Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31false2023-04-016No description of principal activity6falsefalse 10494530 2023-04-01 2024-03-31 10494530 2022-04-01 2023-03-31 10494530 2024-03-31 10494530 2023-03-31 10494530 2022-04-01 10494530 1 2023-04-01 2024-03-31 10494530 1 2022-04-01 2023-03-31 10494530 2 2023-04-01 2024-03-31 10494530 2 2022-04-01 2023-03-31 10494530 5 2023-04-01 2024-03-31 10494530 5 2022-04-01 2023-03-31 10494530 d:CompanySecretary1 2023-04-01 2024-03-31 10494530 d:Director1 2023-04-01 2024-03-31 10494530 d:Director2 2023-04-01 2024-03-31 10494530 d:RegisteredOffice 2023-04-01 2024-03-31 10494530 d:Agent1 2023-04-01 2024-03-31 10494530 e:OfficeEquipment 2023-04-01 2024-03-31 10494530 e:OfficeEquipment 2024-03-31 10494530 e:OfficeEquipment 2023-03-31 10494530 e:OfficeEquipment e:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 10494530 e:ComputerEquipment 2023-04-01 2024-03-31 10494530 e:ComputerEquipment 2024-03-31 10494530 e:ComputerEquipment 2023-03-31 10494530 e:ComputerEquipment e:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 10494530 e:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 10494530 e:CurrentFinancialInstruments 2024-03-31 10494530 e:CurrentFinancialInstruments 2023-03-31 10494530 e:CurrentFinancialInstruments e:WithinOneYear 2024-03-31 10494530 e:CurrentFinancialInstruments e:WithinOneYear 2023-03-31 10494530 e:ReportableOperatingSegment1 2023-04-01 2024-03-31 10494530 e:ReportableOperatingSegment1 2022-04-01 2023-03-31 10494530 e:UKTax 2023-04-01 2024-03-31 10494530 e:UKTax 2022-04-01 2023-03-31 10494530 e:ShareCapital 2024-03-31 10494530 e:ShareCapital 2023-03-31 10494530 e:ShareCapital 2022-04-01 10494530 e:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 10494530 e:RetainedEarningsAccumulatedLosses 2024-03-31 10494530 e:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 10494530 e:RetainedEarningsAccumulatedLosses 2023-03-31 10494530 e:RetainedEarningsAccumulatedLosses 2022-04-01 10494530 d:OrdinaryShareClass1 2023-04-01 2024-03-31 10494530 d:OrdinaryShareClass1 2024-03-31 10494530 d:OrdinaryShareClass1 2023-03-31 10494530 d:OrdinaryShareClass2 2023-04-01 2024-03-31 10494530 d:OrdinaryShareClass2 2024-03-31 10494530 d:OrdinaryShareClass2 2023-03-31 10494530 d:FRS102 2023-04-01 2024-03-31 10494530 d:Audited 2023-04-01 2024-03-31 10494530 d:FullAccounts 2023-04-01 2024-03-31 10494530 d:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 10494530 e:WithinOneYear 2024-03-31 10494530 e:WithinOneYear 2023-03-31 10494530 e:BetweenOneFiveYears 2024-03-31 10494530 e:BetweenOneFiveYears 2023-03-31 10494530 6 2023-04-01 2024-03-31 xbrli:shares iso4217:GBP xbrli:pure


Registered number: 10494530












BLUEGLEN INVESTMENT PARTNERS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

 

BLUEGLEN INVESTMENT PARTNERS LIMITED
 
COMPANY INFORMATION


Directors
C A Goekjian 
G Sartori Di Borgoricco 




Company secretary
C A Goekjian



Registered number
10494530



Registered office
9 Stratford Place

London

W1C 1AZ




Independent auditor
Blick Rothenberg Audit LLP
Chartered Accountants & Statutory Auditor

16 Great Queen Street

Covent Garden

London

WC2B 5AH




Bankers
Coutts & Co
440 Strand

London

WC2R 0QS





 

BLUEGLEN INVESTMENT PARTNERS LIMITED
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

Introduction
 
The directors present their strategic report of Blueglen Investment Partners Ltd (“the firm") for the year ended 31st March 2024.

