REGISTERED NUMBER: 12683507 (England and Wales) |
Group Strategic Report, Report of the Director and |
Consolidated Financial Statements for the Year Ended 31 December 2023 |
for |
Asset Management Holdings Ltd |
REGISTERED NUMBER: 12683507 (England and Wales) |
Group Strategic Report, Report of the Director and |
Consolidated Financial Statements for the Year Ended 31 December 2023 |
for |
Asset Management Holdings Ltd |
Asset Management Holdings Ltd (Registered number: 12683507) |
Contents of the Consolidated Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Director | 4 |
Report of the Independent Auditors | 6 |
Consolidated Income Statement | 10 |
Consolidated Other Comprehensive Income | 11 |
Consolidated Balance Sheet | 12 |
Company Balance Sheet | 13 |
Consolidated Statement of Changes in Equity | 14 |
Company Statement of Changes in Equity | 15 |
Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Cash Flow Statement | 17 |
Notes to the Consolidated Financial Statements | 18 |
Asset Management Holdings Ltd |
Company Information |
for the Year Ended 31 December 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Block E, 2nd Floor |
286a Chase Road |
London |
N14 6HF |
Asset Management Holdings Ltd (Registered number: 12683507) |
Group Strategic Report |
for the Year Ended 31 December 2023 |
The director presents his strategic report of Asset Management Holdings Ltd (''the company'') and its fully owned subsidiaries (''the group''), for the year end 31 December 2023. The company was incorporated in 2020 and is a holding company of the group. |
REVIEW OF BUSINESS |
During the year the company acquired a new subsidiary Asset Capital Management Services (CY) Limited and disposed of one of its subsidiaries, Euro UK Capital Ltd. |
In 2023, the group continued to focus on its principal activities of financial intermediation, investments and consultancy services. |
The group's turnover was €1,151,745 (31 December 2022: €Nil) due to Asset Capital Management Services (CY) Limited joining the group. The group reported a loss of €142,971 (31 December 2022: loss of €223,231). Net assets of the group at 31 December 2023 were €805,839 (31 December 2022: €557,810). |
During the period the company issued 390 ordinary shares for €391,000 (including share premium of €390,550) to its shareholder. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The director has carried out an assessment of the principal risks facing the group which are outlined below. |
Legal & Regulatory risk |
The group operates in a strictly regulated industry and is therefore subject to compliance risk with respect to a number of laws and regulations. The breaching of any applicable laws or regulations could result in an inability to operate. |
The Legal, Compliance and Risk functions in the business support the director with monitoring developments which includes the use of compliance and fraud monitoring tools to assist with the anti-money laundering and other screening activities undertaken by the functions. Appropriate measures are taken should any particular risk change significantly. |
Operational risk |
Technology systems are central to the group's business operations and are highly sensitive to any incidents or outages for a period of time which could have an impact on the group's operations. Loss of commercial or personal data could damage the business or the group's reputation and result in financial penalties. |
The group has mechanisms in place to protect it from data and security breaches which include regular vulnerability and penetration testing. |
Capital adequacy |
Asset Capital Management UK Limited, subsidiary of the group, (the ''subsidiary'') is a FCA regulated entity. Therefore, it is required to ensure its capital exceeds a minimum threshold at all times. For the subsidiary this means its capital (comprising share capital, share premium, capital contribution and retained earnings) and own funds must exceed £330,000 from 1 January 2024 (£470,000 from 1 January 2025 and £610,000 from 1 January 2026). The director of the group monitors this closely to ensure sufficient headroom, which has been the case throughout the year. |
Asset Management Holdings Ltd (Registered number: 12683507) |
Group Strategic Report |
for the Year Ended 31 December 2023 |
SECTION 172(1) STATEMENT |
This section of the report describes how the director has had regard to the matters set out in Section 172(1) (a) to (f) and forms the director's statement required under Section 414CZA of the Companies Act 2006. The Director is required to act in a way to promote the success of the company for the benefits of all its stakeholders and in doing so consider the following matters: |
