Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31false2023-01-011616falsefalsefalse 04584600 2023-01-01 2023-12-31 04584600 1 2023-01-01 2023-12-31 04584600 2022-01-01 2022-12-31 04584600 2023-12-31 04584600 2022-12-31 04584600 2022-01-01 04584600 1 2023-01-01 2023-12-31 04584600 1 2022-01-01 2022-12-31 04584600 5 2023-01-01 2023-12-31 04584600 5 2022-01-01 2022-12-31 04584600 e:CompanySecretary1 2023-01-01 2023-12-31 04584600 e:Director1 2023-01-01 2023-12-31 04584600 e:Director2 2023-01-01 2023-12-31 04584600 e:Director4 2023-01-01 2023-12-31 04584600 e:Director5 2023-01-01 2023-12-31 04584600 e:RegisteredOffice 2023-01-01 2023-12-31 04584600 c:Buildings c:LongLeaseholdAssets 2023-01-01 2023-12-31 04584600 c:Buildings c:LongLeaseholdAssets 2023-12-31 04584600 c:Buildings c:LongLeaseholdAssets 2022-12-31 04584600 c:FurnitureFittings 2023-01-01 2023-12-31 04584600 c:FurnitureFittings 2023-12-31 04584600 c:FurnitureFittings 2022-12-31 04584600 c:FurnitureFittings c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04584600 c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04584600 c:CurrentFinancialInstruments 2023-12-31 04584600 c:CurrentFinancialInstruments 2022-12-31 04584600 c:CurrentFinancialInstruments c:WithinOneYear 2023-12-31 04584600 c:CurrentFinancialInstruments c:WithinOneYear 2022-12-31 04584600 c:UKTax 2023-01-01 2023-12-31 04584600 c:UKTax 2022-01-01 2022-12-31 04584600 c:ShareCapital 2023-12-31 04584600 c:ShareCapital 2022-12-31 04584600 c:ShareCapital 2022-01-01 04584600 c:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 04584600 c:RetainedEarningsAccumulatedLosses 2023-12-31 04584600 c:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 04584600 c:RetainedEarningsAccumulatedLosses 2022-12-31 04584600 c:RetainedEarningsAccumulatedLosses 2022-01-01 04584600 c:FinancialAssetsAmortisedCost 2023-12-31 04584600 c:FinancialAssetsAmortisedCost 2022-12-31 04584600 c:FinancialLiabilitiesAmortisedCost 2023-12-31 04584600 c:FinancialLiabilitiesAmortisedCost 2022-12-31 04584600 e:OrdinaryShareClass1 2023-01-01 2023-12-31 04584600 e:OrdinaryShareClass1 2023-12-31 04584600 e:OrdinaryShareClass1 2022-12-31 04584600 e:FRS102 2023-01-01 2023-12-31 04584600 e:Audited 2023-01-01 2023-12-31 04584600 e:FullAccounts 2023-01-01 2023-12-31 04584600 e:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 04584600 c:WithinOneYear 2023-12-31 04584600 c:WithinOneYear 2022-12-31 04584600 c:BetweenOneFiveYears 2023-12-31 04584600 c:BetweenOneFiveYears 2022-12-31 04584600 2 2023-01-01 2023-12-31 04584600 c:AcceleratedTaxDepreciationDeferredTax 2023-12-31 04584600 c:AcceleratedTaxDepreciationDeferredTax 2022-12-31 04584600 f:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 04584600








WHITLEY ASSET MANAGEMENT LTD

ANNUAL REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

 
WHITLEY ASSET MANAGEMENT LTD
 
 
COMPANY INFORMATION


Directors
E. J. Whitley Esq. 
L. A. Rettie 
F. A. Bromovsky 
A. R. Hambro Esq. 




