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COMPANY REGISTRATION NUMBER: 10294934
Alanda Capital Management Limited
Financial Statements
31 March 2024
Alanda Capital Management Limited
Financial Statements
Year ended 31 March 2024
Contents
Page
Officers and professional advisers
1
Strategic report
2
Director's report
6
Independent auditor's report to the member
8
Statement of income and retained earnings
13
Statement of financial position
14
Statement of cash flows
15
Notes to the financial statements
16
Alanda Capital Management Limited
Officers and Professional Advisers
Director
C Vogel-Claussen
Registered office
166 Piccadilly
London
England
W1J 9EF
Auditor
Shipleys LLP
Chartered accountants & statutory auditor
10 Orange Street
Haymarket
London
WC2H 7DQ
Alanda Capital Management Limited
Strategic Report
Year ended 31 March 2024
The director present his report for the year ended 31 March 2024. Principal activity The company's principal activity during the year continued to be that of support services for fund management. Business review The company continues to provide administrative and sales support to operating companies in the wider Alanda group, which are under common control but separate from this company. The company's objective is to be broadly break even over the medium term as a support entity, and accordingly the key operating indicators are sufficient cash resources to enable core functions to be exercised. The principal risks the company faces are economic circumstances which would prevent customers from generating sufficient profits to pay for the company's services, and general economic conditions which deter investors placing funds out for investment. The risks are mitigated by having a small, highly focussed team, with minimal overhead costs. Further information on risks facing the company are detailed below. Key financial performance indicators (KPI's) The company closely monitors key performance indicators (KPIs) such as profit before tax,net asset position and capital adequacy requirements. These metrics are regularly reviewed and reported on.
2024 2023
£ £
Profit/ (loss) before tax 129,756 20,477
Net assets 1,668,317 1,473,173
Key non-financial performance indicators (KPI's) A key non-financial performance aim of the company is to provide a consistently high level of service to our customers. Going concern The director has undertaken an assessment of whether the company was a going concern when the accounts were prepared, considering all available information about the future, covering a period of 12 months from the date of approval of the accounts. Based on this assessment, the director considers that the company is a going concern and accordingly considers it appropriate to adopt the going concern basis in preparing the financial statements of the company. Principal risks and uncertainties The principal risks and uncertainties facing the company are set out below: Operational risk There is a risk of loss from inadequate or failed internal processes and systems or from external events. The key operation risks are information security, IT infrastructure and robust processes that maintain operational resilience. The company aims to minimise operational risk at all times through a strong and well-resourced control and operational structure combined with continuous investment in both systems and people. Liquidity risk There is a risk of the company not having available sufficient financial resources to enable it to meet its obligations as they fall due and to meet its capital adequacy requirements as required by FCA regulations. The director regularly reviews and monitors the cashflow requirements of the company to ensure it have sufficient working capital to pay it liabilities as they fall due and to meet its capital adequacy requirements. Credit risk Given the nature of the company's business and revenue model the directors consider credit risk to be low. Interest rate risk The company has no external funding or financing and the directors consider interest rate risk to be low. Regulatory risk There is a risk of new regulatory requirements having an adverse impact on the business model or failing to comply with existing or new regulations resulting in fines or regulatory censure. Regulatory risk is mitigated through regular monitoring of regulatory developments and maintaining open and transparent dialogue with regulators. On-going compliance with existing or emerging new rules is monitored by the compliance function and notified to the business. Competition risk The risk of competitor activity resulting in loss of existing and new business. Competitor risk is mitigated by focusing on providing high level of service. Reputational risk There is a risk that current and potential clients desire to do business with the company reduces due to perception of the Alanda's services in the market place. The company seeks to mitigate reputational risk through operational risk controls. Future developments The company does not currently envisage any significant developments or changes affecting the operations of the company. Section 172(1) statement Statement by the directors in performance of their statutory duties in accordance with s172(1) Companies Act 2006. Under section 172(1) of the Companies Act 2006 ("Section 172"), the Directors must act in the way that they consider, in good faith, would most likely promote the success of the company for the benefit of its members as a whole and in doing so have regard (amongst other matters) to: - the likely consequences of any decisions in the long-term; - the interests of the company's employees; - the need to foster the group's business relationships with suppliers, customers and others; - the impact of the company's operations on the community and environment; - the desirability of the company maintaining a reputation for high standards of business conduct - the need to act fairly between members of the company. The board of directors consider that the decisions they have made during the financial year and the way they have acted have promoted the success of the company for the benefit of its members as a whole (having regard to the stakeholders and matters set out in s172(1). The Board considers the company's key stakeholders to include employees, shareholders, clients, suppliers and administrators. Long-term decisions The Board discussed proposals for new business initiatives. Whilst financial benefit and shareholder return is one of the key decision criteria, the long-term effect on the Company's going concern, the environment, job security for our employees, service for our clients and healthy terms with our suppliers were all