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REGISTERED NUMBER: 08421482 (England and Wales)















GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

FOR

ICM INVESTMENT MANAGEMENT LIMITED

ICM INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 08421482)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Statement of Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Financial Statements 15


ICM INVESTMENT MANAGEMENT LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: S J Pope
C D O Jillings





SECRETARY: ICM Administration Limited





REGISTERED OFFICE: Ridge Court
The Ridge
Epsom
Surrey
KT18 7EP





REGISTERED NUMBER: 08421482 (England and Wales)





AUDITORS: Lewis Brownlee (Chichester) Limited
Chartered Accountants
Statutory Auditors
Appledram Barns
Birdham Road
Chichester
West Sussex
PO20 7EQ

ICM INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 08421482)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024


The directors present their strategic report of the company and the group for the year ended 30 June 2024.

REVIEW OF BUSINESS
The period to 30 June 2024 has been challenging as a result of the ongoing wars in Ukraine and the Middle East, the interest rate environment, the rising polarisation of political views in key countries and the rising economic friction between China and the developed markets. This has seen rising tensions and heightened volatility in global markets.

During the year ICM Investment Management Limited ('ICMIM') issued 1 ordinary share of £1 at a premium of £1,499,999 to increase regulatory capital. Key performance indicators are linked to the capital requirements. See further details below.

The group seeks to maintain long term profitability by retaining its existing client base. Despite the difficulties presented by the current economic instability, the directors believe the group is well placed to continue to operate in the current economic environment and will continue to pursue a strategy of providing services to the financial services industry as currently permitted under its registration with the Financial Conduct Authority ('FCA').

PRINCIPAL RISKS AND UNCERTAINTIES
The directors endeavour to create and sustain commercial advantage by providing a consistently high level of service to clients coupled with prudent management and a sound business model for the group.

The directors operate a system of constant review over strategic, operational, financial and compliance risks for the group.They focus on the factors that could limit or prevent the achievement of company objectives and actively consider and develop strategies to mitigate exposure and build resilience and sustainability. The challenging market conditions for its clients are the principal risk of the group.There is also the risk that the group is dependent on a small key group of employees, which creates an element of key person risk.

FINANCIAL INSTRUMENTS
The group has no overdraft facility. The group has not entered into any hedging arrangements in respect of risks relating to trade debtors or accrued income as its invoicing arrangements are made in sterling. The group is currently reliant on two major clients and therefore has a cashflow and liquidity risk, which may be affected by a reduced assets under management ('AUM') as a result of the downturn in the markets. The group is currently satisfied with its clients' financial performance and the directors do not think there is any risk in continued reliance.

REGULATORY CAPITAL
ICMIM is incorporated in the UK and is authorised and regulated by the FCA and is categorised as a Collective Portfolio Management Investment Firm ('CPMI') for regulatory purposes. ICMIM is subject to minimum regulatory capital requirements and is categorised as a CPMI that is an external Alternative Investment Fund Manager ('AIFM') by the FCA for capital purposes. In addition, ICMIM is a SNI firm under the Investment Firms Prudential Regime ('IFPR') and as such has to meet the associated prudential rules that apply within MIFIDPRU .

The Alternative Investment Fund Managers Directive ('AIFMD') of the European Union establish a regulatory capital framework across Europe governing the amount and nature of capital investment firms must maintain. In the United Kingdom, the AIFMD has been retained by the FCA in its regulations through the Interim Prudential sourcebook for Investment Businesses ('IPRU-INV') and the Prudential Sourcebook for Banks, Building Societies and Investment Firms ('BIPRU') no longer applies.