Company secretary
L. A. Rettie



Registered number
04584600



Registered office
Calder & Co
30 Orange Street

London

WC2H 7HF




Independent auditors
Calders (1883) LLP
Statutory Auditor and Chartered Accountants

30 Orange Street

London

WC2H 7HF





 
WHITLEY ASSET MANAGEMENT LTD
 

CONTENTS



Page
Strategic Report
 
1 - 3
Directors' Report
 
4 - 5
Independent Auditors' Report
 
6 - 10
Statement of Comprehensive Income
 
11
Balance Sheet
 
12
Statement of Changes in Equity
 
13
Statement of Cash Flows
 
14
Notes to the Financial Statements
 
15 - 26


 
WHITLEY ASSET MANAGEMENT LTD
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
 The directors present their strategic report for the year ended 31 December 2023.

Business review
 
The Company provides discretionary and advisory management services to wealthy individuals, families, charities and trusts. The Company’s goal continues to be to protect and grow clients’ wealth through prudent investment.

Principal risks and uncertainties
 
The company does not hold client money or investments and deals little on its own account beyond cash management.  Thus it is not subject to credit risk and the market risk faced is minimal; the main business risk to which the company is exposed is the reduction of income through significant financial market downturn or loss of clients.

Financial key performance indicators
 
The Directors consider the key performance indicators for the business to be income levels and profitability:
                                                 2023                 2022
                                                 £’000                £’000
Turnover                                    7,476                7,815
Operating profit                          1,867                3,086
Operating margin                        25.0%              39.5%


Other key performance indicators
 
The directors believe that analysis using key performance indicators for the company in isolation is not necessary or appropriate for an understanding of its development, performance or market position.

Page 1

 
WHITLEY ASSET MANAGEMENT LTD
 

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

Directors' statement of compliance with duty to promote the success of the Company
 
The directors of Whitley Asset Management must act in accordance with a set of general duties, set out in the UK’s Companies Act 2006, which includes a duty to promote the success of the Company. Key matters for the board to consider are:
• the likely consequences of any decision in the long term;
• the interests of the company’s employees;
• the need to foster the company’s business relationships with suppliers, customers and others;
• the impact of the company’s operations on the community and the environment;
• the desirability of the company maintaining a reputation for high standards of business conduct; and
• the need to act fairly between members of the company.
 
The following paragraphs summarise how the Director fulfil their duties:
 
Risk Management
In providing investment management services to our clients we work within a highly regulated environment. It is of fundamental importance that we effectively identify, evaluate, mitigate and manage the risks faced by our business and that this effort is central to our operations. As set out in our annual Pillar III disclosure, the firm manages risk through producing key management information and using Board input to monitor and control specific risks. Management believes that the main business risks faced by the firm are mitigated as far as possible by using asset allocation strategies which provide well diversified portfolios and by building strong long term relationships with our clients and maintaining excellent levels of service. In general terms the firm seeks to mitigate operational risk by:
• recruiting and retaining high-quality professional staff
• adopting robust policies and procedures for anti-money laundering, regulatory compliance and financial
          matters
• reviewing and updating internal policies and procedures on a rolling basis
• continually monitoring the firm’s activities using a risk based plan
• ensuring that IT is regularly tested and all systems kept up to date
• maintaining appropriate cash reserves to ensure there is working capital available when required
• holding appropriate Professional Indemnity and general office insurances
 
Our Team
The firm operates in a highly collegiate manner with all staff participating in discussions about investment strategy and direction. As a small firm we believe it is vital that all staff are engaged and involved so as to allow us to work together for the benefit of our clients and the team. There is a profit sharing arrangement in place which enables the team to participate in the success of the business.
 
Business Relationships
Our business is built upon long term relationships with its clients. The firm works hard to maintain and develop these connections and is proud to have developed many multigenerational client arrangements. Whilst the investment performance we achieve for our clients is fundamental, we believe that our straightforward, open and regular communication with clients serves to deepen our relationship with them. Additionally, the firm believes that building long term relationships with key suppliers is critical to long term success.
 
