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Registration number: 10075247

Asper Investment Management Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 31 March 2024

 

Asper Investment Management Limited

Contents

Company Information

1

Strategic Report

2 to 4

Directors' Report

5

Statement of Directors' Responsibilities

6

Independent Auditor's Report

7 to 9

Consolidated Profit and Loss Account

10

Consolidated Statement of Comprehensive Income

11

Consolidated Balance Sheet

12

Balance Sheet

13

Consolidated Statement of Changes in Equity

14

Statement of Changes in Equity

15

Consolidated Statement of Cash Flows

16

Notes to the Financial Statements

17 to 38

 

Asper Investment Management Limited

Company Information

Directors

E Tinker

L Quiroga

L Pettinicchio

A Clements

A Sykes

O Delpon de Vaux

Registered office

68 King William Street
4th Floor
London
EC4N 7HR

Auditors

Bourner Bullock
Chartered Accountants
114 St Martin's Lane
Covent Garden
London
WC2N 4BE

 

Asper Investment Management Limited

Strategic Report for the Year Ended 31 March 2024

The directors present their strategic report for the year ended 31 March 2024.

Principal activity

The principal activity of the Group is to provide investment management services to institutional investors in European sustainable real assets, principally in sustainable energy and sustainable heat. It provides three types of services to its clients: discretionary managed funds, direct managed accounts and advisory services in support of transactions, asset management and strategic development.

Fair review of the business

The company was authorised by the Financial Conduct Authority on the 6 December 2016 and was granted a variation of permit on 28 November 2017 to become a full scope UK AIFM.

The company’s investment products are performing in line with expectations. The company has progressed business development opportunities in the year in in line with its business plan and is confident this will continue in the year to 31 March 2025.

The Group's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2024

2023

Group turnover

£

9,322,785

8,212,404

Group cash balance

£

6,897,299

6,634,660

Group gross profit margin

%

53

61

Group net profit margin

%

15

47

The profit for the year is set out in the consolidated statement of comprehensive income on page 11. The Group is reporting a profit after taxation for the year of £1,235,204 (2023: £3,862,305). The directors made a dividend payment during the financial year ended 31 March 2024 of £nil (2023: £1,000,000).

The Company is reporting a profit after taxation for the year of £1,521,164 (2023: £3,515,023). The directors made a dividend payment during the financial year ended 31 March 2024 of £nil (2023: £1,000,000).

 

Asper Investment Management Limited

Strategic Report for the Year Ended 31 March 2024

Principal risks and uncertainties

Market Risk
The Group may be affected by the performance of the underlying assets which the Group manages, which could impact the valuation of these assets. It may also be affected by macroeconomic conditions in the global financial markets. The Group may also be affected by changes to regulation that impacts the underlying assets that the Group manages and changes to regulation directly affecting the Company and the services it provides.

Liquidity Risk
The Group may be exposed to a shortfall in liquidity if it does not receive management fees from investors and other group counterparties. This risk is mitigated by the Group’s investor base comprising of a diversified pool of well-established institutional scale investors that reduces the risk of a loss or default.

Liquidity is managed by the Directors by maintaining a sufficient cash balance with reputable banks and the monitoring of the liquidity position on a regular basis.

Operational Risk
The Group has created a control framework to ensure any financial loss as a result of operational risks, cyber security risk and key persons risks is minimised. Plans have also been made to minimise any disruption to the ordinary course of business during emergencies such as Disaster Recovery, IT and data back-up. Insurance policies are in place and the Group reviews these annually.

Currency Risk
The Group receives a substantial portion of its revenue in Euros whereas a substantial portion of its cost base is in GBP. Income is hedged to mitigate any volatility in the exchange rate. The Group has a relatively small proportion of its assets and liabilities denominated in foreign currencies. Exchange differences on the translation of all balance sheet items are taken to the statement of profit and loss.

 

Asper Investment Management Limited

Strategic Report for the Year Ended 31 March 2024

Section 172(1) statement

The board of directors of Asper Investment Management Ltd (Asper) consider, both individually and together, that they have acted in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole in the decisions taken during the year ended 31 March 2024.

1. 2025 Strategy: Asper has largely delivered its strategic plan to 2025, which focussed on the growth of its existing platforms and the establishment of new sustainable real asset platforms. Given Asper’s performance towards its 2025 strategic plan, during the year Asper has completed a strategic plan to 2030 which focuses on further growth of existing platforms and new sustainable real asset platforms.