Long-term decision making |
The director's commitment to long-term decision making is set out throughout the rest of this strategic report. |
Impact on the environment |
The company also remains mindful of its impact on the environment and seeks to minimise this where possible. As an office-based technology business, its impact on the environment is relatively light by its business operations which are delivered electronically. Impact of staff travelling to the office is also minimal as staff generally use public transport with the offices located close to public transport links. Hybrid working has further reduced any footprint of traveling to the office on regular basis. |
The level of paper consumption in the office is very low with most documents obtained, stored and accessed electronically. The offices are equipped with recycling facilities and filtered drinking water for the refill of water bottles. Furthermore, client contacts and communications are generally conducted electronically and consequently with little carbon footprint. |
Reputation for high standards of business conduct |
It is the intention of the director to behave responsibly and ensure that the business is operated in a responsible manner, within the high standards of business and regulatory conduct expected. |
Fair treatment of shareholders |
The director's intention is to behave responsibly toward the shareholders, recognising the group's obligation is to generate value for them whilst balancing the needs of all stakeholders. |
CLIMATE CHANGES AND THE BUSINESS |
The group's direct immediate exposure to climate change risk is minimal. The director regularly reviews potential impacts of climate change. The group is not highly exposed to climate related risks at present. |
The director will continue to monitor the potential impacts of climate change on the business but there are not expected to be any material detriments in the short to medium term planning horizon. |
KEY PERFORMANCE INDICATORS (KPIS) |
The group's principal business KPls for the year are as below: |
- Administrative expenses of €1,314,421 (31 December 2022: €242,985) |
- Operating loss of €142,971 (31 December 2022: loss of €223,231) |
The group has selected these financial KPls to measure and assess its performance. The group closely monitors controllable expenses and uses total administrative expenses items to measure these. |
ON BEHALF OF THE BOARD: |
Asset Management Holdings Ltd (Registered number: 12683507) |
Report of the Director |
for the Year Ended 31 December 2023 |
The director presents his report with the financial statements of the company and the group for the year ended 31 December 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of financial intermediation, investments and consultancy services. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 December 2023. |
DIRECTOR |
ENGAGEMENT WITH EMPLOYEES |
The group is an equal opportunity employer, and its employees and applicants are treated fairly regardless of their age, colour, creed, disability, full or part-time status, gender, marital status, nationality or ethnic origin, race, religion or sexual orientation. |
The company has a small number of employees and a flat organisational structure which always allows immediate and direct access for all employees to senior management. In addition, there are regular meetings with staff, communications by email as well as staff training. |
The group does not have a specific human rights policy. However, human rights are not deemed a material risk for the business due to the developed cuture of ethical business practice and strong labour regulation present in the UK. |
ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS |
The group's relationships with their customers and suppliers and others are key parts of the group's business and are managed through a system of internal policies and procedures such as: Conflict of Interest Policy, Infomation Security Policy, Conduct of Business and other policies. All complaints are managed by the Compliance Manager and monitored and treated with appropriate care and attention. |
STREAMLINED ENERGY AND CARBON REPORTING |
