Registered number:
FOR THE PERIOD ENDED 31 DECEMBER 2023
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COMPANY INFORMATION
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CONTENTS
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GROUP STRATEGIC REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2023
The directors present the strategic report for the year ended 31 December 2023.
Ptarmigan Capital Limited carries out asset management and other financial services and is 90% owned by its holding company Lagopus Holdings Ltd. Ptarmigan Capital (formerly HBS London Ltd) underwent a management buy-out on 30th June 2023 with a subsequent equity injection in July 2023. As part of the buy-out, William Davies was appointed director and Chief Executive Officer and Charles Jones joined the firm as a director to fulfil the role of Chief Investment Officer. HBS SA has retained a 10% stake in Ptarmigan Capital Ltd. At the end of the year, Douglas Barnett joined Ptarmigan Capital as a director and Head of Investment Management.
The executives have been working on improving the firm’s investment performance and service capabilities to attract new clients and increase turnover. This included the implementation of a new portfolio management system with additional in-built compliance functionality and a greatly expanded volume of in-house investment research. The executives have capitalised on this progress to assemble a substantial pipeline of potential client assets and is working to convert prospective clients into active clients with a target of £150 million in client assets by the end of 2024. If successful, the fees generated from these assets should be sufficient to allow the business to reach breakeven by the end of the year. The directors have drawn minimal salary during 2023 to reduce operating costs until revenue has grown to a more sustainable level.
The group's operations expose it to a variety of non-financial and financial risks. The directors have assessed the following risks as material, and also outline the key mitigations:
Revenue Shortfall: Failure to grow revenue to offset high fixed overhead requirements could result in the issuance of additional equity, or a decision to wind down the subsidiary company. To monitor this risk, the directors review monthly cash flows and performance against budget in order to make any decisions about the future capital requirements of the business in a timely manner. Investment Performance: Investment performance could be negatively affected by movements in exchange rates, credit risks, liquidity risk and interest rate risk. Poor investment performance would negatively impact Ptarmigan Capital’s ability to retain and win business. To address this risk, Ptarmigan Capital ensures that portfolio managers have the appropriate qualifications, investment research staff can demonstrate appropriate experience and qualifications before being permitted to make recommendations, and investment research staff and portfolio managers receive ongoing training. Service Quality: Poor service quality could negatively affect a client’s understanding of our investment activity. This is mitigated by each client having a dedicated portfolio manager and a limit of 20 portfolio clients per portfolio manager which means that clients can contact portfolio managers directly via telephone or email and receive a swift response. Administration: Poor administrative quality could negatively affect a client’s confidence in Ptarmigan Capital’s ability to manage their assets. Ptarmigan capital operates dual systems which are reconciled against each other on a daily basis to ensure accurate administration of client assets. The firm also creates constraints within the portfolio management system to reduce the risk of errors in the administration of a client’s investments. Failure of a Custodian: Ptarmigan Capital uses external custodians to safeguard client assets and provide order execution services. The directors review each custodian on an ongoing basis to ensure that they have sufficient regulatory capital, a low gearing ratio, a high level of return on equity, and no investment banking activity to minimise this risk.
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
Compliance: Ptarmigan Capital is regulated by the FCA and is required to comply with FCA regulations. To mitigate the risk of compliance breaches, Ptarmigan Capital has engaged Thistle Initiatives as a compliance consultant to ensure ongoing compliance. Cybercrime: The firm takes cybersecurity extremely seriously given the highly personal information which the firm must hold to meet with regulatory requirements. The firm has worked closely with an external IT consultant to implement a range of cybersecurity protection measures covering multi-factor authentication, endpoint threat detection and response, automatic vulnerability tracking and patching, data encryption, server security, mail security and cloud app protection. Integrity of Financial Markets: To prevent financial crime and to preserve the integrity of financial markets, the Firm uses leading third-party Know-Your-Client (KYC) software to research the financial history of all our clients both prior to onboarding and on an ongoing basis. Staff undertake regular Anti-Money Laundering training and Ptarmigan Capital’s portfolio management software monitors cash transactions within all portfolios in terms of magnitude and frequency and alerts the portfolio manager and Head of Compliance to any suspicious activity.
Operating profit margin and turnover are the key performance indicators. During the year under review, the turnover presents management fees as well as performance fees in the period ending 31st December 2023.
The group's turnover was £99,375. The group's operating loss was (£38,182) representing an operating margin of (38%).
The directors believe that there are numerous non-financial performance indicators, but none are individually key to assessing the overall performance of the group.
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
The directors have acted in a way that promotes the success of the group for the benefit of its members and the group as a whole (having regard to the stakeholders and matters set out in S172(1) (a-f) of the Act) during the period ended on 31 December 2023.
