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Registered number: 07745735












ROBUS CAPITAL MANAGEMENT LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

 

ROBUS CAPITAL MANAGEMENT LIMITED
 
COMPANY INFORMATION


Directors
Mark Hoffmann 
Dieter Kaiser 
Andreas Jaufer 
Benjamin Noisser 




Registered number
07745735



Registered office
2nd Floor
9 Percy Street

London

W1T 1DL




Independent auditor
Blick Rothenberg Audit LLP
Chartered Accountants & Statutory Auditor

16 Great Queen Street

Covent Garden

London

WC2B 5AH





 

ROBUS CAPITAL MANAGEMENT LIMITED

DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Principal activity

The principal activity of the company is to provide investment advisory services.

Results and dividends

The profit for the year, after taxation, amounted to £1,809,276 (2022 -£4,166,252).

Directors

The directors who served during the year were:

Mark Hoffmann 
Dieter Kaiser 
Andreas Jaufer 
Benjamin Noisser 

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 the Group 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 for the Group'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 Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Group's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' Reports may differ from legislation in other jurisdictions. 

Directors' liability insurance and indemnity

The Company has arranged insurance cover in respect of legal action against its Directors. To the extent permitted by UK law, the Company also indemnifies the Directors.

Page 1

 

ROBUS CAPITAL MANAGEMENT LIMITED

DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Future developments

Information on future developments are included in the Strategic Report.

Engagement with suppliers, customers and others

Information on engagement with suppliers, customers and others are included in the Strategic Report.

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 and the Group'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 and the Group's auditor is aware of that information.

Public disclosures

The company has documented the disclosures required by the FCA under MIFIDRPU 8. They are attached to these financial statements.

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 24 April 2024 and signed on its behalf.
 





Mark Hoffmann
Director

Page 2

 

ROBUS CAPITAL MANAGEMENT LIMITED
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Business Review Fiscal Year 2023

Robus Capital Management Limited (the “Company”) is an FCA regulated provider of fund management services. The Company’s focus is on the management of fund vehicles investing in the debt of medium-sized companies based in Central Europe. Funds managed by the Company invest in corporate bonds, so called Schuldscheine (private placement notes), convertible bonds, hybrid bonds and senior secured and subordinated loan instruments. Investments are done via primary or secondary markets.
The Company manages different fund vehicles (currently only Luxembourg based entities) with different variations of investment strategies around the core theme of investing in the corporate debt of medium sized companies and different positionings along the risk-return and liquidity spectrum (“the Funds”). 
Assets under management in local currency increased slightly despite sizeable distributions to investors under the first restructuring focussed Fund. These distributions were overly compensated by inflows into the liquid funds managed by the Company including in particular a new fund launched during the year. In addition, almost all Funds achieved strong performance supporting the growth of assets under management organically. 
Revenue reported for FY 2023 decreased year-on-year by a about 6% mainly due to (a) lower gains on financial assets held by the Company, and (b) a weaker pound sterling compared to the euro (this translates directly into a reported revenue decrease given all revenues are in EUR). The Company’s operating cost base increased by about 22% in FY 2023. The increased headcount (wages and bonuses) and corresponding IT (hard and software) expenses are the main reasons. As a result the Company’s operating profit decreased by 40% in FY 2023 compared to FY 2022 and profit for the financial year decreased by 59%.

Future Outlook
 
Looking back, 2023 was a year of surprises. A recession was expected for the year, partly as a result of the war in Ukraine and the restrictive central bank policy, which was to be accompanied by falling share prices and rising bond yields. In fact, the global economy developed more strongly than expected. Inflation in the eurozone, which was still at almost 9% at the beginning of the year, fell surprisingly sharply in the coming months. The ECB's optimism in the fight against high inflation was already so advanced at the end of 2023 that there was finally talk of interest rates peaking. The Fed has even gone one step further in this respect and has already talked about the extent of interest rate cuts in the coming year.
In 2023, all asset classes were under the influence of a relatively restrictive central bank policy in an attempt to bring high inflation under control. The associated rise in financing costs had an increasingly negative impact on companies' profitability. However, the resilience of companies and, not least, consumers meant that the number of insolvencies remained within normal limits and company profits were only proportionately impacted by higher costs due to price increases. In this environment, almost all Funds achieved significantly positive performance. At the same time, a new fund was launched in 2023, the Robus Short Maturity Fund, which further diversifies the Company's product portfolio and also appeals to new customer groups.