The Streamlined Energy and Carbon Reporting ("SECR") framework set by the UK government requires that UK based quoted and large unquoted companies make specific disclosures within their financial statements in relation to their energy and carbon usage. The group is not liable for any direct liabilities for power supply as the rent of their serviced office space is inclusive of such costs. The group has continued to utilise hybrid working arrangements since returning to the office after the end of covid-19 pandemic restrictions. This is continuing to significantly reduce the employees' travel to the office by public transport and the associated carbon emissions. The group does not operate any fossil fuel, hybrid or electric cars for its director. The serviced office building the group occupies was reconstructed and opened in 2019 using sustainably sourced materials and carbon saving techniques and to then current energy and carbon saving standards. The group considers that for the period under review the share of energy used in the office by the employees under hybrid working arrangements would have been considerably less than 40Mwh for the year and it would be exempt from making further disclosures under the relevant legislation as it would be defined as a low energy user. |
Asset Management Holdings Ltd (Registered number: 12683507) |
Report of the Director |
for the Year Ended 31 December 2023 |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Group Strategic Report, the Report of the Director 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 group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | state whether applicable 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 company will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is 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. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
AUDITORS |
The auditors, Georgiou & Prasanna LLP (Statutory Auditors), will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Asset Management Holdings Ltd |
Opinion |
We have audited the financial statements of Asset Management Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, 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). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2023 and of the group's loss for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | 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 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 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. |
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. |
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 and 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 director with respect to going concern are described in the relevant sections of this report. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon. |
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. |
In connection with our audit of the financial statements, 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 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 Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Asset Management Holdings Ltd |
Matters on which we are required to report by exception |
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 Report of the Director. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company 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 director |
As explained more fully in the Statement of Director's Responsibilities set out on page five, 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 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 group's and the parent 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 group or the parent company or to cease operations, or has no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Asset Management Holdings Ltd |
Auditors' 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 a Report of the Auditors 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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Fraud risk assessment |
To identify risks of material misstatement due to fraud ("fraud risks") we assessed events or conditions that could indicate an incentive or pressure by management to commit, or provide an opportunity to commit, fraud. Our risk assessment procedures included: |
- Enquiries of management and internal accounting staff, concerning the company's policies and procedures relating to: |
- detecting and responding to the risks of fraud; and |
- internal controls established to mitigate risks related to fraud; |
- Enquiries of management and internal accounting staff as to whether they had knowledge of any actual, suspected or alleged fraud; |
- Discussions among the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. The engagement team includes the audit partner, managers and staff who have extensive experience of working with companies in this sector, and this experience was relevant to the discussion about where fraud risks may arise. |
Risk communications |
We communicated identified fraud risks throughout the audit team and remained alert to any indications of fraud throughout the audit. |