2. Business Development: During the year, the firm has identified a pipeline of opportunities for further sustainable real asset investment products and made early-stage investments to advance that pipeline.

3. Our employees are fundamental to the delivery of our strategy. Asper has created a skills development programme to provide directors and employees with the structure and opportunity to meet their long-term goals. A set of short and long-term objectives are agreed collaboratively and reviewed on a regular basis to ensure the employees receive the correct support to achieve their objectives. Asper has created a culture where providing feedback to colleagues is widely encouraged.

4. Clients: Asper actively works with its clients to ensure it is meeting their investment objectives and providing the high level of service they expect and deserve. There is regular dialogue with all investors regarding the investment thesis, market opportunities and the performance of the fund they have invested in. Every year Asper hosts an Investor Day for investors to attend and discuss a wide range of subjects in greater detail. There are also regular Advisory Committee meetings with a group of investors in each fund to discuss forthcoming key strategic decisions.

5. Suppliers: Asper has a large number of suppliers providing a variety of different services. Supplier relationship management plays a key part in ensuring a high-quality level of service is received consistently. Asper employees carry out due diligence on key new suppliers to ensure they are able to meet the expected standards. Asper expects all suppliers and sub-tier suppliers to abide by all applicable national and international laws.

6. Sustainability: Sustainability is fully integrated into Asper’s investment and portfolio management process. The investment portfolio has signed up to GRESB Assessment, an ESG benchmarking framework for assets and funds in comparable industries. Asper has also signed up to the UN PRI, the world’s leading proponent of responsible investment, where it has achieved 100% scoring in the Infrastructure module, 99% in the Policy Governance and Strategy module, and 80% in the Confidence Building Measures module in 2023. Asper publishes an annual Integrated Report and hosts a variety of forums for its stakeholders to discuss the content and themes contained in those reports.

Approved by the Board on 9 July 2024 and signed on its behalf by:

A Sykes
Director

   
     
 

Asper Investment Management Limited

Directors' Report for the Year Ended 31 March 2024

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

Directors of the Group

The directors who held office during the year were as follows:

E Tinker

L Quiroga

L Pettinicchio

A Clements

A Sykes

O Delpon de Vaux

Environmental matters

The company and no individual subsidiary have consumed more than 40,000kWh of energy in the year and the group has taken the exemption not to disclose information regarding greenhouse gas emissions in accordance with Part 7A of The Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018.

Future developments

The directors expect the level of activity to steadily increase in the coming year as Asper progresses with its business plan. This growth in activity will result in increased revenues and costs in a profitable manner.

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the Company's auditor is aware of that information. The directors confirm that there is no relevant information (as defined by section 418(3) of the Companies Act 2006) that they know of and of which they know the auditor is unaware.

Post balance sheet events
There have been no significant events affecting the Group since the year end.

Reappointment of auditors

The auditors Bourner Bullock are deemed to be reappointed under section 487(2) of the Companies Act 2006.

Approved by the Board on 9 July 2024 and signed on its behalf by:

A Sykes
Director

   
     
 

Asper Investment Management Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 Group and the Company and of the profit or loss of the Group for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements 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; and

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 Group's and the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the Board on 9 July 2024 and signed on its behalf by:

A Sykes
Director

   
     
 

Asper Investment Management Limited

Independent Auditor's Report to the Members of Asper Investment Management Limited

Opinion

We have audited the financial statements of Asper Investment Management Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2024, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The 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 Group's and the parent Company's affairs as at 31 March 2024 and of the Group's 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 responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 director's 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 Group'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.

 

Asper Investment Management Limited

Independent Auditor's Report to the Members of Asper Investment Management Limited

Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and 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 our 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 and the Directors' Report.

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

adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or

the parent Company 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 Statement of Directors' Responsibilities [set out on page 6], 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.

Auditor 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

 

Asper Investment Management Limited

Independent Auditor's Report to the Members of Asper Investment Management Limited

Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.

The following laws and regulations were identified as being of significance to the entity:
• Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting regulations, Company Law, Tax and Pensions legislation, and distributable profits legislation.

• Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements include compliance with Financial Conduct Authority regulations.

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

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 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 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 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.