Principal risks and uncertainties
 
The management of the business and the execution of the company’s strategy are subject to a number of risks. The main risk – as for every asset management firm – is that the Company does not manage to grow or at least maintain the amount of assets in the funds managed by the company, which would result in declining revenues for the Company in the event of a declining amount of assets in the funds managed by the Company. 
The reasons for this could be the failure to launch additional funds and / or the failure to maintain the assets under management in the existing funds. Failure to maintain the assets under management in the existing funds could result from negative fund performance, which in itself would reduce assets and additionally might prompt investors to withdraw capital from the Funds. Additionally, investors could withdraw money from the Funds if and when their individual or collective outlook for the investment strategies applied for the Funds deteriorates. 

Page 3

 

ROBUS CAPITAL MANAGEMENT LIMITED

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Directors' statement of compliance with duty to promote the success of the Group
 
Over the course of the year, the Directors have assessed the short, medium and long term plans of the Company, specifically in respect of business development meaning the launching of new Funds as well as the continued strengthening of the employee base. The decisions made by the Board during each assessment had the intention to promote the success of the Company for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to  
a. the likely consequences of any decision in the long term, 
b. the interests of the company's employees, 
c. the need to foster the company's business relationships with suppliers, customers and others, 
d. the impact of the company's operations on the community and the environment, 
e. the desirability of the company maintaining a reputation for high standards of business conduct, and 
f. the need to act fairly as between members of the company.


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



Mark Hoffmann
Director

Page 4

 

ROBUS CAPITAL MANAGEMENT LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ROBUS CAPITAL MANAGEMENT LIMITED
 FOR THE YEAR ENDED 31 DECEMBER 2023

Opinion
We have audited the financial statements of Robus Capital Management Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Group Statement of Comprehensive Income, the Group and Company Balance Sheets, the Group and Company Statement of Changes in Equity, the Group Statement of Cash Flows, and the notes to the financial statements, 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 Group's and of the parent Company's affairs as at 31 December 2023 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's 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 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 Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

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

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:

the information given in the Group 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 Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

Page 5

 

ROBUS CAPITAL MANAGEMENT LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ROBUS CAPITAL MANAGEMENT LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 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 Directors' Responsibilities Statement set out on page 1, 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 Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.

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 Group 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 for 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 was 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
Page 6

 

ROBUS CAPITAL MANAGEMENT LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ROBUS CAPITAL MANAGEMENT LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

journal entries and other adjustments.
Another focus area was non-compliance with the rules of the Financial Conduct Authority (‘the 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 Auditor's Report.

Use of our report
This report is made solely to the Company's members, as a body, 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.




Geoff Johnson (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

24 April 2024
Page 7

 

ROBUS CAPITAL MANAGEMENT LIMITED
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 3 
8,020,825
8,352,514

Gross profit
  
8,020,825
8,352,514

Administrative expenses
  
(5,656,541)
(4,543,220)

Operating profit
 4 
2,364,284
3,809,294

Income from fixed assets investments
  
37,072
1,507,792

Interest receivable and similar income
  
54,814
4,747

Profit before taxation
  
2,456,170
5,321,833

Tax on profit
 8 
(646,894)
(1,155,581)

Profit for the financial year
  
1,809,276
4,166,252

  

Exchange movement on translation of subsidiaries
  
(21,012)
(42,384)

Other comprehensive income for the year
  
(21,012)
(42,384)

Total comprehensive income for the year
  
1,788,264
4,123,868

Profit for the year attributable to:
  

Owners of the parent Company
  
1,809,276
4,166,252

  
1,809,276
4,166,252

Total comprehensive income for the year attributable to:
  

Owners of the parent Company
  
1,788,264
4,123,868

  
1,788,264
4,123,868

The notes on pages 14 to 25 form part of these financial statements.

Page 8


 
REGISTERED NUMBER:07745735
ROBUS CAPITAL MANAGEMENT LIMITED

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 10 
76,653
85,522

Investments
 11 
13,531,823
10,454,955

  
13,608,476
10,540,477

Current assets
  

Debtors: amounts falling due within one year
 12 
1,725,689
1,686,223

Cash at bank and in hand
  
7,545,682
8,386,475

  
9,271,371
10,072,698

Creditors: amounts falling due within one year
 13 
(2,549,831)
(2,071,423)

Net current assets
  
 
 
6,721,540
 
 
8,001,275

Total assets less current liabilities
  
20,330,016
18,541,752

Provisions for liabilities
  

Deferred taxation
 14 
(432,746)
(432,746)

  
 
 
(432,746)
 
 
(432,746)

Net assets excluding pension asset
  
19,897,270
18,109,006

Net assets
  
19,897,270
18,109,006


Capital and reserves
  

Called up share capital 
 16 
75
75

Share premium account
  
112,425
112,425

Profit and loss account
  
19,784,770
17,996,506

  
19,897,270
18,109,006


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




Mark Hoffmann
Director

The notes on pages 14 to 25 form part of these financial statements.