Fraud risks |
As required by auditing standards we addressed the risk of management override of controls and the risk of fraudulent revenue recognition. In particular we considered the risk that revenue is recorded in the wrong period and the risk that the group's management may be in a position to make inappropriate accounting entries, and the risk of bias in accounting estimates and judgments. |
Procedures to address fraud risks |
Our audit procedures included evaluating the design and implementation, and operating effectiveness of internal controls relevant to mitigate these risks. We also performed substantive audit procedures including |
:- Review journal entries to supporting documentation and review for any unusual journal descriptions; |
- Assessing significant accounting estimates for bias; |
- Obtaining third party confirmations for all bank balances and material debtors and creditors balances; and |
- Assessing when revenue was recognised, particularly focusing on revenue recognised in the days before and after the year end date, and whether it was recognised in the correct year. |
Laws and regulations- Identifying and responding to risks of material misstatement due to non-compliance with laws and regulations |
Risk assessment |
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements. For this risk assessment, matters considered included the following: |
- our general commercial and technology based payment processing sector experience; |
- discussion with the management of the company (as required by auditing standards); |
- discussions with the directors and other management about the policies and procedures regarding compliance with laws and regulations. |
Report of the Independent Auditors to the Members of |
Asset Management Holdings Ltd |
Risk communications |
Our communication of laws and regulations risks was made throughout our team and we remained alert to any indications of non-compliance throughout the audit. |
Direct laws context and link to audit |
The potential effect of laws and regulations on the financial statements varies considerably. The group is subject to United Kingdom laws and regulations, such as the Companies Act 2006. Other relevant rules and regulations include the following: |
- financial reporting legislation (including related UK companies' legislation) |
- taxation legislation (direct and indirect) in the company's countries of operation. |
- Financial Conduct Authority (FCA) and its Payment Services Regulations 2017. |
We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. |
Most significant indirect law/ regulation areas |
Secondly, the group is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation or harm to the company's ability to operate. |
We identified the following area as those most likely to have such an effect: |
- Health , safety, welfare and fire safety |
- Anti-bribery fraud and corruption |
- Anti-money laundering regulations |
- Financial Services and Markets Act 2000 |
- United Kingdom employment law |
Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of law or regulations is not disclosed to us or evident from relevant correspondence, our audit will not detect that breach. |
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 Report of the Auditors. |
Use of our 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 a Report of the Auditors 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 |
Block E, 2nd Floor |
286a Chase Road |
London |
N14 6HF |
Asset Management Holdings Ltd (Registered number: 12683507) |
Consolidated Income Statement |
for the Year Ended 31 December 2023 |
Period |
1.7.22 |
Year Ended | to |
31.12.23 | 31.12.22 |
Notes | € | € |
TURNOVER | 1,151,745 | - |
Administrative expenses | (1,314,421 | ) | (242,985 | ) |
(162,676 | ) | (242,985 | ) |
Other operating income | 19,705 | 19,754 |
OPERATING LOSS and |
LOSS BEFORE TAXATION | (142,971 | ) | (223,231 | ) |
Tax on loss | 5 | - | - |
LOSS FOR THE FINANCIAL YEAR | ( |
) | ( |
) |
Loss attributable to: |
Owners of the parent | (142,971 | ) | (223,231 | ) |
Asset Management Holdings Ltd (Registered number: 12683507) |
Consolidated Other Comprehensive Income |
for the Year Ended 31 December 2023 |
Period |
1.7.22 |
Year Ended | to |
31.12.23 | 31.12.22 |
Notes | € | € |
LOSS FOR THE YEAR | (142,971 | ) | (223,231 | ) |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
(142,971 |
) |
(223,231 |
) |
Total comprehensive income attributable to: |
Owners of the parent | (142,971 | ) | (223,231 | ) |
Asset Management Holdings Ltd (Registered number: 12683507) |
Consolidated Balance Sheet |
31 December 2023 |
31.12.23 | 31.12.22 |
Notes | € | € |
FIXED ASSETS |