......................................
Russell Joseph (Senior Statutory Auditor)
For and on behalf of Bourner Bullock, Statutory Auditor

Chartered Accountants
114 St Martin's Lane
Covent Garden
London
WC2N 4BE

9 July 2024

 

Asper Investment Management Limited

Consolidated Profit and Loss Account for the Year Ended 31 March 2024

Note

2024
£

2023
£

Turnover

4

9,322,785

8,212,404

Cost of sales

 

(4,400,965)

(3,206,125)

Gross profit

 

4,921,820

5,006,279

Administrative expenses

 

(3,666,131)

(2,780,512)

Other operating income

5

358,273

2,513,094

Operating profit

6

1,613,962

4,738,861

Other interest receivable and similar income

7

211,280

21,297

Interest payable and similar expenses

8

(99,418)

(14,804)

   

111,862

6,493

Share of profit and loss of equity accounted investees

 

(284,376)

-

Profit before tax

 

1,441,448

4,745,354

Tax on profit

12

(206,244)

(883,049)

Profit for the financial year

 

1,235,204

3,862,305

Profit/(loss) attributable to:

 

Owners of the Company

 

1,235,204

3,862,305

 

Asper Investment Management Limited

Consolidated Statement of Comprehensive Income for the Year Ended 31 March 2024

2024
£

2023
£

Profit for the year

1,235,204

3,862,305

Foreign currency translation gains/(losses)

26,268

(13,731)

Total comprehensive income for the year

1,261,472

3,848,574

Total comprehensive income attributable to:

Owners of the Company

1,261,472

3,848,574

 

Asper Investment Management Limited

(Registration number: 10075247)
Consolidated Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

14

15,864

6,398

Investments

15

809,711

243,623

Other financial assets

16

2,500,521

1,544,889

 

3,326,096

1,794,910

Current assets

 

Debtors

17

1,171,025

1,746,786

Cash at bank and in hand

 

6,897,299

6,634,660

 

8,068,324

8,381,446

Creditors: Amounts falling due within one year

19

(1,409,115)

(1,545,656)

Net current assets

 

6,659,209

6,835,790

Total assets less current liabilities

 

9,985,305

8,630,700

Provisions for liabilities

20

(164,563)

(71,430)

Net assets

 

9,820,742

8,559,270

Capital and reserves

 

Called up share capital

22

90,357

90,357

Share premium reserve

10,143

10,143

Other reserves

294,849

268,581

Profit and loss account

9,425,393

8,190,189

Equity attributable to owners of the company

 

9,820,742

8,559,270

Shareholders' funds

 

9,820,742

8,559,270

Approved and authorised by the Board on 9 July 2024 and signed on its behalf by:
 

.........................................
A Sykes
Director

   
     
 

Asper Investment Management Limited

(Registration number: 10075247)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

14

15,864

6,398

Investments

15

1,201,031

350,568

Other financial assets

16

2,500,516

1,544,880

 

3,717,411

1,901,846

Current assets

 

Debtors

17

909,536

1,599,694

Cash at bank and in hand

 

6,771,913

6,561,475

 

7,681,449

8,161,169

Creditors: Amounts falling due within one year

19

(1,203,066)

(1,481,518)

Net current assets

 

6,478,383

6,679,651

Total assets less current liabilities

 

10,195,794

8,581,497

Provisions for liabilities

20

(164,563)

(71,430)

Net assets

 

10,031,231

8,510,067

Capital and reserves

 

Called up share capital

22

90,357

90,357

Share premium reserve

10,143

10,143

Profit and loss account

9,930,731

8,409,567

Shareholders' funds

 

10,031,231

8,510,067

The company made a profit after tax for the financial year of £1,521,164 (2023 - profit of £3,515,023).

Approved and authorised by the Board on 9 July 2024 and signed on its behalf by:
 

.........................................
A Sykes
Director

   
     
 

Asper Investment Management Limited

Consolidated Statement of Changes in Equity for the Year Ended 31 March 2024
Equity attributable to the parent company

Share capital
£

Share premium
£

Foreign currency translation reserve
£

Profit and loss account
£

Total equity
£

At 1 April 2023

90,357

10,143

268,581

8,190,189

8,559,270

Profit for the year

-

-

-

1,235,204

1,235,204

Other comprehensive income

-

-

26,268

-

26,268

Total comprehensive income

-

-

26,268

1,235,204

1,261,472

At 31 March 2024

90,357

10,143

294,849

9,425,393

9,820,742

Share capital
£

Share premium
£

Foreign currency translation reserve
£

Profit and loss account
£

Total equity
£

At 1 April 2022

90,357

10,143

282,312

5,226,486

5,609,298

Prior period adjustment

-

-

-

101,398

101,398

At 1 April 2022 (As restated)

