PROFESSIONAL PARTNERS ADMINISTRATION LIMITED

Company Registration Number:
07741075 (England and Wales)

Unaudited statutory accounts for the year ended 31 March 2024

Period of accounts

Start date: 1 April 2023

End date: 31 March 2024

PROFESSIONAL PARTNERS ADMINISTRATION LIMITED

Contents of the Financial Statements

for the Period Ended 31 March 2024

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

PROFESSIONAL PARTNERS ADMINISTRATION LIMITED

Directors' report period ended 31 March 2024

The directors present their report with the financial statements of the company for the period ended 31 March 2024

Principal activities of the company

The principal activity of the Group is the management of UK Authorised Unit Trusts and Investment Companies with Variable Capital, acting as Authorised Corporate Director (ACD). WAY Fund Managers Limited is its subsidiary company and is regulated by the Financial Conduct Authority (FCA). The Group manages Unit Trust Funds and the Authorised Corporate Director (ACD) of the following Investment Companies with Variable Capital: EF Brompton Multi-manager OEIC EF Rosevine Capital ICVC EF New Horizon Fund EF Tellsons ICVC EF UCITS ICVC EF WM NURS Portfolio EF WM UCITS Portfolio EF 8AM Investment Funds EF Brunswick Portfolio Fund WAY MA Portfolio WAY Momentum Portfolio WAY Global Cautious Portfolio Fund WAY MA Growth Portfolio Fund



Directors

The directors shown below have held office during the whole of the period from
1 April 2023 to 31 March 2024

Paul Wilcox
Richard Green


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
31 December 2024

And signed on behalf of the board by:
Name: Paul Wilcox
Status: Director

PROFESSIONAL PARTNERS ADMINISTRATION LIMITED

Profit And Loss Account

for the Period Ended 31 March 2024

2024 2023


£

£
Turnover: 6,000,880 6,658,922
Cost of sales: ( 5,406,338 ) ( 5,948,044 )
Gross profit(or loss): 594,542 710,878
Administrative expenses: ( 1,381,211 ) ( 1,141,165 )
Operating profit(or loss): (786,669) (430,287)
Interest receivable and similar income: 15,584 0
Interest payable and similar charges: ( 11,910 ) ( 2,393,564 )
Profit(or loss) before tax: (782,995) (2,823,851)
Profit(or loss) for the financial year: (782,995) (2,823,851)

PROFESSIONAL PARTNERS ADMINISTRATION LIMITED

Balance sheet

As at 31 March 2024

Notes 2024 2023


£

£
Fixed assets
Tangible assets: 3 10,484 27,461
Total fixed assets: 10,484 27,461
Current assets
Debtors: 4 1,150,509 3,207,516
Cash at bank and in hand: 182,879 219,270
Total current assets: 1,333,388 3,426,786
Creditors: amounts falling due within one year: 5 ( 2,491,923 ) ( 3,819,303 )
Net current assets (liabilities): (1,158,535) (392,517)
Total assets less current liabilities: (1,148,051) ( 365,056)
Total net assets (liabilities): (1,148,051) (365,056)
Capital and reserves
Called up share capital: 31,405 31,405
Profit and loss account: (1,179,456 ) (396,461 )
Total Shareholders' funds: ( 1,148,051 ) (365,056)

The notes form part of these financial statements

PROFESSIONAL PARTNERS ADMINISTRATION LIMITED

Balance sheet statements

For the year ending 31 March 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.

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

This report was approved by the board of directors on 31 December 2024
and signed on behalf of the board by:

Name: Paul Wilcox
Status: Director

The notes form part of these financial statements

PROFESSIONAL PARTNERS ADMINISTRATION LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

  • 1. Accounting policies

    Basis of measurement and preparation

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

    Turnover policy

    Turnover represents the annual management fees from the funds under management and associated administration service rendered during the period. The Group acts as agent in the sale of shares in authorised investment funds in order to facilitate a market for trading. Fee income is recognised on an accruals basis over the period to which it relates.

    Tangible fixed assets depreciation policy

    Tangible fixed assets Tangible assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows: Short leasehold land and buildings: over the life of the lease Fixtures and fittings: 10% on the straight line basis Office equipment: 15% on the straight line basis Computer equipment and software: 20% on the straight line basis Software: 25% on the straight line basis

    Other accounting policies

    Investments In the Company balance sheet, investments in subsidiaries and associates are measured at cost less impairment. For investments in subsidiaries acquired for consideration including the issue of shares qualifying for merger relief, cost is measured by reference to the nominal value of the shares issued plus fair value of other consideration. Any premium is ignored.

PROFESSIONAL PARTNERS ADMINISTRATION LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

  • 2. Employees

    2024 2023
    Average number of employees during the period 2 2

PROFESSIONAL PARTNERS ADMINISTRATION LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 April 2023 14,824 262,312 277,136
Additions
Disposals
Revaluations
Transfers
At 31 March 2024 14,824 262,312 277,136
Depreciation
At 1 April 2023 12,424 237,251 249,675
Charge for year 1,308 15,669 16,977
On disposals
Other adjustments
At 31 March 2024 13,732 252,920 266,652
Net book value
At 31 March 2024 1,092 9,392 10,484
At 31 March 2023 2,400 25,061 27,461

PROFESSIONAL PARTNERS ADMINISTRATION LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

4. Debtors

2024 2023
£ £
Trade debtors 1,103,465 3,180,208
Prepayments and accrued income 27,044 27,308
Other debtors 20,000
Total 1,150,509 3,207,516

PROFESSIONAL PARTNERS ADMINISTRATION LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

5. Creditors: amounts falling due within one year note

2024 2023
£ £
Trade creditors 1,014,000 2,708,569
Accruals and deferred income 443,359 563,497
Other creditors 1,034,564 547,237
Total 2,491,923 3,819,303

PROFESSIONAL PARTNERS ADMINISTRATION LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

6. Financial Commitments

Operating lease commitments: As at 31 March 2024 the group had no annual commitments under non-cancellable operating leases.