For the year ended 31 December 2023


15.


Property, plant and equipment





Right of use assets
Fixtures and Fittings
IT equipment
Total

£
£
£
£



Cost or valuation






At 1 January 2022
345,174
42,237
18,328
405,739


Additions
-
2,108
1,115
3,223



At 31 December 2022
345,174
44,345
19,443
408,962


Additions
-
-
654
654



At 31 December 2023
345,174
44,345
20,097
409,616


Right of use assets
Fixtures and Fittings
IT equipment
Total

£
£
£
£



Accumulated depreciation






At 1 January 2022
133,028
17,109
11,817
161,954


Charge owned for the year
-
10,302
5,550
15,852


Charged financed for the year
68,353
-
-
68,353



At 31 December 2022
201,381
27,411
17,367
246,159


Charge owned for the year
-
7,657
2,064
9,721


Charged financed for the year
69,021
-
-
69,021



At 31 December 2023
270,402
35,068
19,431
324,901



Net book value


At 1 January 2022
212,146
25,128
6,511
243,785


At 31 December 2022
143,793
16,934
2,076
162,803


At 31 December 2023
74,772
9,277
666
84,715

Page 24

 
Aranci Advisors Ltd.
 
Notes to the Financial Statements
For the year ended 31 December 2023


15.Property, plant and equipment (continued)


15.1. Assets held under leases


The net book value of owned and leased assets included as "Property, plant and equipment" in the Statement of Financial Position is as follows:

31 December 2023
31 December 2022
£
£


Property, plant and equipment owned
9,943
19,010

Right-of-use assets, excluding investment property
74,772
143,793

84,715
162,803

Information about right-of-use assets is summarised below:

Net book value

31 December 2023
31 December 2022
£
£

Property
74,772
143,793

Depreciation charge for the year ended

31 December 2023
31 December 2022
£
£

Property
69,021
68,353

Page 25

 
Aranci Advisors Ltd.
 
Notes to the Financial Statements
For the year ended 31 December 2023


16.


Trade and other receivables


2023
2022
£
£

Non-current

Other receivables
64,735
64,735

Total non-current trade and other receivables
64,735
64,735


Current

Trade receivables
712
-

Prepayments and accrued income
126,629
357,233

Other receivables
31,811
30,468

Total current trade and other receivables
159,152
387,701


17.


Trade and other payables


2023
2022
£
£


Current

Trade payables
17,353
22,040

Other payables
5,393
-

Accruals
552,631
506,151

Other payables - tax and social security payments
50,553
88,836

Total current trade and other payables
625,930
617,027


18.


Loans and borrowings

2023
2022
£
£

Non-current

Lease liabilities
-
71,143

Current

Lease liabilities
71,143
83,845

Total loans and borrowings
71,143
154,988

Page 26

 
Aranci Advisors Ltd.
 
Notes to the Financial Statements
For the year ended 31 December 2023

19.


Share capital

Authorised

2023
2023
2022
2022
Number
£
Number
£

Shares treated as equity
Share capital shares of £1.00 each

200

200

200
 
200
 
200

200

200
 
200
 

Issued and fully paid


2023
2023
2022
2022
Number
£
Number
£

Share capital shares of £1.00 each

At 1 January and 31 December
200

200

200
 
200
 


20.


Reserves


Share premium

100 shares issued at a premium of £19 (£1,900) and 100 shares issued at a premium of £3,600 (£360,000) giving a total share premium value of £361,900.

Page 27

 
Aranci Advisors Ltd.
 
Notes to the Financial Statements
For the year ended 31 December 2023


21.


Leases




(i) Leases as a lessee



The Company leases office space. Information about leases for which the Company is a lessee is presented below:


Lease liabilities are due as follows:

2023
2022
£
£

Contractual undiscounted cash flows due



Lease liabilities included in the Statement of Financial Position at 31 December
71,143
154,988


Non-current
-
71,143

Current
71,143
83,845


22.