90,357

10,143

282,312

5,327,884

5,710,696

Profit for the year

-

-

-

3,862,305

3,862,305

Other comprehensive income

-

-

(13,731)

-

(13,731)

Total comprehensive income

-

-

(13,731)

3,862,305

3,848,574

Dividends

-

-

-

(1,000,000)

(1,000,000)

At 31 March 2023

90,357

10,143

268,581

8,190,189

8,559,270

 

Asper Investment Management Limited

Statement of Changes in Equity for the Year Ended 31 March 2024

Share capital
£

Share premium
£

Profit and loss account
£

Total
£

At 1 April 2023

90,357

10,143

8,409,567

8,510,067

Profit for the year

-

-

1,521,164

1,521,164

At 31 March 2024

90,357

10,143

9,930,731

10,031,231

Share capital
£

Share premium
£

Profit and loss account
£

Total
£

At 1 April 2022

90,357

10,143

5,793,146

5,893,646

Prior period adjustment

-

-

101,398

101,398

At 1 April 2022 (As restated)

90,357

10,143

5,894,544

5,995,044

Profit for the year

-

-

3,515,023

3,515,023

Dividends

-

-

(1,000,000)

(1,000,000)

At 31 March 2023

90,357

10,143

8,409,567

8,510,067

 

Asper Investment Management Limited

Consolidated Statement of Cash Flows for the Year Ended 31 March 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the year

 

1,235,204

3,862,305

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

6

7,215

13,495

Impairment loss on fixed asset investments

 

-

199,200

Changes in fair value of other financial assets

5

(367,684)

(177,922)

Profit from disposals of investments

-

(2,246,177)

Finance income

7

(211,280)

(21,297)

Foreign exchange movements on other loans

15

9,689

-

Share of profit and loss of equity accounted investees

15

284,376

-

Income tax expense

12

206,244

883,049

Foreign exchange gains/(losses)

 

26,268

(13,731)

 

1,190,032

2,498,922

Working capital adjustments

 

Decrease/(increase) in trade debtors

17

700,385

(558,962)

Increase/(decrease) in trade creditors

19

506,851

(169,408)

Cash generated from operations

 

2,397,268

1,770,552

Income taxes paid

12

(881,125)

(515,515)

Net cash flow from operating activities

 

1,516,143

1,255,037

Cash flows from investing activities

 

Interest received

7

211,280

21,297

Acquisitions of tangible assets

14

(16,682)

(5,181)

Advances of loans, classified as investing activities

 

-

(830,876)

Acquisitions of investments in joint ventures and associates

15

(860,152)

-

Proceeds from disposal of fixed asset investments

 

-

3,240,000

Acquisitions of other financial assets

16

(587,950)

(537,751)

Net cash flows from investing activities

 

(1,253,504)

1,887,489

Cash flows from financing activities

 

Dividends paid

-

(1,000,000)

Net increase in cash and cash equivalents

 

262,639

2,142,526

Cash and cash equivalents at 1 April

 

6,634,660

4,492,134

Cash and cash equivalents at 31 March

 

6,897,299

6,634,660

 

Asper Investment Management Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

1

General information

The Company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
68 King William Street
4th Floor
London
EC4N 7HR
United Kingdom

2

Accounting policies

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of the company is considered to be Pounds Sterling because that is the primary currency of the economic environment in which the company operates.

Summary of disclosure exemptions

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

As a qualifying entity, the Company has taken advantage of the exemption under section 1.12 of FRS102 not to prepare a Statement of Cash Flows and section 33.6 of FRS 102 Key Management Personnel Compensation.

Where applicable the Company has taken advantage of the exemption per FRS102 Section 33.1A not to disclose transactions with companies which are wholly owned within the Group.

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries (''the Group'') as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases. Any excess of the cost of the business contribution over the acquirer's interest in the fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill. Investments in joint ventures are accounted for using the equity method.

Certain subsidiaries have a year end of 31 December 2023. The consolidated financial statements for the Group include the transactions from 1 April 2023 to 31 March 2024 for the subsidiaries.

 

Asper Investment Management Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Going concern

The Directors have assessed the Group and Company's ability to continue as a going concern and are satisfied that the Group and Company have the suitable resources required to continue the business for the foreseeable future. The Directors continue to adopt the going concern basis in preparing the director's report and financial statements.

Revenue recognition

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

Contract revenue recognition

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

General Partner Share
Components of the Group act as general partner to a number of limited partnerships. Under the terms of the Limited Partnership Agreements, the Group are entitled to a General Partners share which is calculated in proportion to the amount of funds committed during the period, adjusted for certain costs.