 
Page 2

 
WHITLEY ASSET MANAGEMENT LTD
 

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

Community and Environment
The firm acts for various charitable clients and is proud to do so. The firm is working to reduce its environmental impact. We have set up a committee focusing on ESG issues as they relate to our investment strategies and implementation, and have joined initiatives such as the UN Principles for Responsible Investment, the Carbon Disclosure Project and FAIRR. We have put in place measures such as Cycle to Work schemes and recycling of as much waste as possible. We also encourage our team to support the wider community: all staff are given additional leave for charitable activity. WAM actively supports employees that wish to raise money for charities and will match up to a £100 donation per employee per annum. We recognise the importance of volunteering and other charitable acts, such as giving blood, and provide support by giving each employee up to two “volunteer days” each year.


This report was approved by the board on 27 March 2024 and signed on its behalf.





E. J. Whitley Esq.
Director

Page 3

 
WHITLEY ASSET MANAGEMENT LTD
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

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

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

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

Principal activity

The principal activity of the company is to provide investment management and financial advisory services.  Authorisation under the Financial Services and Markets Act 2000 was granted by the Financial Services Authority on 17 February 2004.

Business review

Business review is shown contained in the Strategic report on page 1 of the accounts.

Results and dividends

The profit for the year, after taxation, amounted to £1,659,272 (2022 - £2,570,903).

The directors paid dividends totalling £4,662,000 in the year (2022 - £1,673,000).

Directors

The directors who served during the year were:

E. J. Whitley Esq. 
L. A. Rettie 
F. A. Bromovsky 
A. R. Hambro Esq. 

Page 4

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

Future developments

No significant developments are forecast for the company, but the directors seek to continue to grow the business whilst maintaining excellent client service.

Greenhouse gas emissions, energy consumption and energy efficiency action

The Company has not disclosed information in respect of greenhouse gas emissions, energy consumption and energy efficiency action as its energy consumption in the United Kingdom for the year is 40,000kWh or lower.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsCalders (1883) LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 27 March 2024 and signed on its behalf.
 





E. J. Whitley Esq.
Director

Page 5

 
WHITLEY ASSET MANAGEMENT LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WHITLEY ASSET MANAGEMENT LTD
 

Opinion


We have audited the financial statements of Whitley Asset Management Ltd (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Comprehensive Income including Profit and Loss Account, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


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


Page 6

 
WHITLEY ASSET MANAGEMENT LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WHITLEY ASSET MANAGEMENT LTD (CONTINUED)


Other information


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


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

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


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


Matters on which we are required to report by exception
 

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


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


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


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


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


Page 7

 
WHITLEY ASSET MANAGEMENT LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WHITLEY ASSET MANAGEMENT LTD (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

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


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
 
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered and undertook the following audit procedures in response:
      •    We obtained an understanding of the legal and regulatory frameworks that are applicable to the company
           and determined that the most significant are those that relate to the reporting frameworks (United 
           Kingdom accounting standards and Companies Act 2006);
      •    We obtained an understanding of the nature of the industry and sector, control environment and business
           performance; 
      •    The outcome of discussions with management and those charged with governance and any matters we
           identified having obtained and reviewed the company’s documentation of their policies and procedures
           related to:   
                 -    Identifying, evaluating and complying with laws and regulations and whether they were aware of 
                      any instances of non-compliance or any actual or potential litigation or claims;
                 -    Detecting and responding to the risks of fraud and whether they have knowledge of any actual, 
                      suspected or alleged fraud;
                 -    The internal controls established to mitigate risks of fraud or non-compliance with laws and
                      regulations;   
      •    The matters discussed during the audit engagement team briefing regarding how and where fraud might 
           occur in the financial statements and any potential indicators of fraud. All engagement team members 
           were advised to remain alert to any indications of fraud or non-compliance with laws and regulations
           throughout the audit;  
      •    Reviewing the financial statement disclosures and testing to supporting documentation to assess
           compliance with provisions of relevant laws and regulations described as having a direct effect on the 
           financial statements;
      •    Performing analytical procedures to identify any unusual or unexpected relationships that may indicate
           risks of material misstatement due to fraud; 
      •    Reviewing minutes of meetings of those charged with governance and reviewing correspondence with
           HMRC and inspection of relevant legal correspondence;
      •    In addressing the risk of fraud through management override of controls, testing the appropriateness of
           journal entries and other adjustments by testing manual journal entries, in particular journal entries
           relating to management estimates and entries determined to be large or relating to unusual transactions;
      •    Assessing whether the judgements made in making accounting estimates are indicative of a potential
           bias; and evaluating the business rationale of any significant transactions that are unusual or outside the
           normal course of business;
 