Financial instruments - fair values and risk management


22.1 Financial risk management objectives

The Company is exposed through its operations to the following financial risks:
-  Market risk
-  Foreign currency risk management
-  Credit risk
-  Liquidity risk


22.2 Market risk

The Company has only indirect market risk exposure through its foreign exchange risk that would only arise in respect of its debtors, investment management fees receivable and creditors as well as cash balances held in currencies other than pound sterling. 

No specific strategies are adopted in order to mitigate the risk of currency fluctuations.

Positions in foreign currencies are monitored on a regular basis and reported to Management via the management accounts.

Page 28

 
Aranci Advisors Ltd.
 
Notes to the Financial Statements
For the year ended 31 December 2023


22.Financial instruments - fair values and risk management (continued)


22.3 Foreign currency risk management

The Company undertakes transactions denominated in foreign currencies; consequently, exposures to exchange rate fluctuations arise. Exchange rate exposures are managed within approved policy parameters utilising spot rates.

The carrying amounts of the Company's foreign currency denominated monetary assets and monetary liabilities at the end of the reporting period are as follows:


Liabilities
Assets
2023
2022
2023
2022
£
£
£
£

US Dollar
23,333
260
231,642
407,835

23,333
260
231,642
407,835


22.4 Credit risk management

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the Company's receivables from customers and deposits with financial institutions.

The Company has limited credit risk as it is primarily only exposed to the fees paid to the Company as set out in    its investment management, non-discretionary advisory and operational consulting agreements.

No amounts have been written off during the year and all funds receivable at year end have been received post year end.



22.5 Liquidity risk management

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. 

The Company's approach to managing liquidity is to ensure that it will always have sufficient liquidity to meet its
liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or
damage to the Company's reputation.

The directors manage liquidity risk by regularly reviewing cash requirements by reference to short term cash
flow forecasts and medium-term working capital projections prepared by management as well as the rules
relating to liquidity as prescribed by the FCA.

Page 29

 
Aranci Advisors Ltd.
 
Notes to the Financial Statements
For the year ended 31 December 2023


23.


Related party transactions

Details of transactions between the Company and its related parties are disclosed below.

23.1 Trading transactions


During the year, the Company entered into the following trading transactions with related parties:



Sales of goods
Purchases of goods
2023
2022
2023
2022
£
£
£
£

Related parties

CGM UK Advisors Ltd.
-
22,636
207,712
163,191

Canepa Management (Suisse) SA
-
-
7,652
7,824

lnsparo Emerging Markets Credit Fund
(7,594)
92,322
929
-

Galaxy Opportunities Limited
262,097
280,013
2,023
6,315

Advisory and consulting client
1,830,155
1,675,934
-
-

2,084,658
2,070,905
218,316
177,330

The following balances were outstanding at the end of the reporting period:



Amounts owed by related parties
Amounts owed to related parties
2023
2022
2023
2022
£
£
£
£

Related parties

CGM UK Advisors Ltd.
148,284
217,305
71,143
192,082

Insparo Emerging Markets Credit Fund
-
22,415
-
-

Galaxy Opportunities Limited
68,449
137,892
-
-

Advisory and consulting client
-
145,654
-
-

216,733
523,266
71,143
192,082

No expense has been recognised in the current or prior years for bad or doubtful debts in respect of the amounts owed by related parties. No guarantees have been given or received.

Page 30

 
Aranci Advisors Ltd.
 
Notes to the Financial Statements
For the year ended 31 December 2023


24.


Controlling party

Raices International SPF S.A.R.L and A. Cohen both hold 50% of the share capital.


25.

Notes supporting statement of cash flows

2023
2022
£
£


Cash at bank available on demand
922,534
682,189

Cash and cash equivalents in the Statement of Financial Position

922,534
682,189


Cash and cash equivalents in the statement of cash flows
922,534
682,189


26.

Events after the reporting date

There are no significant events subsequent to the period end that are deemed necessary to be adjusted or disclosed in the financial statements. 

 

Page 31