Foreign currency 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 are measured at fair value 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 the Consolidated Statement of Comprehensive Income except when deferred in other comprehensive income as qualifying cash flow hedges.

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

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 

Asper Investment Management Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Leases

Rentals paid under operating leases are charged to the Consolidated Statement of Comprehensive Income on a straight-line basis over the lease term.

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

Defined contribution pension obligation

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

The contributions are recognised as an expense in the Consolidated Statement of Comprehensive Income when they fall due. Amounts not paid are shown as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

Tax

Tax is recognised in the Consolidated Statement of Comprehensive Income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have been originated but not reversed by the Balance Sheet date, except that:
• The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
• Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
• Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements and on unused tax losses or tax credits in the group. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

 

Asper Investment Management Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Computer software

20% straight line

Tangible 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.

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 the Consolidated Statement of Comprehensive Income.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings, tools and equipment

33% straight line

Investments

Investments in subsidiaries are measured at cost less accumulated impairment.

The company holds loans to early stage investment platforms that are held for the long term. These loans are included as a fixed asset investment and are measured at cost less accumulated impairment.

Investments by the company in joint ventures are measured at cost less accumulated impairment.

Other financial assets

Other financial assets include investments in private equity partnerships which are measured at fair value through the profit and loss. As there is no active market for these investments, fair value is estimated based on the Funds' net assets at the year end as the underlying entities assets are ultimately held at fair value.

 

Asper Investment Management Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Financial instruments

Classification
The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans to/from related parties and investments in non-puttable ordinary shares.

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

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

 Recognition and measurement
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Group would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives.

 

Trade debtors

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

 

Asper Investment Management Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Cash and cash equivalents

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

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

Trade creditors

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

Dividends

Dividend distribution to the Group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared. Interim dividends are recognised when paid, and not declared.

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Director's opinion the below has been deemed as a significant judgement or key source of uncertainty.

Key sources of estimation uncertainty

The fair value of other financial assets is a key source of estimation uncertainty in the financial statements, and there has been a fair value uplift recognised in the current year. In the current year the total fair value uplift on co-investments was £367,684 (2023: £177,922).

4

Revenue

The analysis of the Group's Turnover for the year from continuing operations is as follows:

2024
£

2023
£

Rendering of services

9,322,785

8,212,404

The analysis of the Group's Turnover for the year by market is as follows:

2024
£

2023
£

UK

3,991,661

2,754,079

Europe

5,331,124

5,458,325

9,322,785

8,212,404

 

Asper Investment Management Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

5

Other operating income

The analysis of the Group's other operating income for the year is as follows:

2024
£

2023
£

Gain on disposal of fixed asset investments

-

2,246,177

Renewable energy related consultancy income

(9,411)

88,995

Fair value gains on other financial assets

367,684

177,922

358,273

2,513,094

Included in other operating income are:
• 2023 gains on disposal of fixed asset investments in relation to the disposal of an early stage investment in a heat development business; and

• Fair value gains on other financial assets in relation to the fair value gain on the co-investments in private equity partnerships.

6

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

7,215

10,450

Amortisation expense

-

3,045

Impairment loss

-

199,200

Operating lease expense - property

183,633

154,154

Operating lease expense - plant and machinery

1,147

365

7

Other interest receivable and similar income

2024
£

2023
£

Other finance income

211,280

21,297

8

Interest payable and similar expenses

2024
£

2023
£

Foreign exchange losses

99,418

14,804

 

Asper Investment Management Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

9

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

4,786,470

3,755,049

Social security costs

623,156

538,771

Pension costs, defined contribution scheme

223,028

131,289

Other employee expense

40,167

43,663

5,672,821

4,468,772

The average number of persons employed by the Group (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Investment team

10

6

Administration and support

11

9

Other departments

6

6

27

21

10

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

2,548,808

2,144,342

Contributions paid to money purchase pension schemes

68,502

45,399

2,617,310

2,189,741

During the year the number of directors who were receiving benefits and share incentives was as follows:

2024
No.

2023
No.

Accruing benefits under money purchase pension scheme

6

6

In respect of the highest paid director:

2024
£

2023
£

Remuneration

439,895

405,727

Company contributions to money purchase pension schemes

4,000

4,000

 

Asper Investment Management Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

11

Auditors' remuneration

2024
£

2023
£

Other fees to auditors

Audit-related assurance services

26,675

21,625

Subsidiary related audit services and non-audit services

101,409

61,853

128,084

83,478

12

Taxation

Tax charged/(credited) in the consolidated profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