Page 9


 
REGISTERED NUMBER:07745735
ROBUS CAPITAL MANAGEMENT LIMITED

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 10 
10,649
2,558

Investments
 11 
13,468,962
10,825,407

  
13,479,611
10,827,965

Current assets
  

Debtors: amounts falling due within one year
 12 
1,548,261
1,562,198

Cash at bank and in hand
  
6,772,875
7,800,199

  
8,321,136
9,362,397

Creditors: amounts falling due within one year
 13 
(2,811,417)
(2,575,029)

Net current assets
  
 
 
5,509,719
 
 
6,787,368

Total assets less current liabilities
  
18,989,330
17,615,333

  

Provisions for liabilities
  

Deferred taxation
 14 
(432,746)
(432,746)

  
 
 
(432,746)
 
 
(432,746)

Net assets excluding pension asset
  
18,556,584
17,182,587

Net assets
  
18,556,584
17,182,587


Capital and reserves
  

Called up share capital 
 16 
75
75

Share premium account
  
112,425
112,425

Profit and loss account brought forward
  
17,070,087
14,755,877

Profit for the year
  
1,373,997
3,656,775

Dividends paid

  

-
(1,342,565)

Profit and loss account carried forward
  
18,444,084
17,070,087

  
18,556,584
17,182,587


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


Mark Hoffmann
Director

The notes on pages 14 to 25 form part of these financial statements.

Page 10

 

ROBUS CAPITAL MANAGEMENT LIMITED

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


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 January 2022
75
112,425
15,215,203
15,327,703



Profit for the year
-
-
4,166,252
4,166,252

Exchange movement on translation of subsidiaries
-
-
(42,384)
(42,384)

Dividends
-
-
(1,342,565)
(1,342,565)



At 1 January 2023
75
112,425
17,996,506
18,109,006



Profit for the year
-
-
1,809,276
1,809,276

Exchange movement on translation of subsidiaries
-
-
(21,012)
(21,012)


At 31 December 2023
75
112,425
19,784,770
19,897,270


The notes on pages 14 to 25 form part of these financial statements.

Page 11

 

ROBUS CAPITAL MANAGEMENT LIMITED

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


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 January 2022
75
112,425
14,755,877
14,868,377



Profit for the year
-
-
3,656,775
3,656,775

Dividends
-
-
(1,342,565)
(1,342,565)



At 1 January 2023
75
112,425
17,070,087
17,182,587



Profit for the year
-
-
1,373,997
1,373,997


At 31 December 2023
75
112,425
18,444,084
18,556,584


The notes on pages 14 to 25 form part of these financial statements.

Page 12

 

ROBUS CAPITAL MANAGEMENT LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
1,809,276
4,166,252

Adjustments for:

Depreciation of tangible assets
27,596
10,681

Interest received
(54,814)
(4,747)

Taxation charge
646,894
1,155,581

(Increase)/decrease in debtors
(45,570)
703,905

Increase/(decrease) in creditors
462,686
(2,655,501)

Net fair value (gains) recognised in P&L
(37,072)
(1,507,792)

Corporation tax (paid)
(623,710)
(934,146)

Net cash generated from operating activities

2,185,286
934,233


Cash flows from investing activities

Purchase of tangible fixed assets
(20,085)
(85,511)

Purchase of unlisted and other investments
(3,137,732)
(3,274,667)

Sale of unlisted and other investments
97,936
165,243

Interest received
54,814
4,747

Net cash from investing activities

(3,005,067)
(3,190,188)

Cash flows from financing activities

Dividends paid
-
(1,342,565)

Net cash used in financing activities
-
(1,342,565)

Net (decrease) in cash and cash equivalents
(819,781)
(3,598,520)

Cash and cash equivalents at beginning of year
8,386,475
12,027,379

Foreign exchange gains and losses
(21,012)
(42,384)

Cash and cash equivalents at the end of year
7,545,682
8,386,475


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
7,545,682
8,386,475

7,545,682
8,386,475


The notes on pages 14 to 25 form part of these financial statements.

Page 13

 

ROBUS CAPITAL MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Robus Capital Management Limited is a private company limited by shares incorporated in the United Kingdom and registered in England and Wales. Its registered address is 2nd Floor, 9 Percy Street, London, W1T 1DL.

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 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.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. Management do not consider there are any key accounting estimates or assumptions made that have a significant risk of causing risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year. 
Management are also required to exercise judgment in applying the company's accounting policies. Due to the straightforward nature of the business, management consider that no critical judgments have been made in applying the company's accounting policies.

