WESTBROOKE ALTERNATIVE ASSET MANAGEMENT UK LIMITED

Company Registration Number:
10613653 (England and Wales)

Unaudited abridged accounts for the year ended 28 February 2024

Period of accounts

Start date: 01 March 2023

End date: 28 February 2024

WESTBROOKE ALTERNATIVE ASSET MANAGEMENT UK LIMITED

Contents of the Financial Statements

for the Period Ended 28 February 2024

Balance sheet
Notes

WESTBROOKE ALTERNATIVE ASSET MANAGEMENT UK LIMITED

Balance sheet

As at 28 February 2024


Notes

2024

2023


£

£
Fixed assets
Tangible assets: 3 12,948 6,796
Investments: 4 469,782 469,782
Total fixed assets: 482,730 476,578
Current assets
Debtors: 5 2,489,026 1,606,011
Cash at bank and in hand: 1,509,942 1,956,452
Total current assets: 3,998,968 3,562,463
Creditors: amounts falling due within one year: 6 (2,148,440) (1,929,994)
Net current assets (liabilities): 1,850,528 1,632,469
Total assets less current liabilities: 2,333,258 2,109,047
Provision for liabilities: (2,460) (1,291)
Total net assets (liabilities): 2,330,798 2,107,756
Capital and reserves
Called up share capital: 351,000 351,000
Profit and loss account: 1,979,798 1,756,756
Shareholders funds: 2,330,798 2,107,756

The notes form part of these financial statements

WESTBROOKE ALTERNATIVE ASSET MANAGEMENT UK LIMITED

Balance sheet statements

For the year ending 28 February 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 29 November 2024
and signed on behalf of the board by:

Name: Richard Asherson
Status: Director

The notes form part of these financial statements

WESTBROOKE ALTERNATIVE ASSET MANAGEMENT UK LIMITED

Notes to the Financial Statements

for the Period Ended 28 February 2024

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Revenue represents fees receivable from asset management services, in accordance with Investment Management Agreements. Management fees are recognised monthly, and performance fees are recognised when they crystallise. 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 rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: - the amount of revenue can be measured reliably; - it is probable that the company will receive the consideration due under the contract; - the stage of completion of the contract at the end of the reporting period can be measured reliably; and - the costs incurred and the costs to complete the contract can be measured reliably.

Tangible fixed assets and depreciation policy

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. 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: - Fixtures and fittings - 6 years straight line Office equipment - 5 years straight line Computer equipment - 3 years straight line The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Other accounting policies

Operating leases: the company as lessee Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset. Interest income Interest income is recognised in profit or loss using the effective interest method. Pensions - Defined Contribution pension plan The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the company in independently administered funds. Current and deferred taxation The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: - The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and - Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date. Investments Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment. Debtors Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. Cash at bank and in hand Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Creditors Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. Dividends Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

WESTBROOKE ALTERNATIVE ASSET MANAGEMENT UK LIMITED

Notes to the Financial Statements

for the Period Ended 28 February 2024

2. Employees

2024 2023
Average number of employees during the period 8 6

WESTBROOKE ALTERNATIVE ASSET MANAGEMENT UK LIMITED

Notes to the Financial Statements

for the Period Ended 28 February 2024

3. Tangible Assets

Total
Cost £
At 01 March 2023 13,361
Additions 12,683
Disposals (2,820)
At 28 February 2024 23,224
Depreciation
At 01 March 2023 6,565
Charge for year 4,614
On disposals (903)
At 28 February 2024 10,276
Net book value
At 28 February 2024 12,948
At 28 February 2023 6,796

WESTBROOKE ALTERNATIVE ASSET MANAGEMENT UK LIMITED

Notes to the Financial Statements

for the Period Ended 28 February 2024

4. Fixed investments

Investments held by the Company, which are measured at cost or fair value include equity investments of £469,782 (2023: £469,782). Loans of £392,832 previously reported under fixed investments in 2023 have been reanalysed to long terms debtors.

WESTBROOKE ALTERNATIVE ASSET MANAGEMENT UK LIMITED

Notes to the Financial Statements

for the Period Ended 28 February 2024

5. Debtors

2024 2023
££
Debtors due after more than one year: 1,070,414 392,832

Debtors due after more than one year comprise amounts due by group companies of £617,141 (2023: £392,832) and other debtors of £453,273 (2023: £nil). Debtors due within one year comprise trade debtors £1,292,151 (2023: £1,197,745), Amounts owed by group undertakings £nil (2023: £4,000), Other debtors £110,591 (2023: £6,915), and Prepayments and accrued income of £15,870 (2023: £4,519)

WESTBROOKE ALTERNATIVE ASSET MANAGEMENT UK LIMITED

Notes to the Financial Statements

for the Period Ended 28 February 2024

6. Creditors: amounts falling due within one year note

Creditors: amounts falling due within one year comprise Trade creditors £141,055 (2023: £14,998), Corporation tax £273,560 (2023: £491,933), Other taxation and social security £2,190 (2023: £13,543), Other creditors £143,259 (2023: £86,444), and Accruals and deferred income £1,588,376 (2023: £1,323,076)

WESTBROOKE ALTERNATIVE ASSET MANAGEMENT UK LIMITED

Notes to the Financial Statements

for the Period Ended 28 February 2024

7. Financial commitments

The company had no capital commitments at 29 February 2024 or 28 February 2023. Commitments under operating leases: At 29 February 2024 the company was committed to make minimum lease payments due under non-cancellable operating leases totalling £780,775 (2023: £253,589) for each of the following periods: - Not later than 1 year £180,141 (2023: 80,000); - Later than 1 year and not later than 5 years £600,634 (2023: £173,589)

WESTBROOKE ALTERNATIVE ASSET MANAGEMENT UK LIMITED

Notes to the Financial Statements

for the Period Ended 28 February 2024

8. Related party transactions

Name of the related party:
Relationship:
Shareholder in the Company
Description of the Transaction: A loan of £15,000 was advanced to a company which is a shareholder in Westbrooke Alternative Asset Management UK Limited. Interest of 5% is compounded monthly in arrears and payable upon repayment of the balance, and there is no fixed repayment date relating to this loan. As at 29 February 2024, £10,021 (2023: £11,472) was due from the shareholder company to Westbrooke Alternative Asset Management UK Limited
£
Balance at 01 March 2023 11,472
Balance at 28 February 2024 10,021
Name of the related party:
Relationship:
Shareholder in the Company
Description of the Transaction: A loan of £15,000 was advanced to a company which is a shareholder in Westbrooke Alternative Asset Management UK Limited. Interest of 5% is compounded monthly in arrears and payable upon repayment of the balance, and there is no fixed repayment date relating to this loan. As at 29 February 2024, £10,021 (2023 £11,472) was due from the shareholder company to Westbrooke Alternative Asset Management UK Limited
£
Balance at 01 March 2023 11,472
Balance at 28 February 2024 10,021