In coming to this conclusion, the directors have considered the following: • Consideration of long-term consequences are an inherent part of the group's decision-making processes. As a privately-owned group, the board considers that the interests of the group and its shareholders are aligned in seeking sustainable value creation over the longer term through the group's operations, promoting long term strategic decision-making. • The group has continued throughout the year to provide employees with relevant information and to seek their views on matters of common concern. Priority is given to ensuring that employees are aware of all significant matters affecting the group. • The group operates in the Financial Sector which is a sector characterised by long term relationships with stakeholders and is driven largely by maintaining strong relationships. Maintaining a reputation for high standards of business conduct is vital and the group expects all parties with whom it transacts always act with integrity, openly, honestly and ethically. The group has zero tolerance to fraud and maintains effective oversight and scrutiny processes, executed with independence and impartiality. • When taking decisions, the board considers the potential impact the decisions they take may have on the environmental and socially. Given the size of the business the impact of the group’s operations on the community and environment is not considerable. • The integrity of the group is underpinned with policies in relation to bribery and corruption, data protection, equality, diversity, fraud and whistleblowing, each of which is reinforced through appropriate training. • The directors are also shareholders of Lagopus Holdings Ltd, which owns 90% of Ptarmigan Capital Limited. They believe that their interests are aligned with that of the group.
This report was approved by the board on 31 October 2024 and signed on its behalf.
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DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2023
The directors present their report and the financial statements for the period ended 31 December 2023.
The directors who served during the period were:
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 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.
The loss for the period, after taxation and minority interests, amounted to £34,926.
No dividends were paid during the year.
The directors consider the Group is well placed and capitalised for future developments.
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DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
There have been no significant events affecting the Group since the year end.
The auditors, Sopher + Co LLP, were appointed during the year. Under section 487(2) of the Companies Act 2006, Sopher + Co LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the board on
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LAGOPUS HOLDINGS LTD
We have audited the financial statements of Lagopus Holdings Ltd (the 'parent Company') and its subsidiaries (the 'Group') for the period ended 31 December 2023, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, 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).
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 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.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LAGOPUS HOLDINGS LTD (CONTINUED)
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 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group Strategic Report and the Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
∙the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LAGOPUS HOLDINGS LTD (CONTINUED)
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 Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙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 financial services 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 the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment and regulations set by the Financial Conduct Authority.
∙we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; 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;
∙considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and
∙understanding the design of the Company’s remuneration policies.
To address the risk of fraud through management bias and override of controls, we:
∙tested journal entries to identify unusual transactions;
∙assessed whether judgements and assumptions made in determining the accounting estimates 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;
∙enquiring of management as to actual and potential litigation and claims; and
∙reviewing correspondence with HMRC.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LAGOPUS HOLDINGS LTD (CONTINUED)
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an 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.
for and on behalf of
Chartered Accountants
Statutory Auditors
5 Elstree Gate
Elstree Way
Hertfordshire
WD6 1JD
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2023
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 31 October 2024.
The notes on pages 16 to 28 form part of these financial statements.
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COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 16 to 28 form part of these financial statements.
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2023
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COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2023
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CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 DECEMBER 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
Lagopus Holdings Limited is a private limited company incorporated in England and Wales. Its registered office address is at 2nd Floor Connaught House, 1-3 Mount Street, London, W1K 3NB.
The company was incorporated on 24 February 2023.The principal activity of the company during the year was that of a holding company.
2.Accounting policies
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 Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
The financial statements have been prepared on a going concern basis, the validity of which is dependent upon the continued support of the directors and shareholders. The directors are satisfied that adequate resources will continue to be made available for at least twelve months from the date of approval of these financial statements and that the group will be able to meet its working capital requirements for the foreseeable future.
The group and company made a loss for the year and the company had net current liabilities at the Statement of Financial Position date. The directors expect to raise capital through external funding in Q2 of 2024 to provide working capital for the group for the near future. The directors are also willing and able to provide personal funds if required to support the group and company so that it will be able to carry on trading and meet its financial obligations as and when they fall due for at least twelve months from the date of approval of these financial statements. The financial statements have therefore been prepared on a going concern basis.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Goodwill
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:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Trade debtors, other debtors and loans to related parties are recognised initially at the transaction price less attributable transaction costs. Trade creditors, other crediotrs and loans from related parties are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade and other debtors, and loans to related parties. Cash and cash equivalents comprise cash balances and call deposits. 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. In the preparation of these financial statements the directors have not needed to make judgements or estimates that are material to the group.
The whole of the turnover is attributable to the Group's principal activity.
Analysis of turnover by class of business:
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
At the reporting date the group has estimated tax losses of £36,025 available to carry forward and use against future taxable profits, which have been carried forward to offset agains future trading profits. No deferred tax asset has been recognised as there is insufficient evidence to ascertain its recoverability.
From 1 April 2023 the rate of corporation tax will remain at 19% for companies with an annual profit of £50,000 or less, increase to 25% for companies with an annual profit of £250,000. These thresholds are divided by the number of associated companies.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
On incorporation the company initially issued 3 ordinary shares of £1 at par.
Subsequently, the company issued additional 149,997 ordinary shares of £1 each at par.
Profit and loss account
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
19.Business combinations (continued)
The group contributes to a defined contribution 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 group to the fund and amounted to £900. At the Statement of Financial Position date the company owed £nil to the pension fund.
In the opinion of the directors the group does not have a controlling party.
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