 
2.2

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 Income and Retained Earnings from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

Going concern

After making enquiries, the directors believe that the company is well placed to manage its business risks successfully, and has adequate resources to continue in operational existence for the foreseeable future. The financial statements have therefore been prepared on a going concern basis.

 
2.4

Turnover

Turnover comprises fund management and performance fees. Management fees are recognised as they accrue across the year. Performance fees are only recognised on crystallisation.
 

 
2.5

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.

Page 14

 

ROBUS CAPITAL MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.5
Tangible fixed assets (continued)

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

Depreciation is provided on the following basis:

Motor vehicles
-
3
years
Fixtures and fittings
-
3
years
Office 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.

 
2.6

Operating leases: the Group as lessee

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

 
2.7

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment. Where merger relief is applicable, the cost of the investment in a subsidiary undertaking is measured at the nominal value of the shares issued together with the fair value of any additional consideration paid.
Investments in unlisted company shares, which have been classified as fixed asset investments as the Company intends to hold them on a continuing basis are remeasured to market value at each Balance Sheet date. Gains and loss on remeasurement are recognised in profit or loss for the period.

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

 
2.8

Financial instruments

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 from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument consitute a financing transaction, like 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. 

Page 15

 

ROBUS CAPITAL MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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

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

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

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

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.

 
2.10

Dividends

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

 
2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the 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 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
 
Page 16

 

ROBUS CAPITAL MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.11
Current and deferred taxation (continued)

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 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.


3.


Turnover

The whole of the turnover is attributable to the provision of investment management services.

All turnover arose within the United Kingdom, other than £334,125 (2022: 272,052) which arose in the German subsidiary, Robus Capital Management GmbH. 


4.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Depreciation of tangible fixed assets
27,596
10,681

Exchange differences
140,014
(287,663)

Other operating lease rentals
161,134
154,205


5.


Auditor's remuneration

2023
2022
£
£

Fees payable to the Group's auditor for the audit of the Group's annual accounts
18,000
18,000

Fees payable to the Company's auditor and its associates in respect of:

Other services
27,468
18,820

Page 17

 

ROBUS CAPITAL MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Employees

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


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
3,609,428
3,243,315
1,387,995
1,215,962

Social security costs
348,689
242,251
183,801
126,341

3,958,117
3,485,566
1,571,796
1,342,303


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



Group
Group
Company
Company
        2023
        2022
        2023
        2022
            No.
            No.
            No.
            No.









Employees
15
11
4
4


7.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
1,387,995
1,215,962

1,387,995
1,215,962


The highest paid director received remuneration of £1,039,508 (2022 - £854,385).

Page 18

 

ROBUS CAPITAL MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
446,272
279,304


446,272
279,304

Foreign tax


Foreign tax on income for the year
200,622
169,837

Total current tax
646,894
449,141

Deferred tax


Deferred tax
-
706,440

Total deferred tax
-
706,440


Tax on profit
646,894
1,155,581

Factors affecting tax charge for the year

The tax assessed for the year differs from the standard rate of corporation tax in the UK of 23.5% - blended rate (2022 -19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
2,456,170
5,321,833


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.5% - blended rate (2022 -19%)
577,200
1,011,148

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
356
176

Differences in relation to foreign subsidiaries
87,376
40,767

Other differences
(18,038)
(369)

Differences due to increase in corporation tax rate
-
103,859

Total tax charge for the year
646,894
1,155,581


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 19

 

ROBUS CAPITAL MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Dividends

2023
2022
£
£


Dividends paid
-
1,342,565


10.


Tangible fixed assets

Group






Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost


At 1 January 2023
139,689
67,118
70,277
277,084


Additions
-
5,782
14,303
20,085


Exchange adjustments
(1,358)
-
-
(1,358)



At 31 December 2023

138,331
72,900
84,580
295,811



Depreciation


At 1 January 2023
78,921
44,922
67,719
191,562


Charge for the year on owned assets
15,515
8,204
3,877
27,596



At 31 December 2023

94,436
53,126
71,596
219,158



Net book value



At 31 December 2023
43,895
19,774
12,984
76,653



At 31 December 2022
60,768
22,196
2,558
85,522

Page 20

 

ROBUS CAPITAL MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

           10.Tangible fixed assets (continued)


Company






Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£

Cost


At 1 January 2023
58,732
22,937
70,277
151,946


Additions
-
-
11,968
11,968



At 31 December 2023

58,732
22,937
82,245
163,914



Depreciation


At 1 January 2023
58,732
22,937
67,719
149,388


Charge for the year
-
-
3,877
3,877



At 31 December 2023

58,732
22,937
71,596
153,265



Net book value



At 31 December 2023
-
-
10,649
10,649



At 31 December 2022
-
-
2,558
2,558






Page 21

 