Principal activity
 
The principal activity of the firm is to provide investment management services, currently principally the Blueglen Fund ICAV (the “Fund”) and its sub-funds (the “Funds”). The firm is a MiFID Investment firm, authorised and regulated by the Financial Conduct Authority (the "FCA"). 

Business review and future developments
 
The company derives its revenues from management and performance fees. The management fees are a function of assets under management (AUM), while the performance fees are determined by the performance of the investment strategy in the Funds. The directors aim to run the Company so that all fixed business costs are  covered by the management fees. As such, the Company profits should be driven in large part by the performance of the Funds, and to a lesser extent, the net of management fees less fixed costs.
During the financial period under review, the company generated a profit after tax amounting to £3,679,285. As of 31st March 2024, the company had a net cash position of £539,336.

Key performance indicators (KPIs)
 
Given the straightforward nature of the Company operations, the directors are of the opinion that an analysis using KPIs is not necessary for an understanding of the development, performance or position of the business. AUM, fund performance, operational cost to recurring management fees ratio, FX sensitivities as well as the size of the capital buffer are the metrics considered by the Board when reviewing the financial accounts.

Going Concern

The firm has adequate financial resources and on-going investment management contracts. As a consequence, the directors believe that the firm is well placed to manage its business risks successfully. The directors have a reasonable expectation that the firm has adequate resources to continue in operational existence and meet its liabilities and regulatory requirements. 

Principal risks and uncertainties

The key risks to Company's operations are: large unexpected redemptions (decline in AUM); as well as regulatory/legal/operational risks. To mitigate the above risks the Company has a policy of maintaining a capital buffer that would be sufficient to run its business under stressful conditions.
During the period under review and up to the date of approval of the annual report and financial statements, there was in place an ongoing process for identifying, evaluating and managing the significant risks faced by the company. The directors consider financial risks regularly and seek to manage the effects on the financial performance of the company. 

Public disclosures

The Company has documented the disclosures required by the FCA under MIFIDPRU 8 and MIFIDPRU TP12 which can be found on its website: https://blueglen.co.uk.

Page 1

 

BLUEGLEN INVESTMENT PARTNERS LIMITED

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Directors' statement of compliance with duty to promote the success of the Company
 
The directors of Blueglen Investment Partners Ltd consider that they have fulfilled their individual and collective duty under section 172(1) of the Companies Act 2006 to act in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of the shareholders as a whole.
The directors have managed the company with regard to the long term from its inception in 2016. Since then the company has grown substantially, and with it the responsibilities of those charged with its management.
The directors have made, and will continue to make, long term decisions that take into consideration:
1. The interests of the company's employees and their immediate families;
2. The need to create and sustain open, respectful relationships with the company's clients, suppliers and wider stakeholders;
3. The company's impact on its community and the environment, not only through its investing activity, but also through its own actions;
4. The absolute requirement to alsways conduct the company's affairs with the highest standards of ethical business behaviour;
5. The principle of acting fairly and equitably at all times when representing different interests and stakeholders.


This report was approved by the board on 17 July 2024 and signed on its behalf.



C A Goekjian
Director

G Sartori Di Borgoricco
Director

Page 2

 

BLUEGLEN INVESTMENT PARTNERS LIMITED

DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The directors present their report and the financial statements for the year ended 31 March 2024.

Results and dividends

The profit for the year, after taxation, amounted to £3,721,367 (2023 - £457,335).

No dividend (2023: £100,000) was declared or paid during the year.

Directors

The directors who served during the year were:

C A Goekjian 
G Sartori Di Borgoricco 

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.

Disclosure of information to auditor

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 auditor is 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 auditor is aware of that information.

Page 3

 

BLUEGLEN INVESTMENT PARTNERS LIMITED

DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Auditor

The auditor, Blick Rothenberg Audit LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 17 July 2024 and signed on its behalf.
 