Page 8

 
WHITLEY ASSET MANAGEMENT LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WHITLEY ASSET MANAGEMENT LTD (CONTINUED)



      •    Assessment of the appropriateness of the collective competence and capabilities of the engagement
           team included consideration of the engagement team’s: 
                 -    understanding of, and practical experience with audit engagements of a similar nature and
                      complexity through appropriate training and participation;
                 -    knowledge of the industry in which the client operates; 
                 -    understanding of the legal and regulatory requirements specific to the company including:
                                   •    the provisions of the applicable legislation
                                   •    the applicable statutory provisions.
As a result of these procedures, we considered the opportunities and incentives that may exist within the company for fraud and identified the greatest potential for fraud in the areas in which management is required to exercise significant judgement. We are also required to perform specific procedures to respond to the risk of management override.   
We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of the material amounts and disclosures in the financial statements. 
Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, FCA regulations, Tax and Pensions legislation, and distributable profits legislation.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate and avoid a material penalty. These included data protection, employment and health and safety regulations and competition and anti-bribery laws. 
With regards to laws and regulations relating to the operating aspects of the company, these were discussed with management and were not considered fundamental to the operating of the business therefore should not have a material impact on the financial statements.
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 Auditors' report.


Page 9

 
WHITLEY ASSET MANAGEMENT LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WHITLEY ASSET MANAGEMENT LTD (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Philip Ewen (Senior Statutory Auditor)
  
for and on behalf of
Calders (1883) LLP
 
Statutory Auditor and Chartered Accountants
  
30 Orange Street
London
WC2H 7HF

27 March 2024
Page 10

 
WHITLEY ASSET MANAGEMENT LTD
 
 
STATEMENT OF COMPREHENSIVE INCOME INCLUDING PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
7,476,313
7,815,129

Gross profit
  
7,476,313
7,815,129

Administrative expenses
  
(5,609,028)
(4,728,825)

Operating profit
 5 
1,867,285
3,086,304

Unrealised gains on investments
  
99,518
-

Interest receivable and similar income
 9 
177,702
85,447

Interest payable and similar expenses
 10 
-
(263)

Profit before tax
  
2,144,505
3,171,488

Tax on profit
 11 
(485,233)
(600,585)

Profit for the financial year
  
1,659,272
2,570,903

There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of comprehensive income including profit and loss account.

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 15 to 26 form part of these financial statements.

Page 11

 
WHITLEY ASSET MANAGEMENT LTD
REGISTERED NUMBER: 04584600

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 13 
87,299
80,847

  
87,299
80,847

Current assets
  

Debtors: amounts falling due within one year
 14 
2,130,431
1,983,331

Investments
 15 
4,085,022
-

Cash at bank and in hand
  
2,205,981
9,288,669

  
8,421,434
11,272,000

Creditors: amounts falling due within one year
 16 
(2,357,309)
(2,204,135)

Net current assets
  
 
 
6,064,125
 
 
9,067,865

Total assets less current liabilities
  
6,151,424
9,148,712

Provisions for liabilities
  

Deferred tax
 18 
(17,330)
(11,890)

  
 
 
(17,330)
 
 
(11,890)

Net assets
  
6,134,094
9,136,822


Capital and reserves
  

Called up share capital 
 19 
100
100

Profit and loss account
  
6,133,994
9,136,722

  
6,134,094
9,136,822


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 March 2024.




E. J. Whitley Esq.
Director

The notes on pages 15 to 26 form part of these financial statements.