MIFIDPRU/IPRU-INV - Capital Requirement
A CPMI firm is required to comply with the applicable requirements of the MIFIDPRU sourcebook in parallel with its requirements under IPRU-INV sourcebook. This means that a capital instrument may be used to meet either or both sets of requirements provided it meets the conditions set out in the relevant sourcebook

Own Funds/Capital Resources Requirements (for ICMIM only):
Higher of:
A) GBP 75,000 (MIFIDPRU 4.4) EUR125,000 (IPRU-INV); OR
B) Fixed Overhead Requirement (MIFIDPRU 4.5); OR
C) IPRU-INV 11: OR
D) ICARA

ICM INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 08421482)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024


MIFIDPRU 11 - Disclosure
Capital Requirement Calculation (as at 30.06.2024):

Fixed Overhead Requirement
June 2024 Management Report - 12 months to June 2024
£   
Operating Expenses 780,265
Other Expenses (Depreciation and Donations) 25,321
Salaries & Related Costs 3,810,795
4,616,381 Total Opex
@ 25% Total Capital required 1,154,095

IPRU-INV - Pillar 1 Capital Requirement
Capital Requirement Calculation (as at 30.06.2024):

£    £   

Base Capital of EUR125,000 105,798 A
(converted using ECB rate for 30.06.2024 = 1.1815)

Funds under management requirement:
UIL 242,033,000
UEM 507,884,000
PHCBF = n/a as UCITS -
PHDBF 11,707,008
Pentagon Capeo 13,289,037
Less EUR250 million (211,595,430 )
Less value of assets invested by UIL into UEMT (20,493,522 )
SUBTOTAL TO USE FOR CALCULATION 542,824,093
0.02% of relevant funds exceeding EUR250 million 108,564 108,564 B

Calculation of (A) + (B) 214,363 A+B
Fixed Overheads (i.e. 25% of annual amount) 1,154,095 C

Higher of (A) + (B) or Fixed Overheads (C) 1,154,095
Plus: Additional own funds (PII) 54,282
Total Capital required 1,208,378

The higher of the two calculations is £1,208,378 which shall be applied to ICMIM regulatory calculation requirements and is also in line with AIFMD requirements.

ICARA Capital Requirement
ICARA capital should be calculated to include any additional capital to be maintained against any risks that are not adequately covered under the requirement under MIFIDPRU and IPRU-INV. For ICMIM the ICARA Capital requirement is considered to be nil on the basis that capital calculated under MIFIDPRU and IPRU-INV is deemed to be sufficient.

ON BEHALF OF THE BOARD:





S J Pope - Director


18 October 2024

ICM INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 08421482)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 JUNE 2024


The directors present their report with the financial statements of the company and the group for the year ended 30 June 2024.

PRINCIPAL ACTIVITY
The principal activity of the company is acting as the Alternative Investment Fund Manager regulated by the FCA providing investment management services to Utilico Emerging Markets Trust plc and UIL Limited. The company is also appointed sub-investment manager to Pentagon High Conviction Bond Fund, Pentagon Global Diversified Bond Fund Limited, and Capeo Pentagon Credit Select Fund.

The sole activity of ICMCR is to carry out investment research and provide investment research and support services within the global capital markets to ICM Limited ('ICM'). The company charges ICM for all its operational costs plus a 7.5% markup. ICM is an international Fund Manager and Corporate Finance Adviser headquartered in Bermuda.

DIVIDENDS
The total distribution of dividends for the year ended 30 June 2024 was £Nil (2023: £Nil).

DIRECTORS
The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report.

S J Pope
C D O Jillings

DISCLOSURE IN THE STRATEGIC REPORT
The group has chosen in accordance with s.414C(11) Companies Act 2006 to set out in the group's strategic report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the directors' report.

DIRECTORS' RESPONSIBILITIES STATEMENT
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the 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 and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

ICM INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 08421482)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 JUNE 2024


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ON BEHALF OF THE BOARD:





S J Pope - Director


18 October 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ICM INVESTMENT MANAGEMENT LIMITED


Opinion
We have audited the financial statements of ICM Investment Management Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
_
In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 30 June 2024 and of the group's loss 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 group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the 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 and 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.

Opinions 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ICM INVESTMENT MANAGEMENT LIMITED


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 Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page four, 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 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.

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 a Report of the Auditors 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.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence,
capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the group through discussions with directors and other
management, and from our commercial knowledge and experience of the sector;
- we focused on specific laws and regulations which we considered may have a direct material effect on the
financial statements or the operations of the group including legislation such as the Companies Act 2006 ,
taxation legislation and the Financial Conduct Authority regulation;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of
management and inspecting legal correspondence, where applicable; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert
to instances of non-compliance throughout the audit.