considered too. Customers and suppliers Our engagement with clients and suppliers continues to strengthen. The Board recognises that positive relationships with stakeholders are essential for the Company's long-term success. The team have regular meetings with service providers and administrators to ensure service deliverables are maintained for our clients. Employees The Board aims to be a responsible employer and ensures that pay and benefits are fair and competitive. The health, safety and well-being of the company's employees is a main consideration for the Board. Trading updates The Board considered performance from across the company's operations, discussed operational issues such as implementation of a holistic administrator strategy and new cyber security protocols. Strategic Plan The Board has discussed the foundations of a strategic plan and supports management's continued objective to partner with category defining companies. The Board encompasses identification of well defined private growth equity investment opportunities and development of this strategy to create capacity for growth. Financial updates The Board discussed performance against budget with particular focus on investment performance and liquidity position against budgets. The Board is acutely aware of its responsibility to safeguard the environment and endeavour to ensure that all supplies are sourced locally where possible and waste material and recycled.
This report was approved by the board of directors on 19 December 2024 and signed on behalf of the board by:
C Vogel-Claussen
Director
Registered office:
166 Piccadilly
London
England
W1J 9EF
Alanda Capital Management Limited
Director's Report
Year ended 31 March 2024
The director presents his report and the financial statements of the company for the year ended 31 March 2024 .
Director
The director who served the company during the year was as follows:
C Vogel-Claussen
Dividends
The director does not recommend the payment of a dividend.
Disclosure of information in the strategic report
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required in the directors' report to include future developments and principal risks and uncertainties. Director and officers Indemnity Directors and officers insurance is in place to indemnify the director in his capacity as an officer of the company.
Director's responsibilities statement
The director is responsible for preparing the strategic report, director's report and the financial statements in accordance with applicable law and regulations. Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the director is required to: - select suitable accounting policies and then apply them consistently; - make judgments 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 director is 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 enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board of directors on 19 December 2024 and signed on behalf of the board by:
C Vogel-Claussen
Director
Registered office:
166 Piccadilly
London
England
W1J 9EF
Alanda Capital Management Limited
Independent Auditor's Report to the Member of Alanda Capital Management Limited
Year ended 31 March 2024
Opinion
We have audited the financial statements of Alanda Capital Management Limited (the 'company') for the year ended 31 March 2024 which comprise the statement of income and retained earnings, statement of financial position, statement of cash flows 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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.
Material uncertainty related to going concern
We draw attention to note 3 in the financial statements, which indicates that the company has retained losses of £405,883 at 31 March 2024 (2023: £601,027), and that the company remains reliant upon the support of Alanda Capital Management (Malta) Limited, a company under common control. Alanda Capital Management (Malta) Limited who have indicated they are supportive of the company but the support is not legally or contractually binding. As stated in note 3, these events or conditions, along with the other matters as set forth in note 3, indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
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 strategic report and the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the director's report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of director's remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of the director
As explained more fully in the director's responsibilities statement, the director is 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 director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Identifying and assessing risks related to irregularities: We assessed the susceptibility of the company's financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the company by discussions with directors and updating our understanding of the sector in which the company operates. Laws and regulations of direct significance in the context of the company include The Companies Act 2006, Financial Services and Markets Act 2000 and UK Tax legislation. In addition, the company is subject to other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to its ability to operate or to avoid a material penalty. These include anti-bribery legislation and employment law. Audit response to risks identified We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance. We have reviewed management's assessment of how the company complies with the relevant laws and regulations. During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We inquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner's review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud. There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. An auditor conducting an audit in accordance with ISAs (UK) is responsible for obtaining reasonable assurance that the financial statements taken as a whole are free from material misstatement, whether caused by fraud or error and in our audit procedures described above. Owing to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements of the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK) As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the director. - Conclude on the appropriateness of the director's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report
This report is made solely to the company's member, 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 member those matters we are required to state to them in an auditor's 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 member as a body, for our audit work, for this report, or for the opinions we have formed.