C A Goekjian
Director

Page 4

 

BLUEGLEN INVESTMENT PARTNERS LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BLUEGLEN INVESTMENT PARTNERS LIMITED
 FOR THE YEAR ENDED 31 MARCH 2024

Opinion


We have audited the financial statements of Blueglen Investment Partners Limited (the 'Company') for the year ended 31 March 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 March 2024 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 Auditor's 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

 

BLUEGLEN INVESTMENT PARTNERS LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BLUEGLEN INVESTMENT PARTNERS LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 

BLUEGLEN INVESTMENT PARTNERS LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BLUEGLEN INVESTMENT PARTNERS LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Auditor's 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 Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, and non-compliance with laws and regulations, our procedures included the following: enquiring of management concerning the Company’s policies with regards identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;  enquiring of management concerning the Company’s policies detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; enquiring of management concerning the Company’s policies  in relation to the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations; discussing among the engagement team where fraud might occur in the financial statements and any potential indicators of fraud; and obtaining an understanding of the legal and regulatory framework that the Company operates in and focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations of the Company. The key laws and regulations we considered in this context included the UK Companies Act 2006, the Financial Services and Markets Act 2000 and applicable tax legislation.
One particular focus area included the risk of fraud through management override of controls. Our procedures to respond to risks identified included the following: performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; reviewing the bank statements of the Company for evidence of any large or unusual activity which may be indicative of fraud; enquiring of management in relation to any potential litigation and claims; and testing the appropriateness of journal entries and other adjustments.
Another focus area was non-compliance with the rules of the Financial Conduct Authority ('FCA'). The Company was authorised and regulated by the FCA throughout the period. Our procedures to respond to risks identified included the following: reviewing correspondence between the Company and the FCA, performing analytical review to detect receipts of client money and remaining alert to the possibility of accidental receipt of client monies; and discussion of regulatory matters with the appointed officers of the Company.
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
Page 7

 

BLUEGLEN INVESTMENT PARTNERS LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BLUEGLEN INVESTMENT PARTNERS LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Auditor's 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 Auditor's 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.





Richard Hinton (Senior Statutory Auditor)
for and on behalf of
Blick Rothenberg Audit LLP
Chartered Accountants
Statutory Auditor
16 Great Queen Street
Covent Garden
London
WC2B 5AH

17 July 2024
Page 8

 

BLUEGLEN INVESTMENT PARTNERS LIMITED
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
Note
£
£

  

Turnover
 3 
6,300,474
1,857,184

Cost of sales
  
(90,661)
(53,244)

Gross profit
  
6,209,813
1,803,940

Administrative expenses
  
(1,639,573)
(1,114,284)

Operating profit
 4 
4,570,240
689,656

Fair value movement on investments
  
94,685
(221,485)

Interest receivable and similar income
  
271,256
158,973

Interest payable and similar expenses
  
-
(3,256)

Profit before tax
  
4,936,181
623,888

Tax on profit
 6 
(1,214,814)
(166,553)

Profit for the financial year
  
3,721,367
457,335

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 13 to 22 form part of these financial statements.

Page 9


 
REGISTERED NUMBER:10494530
BLUEGLEN INVESTMENT PARTNERS LIMITED

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 8 
2,177
4,028

Investments
 9 
3,645,394
3,792,919

  
3,647,571
3,796,947

Current assets
  

Debtors: amounts falling due within one year
 10 
271,924
224,601

Cash at bank and in hand
  
5,783,493
1,339,144

  
6,055,417
1,563,745

Creditors: amounts falling due within one year
 11 
(878,145)
(257,216)

Net current assets
  
 
 
5,177,272
 
 
1,306,529

Total assets less current liabilities
  
8,824,843
5,103,476

  

Net assets
  
8,824,843
5,103,476


Capital and reserves
  

Called up share capital 
 12 
10,000
10,000

Profit and loss account
  
8,814,843
5,093,476

  
8,824,843
5,103,476


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 July 2024.