Page 12

 
WHITLEY ASSET MANAGEMENT LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD FROM 1 JANUARY 2022 TO 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
100
8,238,819
8,238,919



Profit for the year
-
2,570,903
2,570,903

Dividends: Equity capital
-
(1,673,000)
(1,673,000)



At 1 January 2023
100
9,136,722
9,136,822



Profit for the year
-
1,659,272
1,659,272

Dividends: Equity capital
-
(4,662,000)
(4,662,000)


At 31 December 2023
100
6,133,994
6,134,094


The notes on pages 15 to 26 form part of these financial statements.

Page 13

 
WHITLEY ASSET MANAGEMENT LTD
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
1,659,272
2,570,903

Adjustments for:

Depreciation of tangible assets
29,875
19,416

Loss on disposal of tangible assets
-
371

Interest paid
-
263

Interest received
(177,702)
(85,447)

Taxation charge
485,233
600,585

(Increase)/decrease in debtors
(147,100)
543,077

Increase in creditors
302,564
235,042

Unrealised gains on investments
(99,518)
-

Corporation tax (paid)
(629,183)
(500,510)

Net cash generated from operating activities

1,423,441
3,383,700


Cash flows from investing activities

Purchase of tangible fixed assets
(36,327)
(38,380)

Purchase of short-term listed investments
(3,985,504)
-

Interest received
177,702
85,447

Net cash from investing activities

(3,844,129)
47,067

Cash flows from financing activities

Dividends paid
(4,662,000)
(1,673,000)

Interest paid
-
(263)

Net cash used in financing activities
(4,662,000)
(1,673,263)

Net (decrease)/increase in cash and cash equivalents
(7,082,688)
1,757,504

Cash and cash equivalents at beginning of year
9,288,669
7,531,165

Cash and cash equivalents at the end of year
2,205,981
9,288,669


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
2,205,981
9,288,669

2,205,981
9,288,669


The notes on pages 15 to 26 form part of these financial statements.

Page 14

 
WHITLEY ASSET MANAGEMENT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Whitley Asset Management Ltd is a private company limited by share capital, incorporated in England and Wales, registration number 04584600. The address of the registered office is 30 Orange Street, London, WC2H 7HF. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company 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:

Rendering of services

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 measured reliably;
it is probable that the Company 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; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 15

 
WHITLEY ASSET MANAGEMENT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

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.
The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to the Statement of Comprehensive Income including Profit and Loss Account during the period in which they are incurred.
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:

Leasehold Improvements
-
20%
Furniture, fittings and equipment
-
20-33.33% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income including Profit and Loss Account.

 
2.4

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.

 
2.5

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 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 Company's cash management.

Page 16

 
WHITLEY ASSET MANAGEMENT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Financial instruments

The Company 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.
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 the Statement of comprehensive income including profit and loss account.
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.

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

 
2.7

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.

Page 17

 
WHITLEY ASSET MANAGEMENT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

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 the Statement of Comprehensive Income including Profit and Loss Account except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income including Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.9

Finance costs

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

 
2.10

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

Operating leases

Rentals paid under operating leases are charged to the Statement of Comprehensive Income including Profit and Loss Account on a straight line basis over the lease term.

 
2.12

Pensions

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the Statement of Comprehensive Income including Profit and Loss Account when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 18

 
WHITLEY ASSET MANAGEMENT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.13

Interest income

Interest income is recognised in the Statement of Comprehensive Income including Profit and Loss Account using the effective interest method.

 
2.14

Provisions for liabilities

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

 
2.15

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income including Profit and Loss Account, 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 operates and generates 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; and
 Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
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.

Page 19

 
WHITLEY ASSET MANAGEMENT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily ascertainable from other sources.  The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant.  Actual outcomes may differ from these estimates.  
The estimates and underlying assumptions are reviewed on a continuing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised.
There were no key judgements or estimation uncertainties in the application of the company's accounting policies during the year.


4.


Turnover

All turnover arose within the United Kingdom.


5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Exchange differences
6,904
(3,743)

Other operating lease rentals
150,000
131,250


6.