We assessed the susceptibility of the group's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge
of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ICM INVESTMENT MANAGEMENT LIMITED

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates set out in the
accounting policies were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC, relevant regulators and the group's legal advisors, where applicable.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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




Sam Ede BFP FCA FCCA (Senior Statutory Auditor)
for and on behalf of Lewis Brownlee (Chichester) Limited
Chartered Accountants
Statutory Auditors
Appledram Barns
Birdham Road
Chichester
West Sussex
PO20 7EQ

18 October 2024

ICM INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 08421482)

CONSOLIDATED
STATEMENT OF COMPREHENSIVE
INCOME
FOR THE YEAR ENDED 30 JUNE 2024

2024 2023
Notes £ £ £ £

TURNOVER 3 4,387,853 3,955,548

Administrative expenses 6,071,444 6,378,453
OPERATING LOSS 5 (1,683,591 ) (2,422,905 )

Income from fixed asset investments - 2,347
Interest receivable and similar income 37,670 48,577
37,670 50,924
(1,645,921 ) (2,371,981 )
Gain/loss on revaluation of investments - 123,238
LOSS BEFORE TAXATION (1,645,921 ) (2,248,743 )

Tax on loss 6 220,721 (362,038 )
LOSS FOR THE FINANCIAL YEAR (1,866,642 ) (1,886,705 )

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

(1,866,642

)

(1,886,705

)

Loss attributable to:
Owners of the parent (1,866,642 ) (1,886,705 )

Total comprehensive income attributable to:
Owners of the parent (1,866,642 ) (1,886,705 )

ICM INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 08421482)

CONSOLIDATED BALANCE SHEET
30 JUNE 2024

2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible assets 8 159,238 217,142
Tangible assets 9 110,927 146,719
Investments 10 - 237,087
270,165 600,948

CURRENT ASSETS
Debtors 11 3,041,386 2,237,731
Cash at bank 737,860 503,582
3,779,246 2,741,313
CREDITORS
Amounts falling due within one year 12 2,529,599 1,455,807
NET CURRENT ASSETS 1,249,647 1,285,506
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,519,812

1,886,454

CAPITAL AND RESERVES
Called up share capital 16 943,984 943,983
Share premium 17 2,808,571 1,308,572
Non- distributable reserves 17 - 84,065
Retained earnings 17 (2,232,743 ) (450,166 )
SHAREHOLDERS' FUNDS 1,519,812 1,886,454

The financial statements were approved by the Board of Directors and authorised for issue on 18 October 2024 and were signed on its behalf by:





S J Pope - Director


ICM INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 08421482)

COMPANY BALANCE SHEET
30 JUNE 2024

2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible assets 8 - -
Tangible assets 9 71,994 75,200
Investments 10 108,574 345,661
180,568 420,861

CURRENT ASSETS
Debtors 11 3,006,267 2,201,220
Cash at bank 653,779 404,548
3,660,046 2,605,768
CREDITORS
Amounts falling due within one year 12 1,486,372 579,977
NET CURRENT ASSETS 2,173,674 2,025,791
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,354,242

2,446,652

CAPITAL AND RESERVES
Called up share capital 16 943,984 943,983
Share premium 17 2,808,571 1,308,572
Non- distributable reserves 17 - 84,065
Retained earnings 17 (1,398,313 ) 110,032
SHAREHOLDERS' FUNDS 2,354,242 2,446,652

Company's loss for the financial year (1,592,410 ) (1,316,321 )

The financial statements were approved by the Board of Directors and authorised for issue on 18 October 2024 and were signed on its behalf by:





S J Pope - Director


ICM INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 08421482)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024

Called up Non-
share Retained Share distributable Total
capital earnings premium reserves equity
£ £ £ £ £
Balance at 1 July 2022 943,982 1,520,604 108,573 - 2,573,159

Changes in equity
Issue of share capital 1 - 1,199,999 - 1,200,000
Total comprehensive income - (1,970,770 ) - 84,065 (1,886,705 )
Balance at 30 June 2023 943,983 (450,166 ) 1,308,572 84,065 1,886,454

Changes in equity
Issue of share capital 1 - 1,499,999 - 1,500,000
Total comprehensive income - (1,782,577 ) - (84,065 ) (1,866,642 )
Balance at 30 June 2024 943,984 (2,232,743 ) 2,808,571 - 1,519,812