Peter Conneely
(Senior Statutory Auditor)
For and on behalf of
Shipleys LLP
Chartered accountants & statutory auditor
10 Orange Street
Haymarket
London
WC2H 7DQ
6 January 2025
Alanda Capital Management Limited
Statement of Income and Retained Earnings
Year ended 31 March 2024
2024
2023
(restated)
Note
£
£
Turnover
4
1,323,223
1,361,465
------------
------------
Gross profit
1,323,223
1,361,465
Administrative expenses
1,205,726
1,350,905
------------
------------
Operating profit
5
117,497
10,560
Other interest receivable and similar income
7
12,259
9,917
------------
------------
Profit before taxation
129,756
20,477
Tax on profit
8
( 65,388)
807
---------
--------
Profit for the financial year and total comprehensive income
195,144
19,670
---------
--------
Retained losses at the start of the year
( 601,027)
( 620,697)
---------
---------
Retained losses at the end of the year
( 405,883)
( 601,027)
---------
---------
All the activities of the company are from continuing operations.
Alanda Capital Management Limited
Statement of Financial Position
31 March 2024
2024
2023
(restated)
Note
£
£
Fixed assets
Tangible assets
9
2
Current assets
Debtors
10
1,793,038
1,569,305
Cash at bank and in hand
123,589
310,101
------------
------------
1,916,627
1,879,406
Creditors: amounts falling due within one year
11
248,310
406,235
------------
------------
Net current assets
1,668,317
1,473,171
------------
------------
Total assets less current liabilities
1,668,317
1,473,173
------------
------------
Net assets
1,668,317
1,473,173
------------
------------
Capital and reserves
Called up share capital
16
2,074,200
2,074,200
Profit and loss account
17
( 405,883)
( 601,027)
------------
------------
Shareholder funds
1,668,317
1,473,173
------------
------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 19 December 2024 , and are signed on behalf of the board by:
C Vogel-Claussen
Director
Company registration number: 10294934
Alanda Capital Management Limited
Statement of Cash Flows
Year ended 31 March 2024
2024
2023
(restated)
£
£
Cash flows from operating activities
Profit for the financial year
195,144
19,670
Adjustments for:
Depreciation of tangible assets
2
473
Other interest receivable and similar income
( 12,259)
( 9,917)
Tax on profit
( 65,388)
807
Accrued expenses/(income)
321,313
( 290,210)
Changes in:
Trade and other debtors
51,854
( 24,210)
Trade and other creditors
( 63,161)
66,719
---------
---------
Cash generated from operations
427,505
( 236,668)
Interest received
12,259
9,917
Tax (paid)/received
( 142,950)
157,993
---------
---------
Net cash from/(used in) operating activities
296,814
( 68,758)
---------
---------
Cash flows from investing activities
Amounts advanced (to)/from related parties
( 483,326)
( 41,761)
---------
---------
Net cash used in investing activities
( 483,326)
( 41,761)
---------
---------
Net decrease in cash and cash equivalents
( 186,512)
( 110,519)
Cash and cash equivalents at beginning of year
310,101
420,620
---------
---------
Cash and cash equivalents at end of year
123,589
310,101
---------
---------
Alanda Capital Management Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office and the principal place of business is Foxglove House, 5th Floor, 166 Piccadilly, London, England, W1J 9EF.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
In preparing these financial statements, the director is required to prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. In satisfaction of this responsibility the director has considered the company's ability to meet its liabilities as they fall due for a period of at least twelve months from the signing date of the financial statements. As 31 March 2024 the company has retained losses of £405,883 (2023: £601,027) and remains reliant upon the support of Alanda Capital Management (Malta) Limited, a company under common control. Alanda Capital Management (Malta) Limited which is controlled by the director C Vogel-Claussen, has provided a letter of support to the company confirming the intention to provide ongoing financial support to the company as needed but this does not represent a legally binding commitment by Alanda Capital Management (Malta) Limited. Collectively, the above conditions indicate the existence of a material uncertainty that may cast significant doubt about the company's ability to continue as a going concern. The director has confirmed that Alanda Capital Management (Malta) Limited will continue to provide support to the company and that it has the necessary resources to provide this support and that this support will enable the company to continue as a going concern for the foreseeable future and to meet its obligations and settle its liabilities as they fall due for payment for a period of not less than 12 months from the date the financial statements are approved and signed. Accordingly, the financial statements are prepared on the going concern basis. The director is also satisfied that the company will be able to operate within the regulatory capital limits imposed by the Financial Conduct Authority (FCA).