Auditors' remuneration

2023
2022
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements
13,500
12,400
Page 20

 
WHITLEY ASSET MANAGEMENT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Employees

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


2023
2022
£
£

Wages and salaries
3,593,722
2,846,360

Social security costs
478,681
388,317

Cost of defined contribution scheme
42,896
41,282

4,115,299
3,275,959


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


        2023
        2022
            No.
            No.







Directors
4
4



Staff
12
12

16
16


8.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
1,353,000
648,000

1,353,000
648,000


The highest paid director received remuneration of £1,197,000 (2022 - £503,000).

Directors remuneration also represents key management compensation as defined by FRS 102.


9.


Interest receivable

2023
2022
£
£


Other interest receivable
177,702
85,447

177,702
85,447

Page 21

 
WHITLEY ASSET MANAGEMENT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Interest payable and similar expenses

2023
2022
£
£


Other interest payable
-
263

-
263


11.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
479,795
596,995

Adjustments in respect of previous periods
(2)
-


Total current tax
479,793
596,995

Deferred tax


Accelerated capital allowances
5,440
3,590

Total deferred tax
5,440
3,590


Taxation on profit on ordinary activities
485,233
600,585

Factors affecting tax charge for the year

There were no factors that affected the tax charge for the year which has been calculated on the profits on ordinary activities before tax at the standard rate of corporation tax in the UK of19% and 25% from 1st April 2023 (2022 -19%).



Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 22

 
WHITLEY ASSET MANAGEMENT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Dividends

2023
2022
£
£


Paid on Ordinary shares of £1 each
4,662,000
1,673,000

4,662,000
1,673,000


13.


Tangible fixed assets





Leasehold Improvements
Furniture, fittings and equipment
Total

£
£
£



Cost or valuation


At 1 January 2023
197,860
217,316
415,176


Additions
-
36,327
36,327



At 31 December 2023

197,860
253,643
451,503



Depreciation


At 1 January 2023
197,860
136,469
334,329


Charge for the year on owned assets
-
29,875
29,875



At 31 December 2023

197,860
166,344
364,204



Net book value



At 31 December 2023
-
87,299
87,299



At 31 December 2022
-
80,847
80,847

Page 23

 
WHITLEY ASSET MANAGEMENT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Debtors

2023
2022
£
£


Trade debtors
2,047,732
1,870,290

Other debtors
11,619
10,544

Prepayments and accrued income
71,080
102,497

2,130,431
1,983,331



15.


Current asset investments

2023
2022
£
£

Listed investments
4,085,022
-

4,085,022
-



16.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
34,275
28,623

Corporation tax
4,855
154,245

Other taxation and social security
805,579
391,740

Other creditors
701
7

Accruals and deferred income
1,511,899
1,629,520

2,357,309
2,204,135


Page 24

 
WHITLEY ASSET MANAGEMENT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

17.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets that are debt instruments measured at amortised cost
2,076,110
1,903,227


Financial liabilities


Financial liabilities measured at amortised cost
(1,546,875)
(1,658,150)


Financial assets measured at amortised cost comprise trade debtors, other debtors and accrued income.


Financial liabilities measured at amortised cost comprise trade creditors, other creditors and accruals.


18.


Deferred taxation




2023


£






At beginning of year
(11,890)


Charged to profit or loss
(5,440)



At end of year
(17,330)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(17,330)
(11,890)

(17,330)
(11,890)


19.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100


Page 25

 
WHITLEY ASSET MANAGEMENT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

20.


Commitments under operating leases

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

2023
2022
£
£


Not later than 1 year
150,000
150,000

Later than 1 year and not later than 5 years
187,500
337,500

337,500
487,500


21.


Related party transactions

During the year rent of £150,000 (2022 - £131,250) was payable to Mr E. Whitley, a director of the company. A deposit of £10,000 (2022 - £10,000) had previously been paid and is included in the other debtors balance in note 14.
During the year dividends of £4,662,000 (2022 - £1,673,000) were paid to E. Whitley, a director of the company.


22.


Controlling party

The ultimate controlling party of the company is Mr E. J. Whitley by virtue of his 100% shareholding.

 
Page 26