ICM INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 08421482)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024

Called up Non-
share Retained Share distributable Total
capital earnings premium reserves equity
£ £ £ £ £
Balance at 1 July 2022 943,982 1,510,418 108,573 - 2,562,973

Changes in equity
Issue of share capital 1 - 1,199,999 - 1,200,000
Total comprehensive income - (1,400,386 ) - 84,065 (1,316,321 )
Balance at 30 June 2023 943,983 110,032 1,308,572 84,065 2,446,652

Changes in equity
Issue of share capital 1 - 1,499,999 - 1,500,000
Total comprehensive income - (1,508,345 ) - (84,065 ) (1,592,410 )
Balance at 30 June 2024 943,984 (1,398,313 ) 2,808,571 - 2,354,242

ICM INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 08421482)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024

2024 2023
Notes £ £
Cash flows from operating activities
Cash generated from operations 20 (1,533,215 ) (884,371 )
Tax paid - (234,479 )
Net cash from operating activities (1,533,215 ) (1,118,850 )

Cash flows from investing activities
Purchase of tangible fixed assets (21,620 ) (13,311 )
Sale of fixed asset investments 252,346 -
Interest received 37,670 48,577
Dividends received - 2,347
Net cash from investing activities 268,396 37,613

Cash flows from financing activities
Amount withdrawn by directors (903 ) -
Share issue 1,500,000 1,200,000
Net cash from financing activities 1,499,097 1,200,000

Increase in cash and cash equivalents 234,278 118,763
Cash and cash equivalents at beginning
of year

21

503,582

384,819

Cash and cash equivalents at end of
year

21

737,860

503,582

ICM INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 08421482)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024


1. STATUTORY INFORMATION

ICM Investment Management Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 08421482 and the registered office address is Ridgecourt, The Ridge, Epsom, Surrey, KT18 7EP.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are presented in Sterling, which is also a functional currency of the company.

The functional currency of ICMCR is Euros. The results of ICMCR have been converted into Sterling on consolidation.

Basis of consolidation
The group financial statements consolidate the financial statements of ICM Investment Management Limited and its subsidiary undertakings drawn up to the balance sheet date.

Subsidiaries are consolidated from the date of their acquisition, being the date on which ICM Investment Management Limited obtains control, and continue to be consolidated until the date that such control ceases. Control comprises the power to govern the financial and operating policies of the subsidiary so as to obtain benefit from its activities.

Going concern
The financial statements have been prepared on a going concern basis.

The directors have considered the overall business plan, including cashflows, of the group and the availability of financial support from its ultimate parent company and are confident that the group has adequate resources to continue in operational existence for the foreseeable future. The company and its subsidiary are dependent on financial support from its ultimate parent company to enable them to continue as a going concern and to meet its day-to-day obligations as they fall due. ICM Limited has confirmed that it will provide such financial assistance and has the financial capacity to do so.

Accordingly, the directors believe it is appropriate to prepare the financial statements on a going concern basis.

Revenue recognition
Turnover represents amounts chargeable in respect of the sale of services to customers, and the fair value of the right to consideration in exchange for the performance of its contractual obligations.

The revenue is recognised in the period to which the service provided relates.

Performance fees are recognised once the fees have been agreed and become payable.

Dividend income is recognised when the right to receive payment is established.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2022, is being amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

ICM INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 08421482)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Tangible fixed assets are stated at cost less depreciation.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Valuation of investments
Investments in listed company shares, which have been classified as fixed asset investments, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

Share capital and distributions to equity holders
Ordinary shares are classified as equity. Dividends and other distributions to the company's shareholders are recognised as a liability in the financial statements in the period in which the dividends and other distributions are approved by the shareholders. These amounts are recognised in the statement of changes in equity.

ICM INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 08421482)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
The financial instruments recognised in the accounts are considered to be basic financial instruments in accordance with FRS 102 section 11. The debtor and creditor balances due in less than 1 year are measured at amortised cost. The fixed asset investments are measured at fair value through profit and loss. The fair value is determined by the quoted market price from the stock exchange where the investments are traded.