Judgements and key sources of estimation uncertainty
In preparing these financial statements, management have made judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates. The key assumptions concerning the future and other key sources of estimation uncertainty at the Statement of Financial Position date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: Recoverability of deferred tax assets Deferred tax assets are recognised in respect of losses incurred as management, based on future forecasts, consider it probable that future taxable amounts will be available to utilise those temporary differences and losses
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. Turnover includes revenue from the rendering of services, including investment services agreements. Revenue from the management of funds is recognised quarterly in arrears based on an agreed percentage of the funds under management in accordance with the underlying agreements. Turnover from the recharging of costs is recognised in arrears once the underlying expenses have been assessed. Revenue is recognised over the life of an investment service agreement on the basis of effort expended as a proportion of the estimated total effort which will be required over the life of the contract.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property
-
Over the lease term
Fixtures and fittings
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial asset Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Classification of financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Basic financial liabilities Basic financial liabilities, including trade and other creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Turnover
Turnover arises from:
2024
2023
(restated)
£
£
Rendering of services
1,323,223
1,361,465
------------
------------
The whole of the turnover is attributable to the principal activity of the company with analysis of turnover by geographical analysis as follows:
2024
2023
£
£
UK
602,153
389,949
Europe
721,070
971,516
------------
------------
1,323,223
1,361,465
------------
------------
5. Operating profit
Operating profit or loss is stated after charging/crediting:
2024
2023
(restated)
£
£
Depreciation of tangible assets
2
473
Foreign exchange differences
11,386
( 58,393)
Operating lease rentals
101,933
159,147
Auditors remuneration for audit services
12,000
10,000
---------
---------
6. Staff costs
The average number of persons employed by the company during the year, including the director, amounted to:
2024
2023
No.
No.
Administrative staff
6
6
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
(restated)
£
£
Wages and salaries
587,840
596,209
Social security costs
99,626
101,339
Other pension costs
7,743
6,161
---------
---------
695,209
703,709
---------
---------
No remuneration was paid to the director in the year (2023: £nil). The director is regarded as the key management personnel.
7. Other interest receivable and similar income
2024
2023
(restated)
£
£
Interest on bank deposits
228
Other interest receivable and similar income
12,259
9,689
--------
-------
12,259
9,917
--------
-------
8. Tax on profit
Major components of tax (income)/expense
2024
2023
(restated)
£
£
Current tax:
Adjustments in respect of prior periods
807
Deferred tax:
Origination and reversal of timing differences
( 65,388)
--------
----
Tax on profit
( 65,388)
807
--------
----
Reconciliation of tax (income)/expense
The tax assessed on the profit on ordinary activities for the year is lower than (2023: lower than) the standard rate of corporation tax in the UK of 25 % (2023: 19 %).
2024
2023
(restated)
£
£
Profit on ordinary activities before taxation
129,756
20,477
---------
--------
Profit on ordinary activities by rate of tax
52,944
3,891
Adjustment to tax charge in respect of prior periods
3,123
Effect of expenses not deductible for tax purposes
1,994
3,428
Utilisation of tax losses
( 54,938)
( 9,635)
Unused tax losses
( 65,388)
---------
--------
Tax on profit
( 65,388)
807
---------
--------
From 1 April 2023, the UK main rate of Corporation changed from 19% to 25%.