C A Goekjian
G Sartori Di Borgoricco
Director
Director

The notes on pages 13 to 22 form part of these financial statements.

Page 10

 

BLUEGLEN INVESTMENT PARTNERS LIMITED

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 April 2022
10,000
4,736,141
4,746,141



Profit for the year
-
457,335
457,335

Dividends paid
-
(100,000)
(100,000)



At 1 April 2023
10,000
5,093,476
5,103,476



Profit for the year
-
3,721,367
3,721,367


At 31 March 2024
10,000
8,814,843
8,824,843


The notes on pages 13 to 22 form part of these financial statements.

Page 11

 

BLUEGLEN INVESTMENT PARTNERS LIMITED

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
3,721,367
457,335

Adjustments for:

Depreciation of tangible assets
1,852
1,437

Interest paid
-
3,256

Interest received
(271,256)
(158,973)

Taxation charge
1,214,814
166,553

(Increase) in debtors
(47,323)
(37,815)

Increase in creditors
116,270
29,755

Net fair value (gains)/losses recognised in P&L
(91,940)
229,970

Corporation tax (paid)
(708,020)
(318,207)

Net cash generated from operating activities

3,935,764
373,311


Cash flows from investing activities

Purchase of tangible fixed assets
-
(3,426)

Purchase of bond investments
-
(4,022,889)

Sale of unlisted and other investments
238,935
-

Interest received
271,256
158,973

Net cash from investing activities

510,191
(3,867,342)

Cash flows from financing activities

Dividends paid
-
(100,000)

Interest paid
-
(3,256)

Net cash used in financing activities
-
(103,256)

Net increase/(decrease) in cash and cash equivalents
4,445,955
(3,597,287)

Cash and cash equivalents at beginning of year
1,337,538
4,934,825

Cash and cash equivalents at the end of year
5,783,493
1,337,538


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
5,783,493
1,339,144

Bank overdrafts
-
(1,606)

5,783,493
1,337,538


Page 12

 

BLUEGLEN INVESTMENT PARTNERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Blueglen Investment Partners Limited is a private company limited by shares incorporated on 24 November 2016 in the United Kingdom and registered in England and Wales with company number 10494530.
The entity's registered address is 9 Stratford Place, London, W1C 1AZ. Its principal activity is fund 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.

The following principal accounting policies have been applied:

  
2.2

Going concern

The directors have reviewed the financial position of the company and have prepared forecasts which, taking account of reasonably possible changes in trading performance, indicate that the company is expected to continue to trade profitably for the foreseeable future. The directors therefore consider it appropriate to adopt the going concern basis in the preparation of these financial statements.

 
2.3

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.

 
2.4

Revenue

Turnover comprises revenue recognised by the company in respect of investment management and performance fees net of value added tax. Management fees are recognised as they accrue across the year. Performance fees are recognised on crystallisation.

Page 13

 

BLUEGLEN INVESTMENT PARTNERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

  
2.5

Operating leases: the Company as lessee

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

  
2.6

Taxation

Tax is recognised in profit or loss.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.7

Tangible fixed assets

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

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

Depreciation is provided on the following basis:

Office equipment
-
3 years
Computer equipment
-
3 years

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.

 
2.8

Valuation of investments

Investments in listed coporate bonds are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.9

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Page 14

 

BLUEGLEN INVESTMENT PARTNERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.9
Financial instruments (continued)

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the
Page 15

 

BLUEGLEN INVESTMENT PARTNERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.9
Financial instruments (continued)

effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Turnover

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


2024
2023
£
£

Investment Management
6,300,474
1,857,184

6,300,474
1,857,184


All turnover arose within the United Kingdom.

Page 16

 

BLUEGLEN INVESTMENT PARTNERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Exchange differences
1,492
2,237

Auditor's remuneration - audit services
12,500
8,000

Auditor's remuneration - other services
21,159
15,672

Depreciation
1,852
1,437

Pension costs
5,283
5,283

Operating lease rentals
93,975
90,814


5.