Employee benefits
Short-term employee benefits are recognised as an expense in the period in which they are incurred.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the group's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The critical judgements made by management that have an effect on the amounts recognised in the financial statements are described below.

Critical judgment and estimation uncertainty
In respect of goodwill on consolidation of the acquisition of the company's subsidiary, management undertake an annual impairment review of the carrying value and have determined that the carrying value is not materially different to the recoverable amount at the year end.

3. TURNOVER

The turnover and loss before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

2024 2023
£ £
Regular service fees 3,923,941 3,955,548
Performance fees 463,912 -
4,387,853 3,955,548

An analysis of turnover by geographical market is given below:

2024 2023
£ £
United Kingdom 3,016,916 2,942,751
Europe 1,124,326 634,491
Bermuda 246,611 378,306
4,387,853 3,955,548

ICM INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 08421482)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


4. EMPLOYEES AND DIRECTORS
2024 2023
£ £
Wages and salaries 4,270,978 4,614,013
Social security costs 404,915 448,812
Other pension costs 189,622 177,436
4,865,515 5,240,261

The average number of employees during the year was as follows:
2024 2023

Directors 2 2
Administration and support 19 20
Analysts 9 9
30 31

The average number of employees by undertakings that were proportionately consolidated during the year was 8 (2023 - 7 ) .

Key management includes the directors and members of senior management of the group. The total compensation paid or payable to key management for employee services is £1,392,207 (2023: £1,258,795).

2024 2023
£ £
Directors' remuneration 809,033 698,664

Information regarding the highest paid director is as follows:
2024 2023
£ £
Emoluments etc 495,566 428,613

Included in the total directors' remuneration above are benefits in kind of £11,212 (2023: £9,689).

5. OPERATING LOSS

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

2024 2023
£ £
Other operating leases 132,669 133,463
Depreciation - owned assets 53,554 57,110
(Profit)/loss on disposal of fixed assets (11,401 ) 2,497
Goodwill amortisation 57,904 57,905
Auditors' remuneration 27,600 20,000
Auditors' remuneration for non audit work 9,386 11,391
Auditors' remuneration - prior year under provision - 5,400
Foreign exchange differences 6,784 9,378

ICM INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 08421482)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


6. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the loss for the year was as follows:
2024 2023
£ £
Current tax:
UK corporation tax - (129,724 )
Adjustment to tax charge in prior periods - 2,935
Total current tax - (126,789 )

Deferred tax 220,721 (235,249 )
Tax on loss 220,721 (362,038 )

UK corporation tax has been charged at 25 % (2023 - 25 %).

Reconciliation of total tax charge/(credit) included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£ £
Loss before tax (1,645,921 ) (2,248,743 )
Loss multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 25 %)

(411,480

)

(562,186

)

Effects of:
Expenses not deductible for tax purposes 29,631 32,148
Income not taxable for tax purposes - (587 )
Adjustments to tax charge in respect of previous periods - 2,935
Impact of change in corporation tax rate - 40,966
Permanent impact of super deduction - (179 )
Impact of change in deferred tax recognition 548,488 (3,255 )
Impact of non-UK profits/losses charged at a different corporation tax rate 27,044 64,068
Impact of deferred tax not recognised on non-UK profits/losses 27,044 64,068
Impact on consolidation (6 ) (16 )
Total tax charge/(credit) 220,721 (362,038 )

7. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


ICM INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 08421482)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


8. INTANGIBLE FIXED ASSETS

Group
Goodwill
£
COST
At 1 July 2023
and 30 June 2024 289,523
AMORTISATION
At 1 July 2023 72,381
Amortisation for year 57,904
At 30 June 2024 130,285
NET BOOK VALUE
At 30 June 2024 159,238
At 30 June 2023 217,142

On 1 April 2022 the group acquired 100% of the shares in ICM Capital Research Limited at a cost of £108,574, paid by issuing one £1 share in the group at a premium of £108,573. On acquisition the group acquired assets of £240,483 owned by ICM Capital Research Limited and liabilities of £421,432 due from ICM Capital Research Limited resulting in goodwill of £289,523.