359,154

811,619

UK corporation tax adjustment to prior periods

(246,042)

-

113,112

811,619

Deferred taxation

Arising from origination and reversal of timing differences

93,132

71,430

Tax expense in the income statement

206,244

883,049

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of 25% (2023 - 19%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

1,441,448

4,745,354

Corporation tax at standard rate

360,362

901,617

Effect of revenues exempt from taxation

(91,921)

(33,805)

Effect of expense not deductible in determining taxable profit (tax loss)

860

1,555

Tax increase from effect of capital allowances and depreciation

(2,367)

1,580

Tax increase from other short-term timing differences

100,873

69,642

Tax increase arising from overseas tax suffered/ expensed

17,319

10,424

Other tax effects for reconciliation between accounting profit and tax expense (income)

67,160

(67,964)

Increase/(decrease) in current tax from adjustment for prior periods

(246,042)

-

Total tax charge

206,244

883,049

 

Asper Investment Management Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Deferred tax

Group

Deferred tax assets and liabilities

2024

Asset
£

Liability
£

Accelerated capital allowances

-

3,966

Fair value gains on other financial assets

-

160,597

-

164,563

2023

Asset
£

Liability
£

Accelerated capital allowances

-

1,600

Fair value gains on other financial assets

-

69,830

-

71,430

13

Intangible assets

Group

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 April 2023

21,060

21,060

Disposals

(21,060)

(21,060)

At 31 March 2024

-

-

Amortisation

At 1 April 2023

(21,060)

(21,060)

Amortisation eliminated on disposals

21,060

21,060

At 31 March 2024

-

-

Carrying amount

At 31 March 2024

-

-

 

Asper Investment Management Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

14

Tangible assets

Group

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

43,267

43,267

Additions

16,682

16,682

At 31 March 2024

59,949

59,949

Depreciation

At 1 April 2023

36,870

36,870

Charge for the year

7,215

7,215

At 31 March 2024

44,085

44,085

Carrying amount

At 31 March 2024

15,864

15,864

At 31 March 2023

6,398

6,398

 

Asper Investment Management Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

15

Investments

Group

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the Group holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

Asper Renewable Power GP (Guernsey) Ltd*

1 Royal Plaza, Royal Avenue,
St Peter Port, GY1 2HL

Ordinary Shares

100%

100%

Guernsey

Asper RPP2 General Partner (Guernsey) Ltd*

1 Royal Plaza, Royal Avenue,
St Peter Port, GY1 2HL

Ordinary Shares

100%

100%

Guernsey

Asper RPP2 Nominees Limited*

68 King William Street, 4th Floor, London, England, EC4N 7HR

Ordinary Shares

100%

100%

England and Wales

Asper Second GP(1) Limited*

1 Royal Plaza, Royal Avenue,
St Peter Port, Guernsey GY1 2HL

Ordinary Shares

100%

100%

Guernsey

Asper Second GP(2) Limited*

1 Royal Plaza, Royal Avenue,
St Peter Port, Guernsey GY1 2HL

Ordinary Shares

100%

100%

Guernsey

Asper Second General Partner LLP*

9th Floor One Minster Court, London, EC3R 7AA

Ordinary Shares

100%

100%

England and Wales

Asper Renewables (Nominees) Limited*

68 King William Street, 4th Floor, London, England, EC4N 7HR

Ordinary Shares

100%

100%

England and Wales

Asper Columba GP S.a.r.l.*

412F, Route d'Esch, 2086

Ordinary Shares

100%

100%

Luxembourg

Asper Dorothea GP S.a.r.l.*

412F, Route d'Esch, 2086

Ordinary Shares

100%

100%

Luxembourg

Asper Investment Management NL BV*

Stationsplein 91, 5211 BM ‘s-Hertogenbosch

Ordinary shares

100%

100%

Netherlands

Asper Iona SLP GP LLP*

16 Charlotte Square, Edinburgh, EH2 4DF

Partnership Share

100%

100%

Scotland

 

Asper Investment Management Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

Asper DHUK GP LLP*

10 Norwich Street, London,
EC4A 1BD

Partnership Share

100%

100%

United Kingdom

Asper DHUK SLP GP LLP*

16 Charlotte Square, Edinburgh, United Kingdom, EH2 4DF

Partnership Share

100%

100%

Scotland

Joint ventures

Heatgrid Limited

Ormond Building, 31-36 Ormond Quay Upper, Dublin, Dublin 7, D07 EE37

Ordinary Shares

50%

0%

Ireland

* indicates direct investment of the company

 