Intangible assets | 7 | 767,415 | 271,910 |
Tangible assets | 8 | 3,761 | - |
Investments | 9 | - | - |
771,176 | 271,910 |
CURRENT ASSETS |
Debtors | 10 | 339,905 | 55,887 |
Cash at bank | 437,872 | 250,906 |
777,777 | 306,793 |
CREDITORS |
Amounts falling due within one year | 11 | (743,114 | ) | (20,893 | ) |
NET CURRENT ASSETS | 34,663 | 285,900 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
805,839 |
557,810 |
CAPITAL AND RESERVES |
Called up share capital | 12 | 2,054 | 1,604 |
Share premium | 13 | 1,588,947 | 1,198,397 |
Retained earnings | 13 | (785,162 | ) | (642,191 | ) |
SHAREHOLDERS' FUNDS | 805,839 | 557,810 |
The financial statements were approved by the director and authorised for issue on 24 January 2025 and were signed by: |
D Merdinligil - Director |
Asset Management Holdings Ltd (Registered number: 12683507) |
Company Balance Sheet |
31 December 2023 |
31.12.23 | 31.12.22 |
Notes | € | € |
FIXED ASSETS |
Intangible assets | 7 |
Tangible assets | 8 |
Investments | 9 |
CURRENT ASSETS |
Debtors | 10 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 11 | ( |
) | ( |
) |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 12 |
Share premium | 13 |
Retained earnings | 13 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
Company's loss for the financial year | (486,619 | ) | (56,131 | ) |
The financial statements were approved by the director and authorised for issue on |
Asset Management Holdings Ltd (Registered number: 12683507) |
Consolidated Statement of Changes in Equity |
for the Year Ended 31 December 2023 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
€ | € | € | € |
Balance at 1 July 2022 | 744 | (418,960 | ) | 444,257 | 26,041 |
Changes in equity |
Issue of share capital | 860 | - | 754,140 | 755,000 |
Total comprehensive income | - | (223,231 | ) | - | (223,231 | ) |
Balance at 31 December 2022 | 1,604 | (642,191 | ) | 1,198,397 | 557,810 |
Changes in equity |
Issue of share capital | 450 | - | 390,550 | 391,000 |
Total comprehensive income | - | (142,971 | ) | - | (142,971 | ) |
Balance at 31 December 2023 | 2,054 | (785,162 | ) | 1,588,947 | 805,839 |
Asset Management Holdings Ltd (Registered number: 12683507) |
Company Statement of Changes in Equity |
for the Year Ended 31 December 2023 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
€ | € | € | € |
Balance at 1 July 2022 | ( |
) |
Changes in equity |
Issue of share capital | - |
Total comprehensive income | - | ( |
) | - | ( |
) |
Balance at 31 December 2022 | ( |
) |
Changes in equity |
Issue of share capital | - |
Total comprehensive income | - | ( |
) | - | ( |
) |
Balance at 31 December 2023 | ( |
) |
Asset Management Holdings Ltd (Registered number: 12683507) |
Consolidated Cash Flow Statement |
for the Year Ended 31 December 2023 |
Period |
1.7.22 |
Year Ended | to |
31.12.23 | 31.12.22 |
Notes | € | € |
Cash flows from operating activities |
Cash generated from operations | 1 | 364,310 | (285,248 | ) |
Net cash from operating activities | 364,310 | (285,248 | ) |
Cash flows from investing activities |
Purchase of intangible fixed assets | (563,482 | ) | (339,887 | ) |
Purchase of tangible fixed assets | (4,862 | ) | - |
Net cash from investing activities | (568,344 | ) | (339,887 | ) |
Cash flows from financing activities |
Share issue | 391,000 | 755,000 |
Net cash from financing activities | 391,000 | 755,000 |
Increase in cash and cash equivalents | 186,966 | 129,865 |
Cash and cash equivalents at beginning of year |
2 |
250,906 |
121,041 |
Cash and cash equivalents at end of year | 2 | 437,872 | 250,906 |
Asset Management Holdings Ltd (Registered number: 12683507) |
Notes to the Consolidated Cash Flow Statement |
for the Year Ended 31 December 2023 |
1. | RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
Period |
1.7.22 |
Year Ended | to |
31.12.23 | 31.12.22 |
€ | € |
Loss before taxation | (142,971 | ) | (223,231 | ) |
Depreciation charges | 69,078 | 67,977 |
(73,893 | ) | (155,254 | ) |
Increase in trade and other debtors | (284,018 | ) | (55,887 | ) |
Increase/(decrease) in trade and other creditors | 722,221 | (74,107 | ) |
Cash generated from operations | 364,310 | (285,248 | ) |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 December 2023 |
31.12.23 | 1.1.23 |
€ | € |
Cash and cash equivalents | 437,872 | 250,906 |
Period ended 31 December 2022 |
31.12.22 | 1.7.22 |
€ | € |
Cash and cash equivalents | 250,906 | 121,041 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.1.23 | Cash flow | At 31.12.23 |
€ | € | € |
Net cash |
Cash at bank | 250,906 | 186,966 | 437,872 |
250,906 | 186,966 | 437,872 |
Total | 250,906 | 186,966 | 437,872 |
Asset Management Holdings Ltd (Registered number: 12683507) |