9. TANGIBLE FIXED ASSETS

Group
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£ £ £ £ £
COST
At 1 July 2023 1,776 33,920 236,516 72,854 345,066
Additions - 7,815 - 13,805 21,620
Disposals - - - (11,671 ) (11,671 )
At 30 June 2024 1,776 41,735 236,516 74,988 355,015
DEPRECIATION
At 1 July 2023 1,042 18,466 150,678 28,161 198,347
Charge for year 184 4,191 35,800 13,379 53,554
Eliminated on disposal - - - (7,813 ) (7,813 )
At 30 June 2024 1,226 22,657 186,478 33,727 244,088
NET BOOK VALUE
At 30 June 2024 550 19,078 50,038 41,261 110,927
At 30 June 2023 734 15,454 85,838 44,693 146,719

ICM INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 08421482)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


9. TANGIBLE FIXED ASSETS - continued

Company
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£ £ £ £ £
COST
At 1 July 2023 1,776 33,920 114,557 61,809 212,062
Additions - 7,815 - 13,219 21,034
Disposals - - - (11,671 ) (11,671 )
At 30 June 2024 1,776 41,735 114,557 63,357 221,425
DEPRECIATION
At 1 July 2023 1,042 18,466 93,022 24,332 136,862
Charge for year 184 4,191 5,384 10,623 20,382
Eliminated on disposal - - - (7,813 ) (7,813 )
At 30 June 2024 1,226 22,657 98,406 27,142 149,431
NET BOOK VALUE
At 30 June 2024 550 19,078 16,151 36,215 71,994
At 30 June 2023 734 15,454 21,535 37,477 75,200

10. FIXED ASSET INVESTMENTS

Group
Listed
investments
£
COST
At 1 July 2023 237,087
Disposals (237,087 )
At 30 June 2024 -
NET BOOK VALUE
At 30 June 2024 -
At 30 June 2023 237,087
Company
Shares in
group Listed
undertakings investments Totals
£ £ £
COST OR VALUATION
At 1 July 2023 108,574 237,087 345,661
Disposals - (237,087 ) (237,087 )
At 30 June 2024 108,574 - 108,574
NET BOOK VALUE
At 30 June 2024 108,574 - 108,574
At 30 June 2023 108,574 237,087 345,661

ICM INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 08421482)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


10. FIXED ASSET INVESTMENTS - continued

Company

Cost or valuation at 30 June 2024 is represented by:

Shares in
group
undertakings
£
Cost 108,574

The total net gain recognised on investments in listed companies in the period was £15,259 (2023: £125,585) representing dividends received of £Nil (2023: £2,347), fair value remeasurement gains of £Nil (2023: £123,238), and profit on disposal of £15,259 (2023: £Nil).

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

ICM Capital Research Limited
Registered office: 15 Baggot Street Upper, Dublin 4, D04 E5V6
Nature of business: Investment research and support services
%
Class of shares: holding
Ordinary 100.00


11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£ £ £ £
Trade debtors 1,267,460 1,326,113 1,240,458 1,306,764
Amounts owed by group undertakings 1,455,712 374,980 1,455,712 374,980
Other debtors 105,822 97,526 99,102 82,852
Directors' current accounts 903 - 903 -
Corporation tax 129,724 129,724 129,724 129,724
VAT 1,397 2,488 - -
Deferred tax asset - 220,721 - 220,721
Prepayments and accrued income 80,368 86,179 80,368 86,179
3,041,386 2,237,731 3,006,267 2,201,220

Deferred tax asset
Group Company
2024 2023 2024 2023
£ £ £ £
Deferred tax - 220,721 - 220,721

ICM INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 08421482)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£ £ £ £
Trade creditors 55,453 122,334 55,017 119,802
Amounts owed to group undertakings 934,858 826,551 21,168 10,212
Foreign tax 670 679 - -
Social security and other taxes 597,958 36,559 497,884 -
Other creditors 856,279 262,162 827,922 242,441
Accruals and deferred income 84,381 207,522 84,381 207,522
2,529,599 1,455,807 1,486,372 579,977

13. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non-cancellable
operating leases
2024 2023
£ £
Within one year - 120,000

Company
Non-cancellable
operating leases
2024 2023
£ £
Within one year - 120,000

14. FINANCIAL INSTRUMENTS

Financial assets

2024 2023
£    £   
Financial assets measured at fair value through profit and loss - 237,087

All other financial instruments are measured at amortised cost.