Employees

Staff costs were as follows:


2024
2023
£
£

Wages and salaries
1,141,501
727,000

Social security costs
135,604
95,444

Cost of defined contribution scheme
5,283
5,283

1,282,388
827,727


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


        2024
        2023
            No.
            No.







6
6

Page 17

 

BLUEGLEN INVESTMENT PARTNERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
1,256,900
166,553

Adjustments in respect of previous periods
(42,086)
-


1,214,814
166,553


Total current tax
1,214,814
166,553

Deferred tax

Total deferred tax
-
-


Tax on profit
1,214,814
166,553

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
4,936,181
623,888


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
1,234,045
118,539

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
830
301

Capital allowances for year in excess of depreciation
462
(573)

Adjustments to tax charge in respect of prior periods
(42,086)
-

Other timing differences
21,563
6,204

Unrealised investment loss
-
42,082

Total tax charge for the year
1,214,814
166,553

Page 18

 

BLUEGLEN INVESTMENT PARTNERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Dividends

2024
2023
£
£


Dividends paid on C Ordinary Shares
-
100,000

-
100,000


8.


Tangible fixed assets





Office equipment
Computer equipment
Total

£
£
£



Cost or valuation


At 1 April 2023
11,037
17,672
28,709


Disposals
(622)
-
(622)



At 31 March 2024

10,415
17,672
28,087



Depreciation


At 1 April 2023
11,037
13,644
24,681


Charge for the year on owned assets
-
1,851
1,851


Disposals
(622)
-
(622)



At 31 March 2024

10,415
15,495
25,910



Net book value



At 31 March 2024
-
2,177
2,177



At 31 March 2023
-
4,028
4,028

Page 19

 

BLUEGLEN INVESTMENT PARTNERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Fixed asset investments





Listed corporate bonds

£



Cost or valuation


At 1 April 2023
3,792,919


Disposals
(238,935)


Revaluations
91,410



At 31 March 2024
3,645,394





10.


Debtors

2024
2023
£
£


Other debtors
11,067
11,596

Prepayments and accrued income
260,857
213,005

271,924
224,601



11.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
-
1,606

Trade creditors
24,585
809

Corporation tax
624,818
118,553

Accruals and deferred income
228,742
136,248

878,145
257,216


Page 20

 

BLUEGLEN INVESTMENT PARTNERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

12.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



5,000 (2023 - 5,000) C Ordinary shares of £1.00 each
5,000
5,000
5,000 (2023 - 5,000) G Ordinary shares of £1.00 each
5,000
5,000

10,000

10,000

The Company has 2 share classes: C shares and G shares. In accordance with the Articles of Association dividends can be declared on each share class separately. 
If dividends are declared and paid on the C shares, but not the G shares, then the identical amount shall be designated as the 'G Catch-up’. The G Catch-up shall be reduced by dividends subsequently declared and paid on G shares but not the C shares.  
If dividends are declared and paid on the G shares, but not the C shares, then the identical amount shall be designated as the 'C Catch-up’. The C Catch-up shall be reduced by dividends subsequently declared and paid on C shares but not the G shares.  
No dividends may be declared if it would have the effect of reducing the retained profits of the Company below the C Catch-up or the G Catch-up as the case may be.
As at 31 March 2024 the C Catch-up was £nil (2023: £nil) and the G Catch-up was £nil (2023: £250,000).


13.


Analysis of net debt




At 1 April 2023
Cash flows
At 31 March 2024
£

£

£

Cash at bank and in hand

1,339,144

4,444,349

5,783,493

Bank overdrafts

(1,606)

1,606

-


1,337,538
4,445,955
5,783,493


14.


Commitments under operating leases

At 31 March 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
73,496
78,000

Later than 1 year and not later than 5 years
161,951
19,447

235,447
97,447

Page 21

 

BLUEGLEN INVESTMENT PARTNERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

15.


Related party transactions

No dividends (2023: £100,000) were paid to C Goekjian, a director of the company.


16.


Controlling party

The ultimate controlling parties are Christopher Goekjian and Guglielmo Sartori Di Borgoricco.

Page 22