Asper Investment Management Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Subsidiary undertakings

Asper Renewable Power GP (Guernsey) Ltd

The principal activity of Asper Renewable Power GP (Guernsey) Ltd is Investment Management

Asper RPP2 General Partner (Guernsey) Ltd

The principal activity of Asper RPP2 General Partner (Guernsey) Ltd is Investment Management

Asper RPP2 Nominees Limited

The principal activity of Asper RPP2 Nominees Limited is a holding company and nominee shareholder

Asper Second GP(1) Limited

The principal activity of Asper Second GP(1) Limited is Dormant

Asper Second GP(2) Limited

The principal activity of Asper Second GP(2) Limited is Dormant

Asper Second General Partner LLP

The principal activity of Asper Second General Partner LLP is Dormant

Asper Renewables (Nominees) Limited

The principal activity of Asper Renewables (Nominees) Limited is Dormant

Asper Columba GP S.a.r.l.

The principal activity of Asper Columba GP S.a.r.l. is Investment Management

Asper Dorothea GP S.a.r.l.

The principal activity of Asper Dorothea GP S.a.r.l. is Investment management

Asper Investment Management NL BV

The principal activity of Asper Investment Management NL BV is Investment Management

Asper Iona SLP GP LLP

The principal activity of Asper Iona SLP GP LLP is Investment Management

Asper DHUK GP LLP

The principal activity of Asper DHUK GP LLP is Investment Management

Asper DHUK SLP GP LLP

The principal activity of Asper DHUK SLP GP LLP is Investment Management

 

Asper Investment Management Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

The dormant entities have been excluded from the consolidation on the basis that they are immaterial.

As at 31 March 2024:

The profit for the financial period of Asper Renewable Power GP (Guernsey) Ltd was £8,544 and the aggregate amount of capital and reserves at the end of the period was £32,633.

The loss for the financial period of Asper RPP2 General Partner (Guernsey) Limited was £2,819 and the aggregate amount of capital and reserves at the end of the period was £30,658.

The profit for the financial period of Asper Columba GP S.a.r.l. was £1,609 and the aggregate amount of capital and reserves at the end of the period was £23,426.

The profit for the financial period of Asper Dorothea GP S.a.r.l. was £10,933 and the aggregate amount of capital and reserves at the end of the period was £22,046.

The profit for the financial period of Asper Investment Management NL B.V. was £7,672 and the aggregate amount of capital and reserves at the end of the period was £71,532.

The profit for the financial period of Asper Iona SLP GP LLP was £735 and the aggregate balance on the members accounts at the end of the period was £283.

The profit for the financial period of Asper DHUK GP LLP was £1,600 and the aggregate balance on the members accounts at the end of the period was £250.

The profit for the financial period of Asper DHUK GP SLP LLP was £1,500 and the aggregate balance on the members accounts at the end of the period was £1.

The fund to which Asper Renewable Power GP (Guernsey) Limited is the general partner reached its termination date on 30 June 2021. During the winding up period, Asper Renewable Power GP (Guernsey) Limited will conduct no further business except for actions necessary in connection with the winding up process.

The fund to which Asper RPP2 General Partner (Guernsey) Limited is the general partner reached its termination date on 28 May 2022. During the winding up period, Asper RPP2 General Partner (Guernsey) Limited will conduct no further business except for actions necessary in connection with the winding up process.

Joint ventures

2024
£

2023
£

Additions

860,152

-

Group's share of profit and loss

(284,376)

-

Carrying amount

At 31 March 2024

575,776

-

 

Asper Investment Management Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Company

2024
£

2023
£

Investments in subsidiaries

106,945

106,945

Investments in joint ventures

860,152

-

Fixed asset investments - Other loans

233,934

243,623

1,201,031

350,568

Fixed asset investments - other loans comprises of loans to early stage investment platforms.

Joint ventures

£

Cost

Additions

860,152

Carrying amount

At 31 March 2024

860,152

Group and Company
Fixed asset investments - other loans

£

Cost or valuation

At 1 April 2023

243,623

Foreign currency gains/ (losses)

(9,689)

At 31 March 2024

233,934

Included within fixed asset investments - other loans are amounts due from third parties with a value of £233,934 (2023 - £243,623). These amounts are due in 2 to 5 years.

