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REGISTERED NUMBER: 09467365 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

MONTREUX CAPITAL MANAGEMENT (UK) LIMITED

MONTREUX CAPITAL MANAGEMENT (UK) LIMITED (REGISTERED NUMBER: 09467365)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


MONTREUX CAPITAL MANAGEMENT (UK) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: O S Harris
P G Nelson





REGISTERED OFFICE: Thameside House
Hurst Road
East Molesey
Surrey
KT8 9AY





REGISTERED NUMBER: 09467365 (England and Wales)





ACCOUNTANTS: Crowe U.K. LLP
2nd Floor
Medway Bridge House
1-8 Fairmeadow
Maidstone
Kent
ME14 1JP

MONTREUX CAPITAL MANAGEMENT (UK) LIMITED (REGISTERED NUMBER: 09467365)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 2,670 7,710
Tangible assets 5 - 209
2,670 7,919

CURRENT ASSETS
Debtors 6 6,296,529 3,033,518
Cash at bank 5,464 31,956
6,301,993 3,065,474
CREDITORS
Amounts falling due within one year 7 3,848,182 2,604,973
NET CURRENT ASSETS 2,453,811 460,501
TOTAL ASSETS LESS CURRENT LIABILITIES 2,456,481 468,420

CAPITAL AND RESERVES
Called up share capital 9 1,136 1,136
Retained earnings 2,455,345 467,284
SHAREHOLDERS' FUNDS 2,456,481 468,420

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 30 May 2024 and were signed on its behalf by:





O S Harris - Director


MONTREUX CAPITAL MANAGEMENT (UK) LIMITED (REGISTERED NUMBER: 09467365)

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


1. STATUTORY INFORMATION

Montreux Capital Management (UK) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
Accounting standards require the directors to consider the appropriateness of the going concern basis when preparing the financial statements. The directors confirm that they consider that the going concern basis remains appropriate. The directors believe that the company has sufficient resources to continue in operational existence for the foreseeable future. The directors believe this to be the case as the company has positive cash balances, no significant long term liabilities and positive reserves.

Having regard to the above, and the current and anticipated available working capital resources, the directors believe it is appropriate to adopt the going concern basis of accounting in preparing the financial statements.

Turnover
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.

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 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.

Revenue is not recognised in respect of engagements where the right to receive payment is contingent on factors outside of the control of the Company.

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.

Computer software is being amortised evenly over its estimated useful life of four years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.


MONTREUX CAPITAL MANAGEMENT (UK) LIMITED (REGISTERED NUMBER: 09467365)

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


2. ACCOUNTING POLICIES - continued
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.

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

Debtors
Short term debtors are measured at transaction price, less any impairment.

Creditors
Short term creditors are measured at the transaction price.

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 accounts of cash with no significant risk of change in value.

FInancial instruments
The company only enters into basic financial instrument transactions that result in the recognition of the financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial reporting standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial
statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
- the requirements of Section 7 Statement of Cash Flows;
- the requirements of Section 3 Financial Statement Presentation paragraph 3.17 (d);
- the requirements of Section 11 Financial Instruments paragraphs 11.39 to 11.48A;
- the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.29;
- the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
- the requirements of Section 33 Related Party Disclosures paragraph 33.7.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2022 - 11 ) .

MONTREUX CAPITAL MANAGEMENT (UK) LIMITED (REGISTERED NUMBER: 09467365)

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


4. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
At 1 January 2023
and 31 December 2023 20,160
AMORTISATION
At 1 January 2023 12,450
Amortisation for year 5,040
At 31 December 2023 17,490
NET BOOK VALUE
At 31 December 2023 2,670
At 31 December 2022 7,710

5. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 January 2023
and 31 December 2023 18,054
DEPRECIATION
At 1 January 2023 17,845
Charge for year 209
At 31 December 2023 18,054
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 209

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 328,216 3,020
Amounts owed by group undertakings 3,619,286 2,931,412
Other debtors 1,396,541 51,718
Tax 90,003 45,149
Deferred tax asset 377 681
Prepayments and accrued income 862,106 1,538
6,296,529 3,033,518

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 205,984 96,940
Social security and other taxes 98,994 76,080
Other creditors 2,859,200 727,644
Accruals and deferred income 684,004 1,704,309
3,848,182 2,604,973

MONTREUX CAPITAL MANAGEMENT (UK) LIMITED (REGISTERED NUMBER: 09467365)

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


8. DEFERRED TAX
£   
Balance at 1 January 2023 (681 )
Charge to Income Statement during year 304
Balance at 31 December 2023 (377 )

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,000 Ordinary £1 1,000 1,000
136 Growth £1 136 136
1,136 1,136

The Ordinary shares have all rights attached, each share is entitled to one vote in any circumstances, is entitled to dividend payments or any other distribution and is entitled to participate in a distribution arising from a winding up of the company in preference to the Growth shareholders in relation to the first £15,900,000. After the first £15,900,000 the share holders are entitled to participate equally and proportionately.

Each Growth share is entitled to one vote in any circumstances, is entitled to dividend payments or any other distribution and is entitled to participate in a distribution arising from a winding up of the company where the aggregate value of the distribution is above £15,900,000. In the event that the value of the distribution on winding up is less than or equal to £15,900,000 each share shall be entitled to a return of the nominal value only.

10. PENSION COMMITMENTS

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £53,370 (2022: £56,567). Contributions totalling £7,524 (2022: £10,644) were payable to the fund at the balance sheet date and are included in creditors.

11. RELATED PARTY DISCLOSURES

The company 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.

MONTREUX CAPITAL MANAGEMENT (UK) LIMITED (REGISTERED NUMBER: 09467365)

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


11. RELATED PARTY DISCLOSURES - continued

Montreux Group Overseas Limited
Company under common control

During the period, there were loan advances of £4,176,642 (2022: £nil) and loan repayments of £3,003,323 (2022: £nil). At the balance sheet date, there was an amount owed from Montreux Group Overseas Limited of £1,343,508 (2022: £nil). This loan has no repayment terms attached and has been included in debtors due within one year. Interest has been charged on the loan at 12% per annum, with a charge of £170,189 (2022: £nil) included in the statement of profit and loss as interest received.

Montreux Healthcare Fund (IOM)
Company under common control

During the period, Montreux Capital Management (UK) Limited provided services to Montreux Healthcare Fund (IOM) of £5,290,801 (2022: £7,352,265). As at the balance sheet date, there was an amount owed from Montreux Healthcare Fund (IOM) of £325,000 (2022: £nil). The amount has been included in debtors due within one year as a trade debtor.

Montreux Healthcare Fixed Yield Fund
Company under common control

During the period, expenses were recharged from Montreux Capital Management (UK) Limited to Montreux Healthcare Fixed Yield Fund of £37,484 (2022: £13,060). As at the balance sheet date, there was an amount owed from Montreux Healthcare Fixed Yield Fund of £3,216 (2022: £nil). The amount has been included in debtors due within one year as a trade debtor.

12. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is the Revolution Employee Ownership Trust.

13. PARENT UNDERTAKING

Montreux Group (Holdings) Limited is the company's immediate parent undertaking.

14. CHARGES

There are two charges held against the company at Companies House. Both are fixed and floating charges held over all property and undertakings of the company.