9. Tangible assets
Short leasehold property
Fixtures and fittings
Total
£
£
£
Cost
At 1 April 2023 (as restated)
54,650
13,736
68,386
Disposals
( 54,650)
( 54,650)
--------
--------
--------
At 31 March 2024
13,736
13,736
--------
--------
--------
Depreciation
At 1 April 2023
54,649
13,735
68,384
Charge for the year
1
1
2
Disposals
( 54,650)
( 54,650)
--------
--------
--------
At 31 March 2024
13,736
13,736
--------
--------
--------
Carrying amount
At 31 March 2024
--------
--------
--------
At 31 March 2023
1
1
2
--------
--------
--------
10. Debtors
2024
2023
(restated)
£
£
Trade debtors
338,470
9,854
Deferred tax asset
65,388
Prepayments and accrued income
297,220
570,347
Director's loan account
999,395
517,068
Other debtors
92,565
472,036
------------
------------
1,793,038
1,569,305
------------
------------
The debtors above include the following amounts falling due after more than one year:
2024
2023
(restated)
£
£
Deferred tax asset
65,388
--------
----
11. Creditors: amounts falling due within one year
2024
2023
(restated)
£
£
Trade creditors
52,743
159,272
Accruals and deferred income
93,861
45,675
Corporation tax
15,850
158,800
Social security and other taxes
59,517
11,722
Other creditors
26,339
30,766
---------
---------
248,310
406,235
---------
---------
12. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
(restated)
£
£
Included in debtors (note 10)
65,388
--------
----
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
(restated)
£
£
Unused tax losses
65,388
--------
----
2024 2023
£ £
Movement in period 65,388
-------- ----
13. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 7,743 (2023: £ 6,161 ).
14. Financial instruments
The carrying amount for each category of financial instrument is as follows:
2024
2023
(restated)
£
£
Financial assets that are debt instruments measured at amortised cost
Financial assets that are debt instruments measured at amortised cost
1,830,035
1,718,796
------------
------------
Financial liabilities measured at amortised cost
Financial liabilities measured at amortised cost
170,138
206,722
---------
---------
15. Prior period adjustment
A prior period adjustment has been made in respect of recharged income and rental expense for the year ending 31 March 2023 amounting to £185,182. The adjustment resulted in an increase to revenue of £167,900 and a decrease in rental expense of £32,328. Revenue was understated due to historical fund management costs not being recharged. The adjustment resulted in an increase of profit before tax of £185,182 and an increase of net assets £185,182. A prior period adjustment has been made in respect of a receipt of £417,592 from a trade debtor in FY 31 March 2021. This receipt has now been recognised with the result that trade debtors have reduced by £417,592. The directors loan account has increased accordingly, and a prior period adjustment has also been made in respect of interest with £9,689 recognised in FY 31 March 2023 and £12,192 recognised in prior periods. The adjustment resulted in an increase of profit before tax of £9,689 in FY 31 March 2023 and an increase in reserves brought forward of £12,192. A prior period adjustment has been made in that a s455 tax debtor and creditor of £142,950 has been recognised on the balance sheet in FY 31 March 2023.
16. Called up share capital
Issued, called up and fully paid
2024
2023
(restated)
No.
£
No.
£
Ordinary shares of £ 1 each
2,074,200
2,074,200
2,074,200
2,074,200
------------
------------
------------
------------
The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the company. All ordinary shares rank equally with regard to the company's residual assets.
17. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses.
18. Analysis of changes in net debt
At 1 Apr 2023
Cash flows
At 31 Mar 2024
£
£
£
Cash at bank and in hand
310,101
(186,512)
123,589
---------
---------
---------
19. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
(restated)
£
£
Not later than 1 year
25,000
40,228
--------
--------
20. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
C Vogel-Claussen
516,069
483,326
999,395
---------
---------
----
---------
2023
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
C Vogel-Claussen
44,524
485,435
( 13,890)
516,069
--------
---------
--------
---------
21. Related party transactions
The company provides services to entities which are under common control. All turnover is derived from such related parties. At the balance sheet date, the company was owed £384,345 (2023 - £295,480) by related parties and owed £21,248 (2023 - £21,248) to related parties.
22. Controlling party
The company is under the control of the director, Mr C Vogel-Claussen who owns 100% of the issued share capital of the company.