 

 

Asper Investment Management Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

16

Other financial assets

Group

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 1 April 2023

1,544,888

1,544,888

Fair value adjustments

367,683

367,683

Additions

587,950

587,950

At 31 March 2024

2,500,521

2,500,521

Impairment

Carrying amount

At 31 March 2024

2,500,521

2,500,521

Company

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 1 April 2023

1,544,880

1,544,880

Fair value adjustments

367,683

367,683

Additions

587,953

587,953

At 31 March 2024

2,500,516

2,500,516

Impairment

Carrying amount

At 31 March 2024

2,500,516

2,500,516

Other financial assets relate to co-investments in private equity partnerships.

 

Asper Investment Management Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

17

Debtors

   

Group

Company

Current

Note

2024
£

2023
£

2024
£

2023
£

Trade debtors

 

264,400

1,254,208

66,831

1,157,635

Amounts owed by related parties

 

254,346

-

271,498

44,442

Other debtors

 

382,766

380,886

309,261

294,596

Prepayments

 

139,096

111,692

137,325

103,021

Income tax asset

12

130,417

-

124,621

-

   

1,171,025

1,746,786

909,536

1,599,694

18

Cash and cash equivalents

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Cash at bank

6,897,299

6,634,660

6,771,913

6,561,475

19

Creditors

   

Group

Company

Note

2024
£

2023
£

2024
£

2023
£

Due within one year

 

Trade creditors

 

269,964

154,338

105,845

91,858

Amounts due to related parties

 

256,605

-

352,464

88,363

Outstanding defined contribution pension costs

 

30,962

-

30,962

-

Other payables

 

21,103

13,745

2

2,545

Accruals

 

830,481

734,181

713,793

655,360

Income tax liability

12

-

643,392

-

643,392

 

1,409,115

1,545,656

1,203,066

1,481,518

 

Asper Investment Management Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

20

Provisions for liabilities

Group

Deferred tax
£

Total
£

At 1 April 2023

71,430

71,430

Increase (decrease) in existing provisions

93,133

93,133

At 31 March 2024

164,563

164,563

Company

Deferred tax
£

Total
£

At 1 April 2023

71,430

71,430

Increase (decrease) in existing provisions

93,133

93,133

At 31 March 2024

164,563

164,563

21

Pension and other schemes

Defined contribution pension scheme

The Group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the Group to the scheme and amounted to £223,028 (2023 - £131,289).

Contributions totalling £30,962 (2023 - £Nil) were payable to the scheme at the end of the year and are included in creditors.

22

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

90,357

90,357

90,357

90,357

       

Rights, preferences and restrictions

Ordinary Shares have the following rights, preferences and restrictions:
Ordinary shares have full voting rights in the company with respect to voting, dividends and capital distributions.

 

Asper Investment Management Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

23

Obligations under leases and hire purchase contracts

Group

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

300,298

14,677

Later than one year and not later than five years

318,574

-

618,872

14,677

24

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £Nil (2023 - £11.0672) per each Ordinary shares

-

1,000,000

 

 

25

Analysis of changes in net debt

Group

At 1 April 2023
£

Financing cash flows
£

Foreign exchange movements
£

At 31 March 2024
£

Cash and cash equivalents

Cash

6,634,660

236,371

26,268

6,897,299

 

6,634,660

236,371

26,268

6,897,299

 

Asper Investment Management Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

26

Related party transactions

Company

Transactions with directors

2024

At 1 April 2023
£

Advances to director
£

At 31 March 2024
£

E Tinker

Director loan

17,493

4,829

22,322

L Quiroga

Director loan

17,493

4,829

22,322

L Pettinicchio

Director loan

17,493

4,829

22,322

A Clements

Director loan

17,493

4,829

22,322

A Sykes

Director loan

17,493

4,829

22,322

O Delpon de Vaux

Director loan

17,493

4,829

22,322

 

Asper Investment Management Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

2023

At 1 April 2022
£

Advances to director
£

At 31 March 2023
£

E Tinker

Director loan

10,176

7,317

17,493

L Quiroga

Director loan

10,176

7,317

17,493

L Pettinicchio

Director loan

10,176

7,317

17,493

A Clements

Director loan

10,176

7,317

17,493

A Sykes

Director loan

10,176

7,317

17,493

O Delpon de Vaux

Director loan

10,176

7,317

17,493

27

Parent and ultimate parent undertaking

The Directors control the Company. No single Director held a controlling interest in the Company at the date of this report or at any stage during the financial year ended 31 March 2024.