Notes to the Consolidated Financial Statements |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Asset Management Holdings Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Goodwill |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Computer software is still in development, hence no amortisation has been charged in the current year. |
Tangible fixed assets |
Fixtures and fittings | - |
Computer equipment | - |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Asset Management Holdings Ltd (Registered number: 12683507) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Going concern |
The Ultimate Beneficial Owner has indicated his willingness to inject sufficient funds to support the working capital needs of the company and the group and ensuring the FCA's capital adequacy requirements are met. Consequently, the director considers it appropriate to prepare the financial statements on the going concern basis. |
3. | EMPLOYEES AND DIRECTORS |
Period |
1.7.22 |
Year Ended | to |
31.12.23 | 31.12.22 |
€ | € |
Wages and salaries | 579,569 | - |
Social security costs | 209,548 | - |
Other pension costs | 20,521 | - |
809,638 | - |
The average number of employees during the year was as follows: |
Period |
1.7.22 |
Year Ended | to |
31.12.23 | 31.12.22 |
Period |
1.7.22 |
Year Ended | to |
31.12.23 | 31.12.22 |
€ | € |
Director's remuneration | - | - |
Asset Management Holdings Ltd (Registered number: 12683507) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
4. | OPERATING LOSS |
The operating loss is stated after charging/(crediting): |
Period |
1.7.22 |
Year Ended | to |
31.12.23 | 31.12.22 |
€ | € |
Other operating leases | - | 222 |
Depreciation - owned assets | 1,101 | - |
Goodwill amortisation | 67,977 | 67,977 |
Auditors' remuneration | 44,102 | 5,546 |
Foreign exchange differences | (2,155 | ) | 168 |
5. | TAXATION |
Analysis of the tax charge |
No liability to UK corporation tax arose for the year ended 31 December 2023 nor for the period ended 31 December 2022. |
6. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
7. | INTANGIBLE FIXED ASSETS |
Group |
Computer |
Goodwill | software | Totals |
€ | € | € |
COST |
At 1 January 2023 | 339,887 | - | 339,887 |
Additions | - | 563,482 | 563,482 |
At 31 December 2023 | 339,887 | 563,482 | 903,369 |
AMORTISATION |
At 1 January 2023 | 67,977 | - | 67,977 |
Amortisation for year | 67,977 | - | 67,977 |
At 31 December 2023 | 135,954 | - | 135,954 |
NET BOOK VALUE |
At 31 December 2023 | 203,933 | 563,482 | 767,415 |
At 31 December 2022 | 271,910 | - | 271,910 |
Computer Software is still in development, hence no amortisation has been charged in the current year. |
Asset Management Holdings Ltd (Registered number: 12683507) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
8. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
and | Computer |
fittings | equipment | Totals |
€ | € | € |
COST |
Additions | 1,600 | 3,262 | 4,862 |
At 31 December 2023 | 1,600 | 3,262 | 4,862 |
DEPRECIATION |
Charge for year | 134 | 967 | 1,101 |
At 31 December 2023 | 134 | 967 | 1,101 |
NET BOOK VALUE |
At 31 December 2023 | 1,466 | 2,295 | 3,761 |
9. | FIXED ASSET INVESTMENTS |
Company |
Unlisted |
investments |
€ |
COST |
At 1 January 2023 |
Additions |
Disposals | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31.12.23 | 31.12.22 | 31.12.23 | 31.12.22 |
€ | € | € | € |
Other debtors | 254,996 | 54,689 |
Accrued income | 84,208 | - |
Prepayments | 701 | 1,198 |
339,905 | 55,887 |
Asset Management Holdings Ltd (Registered number: 12683507) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31.12.23 | 31.12.22 | 31.12.23 | 31.12.22 |
€ | € | € | € |
Trade creditors | 33,228 | 10,051 |
Amounts owed to group undertakings | - | - |
Social security and other taxes | 16,100 | - |
Pensions | 2,605 | - | - | - |
VAT | 2,148 | - | - | - |
Other creditors | 639,366 | 1 | ( |
) |
Accrued expenses | 49,667 | 10,841 |
743,114 | 20,893 |
12. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.23 | 31.12.22 |
value: | € | € |
Ordinary | £1 | 2,054 | 1,604 |
390 Ordinary shares of £1 each were allotted as fully paid |
13. | RESERVES |
Group |
Retained | Share |
earnings | premium | Totals |
€ | € | € |
At 1 January 2023 | (642,191 | ) | 1,198,397 | 556,206 |
Deficit for the year | (142,971 | ) | (142,971 | ) |
Cash share issue | - | 390,550 | 390,550 |
At 31 December 2023 | (785,162 | ) | 1,588,947 | 803,785 |
Company |
Retained | Share |
earnings | premium | Totals |
€ | € | € |
At 1 January 2023 | ( |
) | 1,056,304 |
Deficit for the year | ( |
) | ( |
) |
Cash share issue | - | 390,550 | 390,550 |
At 31 December 2023 | ( |
) | 960,235 |