ROBUS CAPITAL MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Fixed asset investments

Group





Investments in subsidiary companies
Unlisted investments
Total

£
£
£



Cost or valuation


At 1 January 2023
30,339
10,424,616
10,454,955


Additions
-
3,137,732
3,137,732


Disposals
-
(97,936)
(97,936)


Revaluations
-
37,072
37,072



At 31 December 2023
30,339
13,501,484
13,531,823




Company





Investments in subsidiary companies
Unlisted investments
Total

£
£
£



Cost or valuation


At 1 January 2023
400,791
10,424,616
10,825,407


Additions
-
2,704,419
2,704,419


Disposals
-
(97,936)
(97,936)


Revaluations
-
37,072
37,072



At 31 December 2023
400,791
13,068,171
13,468,962





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Holding

Robus (GP) S.a.r.l
Luxembourg
100%
Robus Capital Management GmbH
Germany
100%
Robus Capital Management
UAE
100%

Page 22

 

ROBUS CAPITAL MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Subsidiary undertakings (continued)

Unlisted investments measured at fair value represent amounts invested by the company in funds that it manages. The fair value is determined using the Net Asset Value of the fund at the balance sheet date.
During 2017, the company subscribed for €12,000 of share capital into Robus (GP) S.a.r.l, an entity incorporated in Luxembourg. This entity's registered office is Carré Bonn, 20, rue de la Poste, L-2346, Luxembourg. The net assets of this entity at 31 December 2023 were €32,779. This entity is not included as a consolidated subsidiary in these accounts due to the effect of consolidating not being material.
During 2018, the company subscribed for €50,000 of share capital into Robus Capital Management GmbH, an entity incorporated in Germany. This entity's registered office is  Bockenheimer Landstraße 51 - 53, 60325, Frankfurt am Main, Germany. During 2019, the company subscribed for €350,000 of share capital into the entity. During 2020, the company subscribed for €1,000 of shares equity into the entity. The net assets of this entity at 31 December 2023 were €1,297,584.
During 2021, the company subscribed for AED 100,000 of share capital into Robus Capital Management, an entity incorporated in UAE. This entity's registered office is Dubai World Trade Centre Authority, Dubai - United Arab Emirates. The net assets of this entity at 31 December 2023 were AED 100,000. This entity is not included as a consolidated subsidiary in these accounts due to the efffect of consolidating not being material. 


12.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Trade debtors
285,330
565,199
202,674
489,001

Other debtors
132,210
121,058
95,477
92,503

Prepayments and accrued income
1,308,149
999,966
1,250,110
980,694

1,725,689
1,686,223
1,548,261
1,562,198



13.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Trade creditors
(8,427)
46,802
(8,401)
(10,435)

Amounts owed to group undertakings
19,785
19,785
1,567,744
1,482,238

Corporation tax
17,206
1,484
-
-

Other taxation and social security
19,074
11,763
17,595
10,495

Other creditors
264,335
192,085
24,925
16,943

Accruals and deferred income
2,237,858
1,799,504
1,209,554
1,075,788

2,549,831
2,071,423
2,811,417
2,575,029



14.


Deferred taxation

Page 23

 

ROBUS CAPITAL MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
14.Deferred taxation (continued)


Group



2023


£






At beginning of year
(432,746)



At end of year
(432,746)

Company


2023


£






At beginning of year
(432,746)



At end of year
(432,746)

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Accelerated capital allowances
5,589
5,589
5,589
5,589

Fair value movement on fixed asset investments
(438,335)
(438,335)
(438,335)
(438,335)

(432,746)
(432,746)
(432,746)
(432,746)

Page 24

 

ROBUS CAPITAL MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
15.


Analysis of net debt




At 1 January 2023
Cash flows
At 31 December 2023
£

£

£

Cash at bank and in hand

8,386,475

(840,793)

7,545,682


8,386,475
(840,793)
7,545,682


16.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



750 (2022: 750) ordinary shares of £0.10 each
75
75



17.


Capital commitments




At 31 December 2023 the Group and Company had capital commitments as follows:


Group
Group
2023
2022
£
£

Contracted for but not provided in these financial statements
99,180
753,424

99,180
753,424


18.


Commitments under operating leases

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


Group
Group
2023
2022
£
£

Not later than 1 year
131,228
129,520

Later than 1 year and not later than 5 years
357,722
119,043

488,950
248,563

19.


Controlling party

There is no ultimate controlling party. 

Page 25