15. DEFERRED TAX

Group
£
Balance at 1 July 2023 (220,721 )
Charge to Statement of Comprehensive Income during year 220,721
Balance at 30 June 2024 -

ICM INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 08421482)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


15. DEFERRED TAX - continued

Company
£
Balance at 1 July 2023 (220,721 )
Charge to Statement of Comprehensive Income during year 220,721
Balance at 30 June 2024 -

The company has £2,189,977 (2023: £112,087) of taxable losses and other tax timing differences to carry forward against future profits for which a deferred tax asset has not been recognised.

The subsidiary company has £891,975 (2023: £700,986) of taxable losses and other tax timing differences to carry forward against future profits for which a deferred tax asset has not been recognised.

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
2024 2023
Number: Class: Nominal value: £    £   
943,984 Ordinary £1 943,984 943,983

Ordinary shares have full voting rights and entitlement to dividends and the repayment of capital.
During the year 1 (2023: 1) ordinary share of £1 was issued at a premium of £1,499,999 (2023: £1,199,999).

17. RESERVES

Group
Non-
Retained Share distributable
earnings premium reserves Totals
£ £ £ £

At 1 July 2023 (450,166 ) 1,308,572 84,065 942,471
Deficit for the year (1,866,642 ) - - (1,866,642 )
Cash share issue - 1,499,999 - 1,499,999
Transfer realised gains 84,065 - (84,065 ) -
At 30 June 2024 (2,232,743 ) 2,808,571 - 575,828

Company
Non-
Retained Share distributable
earnings premium reserves Totals
£ £ £ £

At 1 July 2023 110,032 1,308,572 84,065 1,502,669
Deficit for the year (1,592,410 ) - - (1,592,410 )
Cash share issue - 1,499,999 - 1,499,999
Transfer realised gains 84,065 - (84,065 ) -
At 30 June 2024 (1,398,313 ) 2,808,571 - 1,410,258

The share premium reserve contains the premium arising on issue of equity shares.

The non-distributable reserves comprises the cumulative effect of revaluations of investments in listed companies.

ICM INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 08421482)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


18. RELATED PARTY DISCLOSURES

The group has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Directors' remuneration and key management personnel compensation are disclosed in note 4.

At the balance sheet date the group was owed £903 (2023: £Nil) by the directors.

During the period the group incurred charges of £2,652 (2023: £2,900) from a member of the same group relating to banking and investment custodial services. At the balance sheet date cash at bank included £50,660 (2023: £3,018) held in accounts with the group member.

Turnover of £3,205,166 (2023: £3,217,897) relates to the supply of services to investment funds under common control with the group. At the balance sheet date £1,215,324 (2023: £1,294,311) was outstanding to the group from the investment funds. The group acts as Alternative Investment Fund Manager to the investment funds.

19. ULTIMATE CONTROLLING PARTY

The company is controlled by its parent company, ICM Limited. ICM Limited is incorporated in Bermuda.

The ultimate controlling party is the board of directors of Somers Isles Private Trust Company Limited, a company registered in Bermuda.

20. RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
£ £
Loss before taxation (1,645,921 ) (2,248,743 )
Depreciation charges 111,458 115,015
(Profit)/loss on disposal of fixed assets (11,401 ) 2,497
Gain on revaluation of fixed assets - (123,238 )
Loans to group undertaking (972,425 ) 1,965,061
Finance income (37,670 ) (50,924 )
(2,555,959 ) (340,332 )
Decrease/(increase) in trade and other debtors 57,259 (608,680 )
Increase in trade and other creditors 965,485 64,641
Cash generated from operations (1,533,215 ) (884,371 )

21. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 June 2024
30/6/24 1/7/23
£ £
Cash and cash equivalents 737,860 503,582
Year ended 30 June 2023
30/6/23 1/7/22
£ £
Cash and cash equivalents 503,582 384,819

ICM INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 08421482)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024



22. ANALYSIS OF CHANGES IN NET FUNDS

At 1/7/23 Cash flow At 30/6/24
£ £ £
Net cash
Cash at bank 503,582 234,278 737,860
503,582 234,278 737,860
Total 503,582 234,278 737,860